Document:

<PAGE>

                                                                   EXHIBIT 10(v)

                                   AMENDMENT 1
                                     TO THE
                                 NIAGARA MOHAWK
                     SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

      This sets forth Amendment 1 to the Niagara Mohawk Supplemental Executive
Retirement Plan, as amended and restated effective as of January 1, 1999
("Plan"). This Amendment shall be effective as of January 1, 1999.

      1.    The definition of "Company" in Section 1.5 of the Plan shall be
restated as follows:

            "Company" means, effective as of March 17, 1999, Niagara Mohawk
            Holdings, Inc. and any successor thereof. Prior to March 17, 1999,
            all references to "Company" mean Niagara Mohawk Power Corporation.

      2.    The definition of "Other Employer" in Section 1.10 of the Plan shall
be restated as follows:

            "Other Employer" means any subsidiary or affiliate of the Company
            that participates in this Plan with the consent of the Company.

      3.    The definition of "Participant" in Section 1.12 of the Plan shall be
amended by adding the following sentence at the end of Section 1.12:

            Notwithstanding any other term in the Plan to the contrary, the
            terms "Company" and "Other Employer" are being used in the Plan
            solely for convenience to make the Plan easier to read and do not
            alter the fact that a Participant is employed by the separate
            employer from which the Participant regularly receives his or her
            paycheck. With respect to any Participant, the term "Company" or
            "Other Employer" means such separate employer.

<PAGE>

            Executed this 17 day of December 1999.

                                         NIAGARA MOHAWK HOLDINGS, INC.

                                                  /s/ David. J. Arrington
                                         ---------------------------------------
                                                  David J. Arrington
                                                  Senior Vice President and
                                                  Chief Administrative Officer

                                      -2-
<PAGE>

                                  AMENDMENT TO
                                 NIAGARA MOHAWK
                     SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

      WHEREAS, the Niagara Mohawk Supplemental Executive Retirement Plan (the
"Plan") was amended and restated, effective as of January 1, 1999; and

      WHEREAS, Section 7.1 of the Plan provides that the Board of Directors of
Niagara Mohawk Holdings, Inc. may amend the Plan at any time, except in certain
respects not material hereto; and

      WHEREAS, the Board of Directors desires to amend the Plan in certain
respects;

      NOW THEREFORE, the Plan is hereby amended in the following respects:

      1. Section 4.5 is amended, effective December 14, 2000 by the addition of
a sentence at the end of the first paragraph thereof to read as follows:

      In the event of the termination of employment of a Participant following
      the closing of the merger of the Company with Grid Delaware, Inc. ("Merger
      Sub") pursuant to the Agreement and Plan of Merger and Scheme of
      Arrangement dated as of September 4, 2000 by and among National Grid Group
      plc, the Company, National Grid Limited and Merger Sub by reason of (i)
      the termination of the Participant's employment by the Company with or
      without "cause" (as such term is defined in the Participant's employment
      agreement or change in control severance agreement with the Company or a
      subsidiary), or (ii) the Participant's termination of his employment for
      "good reason" (as such term is defined in the Participant's employment
      agreement or change in control severance agreement with the Company or a
      subsidiary), the Company shall (notwithstanding any provision to the
      contrary in such employment agreement or change in control severance
      agreement ) pay the Participant as soon as practicable thereafter the
      actuarial present value of such Participant's benefits (as determined by
      the actuary engaged by the Company with respect to the Plan) in a single
      sum distribution but only to the extent such single sum distribution is
      permitted by law.

      2. Section 6.4 is amended, effective as of August 24, 1999, by the
addition of a sentence at the end thereof to read as follows:

      Notwithstanding anything contained herein to the contrary, in no event
      shall interest rate assumption be greater than 4.5% per year.

      IN WITNESS WHEREOF, Niagara Mohawk Holdings, Inc. has caused this
Amendment to be executed by its duly authorized officer this 17 day of August,
2001.

                                         NIAGARA MOHAWK HOLDINGS, INC.

                                                  /s/ David J. Arrington
                                         ---------------------------------------
                                                  David J. Arrington
                                                  Senior Vice President and
                                                  Chief Administrative Officer<PAGE>
                                                                     Exhibit 4.4

                              EVERGREEN SOLAR, INC.

                4.375% CONVERTIBLE SUBORDINATED NOTES DUE 2012

                                    INDENTURE

                            DATED AS OF JUNE 29, 2005

                         U.S. BANK NATIONAL ASSOCIATION
                                   AS TRUSTEE
<PAGE>
                              CROSS-REFERENCE TABLE

<TABLE>
<CAPTION>
TRUST INDENTURE
ACT SECTION                              INDENTURE SECTION
<S>                                      <C>
310(a)(1)                                5.10
(a)(2)                                   5.10
(a)(3)                                   N/A
(a)(4)                                   N/A
(a)(5)                                   N/A
(b)                                      5.10, 5.8, 15.2
(c)                                      N/A
311(a)                                   5.11
(b)                                      5.11
(c)                                      N/A
312(a)                                   2.5
(b)                                      15.3
(c)                                      15.3
313(a)                                   5.6
(b)                                      5.6
(c)                                      5.6, 15.2
(d)                                      5.6
314(a)                                   9.3
(a)(4)                                   9.3, 9.4, 15.6
(b)                                      N/A
(c)(1)                                   15.5
(c)(2)                                   15.5
(c)(3)                                   N/A
(d)                                      N/A
(e)                                      15.6
(f)                                      N/A
315(a)                                   5.1(b)
(b)                                      5.5, 15.2
(c)                                      5.1(a)
(d)                                      5.1(c)
(e)                                      4.14
316(a)(last sentence)                    2.9
(a)(1)(A)                                4.5
(a)(1)(B)                                4.4
(a)(2)                                   N/A
(b)                                      4.7
(c)                                      7.4
317(a)(1)                                4.8
(a)(2)                                   4.9
(b)                                      2.4
318(a)                                   15.1
(b)                                      N/A
(c)                                      15.1
</TABLE>

"N/A" means not applicable.

*This Cross-Reference Table shall not, for any purpose, be deemed to be a part
of the Indenture.
<PAGE>
                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                            Page
                                                                            ----
<S>      <C>                                                                <C>
1. Definitions and Incorporation by Reference................................ 1
   1.1   Definitions......................................................... 1
   1.2   Incorporation by Reference Of Trust Indenture Act................... 8
   1.3   Rules Of Construction............................................... 9

2. The Notes................................................................. 9
   2.1   Form And Dating..................................................... 9
   2.2   Execution and Authentication....................................... 10
   2.3   Registrar, Paying Agent and Conversion Agent....................... 11
   2.4   Paying Agent to Hold Money in Trust................................ 11
   2.5   Holder Lists....................................................... 12
   2.6   Transfer and Exchange.............................................. 12
   2.7   Replacement Notes.................................................. 12
   2.8   Outstanding Notes.................................................. 13
   2.9   Notes Held by the Company or an Affiliate.......................... 13
   2.10  Temporary Notes.................................................... 13
   2.11  Cancellation....................................................... 13
   2.12  Defaulted Interest................................................. 13
   2.13  Cusip Numbers...................................................... 14
   2.14  Deposit of Moneys.................................................. 14
   2.15  Book-Entry Provisions for Global Notes............................. 14
   2.16  Special Transfer Provisions........................................ 15
   2.17  Restrictive Securities Legends..................................... 16

3. Satisfaction And Discharge............................................... 16
   3.1   Satisfaction And Discharge Of Indenture............................ 16
   3.2   Deposited Monies To Be Held In Trust............................... 17
   3.3   Return Of Unclaimed Monies......................................... 17

4. Defaults And Remedies.................................................... 17
   4.1   Events Of Default.................................................. 17
   4.2   Acceleration Of Maturity; Rescission And Annulment................. 18
   4.3   Other Remedies..................................................... 19
   4.4   Waiver Of Past Defaults............................................ 19
   4.5   Control By Majority................................................ 20
   4.6   Limitation On Suit................................................. 20
   4.7   Unconditional Right Of Holders To Receive Payment.................. 20
   4.8   Collection Of Indebtedness And Suits For Enforcement By The
         Trustee............................................................ 21
   4.9   Trustee May File Proofs Of Claim................................... 21
   4.10  Restoration Of Rights And Remedies................................. 22
   4.11  Rights And Remedies Cumulative..................................... 22
   4.12  Delay Or Omission Not Waiver....................................... 22
   4.13  Application Of Money Collected..................................... 22
   4.14  Undertaking For Costs.............................................. 22
   4.15  Waiver Of Stay Or Extension Laws................................... 23

5. The Trustee.............................................................. 23
   5.1   Duties Of Trustee.................................................. 23
   5.2   Rights Of Trustee.................................................. 24
   5.3   Individual Rights Of Trustee....................................... 25
   5.4   Trustee's Disclaimer............................................... 25
   5.5   Notice Of Defaults................................................. 25
</TABLE>

                                       i
<PAGE>
<TABLE>
<S>      <C>                                                                 <C>
   5.6   Reports By Trustee To Holders...................................... 25
   5.7   Compensation And Indemnity......................................... 25
   5.8   Replacement Of Trustee............................................. 26
   5.9   Successor Trustee By Merger, Etc................................... 27
   5.10  Eligibility; Disqualification...................................... 27
   5.11  Preferential Collection Of Claims Against The Company.............. 27

6. Consolidation, Merger, Conveyance, Transfer Or Lease..................... 27
   6.1   Company May Consolidate, Etc. Only On Certain Terms................ 27
   6.2   Successor Corporation Substituted.................................. 27

7. Amendments, Supplements And Waivers...................................... 28
   7.1   Without Consent Of Holders Of Notes................................ 28
   7.2   With Consent Of Holders Of Notes................................... 28
   7.3   Compliance With Trust Indenture Act................................ 29
   7.4   Revocation Of Consents And Effect Of Consents Or Votes............. 29
   7.5   Notation On Or Exchange Of Notes................................... 30
   7.6   Trustee To Sign Amendment, Etc..................................... 30

8. Meeting Of Holders Of Notes.............................................. 30
   8.1   Purposes For Which Meetings May Be Called.......................... 30
   8.2   Call Notice And Place Of Meetings.................................. 31
   8.3   Persons Entitled To Vote At Meetings............................... 31
   8.4   Quorum; Action..................................................... 31
   8.5   Determination of Voting Rights; Conduct and Adjournment of
         Meetings........................................................... 31
   8.6   Counting Votes And Recording Action Of Meetings.................... 32

9. Covenants................................................................ 32
   9.1   Payment Of Notes................................................... 32
   9.2   Maintenance Of Office Or Agency.................................... 33
   9.3   Reports............................................................ 33
   9.4   Compliance Certificate............................................. 33
   9.5   Stay, Extension And Usury Laws..................................... 33
   9.6   Corporate Existence................................................ 34
   9.7   Notice Of Default.................................................. 34

10. Make Whole Premium.......................................................34

   10.1  Make Whole Premium................................................. 34
   10.2  Company's Option to Provide for Conversion into Shares of
         Acquiror in Lieu of Make Whole Premium............................. 36
   10.3  Adjustments Relating To Make Whole Premium......................... 36

11. Redemption Of Notes..................................................... 37
   11.1  Optional Redemption................................................ 37
   11.2  Notice To Trustee.................................................. 37
   11.3  Selection Of Notes To Be Redeemed.................................. 37
   11.4  Notice Of Redemption............................................... 38
   11.5  Effect Of Notices Of Redemption.................................... 38
   11.6  Deposit Of Redemption Price........................................ 39
   11.7  Notes Redeemed In Part............................................. 39
   11.8  Conversion Arrangement On Call For Redemption...................... 39

12. Repurchase Of Notes..................................................... 40
   12.1  Repurchase At The Option Of The Holder Upon A Designated Event..... 40
   12.2  Company's Right To Elect Manner Of Payment Of Repurchase Price
         Upon the Occurrence of a Change in Control......................... 40
</TABLE>

                                       ii
<PAGE>
<TABLE>
<S>      <C>                                                                 <C>
   12.3  Notice Of Optional Repurchase To Be Provided By The Company........ 42
   12.4  Notice Of Withdrawal............................................... 43
   12.5  Payment Of The Repurchase Price.................................... 43

13. Conversion Of Notes..................................................... 44
   13.1  Conversion Right And Conversion Price.............................. 44
   13.2  Exercise Of Conversion Right....................................... 44
   13.3  Fractions Of Shares................................................ 46
   13.4  Adjustment Of Conversion Rate...................................... 46
   13.5  Notice Of Adjustments Of Conversion Price.......................... 53
   13.6  Notice Prior To Certain Actions.................................... 53
   13.7  Company to Reserve Common Stock.................................... 54
   13.8  Taxes On Conversions............................................... 54
   13.9  Covenant As To Common Stock........................................ 54
   13.10 Cancellation Of Converted Notes.................................... 54
   13.11 Effect Of Reclassification, Consolidation, Merger Or Sale.......... 54
   13.12 Responsibility Of Trustee For Conversion Provisions................ 55

14. Subordination Of Notes.................................................. 56
   14.1  Notes Subordinated To Senior Debt.................................. 56
   14.2  Subrogation........................................................ 57
   14.3  Obligation of the Company is Absolute and Unconditional............ 58
   14.4  Maturity of or Default on Senior Debt.............................. 58
   14.5  Payments on Notes Permitted........................................ 58
   14.6  Effectuation of Subordination by Trustee........................... 58
   14.7  Knowledge of Trustee............................................... 58
   14.8  Trustee's Relation to Senior Debt.................................. 59
   14.9  Rights of Holders of Senior Debt Not Impaired...................... 59
   14.10 Modification of Terms of Senior Debt............................... 59
   14.11 Certain Conversions Not Deemed Payment............................. 59

15. Other Provisions Of General Application................................. 60
   15.1  Trust Indenture Act Controls....................................... 60
   15.2  Notices............................................................ 60
   15.3  Communication By Holders With Other Holders........................ 61
   15.4  Acts Of Holders Of Notes........................................... 61
   15.5  Certificate And Opinion As To Conditions Precedent................. 61
   15.6  Statements Required In Certificate Or Opinion...................... 62
   15.7  Effect Of Headings And Table Of Contents........................... 62
   15.8  Successors And Assigns............................................. 62
   15.9  Separability Clause................................................ 62
   15.10 Benefits Of Indenture.............................................. 63
   15.11 Governing Law...................................................... 63
   15.12 Counterparts....................................................... 63
   15.13 Legal Holidays..................................................... 63
   15.14 Recourse Against Others............................................ 63

EXHIBIT A   FORM OF NOTE................................................... A-1
EXHIBIT B-1 RESTRICTIVE SECURITIES LEGEND FOR NOTES........................ B-1
EXHIBIT B-2 RESTRICTIVE SECURITIES LEGEND FOR COMMON STOCK................. B-2
EXHIBIT B-3 GLOBAL NOTE LEGEND............................................. B-3
EXHIBIT C   FORM OF NOTICE OF TRANSFER PURSUANT TO REGISTRATION
            STATEMENT...................................................... C-1
</TABLE>

                                      iii
<PAGE>
                                                                  EXECUTION COPY

      INDENTURE dated as of June 29, 2005 among EVERGREEN SOLAR, INC., a
corporation duly organized and existing under the laws of the State of Delaware,
having its principal office at 138 Bartlett Street, Marlboro, Massachusetts (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").

                             RECITALS OF THE COMPANY

      The Company has duly authorized the creation of an issue of its 4.375%
Convertible Subordinated Notes due 2012 ("Notes"), in substantially the tenor
and amount hereinafter set forth, and to provide therefor the Company has duly
authorized the execution and delivery of this Indenture.

      All things necessary to make (i) the Notes, when the Notes are executed by
the Company and authenticated and delivered hereunder and duly issued by the
Company, the valid obligations of the Company and (ii) this Indenture a valid
agreement of the Company, in accordance with their and its terms, have been
done.

                  NOW, THEREFORE, THIS INDENTURE WITNESSETH:

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

1.    DEFINITIONS AND INCORPORATION BY REFERENCE

  1.1   DEFINITIONS.

      "Acquiror" means, in a transaction that is a Change in Control, the entity
that acquires the Company.

      "Act of the Holders" when used with respect to any Holder of a Note, has
the meaning specified in Section 15.4(a).

      "Additional Interest" has the meaning specified 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 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" means any Registrar, Paying Agent, Conversion Agent or
co-registrar.

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

      "Board of Directors" means either the board of directors of the Company or
any committee of such board empowered to act for it with respect to this
Indenture.

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

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

      "Capital Stock" means, with respect to any Person, any and all shares,
interests, rights to purchase, warrants, options, participations or other
equivalents of or interests in (however designated, whether voting or
non-voting) in
<PAGE>
common stock (or other ordinary shares or other common equity interests or
American Depository Shares or similar instruments representing interests
therein) of such Person, whether now outstanding or issued after the date of
this Indenture.

      "Change in Control" means any transaction or event (whether by means of an
exchange offer, liquidation, tender offer, consolidation, merger, binding share
exchange, combination, reclassification or recapitalization or otherwise) in
connection with which 50% or more of the Common Stock is exchanged for,
converted into, acquired for or constitutes solely the right to receive,
consideration that is not at least 90% common stock (or ordinary shares or other
common equity interest or American Depository Shares or similar instruments
representing interests thereon) that is listed on, or immediately after the
transaction or event will be listed on, a U.S. 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 U.S. system of automated
dissemination of quotations of securities prices.

      "Closing Price" of any security on any date of determination means:

            (1) the closing sale price (or, if no closing sale price is
      reported, the last reported sale price) of such security on the New York
      Stock Exchange on such date;

            (2) if such security is not listed for trading on the New York Stock
      Exchange on any such date, the closing sale price as reported in the
      composite transactions for the principal U.S. securities exchange on which
      such security is so listed;

            (3)   if such security is not so listed on a U.S. national or
      regional securities exchange, the last reported sale price as reported
      by the Nasdaq National Market;

            (4) if such security is not so reported, the last quoted bid price
      for such security in the over-the-counter market as reported by the
      National Quotation Bureau or similar organization; or

            (5) if such bid price is not available, the average of the mid-point
      of the last bid and ask prices of such security on such date from at least
      three nationally recognized independent investment banking firms retained
      for this purpose by the Company.

      "Common Stock" means shares of the common stock, par value $0.01, of the
Company existing on the date of this Indenture or as such stock may be
constituted from time to time. However, subject to the provisions of Section
13.11, shares issuable on conversion or repurchase of Notes shall include only
shares of the class designated as Common Stock, par value $0.01 per share, of
the Company at the date of execution of this Indenture or shares of any class or
classes resulting from any reclassification or reclassifications thereof
provided that if at any time there shall be more than one such resulting class,
the shares of each such class then so issuable shall be substantially in the
proportion that the total number of shares of such class resulting from all such
reclassifications bears to the total number of shares of all such classes
resulting from all such reclassifications.

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

      "Company Notice" has the meaning specified in Section 12.3.

      "Consideration Date" has the meaning specified in Section 10.1.

      "Conversion Agent" has the meaning specified in Section 2.3.

      "Conversion Date" has the meaning specified in Section 13.2.

      "Conversion Notice" has the meaning specified in Section 13.2.

                                       2
<PAGE>
      "Conversion Price" has the meaning specified in Section 13.1.

      "Conversion Rate" has the meaning specified in Section 13.1.

      "Corporate Trust Office" means the office at which the trust administered
by this Indenture is administered, which office at the date of this Indenture is
located at U.S. Bank National Association at 633 West Fifth Street, 24th Floor,
Los Angeles, California 90071, Attention: Corporate Trust Services (Evergreen
Solar 4.375% Convertible Subordinated Notes due 2012), or at any other time at
such other address as the Trustee may designate from time to time by notice to
the Company, and for purposes of Section 9.2 shall be U.S. Bank Trust National
Association, an Affiliate of the Trustee, at 100 Wall Street, Suite 1600, New
York, New York 10005, Attention: Corporate Trust Services.

      "Current Market Price" has the meaning specified in Section 13.4(g).

      "Default" means an event that is, or after notice or lapse of time or both
would be, an Event of Default.

      "Defaulted Interest" has the meaning specified in Section 2.12.

      "Defaulted Interest Special Record Date" has the meaning specified in
Section 2.12.

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

      "Designated Event" means a Change in Control or a Termination of Trading.

      "Designated Senior Debt" means Senior Debt of the Company under the Senior
Bank Facility and other Senior Debt of the Company that, at the date of
determination, has an aggregate amount outstanding of, or under which, at the
date of determination, the holders thereof are committed to lend up to, at least
$5 million and is specifically designated in the instrument, agreement or other
document evidencing or governing that Senior Debt or in another writing as
"Designated Senior Debt" for purposes of this Indenture (provided, however, that
such instrument, agreement or other document may place limitations and
conditions on the right of such Senior Debt to exercise the rights of Designated
Senior Debt).

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

      "Effective Date" has the meaning specified in Section 10.1.

      "Event of Default" has the meaning specified in Section 4.1.

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

      "Expiration Time" has the meaning specified in Section 13.4(f).

      "fair market value" has the meaning set forth in Section 13.4(g).

      "Global Note" has the meaning specified in Section 2.1(e).

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

      "Indebtedness," when used with respect to any Person, and without
duplication means:

            (1) all indebtedness, obligations and other liabilities (contingent
      or otherwise) of such Person for borrowed money (including obligations in
      respect of overdrafts, foreign exchange contracts, currency exchange
      agreements, Interest Rate Protection Agreements, and any loans or advances
      from banks, whether or not evidenced by notes or similar instruments) or
      evidenced by bonds, debentures, notes or other

                                       3
<PAGE>
      instruments for the payment of money, or incurred in connection with the
      acquisition of any property, services or assets (whether or not the
      recourse of the lender is to the whole of the assets of such Person or to
      only a portion thereof), other than any account payable or other accrued
      current liability or obligation to trade creditors incurred in the
      ordinary course of business in connection with the obtaining of materials
      or services;

            (2) all reimbursement obligations and other liabilities (contingent
      or otherwise) of such Person with respect to letters of credit, bank
      guarantees, bankers' acceptances, surety bonds, performance bonds or other
      guaranty of contractual performance;

            (3) all obligations and liabilities (contingent or otherwise) in
      respect of (a) leases of such Person required, in conformity with
      generally accepted accounting principles, to be accounted for as
      capitalized lease obligations on the balance sheet of such Person and (b)
      any lease or related documents (including a purchase agreement) in
      connection with the lease of real property which provides that such Person
      is contractually obligated to purchase or cause a third party to purchase
      the leased property and thereby guarantee a minimum residual value of the
      leased property to the landlord and the obligations of such Person under
      such lease or related document to purchase or to cause a third party to
      purchase the leased property;

            (4) all obligations of such Person (contingent or otherwise) with
      respect to an interest rate or other swap, cap or collar agreement or
      other similar instrument or agreement or foreign currency hedge, exchange,
      purchase or similar instrument or agreement;

            (5) all direct or indirect guaranties or similar agreements by such
      Person in respect of, and obligations or liabilities (contingent or
      otherwise) of such Person to purchase or otherwise acquire or otherwise
      assure a creditor against loss in respect of, indebtedness, obligations or
      liabilities of another Person of the kind described in clauses (1) through
      (4);

            (6) any indebtedness or other obligations described in clauses (1)
      through (5) secured by any mortgage, pledge, lien or other encumbrance
      existing on property which is owned or held by such Person, regardless of
      whether the indebtedness or other obligation secured thereby shall have
      been assumed by such Person; and

            (7) any and all deferrals, renewals, extensions, refinancings,
      replacements, restatements and refundings of, or amendments, modifications
      or supplements to, any indebtedness, obligation or liability of the kind
      described in clauses (1) through (6).

      "Indenture" means this instrument as originally executed or as it may from
time to time be supplemented or amended by one or more indentures supplemental
hereto entered into pursuant to the applicable provisions hereof, including the
provisions of the TIA that are deemed to be a part hereof.

      "Initial Purchasers" means SG Cowen & Co., LLC, First Albany Capital
Inc. and Merriman Curhan Ford & Co.

      "Interest Payment Date" means each July 1 and January 1, beginning January
1, 2006.

      "Interest Rate Protection Agreement" means, with respect to any Person,
any interest rate swap agreement, interest rate cap or collar agreement or other
financial agreement or arrangement designed to protect such Person against
fluctuations in interest rates, as in effect from time to time.

      "junior securities" has the meaning specified in Section 14.11(c).

      "Majority Owner" means a "beneficial owner" (as defined in Rule 13d-3
under the Exchange Act) of more than 50% of the total voting power of all shares
of another Person's Capital Stock that are entitled to vote generally in the
election of directors.

                                       4
<PAGE>
      "Make Whole Premium" has the meaning specified in Section 10.1.

      "Make Whole Shares Cap" has the meaning specified in Section 10.1.

      "Make Whole Table" has the meaning specified in Section 10.1.

      "Market Price" means the Closing Price of the Common Stock on the third
Business Day prior to the applicable Repurchase Date (or, if such third Business
Day prior to the applicable Repurchase Date is not a Trading Day, then on the
last Trading Day prior to such third Business Day), appropriately adjusted to
take into account the occurrence, during the period commencing on such day and
ending on the Repurchase Date, of any event that would result in an adjustment
to the Conversion Rate, as described in Section 13.4.

      "Maturity" means the date on which the principal of such Note becomes due
and payable as therein or herein provided, whether at its stated maturity or by
acceleration, conversion, call for redemption, exercise of a Repurchase Right or
otherwise.

      "Maturity Date" has the meaning specified in Section 2.1(b).

      "Nasdaq National Market" means the National Association of Securities
Dealers Automated Quotation National Market or any successor national securities
exchange or automated over-the-counter trading market in the United States.

      "Nasdaq SmallCap Market" means the National Association of Securities
Dealers Automated Quotation SmallCap Market or any successor national securities
exchange or automated over-the-counter trading market in the United States.

      "Non-Electing Share" has the meaning specified in Section 13.11.

      "Notes" has the meaning specified in the first paragraph under the caption
"Recitals of the Company."

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

      "Officers' Certificate" means a certificate from the Company delivered to
the Trustee and signed by its (a) Chairman, Vice Chairman, President, Chief
Executive Officer, Chief Financial Officer or Vice President and (b) Chief
Financial Officer, Treasurer, Assistant Treasurer, Secretary or Assistant
Secretary.

      "Opinion of Counsel" means a written opinion of counsel, who may be
counsel to, or a director or employee of, the Company, reasonably acceptable to
the Trustee.

      "Optional Redemption" has the meaning specified in Section 11.1(b).

      "Order" means a written request or order signed in the name of the Company
by its Chairman of the Board of Directors, its President, its Chief Executive
Officer, its Chief Financial Officer or any Vice President, and delivered to the
Trustee.

      "Participants" has the meaning specified in Section 2.15(a).

      "Paying Agent" has the meaning specified in Section 2.3.

      "Payment Blockage Notice" has the meaning specified in Section 14.1.

                                       5
<PAGE>
      "Person" means an individual, partnership, corporation, limited liability
company, unincorporated organization, trust, estate or joint venture, or any
entity similar to any of the foregoing organized under the laws of other
countries, or a governmental agency or political subdivision thereof.

      "Physical Notes" has the meaning specified in Section 2.1(f).

      "Place of Conversion" means any city in which any Conversion Agent is
located.

      "Place of Payment" means any city in which any Paying Agent is located.

      "Predecessor Note" of any particular Note means every previous Note
evidencing all or a portion of the same debt as that evidenced by such
particular Note; and, for the purposes of this definition, any Note
authenticated and delivered under Section 2.7 in exchange for or in lieu of a
mutilated, destroyed, lost or stolen Note shall be deemed to evidence the same
debt as the mutilated, destroyed, lost or stolen Note.

      "Public Acquiror Change in Control" means any event constituting a Change
in Control in which the acquiror has a class of common stock (or ordinary shares
or other common equity interests or American Depository Shares or similar
instruments representing interests thereon) that is listed on any U.S. national
securities exchange or approved for quotation on the Nasdaq National Market, or
that will be so listed or approved when issued or exchanged in connection with
such Change in Control (the "Public Acquiror Common Stock"). If an acquiror does
not itself have a class of common stock satisfying the foregoing requirement, it
will be deemed to have Public Acquiror Common Stock if a corporation that
directly or indirectly is the Majority Owner of such acquiror has a class of
common stock satisfying the foregoing requirement; in such case, all references
to Public Acquiror Common Stock shall refer to such class of common stock.

      "Public Acquiror Common Stock" has the meaning assigned to it in the
definition of Public Acquiror Change in Control.

      "Purchased Shares" has the meaning specified in Section 13.4(f).

      "Purchasers" has the meaning specified in Section 11.8.

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

      "Record Date" means either a Regular Record Date or a Special Record Date,
as the case may be, provided that, for purposes of Section 13.4, Record Date has
the meaning specified in 13.4(g).

      "Redemption Date" when used with respect to any Note to be redeemed
pursuant to Section 11.1, means the date fixed for an Optional Redemption by or
pursuant to this Indenture.

      "Redemption Price" has the meaning specified in Section 11.1(b).

      "Reference Period" has the meaning specified in Section 13.4(d).

      "Register" has the meaning specified in Section 2.5.

      "Registrar" has the meaning specified in Section 2.3.

      "Registration Default" has the meaning specified in the Registration
Rights Agreement.

      "Registration Rights Agreement" means the Registration Rights Agreement
dated as of June 29, 2005 between the Company and the Initial Purchasers.

                                       6
<PAGE>
      "Regular Record Date" for the interest payable on the Notes (including
Additional Interest, if any) means the close of business on the June 15 or
November 15 (whether or not a Business Day), as the case may be, preceding an
Interest Payment Date.

      "Repurchase Date" has the meaning specified in Section 12.1.

      "Repurchase Notice" has the meaning specified in Section 12.1.

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

      "Repurchase Right" has the meaning specified in Section 12.1.

      "Responsible Officer," when used with respect to the Trustee, means any
officer of the Trustee, including any vice president, assistant vice president,
secretary, assistant secretary, the treasurer, any assistant treasurer, or any
other officer of the Trustee customarily performing functions similar to those
performed by any of the above designated officers and also means, with respect
to a particular corporate trust matter, any other officer to whom such matter is
referred because of such officer's knowledge of and familiarity with the
particular subject.

      "Restricted Security" means a Note (or Common Stock into which such Note
has been converted) required to bear the Restrictive Securities Legend set forth
in Exhibit B-1 or Exhibit B-2, as applicable, of this Indenture.

      "Restrictive Securities Legend" has the meaning specified in Section
2.17(a).

      "Rule 144" means Rule 144 as promulgated under the Securities Act
(including any successor rule thereof), as the same may be amended from time to
time.

      "Rule 144A" means Rule 144A as promulgated under the Securities Act
(including any successor rule thereof), as the same may be amended from time to
time.

      "SEC" means the Securities and Exchange Commission or any successor
thereto.

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

      "Senior Bank Facility" means the Loan and Security Agreement dated August
26, 2004 between the Company and Silicon Valley Bank (including all deferrals,
renewals, extensions or refundings of, or amendments, modifications or
supplements to, the foregoing).

      "Senior Debt" means the principal of, premium, if any, interest (including
all interest accruing subsequent to the commencement of any bankruptcy or
similar proceeding, whether or not a claim for post-petition interest is
allowable as a claim in any such proceeding) and rent payable on or termination
payments with respect to or in connection with, and all fees, costs, expenses
and other amounts accrued or due on or in connection with, Indebtedness of the
Company, in each case whether outstanding on the date of this Indenture or
thereafter created, incurred, assumed, guaranteed or in effect guaranteed by the
Company (including all deferrals, renewals, extensions or refundings of, or
amendments, modifications or supplements to, the foregoing), except for (a) any
particular Indebtedness in respect of which the instrument creating or
evidencing the same or the assumption or guarantee thereof expressly provides
that such Indebtedness shall not be senior in right of payment to the Notes or
expressly provides that such Indebtedness is pari passu or junior to the
Securities, (b) any Indebtedness between or among the Company or any of its
Subsidiaries, or any of the Company's Affiliates and (c) the Notes. The term
"Senior Debt" shall include, without limitation, all Designated Senior Debt..

      "Share Price" has the meaning specified in Section 10.1.

      "Share Price Cap" has the meaning specified in Section 10.1.

      "Share Price Threshold" has the meaning specified in Section 10.1.

                                       7
<PAGE>
      "Shelf Registration Statement" has the meaning specified in the
Registration Rights Agreement.

      "Significant Subsidiary" has the meaning specified in Rule 1-02(w) under
Regulation S-X under the Securities Act.

      "Special Record Date" has the meaning specified in Section 7.4.

      "Subsidiary" means a corporation more than 50% of the outstanding Voting
Shares of which are owned, directly or indirectly, by the Company or by one or
more other Subsidiaries or by the Company and one or more other Subsidiaries.

      "Successor Company" has the meaning specified in Section 6.1.

      "Termination of Trading" means the Common Stock (or, if applicable, the
Public Acquiror Common Stock) is neither listed for trading on a U.S. national
securities exchange nor approved for quotation on the Nasdaq National Market,
the Nasdaq SmallCap Market or any similar U.S. system of automated dissemination
of quotations of securities prices.

      "TIA" means the Trust Indenture Act of 1939 (15 U.S. Code Section 67aaa-
77bbbb), as in effect on the date of execution of this Indenture; provided,
however, that in the event the TIA is amended after such date, "TIA" means, to
the extent required by such amendment, the Trust Indenture Act of 1939, as so
amended, or any successor statute.

      "Trading Day" means:

            (1) if the applicable security is listed or admitted for trading on
      the New York Stock Exchange or another national security exchange, a day
      on which the New York Stock Exchange or such other national security is
      open for business;

            (2) if the applicable security is quoted on the Nasdaq National
      Market or any other system of automated dissemination of quotation of
      securities prices, a day on which trades may be made thereon; or

            (3) if the applicable security is not so listed, admitted for
      trading or quoted, any day on which the applicable security is traded
      regular way in the over-the-counter market and for which a closing bid and
      a closing asked price for such security are available.

      "Transfer Agent" means any Person, which may be the Company, authorized by
the Company to exchange or register the transfer of Notes.

      "Trigger Event" has the meaning specified in Section 13.4(d).

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

      "Vice President" means any vice president of a corporation, whether or not
designated by a number or a word or words added before or after the title "vice
president."

      "Voting Shares" means with respect to any Person, Capital Stock of any
class or kind ordinarily having the power to vote for the election of directors,
managers or other voting members of the governing body of such Person.

      "Withdrawal Notice" has the meaning specified in Section 12.4.

  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.

                                       8
<PAGE>
      The following TIA terms used in this Indenture have the following
meanings:

      "indenture securities" means the Notes;

      "indenture security holder" means a Holder;

      "indenture to be qualified" means this Indenture;

      "indenture trustee" or "institutional trustee" means the Trustee; and

      "obligor" on the Notes means the Company and any other obligor on the
      indenture securities.

All other TIA terms used in this Indenture that are defined by the TIA, defined
by TIA reference to another statute or defined by SEC rules have the meanings
assigned to them by such definitions.

  1.3   RULES OF CONSTRUCTION. For all purposes of this Indenture, except as
otherwise expressly provided or unless the context otherwise requires:

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

      (b) all accounting terms not otherwise defined herein have the meanings
      assigned to them in accordance with accounting principles generally
      accepted in the United States prevailing at the time of any relevant
      computation hereunder;

      (c) the word "or" shall not be exclusive;

      (d) any item or list of items set forth following the word "including,"
      "include" or "includes" herein is set forth only for the purpose of
      indicating that, regardless of whatever other items are in the category in
      which such item or items are "included," such item or items are in such
      category and shall not be construed as indicating the items in the
      category in which such item or items are "included" are limited to such
      item or items similar to such items; and

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

2.    THE NOTES

  2.1   FORM AND DATING.

      (a) The Notes shall be known and designated as the "4.375% Convertible
      Subordinated Notes due 2012" of the Company. The aggregate principal
      amount of the Notes that may be authenticated and delivered under this
      Indenture is limited to $90,000,00, except as provided in (i) Section
      2.7(c) or (ii) Section 2.2(d).

      (b) The Notes shall mature on July 1, 2012 (the "Maturity Date").

      (c) Interest shall accrue at a rate of 4.375% per annum on the principal
      amount of the Notes from June 29, 2005 or from the most recent date to
      which interest has been paid until the principal of the Notes is paid or
      made available for payment pursuant to the terms of this Indenture.
      Interest shall be payable semiannually in arrears on July 1 and January 1
      in each year, commencing January 1, 2006. Interest on the Notes shall be
      computed on the basis of a 360-day year comprised of twelve 30-day months.

      Except as provided in the next succeeding paragraph, a Holder of any Note
      shall not be entitled to receive any interest (including Additional
      Interest, if any) that has accrued on such Note if such Note is converted

                                       9
<PAGE>
      into shares of Common Stock on any day other than an Interest Payment
      Date. By delivering to the Holder of any Note that is converted into
      shares of Common Stock the number of shares issuable upon conversion,
      together with a cash payment, if any, in lieu of a fractional share, the
      Company shall be deemed to have satisfied its obligation with respect to
      such Note. Accordingly, accrued but unpaid interest shall be deemed to be
      paid in full rather than canceled, extinguished or forfeited.

      If a Holder of any Note converts such Note after a Regular Record Date but
      prior to the corresponding Interest Payment Date, the Holder of record on
      such Regular Record Date shall be entitled to receive on such Interest
      Payment Date interest accrued (including Additional Interest, if any) and
      paid on such Note, notwithstanding the conversion of such Note prior to
      such Interest Payment Date. However, at the time such Holder surrenders
      such Note for conversion, such Holder shall pay the Company an amount
      equal to the interest (including Additional Interest, if any) that will be
      paid on the Notes being converted on such Interest Payment Date. However,
      in the event that (i) overdue interest, if any, exists at the time of
      conversion with respect to such Note or (ii) the Company calls any Notes
      for redemption or the Company has specified a Repurchase Date for a Note
      on a Redemption Date or Repurchase Date that is after a Record Date for an
      interest payment but prior to the corresponding Interest Payment Date, and
      prior to such Redemption Date or Repurchase Date a Holder of any Note
      chooses to convert such Note, then such Holder shall not be required to
      pay the Company at the time such Holder surrenders such Note for
      conversion the amount of interest on such Note such Holder shall be
      entitled to receive on such Interest Payment Date (in the case of (i)
      above, only to the extent of such overdue interest).

      Principal of, and premium, if any, and interest on, Global Notes shall be
      payable to the Depositary in immediately available funds.

      Principal and premium, if any, and interest on maturity, on Physical Notes
      shall be payable at the office or agency of the Company maintained for
      such purpose, initially the Corporate Trust Office of the Trustee.
      Interest on Physical Notes (other than at maturity) will be payable (i) by
      U.S. Dollar check drawn on a bank in The City of New York mailed to the
      address of the Holder, or (ii) upon application to the Registrar not later
      than the relevant Record Date by a Holder of an aggregate principal amount
      in excess of $5,000,000, by wire transfer in immediately available funds.

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

      (e) The Notes are being offered and sold in reliance on Rule 144A under
      the Securities Act and shall be issued initially in the form of one or
      more Global Notes, substantially in the form set forth in Exhibit A (the
      "Global Note"), deposited with the Trustee, as custodian for the
      Depositary, duly executed by the Company and authenticated by the Trustee
      as hereinafter provided and bearing the legends set forth in Exhibit B-1
      and B-3. The aggregate principal amount of the Global Note may from time
      to time be increased or decreased by adjustments made on the records of
      the Trustee, as custodian for the Depositary, as hereinafter provided;
      provided, however, that in no event shall the aggregate principal amount
      of the Global Note or Notes exceed $90,000,000, except as provided in (i)
      Section 2.7(c) or (ii) Section 2.2(d).

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

  2.2   EXECUTION AND AUTHENTICATION.

      (a) One Officer shall sign the Notes for the Company by manual or
      facsimile signature.

      (b) If an Officer whose signature is on a Note no longer holds that office
      at the time the Note is authenticated, the Note shall nevertheless be
      valid.

                                       10
<PAGE>
      (c) A Note shall not be valid until authenticated by the manual signature
      of the Trustee. The signature shall be conclusive evidence that the Note
      has been authenticated under this Indenture.

      (d) Upon an Order of the Company signed by one Officer, the Trustee shall
      authenticate Notes for original issue in the aggregate principal amount of
      $90,000,000 and such additional principal amount, if any, as shall be
      determined pursuant to the next sentence of this Section 2.2(d). Upon
      receipt by the Trustee of an Officer's Certificate of the Company stating
      that additional notes, which may be an unlimited aggregate principal
      amount, will be issued after the initial issue date of the Notes that have
      the same terms and "CUSIP" numbers as the Notes and, based on an Opinion
      of Counsel, are of the same class with the other Notes for U.S. federal
      income tax purposes, the Trustee shall authenticate and deliver such
      specified principal amount of such additional Notes to or upon the Order
      of the Company signed as provided in the immediately preceding sentence.
      Such Officers' Certificate must be received by the Trustee not later than
      the proposed date for delivery of such additional Notes. The aggregate
      principal amount of Notes outstanding at any time may not exceed
      $90,000,000, except as provided above or in Section 2.7(c).

      (e) Upon an Order of the Company signed by two Officers of the Company,
      the Trustee shall authenticate Notes not bearing the Restrictive
      Securities Legend to be issued to the transferee when sold pursuant to an
      effective registration statement under the Securities Act as set forth in
      Section 2.16(c).

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

      (g) The Notes shall be issuable only in registered form without interest
      coupons and only in denominations of $1,000 principal amount and any
      positive integral multiple thereof.

  2.3   REGISTRAR, PAYING AGENT AND CONVERSION AGENT.

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

      (b) The Company shall enter into an appropriate agency agreement with any
      Agent not a party to this Indenture. 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 Agent not a party to
      this Indenture. If the Company fails to maintain a Registrar, Paying Agent
      or Conversion Agent, the Trustee shall act as such. The Company or any
      Affiliate of the Company may act as Paying Agent.

      (c) The Company initially appoints the Trustee as Paying Agent, Registrar
      and Conversion Agent.

  2.4   PAYING AGENT TO HOLD MONEY IN TRUST.

      Each Paying Agent shall hold in trust for the benefit of the Holders or
the Trustee all moneys held by the Paying Agent for the payment of the Notes,
and shall notify the Trustee of any default by the Company in making any such
payment. While any such default continues, the Trustee may require a Paying
Agent to pay all money held by it to the Trustee. The Company at any time may
require a Paying Agent to pay all money held by it to the Trustee and to account
for any funds and Common Stock disbursed by it. Upon payment over to the
Trustee, the Paying

                                       11
<PAGE>
      Agent shall have no further liability for the money. If the Company acts
      as Paying Agent, it shall segregate and hold as a separate trust fund all
      money held by it as Paying Agent.

  2.5 HOLDER 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 Holders (the "Register"). If the Trustee is not the Registrar, the
Company shall furnish to the Trustee on or before each interest payment date and
at such other times as the Trustee may reasonably request in writing the
Register.

  2.6   TRANSFER AND EXCHANGE.

      (a) Subject to Sections 2.15 and 2.16, when Notes are presented to the
      Registrar with a request to register their transfer or to exchange them
      for an equal principal amount of Notes of other authorized denominations,
      the Registrar shall register the transfer or make the exchange if its
      requirements for such transaction are met. To permit registrations of
      transfer and exchanges, the Trustee shall authenticate Notes at the
      Registrar's request. The Company or the Trustee, as the case may be, shall
      not be required (i) to issue, authenticate, register the transfer of or
      exchange any Note during a period beginning at the opening of business 15
      days before the mailing of a notice of redemption of the Notes selected
      for redemption under Article 11 and ending at the close of business on the
      day of such mailing or (ii) to register the transfer of or exchange any
      Note so selected for redemption in whole or in part, except the unredeemed
      portion of Notes being redeemed in part.

      (b) No service charge shall be made for any transfer, exchange or
      conversion of Notes, but the Company may require payment of a sum
      sufficient to cover any tax or other governmental charge that may be
      imposed in connection with any transfer, exchange or conversion of Notes,
      other than exchanges pursuant to Sections 2.10, 11.1, 11.5, 12.1 or 13.2
      not involving any transfer.

  2.7   REPLACEMENT NOTES.

      (a) If the Holder claims that the Note has been mutilated, lost, destroyed
      or stolen, the Company shall issue and the Trustee shall authenticate a
      replacement Note if the Trustee's requirements are met and, in the case of
      a mutilated Note, such mutilated Note is surrendered to the Trustee. In
      the case of lost, destroyed or stolen Notes, if required by the Trustee or
      the Company, an indemnity bond must be provided by the Holder that is
      sufficient in the judgment of the Trustee to protect the Company, the
      Trustee or any Agent from any loss that any of them may suffer if a Note
      is replaced. The Company may require payment of a sum sufficient to cover
      any tax or other governmental charge that may be imposed in relation to
      replacing a Note and any other reasonable expenses (including the
      reasonable fees and expenses of the Trustee) in connection therewith.

      (b) In case any such mutilated, lost, destroyed or stolen Note has become
      or is about to become due and payable, the Company in its discretion may,
      instead of issuing a new Note, pay such Note when due.

      (c) Every replacement Note is an additional obligation of the Company only
      as provided in Section 2.8.

      (d) The provisions of this Section 2.7 are exclusive and shall preclude
      (to the lawful extent) all other rights and remedies of any Holder with
      respect to the replacement or payment of mutilated, destroyed, lost or
      stolen Notes.

  2.8   OUTSTANDING NOTES.

      (a) Notes outstanding at any time are all the Notes authenticated by the
      Trustee except for those converted, those cancelled by it, those delivered
      to it for cancellation and those described in this Section 2.8(a) as not
      outstanding. Except to the extent provided in Section 2.9, a Note does not
      cease to be outstanding because the Company or one of its subsidiaries or
      Affiliates holds the Note.

                                       12
<PAGE>
      (b) If a Note is replaced pursuant to Section 2.7, it ceases to be
      outstanding unless the Trustee receives proof satisfactory to it, or a
      court holds, that the replaced Note is held by a protected purchaser, as
      that term is defined in the New York Uniform Commercial Code.

      (c) If the Paying Agent (other than the Company or any Affiliate of the
      Company) holds on a Redemption Date, Repurchase Date or Maturity Date
      money sufficient to pay Notes payable on that date (or, if the Company
      acts as Paying Agent, if the Company has segregated and holds such money
      in trust in accordance with Section 2.4), then on and after that date,
      such Notes shall be deemed to be no longer outstanding and interest on
      them shall cease to accrue, and such Note shall be deemed paid whether or
      not the Note is delivered to the Paying Agent. Thereafter, all other
      rights of the Holders of such Notes shall terminate with respect to such
      Notes, other than the right to receive the Redemption Price, Repurchase
      Price or principal amount, as applicable.

      (d) If a Note is converted in accordance with Article 13, then from and
      after the time of conversion on the Conversion Date, such Note will cease
      to be outstanding, and interest, including Additional Interest, if any,
      will cease to accrue on such Note.

  2.9 NOTES HELD BY THE COMPANY OR AN AFFILIATE. In determining whether the
Holders of the required aggregate principal amount of Notes have concurred in
any direction, waiver or consent, Notes owned by the Company or any of its
subsidiaries or an Affiliate shall be considered as though not outstanding,
except that for the purposes of determining whether a Responsible Officer of the
Trustee shall be protected in relying on any such direction, waiver or consent,
only Notes that the Trustee knows are so owned shall be so disregarded.

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

  2.11 CANCELLATION. The Company at any time may deliver Notes to the Trustee
for cancellation. The Registrar, Paying Agent and Conversion Agent shall forward
to the Trustee any Notes surrendered to them for transfer, exchange, payment or
conversion. The Trustee shall cancel or dispose of all Notes surrendered for
transfer, exchange, payment, conversion or cancellation in accordance with its
customary procedures. The Company may not issue new Notes to replace Notes that
it has paid or delivered to the Trustee for cancellation or that any Holder has
converted pursuant to Article 13.

  2.12 DEFAULTED INTEREST. If and to the extent the Company defaults in a
payment of interest on the Notes, the Company shall pay the defaulted interest
in any lawful manner plus, to the extent not prohibited by applicable statute or
case law, interest payable on the defaulted interest at the rate provided in the
Notes (the "Defaulted Interest"). The Company may pay the Defaulted Interest to
the persons who are Holders on a subsequent special record date fixed by the
Company (a "Defaulted Interest Special Record Date"). The Company shall fix such
Defaulted Interest Special Record Date and payment date. At least 15 days before
the Defaulted Interest Special Record Date, the Company shall mail to Holders a
notice that states the Defaulted Interest Special Record Date, payment date and
amount of interest to be paid.

  2.13 CUSIP NUMBERS. The Company in issuing the Notes may use one or more
"CUSIP" numbers, and if so, the Trustee shall use the CUSIP numbers in notices
of redemption or repurchase as a convenience to Holders; provided, however, any
such statement may state that no representation is made by the Trustee as to the
correctness or accuracy of the CUSIP numbers printed in the notice or on the
Notes, and that reliance may be placed only on the other identification numbers
printed on the Notes. The Company shall promptly notify the Trustee of any
change in the CUSIP numbers.

  2.14 DEPOSIT OF MONEYS. Prior to 11:00 A.M., New York City time, on each
Interest Payment Date, Maturity Date, Redemption Date and Repurchase Date, the
Company shall have deposited with a Paying Agent in immediately available funds
money sufficient to make cash payments, if any, due on such Interest Payment
Date, Maturity Date, Redemption Date and Repurchase Date, as the case may be, in
a timely manner that permits the

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<PAGE>
      Paying Agent to remit payment to the Holders on such Interest Payment
      Date, Maturity Date, Redemption Date and Repurchase Date, as the case may
      be.

  2.15  BOOK-ENTRY PROVISIONS FOR GLOBAL NOTES.

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

            Members of, or participants in, the Depositary ("Participants")
      shall have no rights under this Indenture with respect to any Global Notes
      held on their behalf by the Depositary, or the Trustee as its custodian,
      or under the Global Notes, and the Depositary may be treated by the
      Company, the Trustee and any agent of the Company or the Trustee as the
      absolute owner of the Global Notes for all purposes whatsoever.
      Notwithstanding the foregoing, nothing herein shall prevent the Company,
      the Trustee or any agent of the Company or the Trustee from giving effect
      to any written certification, proxy or other authorization furnished by
      the Depositary or impair, as between the Depositary and Participants, the
      operation of customary practices governing the exercise of the rights of a
      Holder.

      (b) Transfers of Global Notes shall be limited to transfers in whole, or
      in part, to the Depositary, its successors or their respective nominees.
      In addition, Physical Notes shall be transferred to all beneficial owners
      in exchange for their beneficial interests in Global Notes if (i) the
      Depositary notifies the Company that it is unwilling or unable to continue
      as Depositary for any Global Note and a successor Depositary is not
      appointed by the Company within 90 days of such notice or (ii) an Event of
      Default has occurred and is continuing and the Registrar has received a
      written request from the Depositary to issue Physical Notes.

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

      (d) Any Physical Note constituting a Restricted Security delivered in
      exchange for an interest in a Global Note pursuant to Section 2.15(b)
      shall, except as otherwise provided by Section 2.16, bear the Restrictive
      Securities Legend (as defined).

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

  2.16  SPECIAL TRANSFER PROVISIONS.

      (a) Transfers to QIBs. The following provisions shall apply with respect
      to the registration of any proposed transfer of a Restricted Security to a
      QIB:

            (i)   the Registrar shall register the transfer of any Restricted
                  Security, whether or not such Note bears the Restrictive
                  Securities Legend, if (A) the requested transfer is after the
                  second anniversary of the issue date for the Notes; provided,
                  however, that neither the Company nor any of its Affiliates
                  has held any beneficial interest in such Note, or portion
                  thereof, at any time on or prior to the second anniversary of
                  the issue date for the Notes or (B) such transfer is being
                  made by a proposed transferor who has checked the box provided
                  for on the form of Note stating, or has otherwise advised the
                  Company and the Registrar in writing, that the sale has been
                  made in compliance with the provisions of Rule 144A to a
                  transferee who has signed the certification provided for on
                  the form of Note stating, or has otherwise advised the Company
                  and the Registrar in writing, that it is purchasing the Note
                  for its own account or an account with respect to which it
                  exercises

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<PAGE>
                  sole investment discretion and that it and any such account is
                  a QIB within the meaning of Rule 144A, and is aware that the
                  sale to it is being made in reliance on Rule 144A and
                  acknowledges that it has received such information regarding
                  the Company as it has requested pursuant to Rule 144A or has
                  determined not to request such information and that it is
                  aware that the transferor is relying upon its foregoing
                  representations in order to claim the exemption from
                  registration provided by Rule 144A; and

            (ii)  if the proposed transferor is a Participant seeking to
                  transfer an interest in one Global Note to a transferee who
                  will hold such interest in another Global Note, upon receipt
                  by the Registrar of (A) written instructions given in
                  accordance with the Depositary's and the Registrar's
                  procedures and (B) the appropriate certificates and other
                  documents, if any, required by clause (B) of paragraph (i)
                  above, the Registrar shall register the transfer and reflect
                  on its books and records the date and (x) a decrease in the
                  aggregate principal amount of the Global Note through which
                  the transferor held such interest in an amount equal to the
                  aggregate principal amount of the Notes to be transferred and
                  (y) an increase in the aggregate principal amount of the
                  Global Note through which the transferee proposes to hold such
                  interest, in an amount equal to the aggregate principal amount
                  of the Notes to be transferred.

      (b) RESTRICTIONS ON TRANSFER AND EXCHANGE OF GLOBAL NOTES. Notwithstanding
      any other provisions of this Indenture, a Global Note may not be
      transferred except as a whole or in part 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.

      (c) RESTRICTIVE SECURITIES LEGEND. Upon the transfer, exchange or
      replacement of Notes not bearing the Restrictive Securities Legend, the
      Registrar or co-Registrar shall deliver Notes that do not bear the
      Restrictive Securities Legend. Upon the transfer, exchange or replacement
      of Notes bearing the Restrictive Securities Legend, the Registrar or
      co-Registrar shall deliver only Notes that bear the Restrictive Securities
      Legend unless (i) the requested transfer is after the second anniversary
      of the issue date for the Notes (provided, however, that neither the
      Company nor any of its Affiliates has held any beneficial interest in such
      Note, or portion thereof, at any time prior to or on the second
      anniversary of the issue date), (ii) there is delivered to the Trustee an
      Opinion of Counsel reasonably satisfactory to the Company to the effect
      that neither such legend nor the related restrictions on transfer are
      required in order to maintain compliance with the provisions of the
      Securities Act or (iii) such Note has been sold pursuant to an effective
      registration statement under the Securities Act and the Holder selling
      such Notes has delivered to the Registrar or co-Registrar a notice in the
      form of Exhibit C hereto.

      (d) GENERAL. By its acceptance of any Note bearing the Restrictive
      Securities Legend, each Holder of such a Note acknowledges the
      restrictions on transfer of such Note set forth in this Indenture and in
      the Restrictive Securities Legend and agrees that it will transfer such
      Note only as provided in this Indenture.

      The Registrar shall retain copies of all letters, notices and other
      written communications received pursuant to Section 2.15 or this Section
      2.16. The Company shall have the right to inspect and make copies of all
      such letters, notices or other written communications at any reasonable
      time upon the giving of reasonable written notice to the Registrar.

      (e) TRANSFERS OF NOTES HELD BY AFFILIATES. Any certificate (i) evidencing
      a Note that has been transferred to an Affiliate of the Company within two
      years after the issue date for the Notes, as evidenced by a notation on
      the Assignment Form for such transfer or in the representation letter
      delivered in respect thereof or (ii) evidencing a Note that has been
      acquired from an Affiliate (other than by an Affiliate) in a transaction
      or a chain of transactions not involving any public offering, shall, until
      two years after the last date on which the Company or any Affiliate of the
      Company was an owner of such Note, in each case, bear the Restrictive
      Securities Legend, unless otherwise agreed by the Company (with written
      notice thereof to the Trustee).

                                       15
<PAGE>
  2.17  RESTRICTIVE SECURITIES LEGENDS.

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

      (b) Each share of Common Stock that constitutes a Restricted Security
      shall bear the Restrictive Securities Legend as set forth in Exhibit B-2
      on the reverse thereof until after the second anniversary of the later of
      (i) the issue date for such share of Common Stock, and (ii) the last date
      on which the Company or any Affiliate of the Company was the owner of such
      share of Common Stock (or any predecessor security) (or such shorter
      period of time as permitted by Rule 144(k) under the Securities Act or any
      successor provision thereunder) (or such longer period of time as may be
      required under the Securities Act or applicable state securities laws in
      the opinion of counsel for the Company, unless otherwise agreed between
      the Company and the Holder thereof).

      (c) Each Global Note shall also bear the legend as set forth in Exhibit
      B-3.

3.    SATISFACTION AND DISCHARGE

  3.1   SATISFACTION AND DISCHARGE OF INDENTURE. When:

      (a) the Company shall deliver to the Trustee for cancellation all Notes
      previously authenticated (other than any Notes that have been destroyed,
      lost or stolen and in lieu of, or in substitution for which, other Notes
      shall have been authenticated and delivered) and not previously canceled;
      or

      (b) the Company shall deposit with the Trustee, within one year before the
      Notes have become due and payable, whether at stated maturity or any other
      Redemption Date, or within one year of the Notes being scheduled for
      conversion or otherwise, cash or shares of Common Stock, pursuant to
      Article 13, sufficient to pay all of the outstanding Notes and all other
      sums payable by the Company under this Indenture; and

and, in the case of either clause (1) or (2), the Company shall also pay or
cause to be paid all other sums payable hereunder by the Company, then this
Indenture shall cease to be of further effect, except as to:

            (i)   remaining rights of registration of transfer, substitution and
                  exchange and conversion of Notes,

            (ii)  rights hereunder of Holders to receive payments of principal
                  of and premium, if any, and interest (including Additional
                  Interest, if any) on, the Notes and the other rights, duties
                  and obligations of Holders, as beneficiaries hereof with
                  respect to the amounts, if any, so deposited with the Trustee,
                  and

            (iii) the rights, obligations and immunities of the Trustee
                  hereunder;

and the Trustee, on written demand of the Company accompanied by an Officers'
Certificate and an Opinion of Counsel (each stating that all conditions
precedent herein relating to the satisfaction and discharge of this Indenture
have been complied with) and at the cost and expense of the Company, shall
execute proper instruments acknowledging satisfaction of and discharging this
Indenture; provided, however, the Company shall reimburse the Trustee for all
amounts due the Trustee under Section 4.8 and Section 5.7 and for any costs or
expenses thereafter

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<PAGE>
reasonably and properly incurred by the Trustee and to compensate the Trustee
for any services thereafter reasonably and properly rendered by the Trustee in
connection with this Indenture or the Notes.

  3.2 DEPOSITED MONIES TO BE HELD IN TRUST. Subject to Section 3.3, all monies
deposited with the Trustee pursuant to Section 3.1 shall be held in trust and
applied by it to the payment, notwithstanding the provisions of Article 13,
either directly or through any Paying Agent (including the Company if acting as
its own Paying Agent), to the Holders of the particular Notes for the payment or
redemption of which such monies have been deposited with the Trustee, of all
sums due and to become due thereon for principal, premium, if any, and interest
(including Additional Interest, if any). All monies deposited with the Trustee
pursuant to Section 3.1 (and held by it or any Paying Agent) for the payment of
Notes subsequently converted shall be returned to the Company upon request of
the Company.

  3.3 RETURN OF UNCLAIMED MONIES. Anything contained herein to the contrary
notwithstanding, and subject to any applicable law, any money held by the
Trustee in trust for the payment and discharge of the principal, interest
(including Additional Interest, if any) or premium, if any, on any of the Notes
that remains unclaimed for two years after the date when each payment of such
principal, interest and premium has become payable shall be repaid within sixty
days of such date by the Trustee to the Company as its absolute property free
from trust, and the Trustee shall thereupon be released and discharged with
respect thereto and the Holders shall look only to the Company for the payment
of the principal, interest (including Additional Interest, if any) and premium,
if any, on such Notes. The Company may cause, or, if requested by the Company,
the Trustee shall cause notice of such payment to the Company to be mailed to
each Holder of a Note entitled thereto prior to such payment. The Trustee shall
not be liable to the Company or any Holder for interest on funds held by it for
the payment and discharge of the principal, interest (including Additional
Interest, if any) or premium, if any, on of any of the Notes to any Holder. The
Company shall not be liable for any interest on the sums paid to it pursuant to
this paragraph and shall not be regarded as a trustee of such money.

4.    DEFAULTS AND REMEDIES

  4.1 EVENTS OF DEFAULT. An "Event of Default," wherever used herein, means any
one of the following events so long as any Notes are outstanding (whatever the
reason for such Event of Default and whether it shall be voluntary or
involuntary or be effected by operation of law or pursuant to any judgment,
decree or order of any court or any order, rule or regulation of any
administrative or governmental body):

      (a) default in the payment of principal of (or premium, if any, on) any
      Note at its stated maturity, upon redemption or exercise of a Repurchase
      Right or otherwise;

      (b) default in the payment of interest or Additional Interest, if any, on
      any Note when due and payable and continuance of such default for a period
      of 30 days;

      (c) default in the performance or breach of any term, covenant or
      agreement of the Company in this Indenture (other than a term, covenant or
      agreement, a default in the performance or breach of which is specifically
      dealt with elsewhere in this Section 4.1) or under the Notes and
      continuance of such default or breach for a period of 60 consecutive days
      after there has been given, by registered or certified mail, to the
      Company by the Trustee or to the Company and the Trustee by the Holders of
      at least 25% in principal amount of the outstanding Notes a written notice
      specifying such default or breach and requiring it to be remedied and
      stating that such notice is a "Notice of Default" hereunder;

      (d) a failure by the Company or any of its Significant Subsidiaries to pay
      when due, either at maturity or upon acceleration, any Indebtedness in
      excess of $15 million principal amount under any bond, debenture, note or
      other evidence of Indebtedness for money borrowed of the Company or any
      such Significant Subsidiary, if such Indebtedness is not discharged, and
      the acceleration of such Indebtedness is not waived, cured, rescinded or
      annulled, within 30 days after there has been given, by registered or
      certified mail, to the Company by the Trustee or to the Company and the
      Trustee by the Holders of at least 25% in principal amount of the
      outstanding Notes a written notice specifying such default or breach and
      requiring it to be remedied and stating that such notice is a "Notice of
      Default" hereunder;

                                       17
<PAGE>
      (e) a court having jurisdiction in the premises enters a decree or order
      for (A) relief in respect of the Company or any of its Significant
      Subsidiaries in an involuntary case under any applicable bankruptcy or
      other similar law now or hereafter in effect, (B) appointment of a
      receiver, liquidator, assignee, custodian, trustee, sequestrator or
      similar official of the Company or any of its Significant Subsidiaries or
      (C) the winding up or liquidation of the affairs of the Company or any of
      its Significant Subsidiaries and, in each case, such decree or order shall
      remain unstayed and in effect for a period of 30 consecutive days;

      (f) the Company or any of its Significant Subsidiaries (A) commences a
      voluntary case under any applicable bankruptcy or other similar law now or
      hereafter in effect, or consents to the entry of an order for relief in an
      involuntary case under any such law, (B) consents to the appointment of or
      taking possession by a receiver, liquidator, assignee, custodian, trustee,
      sequestrator or similar official of the Company or any of its Significant
      Subsidiaries or for all or substantially all of the property and assets of
      the Company or any of its Significant Subsidiaries or (C) effects any
      general assignment for the benefit of creditors; or

      (g) failure by the Company to provide the notice required under this
      Indenture upon a Designated Event.

  4.2   ACCELERATION OF MATURITY; RESCISSION AND ANNULMENT.

      (a) If an Event of Default with respect to outstanding Notes (other than
      an Event of Default with respect to the Company specified in Section
      4.1(e) or 4.1(f)) occurs and is continuing and has not been cured or
      waived in accordance with this Indenture, the Trustee or the Holders of at
      least 25% in aggregate principal amount of the outstanding Notes, by
      written notice to the Company specifying such Event of Default and
      requiring it to be remedied and stating that such notice is a "Notice of
      Default" hereunder, may declare due and payable 100% of the principal
      amount of all outstanding Notes plus any accrued and unpaid interest to
      the date of payment. Upon a declaration of acceleration, such principal
      and accrued and unpaid interest to the date of payment shall be
      immediately due and payable.

      (b) If an Event of Default with respect to the Company specified in
      Section 4.1(e) or 4.1(f) occurs, all unpaid principal and accrued and
      unpaid interest (including Additional Interest, if any) on the outstanding
      Notes shall become and be immediately due and payable, without any
      declaration or other act on the part of the Trustee or any Holder.

      (c) The Holders, either (a) through the written consent of not less than a
      majority in aggregate principal amount of the outstanding Notes, or (b) by
      the adoption of a resolution by Holders of a majority in aggregate
      principal amount of the outstanding Notes represented at a meeting of
      Holders at which a quorum (as prescribed in Section 8.4) is present, may
      rescind and annul an acceleration and its consequences if:

            (i)   all existing Events of Default, other than the nonpayment of
                  principal of or interest (including Additional Interest, if
                  any) on the Notes that have become due solely because of the
                  acceleration, have been remedied, cured or waived, and

            (ii)  the rescission would not conflict with any judgment or decree
                  of a court of competent jurisdiction;

      provided, however, that in the event of a declaration of acceleration in
      respect of the Notes because of an Event of Default specified in Section
      4.1(d) shall have occurred and be continuing, such declaration of
      acceleration shall be automatically rescinded and annulled if the
      indebtedness that is the subject of such Event of Default has been
      discharged or the holders thereof have waived, cured, rescinded or
      annulled their declaration of acceleration in respect of such
      indebtedness, and written notice of such discharge or waiver, cure,
      rescission or annulment as the case may be, shall have been given to the
      Trustee by the Company and countersigned by the holders of such
      indebtedness or a trustee, fiduciary or agent for such holders, within

                                       18
<PAGE>
      30 days after such declaration of acceleration in respect of the Notes and
      no other Event of Default has occurred during such 30-day period that has
      not been cured or waived during such period.

  4.3 OTHER REMEDIES. If an Event of Default with respect to outstanding Notes
occurs and is continuing, the Trustee may, in its discretion, pursue any
available remedy by proceeding at law or in equity to collect the payment of
principal of or interest on the Notes or to enforce the performance of any
provision of the Notes. The Trustee may maintain a proceeding in which it may
prosecute and enforce all rights of action and claims under this Indenture or
the Notes, even if it does not possess any of the Notes or does not produce any
of them in the proceeding.

  4.4 WAIVER OF PAST DEFAULTS. The Holders, either (a) through the written
consent of not less than a majority in aggregate principal amount of the
outstanding Notes or (b) by the adoption of a resolution, at a meeting of
Holders of the outstanding Notes at which a quorum (as prescribed in Section
8.4) is present, by the Holders of at least a majority in aggregate principal
amount of the outstanding Notes represented at such meeting, may, on behalf of
the Holders of all of the Notes, waive an existing Default or Event of Default,
except a Default or Event of Default:

            (i)   in the payment of the principal of or premium, if any, or
                  interest (including Additional Interest, if any) on any Note
                  (provided, however, that subject to Section 4.7, the Holders
                  of a majority in aggregate principal amount of the outstanding
                  Notes may rescind an acceleration and its consequences,
                  including any related payment default that resulted from such
                  acceleration); or

            (ii)  in respect of a covenant or provision hereof that, under
                  Section 7.2, including Section 7.2(g), cannot be modified or
                  amended without the consent of the Holders of each outstanding
                  Note affected.

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

  4.5 CONTROL BY MAJORITY. The Holders of a majority in aggregate principal
amount of the outstanding Notes (or such lesser amount as shall have acted at a
meeting pursuant to the provisions of this Indenture) shall have the right to
direct the time, method and place of conducting any proceeding for any remedy
available to the Trustee or exercising any trust or power conferred on the
Trustee. However, the Trustee may refuse to follow any direction that:

      (a)   conflicts with any law or with this Indenture;

      (b)   the Trustee determines may be unduly prejudicial to the rights of
            the Holders not joining therein; or

      (c)   may expose the Trustee to personal liability.

The Trustee may take any other action deemed proper by the Trustee that is not
inconsistent with such direction.

  4.6 LIMITATION ON SUIT. No Holder of any Note shall have any right to pursue
any remedy with respect to this Indenture or the Notes (including, instituting
any proceeding, judicial or otherwise, with respect to this Indenture or for the
appointment of a receiver or trustee) unless:

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

      (b) the Holders of at least 25% in aggregate principal amount of the
      outstanding Notes shall have made written request to the Trustee to pursue
      the remedy;

                                       19
<PAGE>
      (c) such Holder or Holders have offered to the Trustee indemnity
      satisfactory to it against any costs, expenses and liabilities incurred in
      complying with such request;

      (d) the Trustee has failed to comply with the request for 60 days after
      its receipt of such notice, request and offer of indemnity; and

      (e) during such 60-day period, no direction inconsistent with such written
      request has been given to the Trustee by the Holders of a majority in
      aggregate principal amount of the outstanding Notes (or such amount as
      shall have acted at a meeting pursuant to the provisions of this
      Indenture); provided, however, that no one or more of such Holders may use
      this Indenture to prejudice the rights of another Holder (including
      conversion rights) or to obtain preference or priority over another
      Holder.

  4.7 UNCONDITIONAL RIGHT OF HOLDERS TO RECEIVE PAYMENT. Notwithstanding any
other provision in this Indenture, the Holder of any Note shall have the right,
which is absolute and unconditional, to receive payment of the principal of and
premium, if any, and interest including Additional Interest, if any, on such
Note on the stated maturity expressed in such Note, in the case of redemption,
on the Redemption Date, and in the case of the exercise of a Repurchase Right,
on a Repurchase Date, and to bring suit for the enforcement of any such payment
on or after such respective dates, and such right shall not be impaired or
affected without the consent of such Holder.

  4.8   COLLECTION OF INDEBTEDNESS AND SUITS FOR ENFORCEMENT BY THE TRUSTEE.
The Company covenants that if:

      (a) a default is made in the payment of any interest (including Additional
      Interest, if any) on any Note when such interest (including Additional
      Interest, if any) becomes due and payable and such default continues for a
      period of 30 days; or

      (b) a default is made in the payment of the principal of or premium, if
      any, on any Note at the maturity thereof,

      the Company will, upon demand of the Trustee, pay to it, for the benefit
      of the Holders of such Notes, the whole amount then due and payable (as
      expressed therein or as a result of any acceleration effected pursuant to
      Section 4.2) on such Notes for principal and premium, if any, and interest
      (including Additional Interest, if any) and, to the extent that payment of
      such interest shall be legally enforceable, interest on any overdue
      principal and premium, if any, and on any overdue interest (including
      Additional Interest, if any), calculated using the applicable interest
      rate specified in Section 2.1(c), and, in addition thereto, such further
      amount as shall be sufficient to cover the costs and expenses of
      collection, including the reasonable compensation, expenses, disbursements
      and advances of the Trustee, its agents and counsel.

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

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

4.9 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
its property or creditors, the Trustee (irrespective of whether the principal of
the Notes shall then be due and payable as therein expressed or by declaration
or otherwise and irrespective of whether the Trustee shall have made any demand
on the Company for the payment of overdue principal or interest (including
Additional Interest, if any)) shall be entitled and empowered, by intervention
in such proceeding or otherwise,

                                       20
<PAGE>
      (a) to file and prove a claim for the whole amount of principal and
      premium, if any, and interest (including Additional Interest, if any)
      owing and unpaid in respect of the Notes and to file such other papers or
      documents as may be necessary or advisable in order to have the claims of
      the Trustee (including any claim for the reasonable compensation,
      expenses, disbursements and advances of the Trustee, its agents and
      counsel) and of the Holders of Notes allowed in such judicial proceeding,
      and

      (b) to collect and receive any moneys or other property payable or
      deliverable on any such claim and to distribute the same; and any
      custodian, receiver, assignee, trustee, liquidator, sequestrator or other
      similar official in any such judicial proceedings is hereby authorized by
      each Holder of Notes to make such payments to the Trustee and, in the
      event that the Trustee shall consent to the making of such payments
      directly to the Holders of Notes, to pay to the Trustee any amount due to
      it for the reasonable compensation, expenses, disbursements and advances
      of the Trustee, its agents and counsel and any other amounts due the
      Trustee under Section 5.7.

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

4.10 RESTORATION OF RIGHTS AND REMEDIES. If the Trustee or any Holder of a Note
has instituted any proceeding to enforce any right or remedy under this
Indenture and such proceeding has been discontinued or abandoned for any reason,
or has been determined adversely to the Trustee or to such Holder, then and in
every such case, subject to any determination in such proceeding, the Company,
the Trustee and the Holders of Notes 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.

4.11 RIGHTS AND REMEDIES CUMULATIVE. Except as otherwise provided with respect
to the replacement or repayment of mutilated, destroyed, lost or stolen Notes in
Section 2.7(d), no right or remedy conferred in this Indenture upon or reserved
to the Trustee or to the Holders of Notes is intended to be exclusive of any
other right or remedy, and every right and remedy shall, to the extent permitted
by law, be cumulative and in addition to every other right and remedy given
hereunder or hereafter existing at law or in equity or otherwise. The assertion
or employment of any right or remedy hereunder, or otherwise, shall not prevent
the concurrent assertion or employment of any other appropriate right or remedy.

4.12 DELAY OR OMISSION NOT WAIVER. No delay or omission of the Trustee or of any
Holder of any Note to exercise any right or remedy accruing upon any Event of
Default shall impair any such right or remedy or constitute a waiver of any such
Event of Default or any acquiescence therein. Every right and remedy given by
this Article or by law to the Trustee or to the Holders of Notes may be
exercised from time to time, and as often as may be deemed expedient, by the
Trustee or the Holders of Notes, as the case may be.

4.13 APPLICATION OF MONEY COLLECTED. Subject to Article 12, any money collected
by the Trustee pursuant to this Article shall be applied in the following order,
at the date or dates fixed by the Trustee and, in case of the distribution of
such money on account of principal or premium, if any, or interest (including
Additional Interest, if any), upon presentation of the Notes and the notation
thereon of the payment if only partially paid and upon surrender thereof if
fully paid:

      FIRST: To the payment of all amounts due the Trustee under Section 5.7;

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

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

                                       21
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  4.14 UNDERTAKING FOR COSTS. All parties to this Indenture agree, and each
Holder of any Note by such Holder's acceptance thereof shall be deemed to have
agreed, that any court may in its discretion require, in any suit for the
enforcement of any right or remedy under this Indenture, or in any suit against
the Trustee for any action taken, suffered or omitted by it as Trustee, the
filing by any party litigant in such suit of an undertaking to pay the costs of
such suit, and that such court may in its discretion assess reasonable costs,
including reasonable attorneys' fees, against any party litigant in such suit,
having due regard to the merits and good faith of the claims or defenses made by
such party litigant; but the provisions of this Section shall not apply to any
suit instituted by the Trustee, to any suit instituted by any Holder, or group
of Holders, holding in the aggregate more than 10% in aggregate principal amount
of the outstanding Notes, or to any suit instituted by any Holder of any Note
for the enforcement of the payment of the principal of or premium, if any, or
interest (including Additional Interest, if any) on any Note on or after the
stated maturity expressed in such Note (or, in the case of redemption or
exercise of a Repurchase Right, on or after the Redemption Date) or for the
enforcement of the right to convert any Note in accordance with Article 13.

  4.15 WAIVER OF STAY OR EXTENSION LAWS. The Company covenants (to the
extent that it may lawfully do so) that it will not at any time insist upon, or
plead, or in any manner whatsoever claim to take the benefit or advantage of,
any stay or extension law wherever enacted, now or at any time hereafter in
force, which may affect the covenants or the performance of this Indenture; and
the Company (to the extent that they 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.

5.    THE TRUSTEE

  5.1   DUTIES OF TRUSTEE.

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

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

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

            (ii)  in the absence of bad faith, willful misconduct or negligence
                  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 that 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).

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

            (i)   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

            (ii)  the Trustee shall not be liable with respect to any action it
                  takes or omits to take in good faith in accordance with a
                  direction received by it pursuant to Section 4.5.

                                       22
<PAGE>
      (d) Every provision of this Indenture that in any way relates to the
      Trustee in any of its roles hereunder is subject to the provisions of this
      Section 5.1.

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

5.2   RIGHTS OF TRUSTEE.

      (a) Subject to Section 5.1, the Trustee may conclusively rely on any
      document believed by it to be genuine and to have been signed or presented
      by the proper person. The Trustee need not investigate any fact or matter
      stated in the document; if, however, the Trustee shall determine to make
      such further inquiry or investigation, it shall be entitled during normal
      business hours to examine the relevant books, records and premises of the
      Company, personally or by agent or attorney upon reasonable prior notice.

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

      (c) Any request or direction of the Company mentioned herein shall be
      sufficiently evidenced by an Company Order and any resolution of the Board
      of Directors of the Company shall be sufficiently evidenced by a Board
      Resolution.

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

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

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

      (g) Except with respect to Section 5.1, the Trustee shall have no duty to
      inquire as to the performance of the Company with respect to the covenants
      contained in Article 9. In addition, the Trustee shall not be deemed to
      have knowledge of an Event of Default except (i) any Default or Event of
      Default occurring pursuant to Sections 4.1(a) and 4.1(b) or (ii) any
      Default or Event of Default of which a Responsible Officer of the Trustee
      shall have received written notification or obtained actual knowledge.
      Delivery of reports, information and documents to the Trustee under
      Article 10 (other than Sections 9.4 and 9.7) is for informational purposes
      only and the Trustee's receipt of the foregoing shall not constitute
      constructive notice of any information contained therein or determinable
      from information contained therein, including the Company's compliance
      with any of its covenants hereunder (as to which the Trustee is entitled
      to rely exclusively on Officers' Certificates of the Company).

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

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

                                       23
<PAGE>
      (j) The Trustee may request that the Company deliver an Officers'
      Certificate setting forth the names of individuals 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.

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

      (l) No permissive power, right or remedy conferred upon the Trustee
      hereunder shall be construed to impose a duty to exercise such power,
      right or remedy.

      (m) The Trustee shall have no duty to monitor or inquire as to the
      performance of the Company or Holders with respect to the Registration
      Rights Agreement. The Trustee shall not be deemed to have knowledge of a
      Registration Default unless a Responsible Officer shall have received
      written notification of such event.

  5.3 INDIVIDUAL RIGHTS OF TRUSTEE. The Trustee in its individual or any other
capacity may become the owner or pledgee of Notes and may otherwise deal with
the Company or any of its Affiliates with the same rights it would have if it
were not Trustee. Any Agent may do the same with like rights. The Trustee,
however, must comply with Sections 5.10 and 5.11.

  5.4 TRUSTEE'S DISCLAIMER. The Trustee makes no representation as to the
validity, priority or adequacy of this Indenture or the Notes; it shall not be
accountable for the Company's use of the proceeds from the Notes; and it shall
not be responsible for any statement in the Notes other than its certificate of
authentication.

  5.5 NOTICE OF DEFAULTS. If a Default or Event of Default occurs and is
continuing as to which the Trustee has received notice pursuant to the
provisions of this Indenture, the Trustee shall mail to each Holder a notice of
the Default or Event of Default within 90 days after it occurs unless such
Default or Event of Default has been cured or waived. Except in the case of a
Default or Event of Default in payment of any amounts due with respect to any
Note, the Trustee may withhold the notice if and so long as it in good faith
determines that withholding the notice is in the best interests of Holders.

  5.6   REPORTS BY TRUSTEE TO HOLDERS.

      (a) Within 60 days after each June 15 beginning with May 15, 2006, the
      Trustee shall mail to each Holder if required by TIA Section 313(a) a
      brief report dated as of such May 15 that complies with TIA Section
      313(c). In such event, the Trustee also shall comply with TIA Section
      313(b) and Section 313(d).

      (b) A copy of each report at the time of its mailing to Holders shall be
      mailed to the Company and filed by the Trustee with the SEC and each stock
      exchange, if any, on which the Notes are listed. The Company shall
      promptly notify the Trustee when the Notes are listed on any stock
      exchange.

  5.7   COMPENSATION AND INDEMNITY.

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

      (b) The Company shall indemnify the Trustee against any and all loss,
      liability, damage, claim or expense (including the reasonable fees and
      expenses of counsel and taxes other than those based upon the income of
      the Trustee) incurred by it in connection with the acceptance or
      administration of this trust and

                                       24
<PAGE>
      the performance of its duties hereunder, including the reasonable costs
      and expenses of defending itself against any claim (whether asserted by
      the Company, any Holder or any other Person) or liability in connection
      with the exercise or performance of any of its powers and duties
      hereunder. The Company need not pay for any settlement made without its
      consent. The Trustee shall notify the Company promptly of any claim for
      which it may seek indemnification. The Company need not reimburse any
      expense or indemnify against any loss or liability incurred by the Trustee
      through the Trustee's negligence or willful misconduct.

      (c) To secure the Company's payment obligations in this Section 5.7, the
      Trustee shall have a lien prior to the Notes on all money or property held
      or collected by the Trustee, except that held in trust to pay amounts due
      on particular Notes.

      (d) The indemnity obligations of the Company with respect to the Trustee
      provided for in this Section 5.7 shall survive any resignation or removal
      of the Trustee.

      (e) When the Trustee incurs expenses or renders services after an Event of
      Default specified in Section 4.1(e) or (f) occurs, the expenses and the
      compensation for the services are intended to constitute expenses of
      administration under any Bankruptcy Law.

  5.8   REPLACEMENT OF TRUSTEE.

      (a) A resignation or removal of the Trustee and appointment of a successor
      Trustee shall become effective only upon the successor Trustee's
      acceptance of appointment as provided in this Section 5.8.

      (b) The Trustee may resign by so notifying the Company in writing 30
      Business Days prior to such resignation. The Holders of a majority in
      aggregate principal amount of the Notes then outstanding may remove the
      Trustee by so notifying the Trustee and the Company in writing and may
      appoint a successor Trustee with the Company's consent. The Company may
      remove the Trustee if:

            (i)   the Trustee fails to comply with Section 5.10;

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

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

            (iv)  the Trustee becomes incapable of acting.

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

      (d) If a successor Trustee does not take office within 30 days after the
      retiring Trustee resigns or is removed, the retiring Trustee (at the
      Company's expense), the Company or the Holders of at least 10% in
      aggregate principal amount of the outstanding Notes may petition any court
      of competent jurisdiction for the appointment of a successor Trustee.

      (e) If the Trustee fails to comply with Section 5.10, any Holder may
      petition any court of competent jurisdiction for the removal of the
      Trustee and the appointment of a successor Trustee.

      (f) A successor Trustee shall deliver a written acceptance of its
      appointment to the retiring Trustee and to the Company. Thereupon the
      resignation or removal of the retiring Trustee shall become effective, and
      the successor Trustee shall have all the rights, powers and duties of the
      Trustee under this Indenture. The successor Trustee shall mail a notice of
      its succession to Holders. 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 5.7.

                                       25
<PAGE>
5.9 SUCCESSOR TRUSTEE BY MERGER, ETC. If the Trustee consolidates with, merges
or converts into, or transfers by sale or otherwise all or substantially all of
its corporate trust business (including the administration of the trust created
by this Indenture) to, another corporation, the successor corporation without
any further act shall be the successor Trustee, if such successor corporation is
otherwise eligible hereunder.

5.10 ELIGIBILITY; DISQUALIFICATION. There shall at all times be a Trustee
hereunder that is a corporation organized and doing business under the laws of
the United States of America or of any state thereof that is authorized under
such laws to exercise corporate trustee power, that is subject to supervision or
examination by federal or state authorities and that has a combined capital and
surplus (on a consolidated basis with its Affiliates) of at least $100 million
as set forth in its most recent published annual report of condition. The
Trustee shall comply with TIA Section 310(b).

5.11 PREFERENTIAL COLLECTION OF CLAIMS AGAINST THE 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.

6. CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE

6.1 COMPANY MAY CONSOLIDATE, ETC. ONLY ON CERTAIN TERMS. The Company shall not
consolidate with, merge with or into, or convey, transfer or lease all or
substantially all of its assets (in one transaction or a series of related
transactions), to any Person, unless:

      (a) either (A) the Company shall be the resulting, surviving or transferee
      Person (the "Successor Company") or (B) the Successor Company (if other
      than the Company) (i) shall be a corporation, limited liability company,
      partnership, trust or other business entity organized and existing under
      the laws of the United States of America or any state thereof or the
      District of Columbia (provided that if, as a result of such consolidation,
      merger, conveyance, transfer or lease, the Notes would be convertible into
      Capital Stock of a Person other than the Company, then such other Person
      shall be for United States federal income tax purposes an association
      taxable as a corporation) and (ii) shall expressly assume, by a
      supplemental indenture, executed and delivered to the Trustee, in form
      satisfactory to the Trustee, all of the Company's obligations for the due
      and punctual payment of the principal of (and premium and Additional
      Interest, if any) and interest on all Notes and the performance and
      observance of every covenant of this Indenture on the part of the Company
      to be performed or observed and shall have provided for conversion rights
      in accordance with Section 13.11;

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

      (c) the Company shall have delivered to the Trustee an Officers'
      Certificate and an Opinion of Counsel, each stating that such
      consolidation, merger, conveyance, transfer or lease and, if a
      supplemental indenture is required in connection with such transaction,
      such supplemental indenture comply with this Article.

6.2 SUCCESSOR CORPORATION SUBSTITUTED. Upon any consolidation of the Company
with, or merger of the Company with or into, any other Person or any conveyance,
transfer or lease of all or substantially all of the assets of the Company to
any Person in accordance with Section 6.1, the successor Person formed by such
consolidation or into which the Company is merged or to which such conveyance,
transfer or lease is made shall succeed to, and be substituted for, and may
exercise every right and power of, the Company under this Indenture with the
same effect as if such successor Person had been named as the Company herein,
and in the event of any such conveyance or transfer, the Company (which term
shall for this purpose mean the Person named as the "Company" in the first
paragraph of this Indenture or any successor Person that shall theretofore
become such in the manner described in Section 6.1), except in the case of a
lease to another Person, shall be discharged of all obligations and covenants
under this Indenture and the Notes.

                                       26
<PAGE>

7. AMENDMENTS, SUPPLEMENTS AND WAIVERS

7.1 WITHOUT CONSENT OF HOLDERS OF NOTES. Without the consent of any Holders of
Notes, the Company, when authorized by a Board Resolution or Board Resolutions,
and the Trustee, at any time and from time to time, may amend this Indenture and
the Notes to:

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

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

      (c) make provision with respect to the conversion rights of Holders of
      Notes pursuant to Section 13.11;

      (d) provide for the assumption of the Company's obligations to the Holders
      of Notes in the case of a merger, consolidation, conveyance, transfer or
      lease pursuant to Article 6;

      (e) increase the Conversion Rate, provided, that such increase in the
      Conversion Rate shall not adversely affect the interest of the Holders;

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

      (g) make any changes or modifications to this Indenture necessary in
      connection with the registration of any Notes and the shares of Common
      Stock to be delivered upon conversion of any Notes under the Securities
      Act as contemplated in the Registration Rights Agreement, provided, that
      such action pursuant to this clause (g) does not, in the good faith
      opinion of the Board of Directors of the Company and the Trustee,
      adversely affect the interests of the Holders in any material respect;

      (h) cure any ambiguity, or correct or supplement any provision herein that
      may be inconsistent with any other provision herein or that is otherwise
      defective, or make any other provisions with respect to matters or
      questions arising under this Indenture that the Company and the Trustee
      may deem necessary or desirable and that shall not be inconsistent with
      the provisions of this Indenture, provided, that such action pursuant to
      this clause (h) does not, in the good faith opinion of the Board of
      Directors of the Company and the Trustee, adversely affect the interests
      of the Holders in any material respect;

      (i) add or modify any other provisions with respect to matters or
      questions arising under this Indenture that the Company and the Trustee
      may deem necessary or desirable and that shall not be inconsistent with
      the provisions of this Indenture, provided, that such action pursuant to
      this clause (i) does not adversely affect the interests of the Holders; or

      (j) comply with the procedures of the Depositary.

7.2 WITH CONSENT OF HOLDERS OF NOTES. Except as provided below in this Section
7.2, this Indenture or the Notes may be amended, modified or supplemented, and
noncompliance in any particular instance with any provision of this Indenture or
the Notes may be waived, in each case (i) with the written consent of the
Holders of at least a majority in aggregate principal amount of the outstanding
Notes or (ii) by the adoption of a resolution, at a meeting of Holders of the
outstanding Notes at which a quorum (as prescribed in Section 8.4) is present,
by the Holders of a majority in aggregate principal amount of the outstanding
Notes represented at such meeting.

      Without the written consent or the affirmative vote of each Holder so
affected, an amendment, modification or waiver under this Section 7.2 may not:

      (a) change the maturity of the principal of, or any installment of
      interest (including Additional Interest, if any) on, any Note;

                                       27
<PAGE>

      (b) reduce the principal amount of, or premium, if any, or interest
      (including Additional Interest, if any) on, any Note;

      (c) change the currency of payment of principal of, premium, if any, or
      interest (including Additional Interest, if any) on, any Note;

      (d) impair the right of any Holder to institute suit for the enforcement
      of any payment in or with respect to any Note;

      (e) modify the obligations of the Company to maintain an office or agency
      in The City of New York pursuant to Section 9.2;

      (f) amend the Repurchase Right after the occurrence of a Designated Event
      or the right to convert any Note in a manner adverse to the Holders;
      provided, however, that the execution of a supplemental indenture solely
      to permit a successor Person to assume the Company's obligations under the
      Notes shall not be deemed to be adverse to the Holders;

      (g) modify the redemption provisions of this Indenture in a manner adverse
      to the Holders;

      (h) reduce the percentage of aggregate principal amount of Notes
      outstanding necessary to waive a default or amend or modify this
      Indenture, except to provide that certain other provisions of this
      Indenture cannot be modified or waived without the consent of the Holder
      of each outstanding Note affected thereby; or

      (i) reduce the requirements of Section 8.4 for quorum or voting, or reduce
      the percentage of aggregate principal amount of the outstanding Notes the
      consent of whose Holders is required for any such supplemental indenture
      or the consent of whose Holders is required for any waiver provided for in
      this Indenture.

It shall not be necessary for any Act of Holders of Notes under this Section 7.2
to approve the particular form of any proposal supplemental indenture, but it
shall be sufficient if such Act shall approve the substance thereof.

7.3 COMPLIANCE WITH TRUST INDENTURE ACT. Every amendment to this Indenture or
the Notes shall be set forth in a supplemental indenture that complies with the
TIA as then in effect.

7.4 REVOCATION OF CONSENTS AND EFFECT OF CONSENTS OR VOTES. Until an amendment,
supplement or waiver becomes effective, a written consent to it by a Holder is a
continuing consent by the Holder and every subsequent Holder of a Note or
portion of a Note that evidences the same debt as the consenting Holder's Note,
even if notation of the consent is not made on any Note; provided, however, that
unless a record date shall have been established, any such Holder or subsequent
Holder may revoke the consent as to its Note or portion of a Note if the Trustee
receives written notice of revocation before the date the amendment, supplement
or waiver becomes effective.

      An amendment, supplement or waiver becomes effective on receipt by the
Trustee of written consents from or affirmative votes by, as the case may be,
the Holders of the requisite percentage of aggregate principal amount of the
outstanding Notes, and thereafter shall bind every Holder of Notes; provided,
however, if the amendment, supplement or waiver makes a change described in any
of the clauses (a) through (i) of Section 7.2, the amendment, supplement or
waiver shall bind only each Holder of a Note that has consented to it or voted
for it, as the case may be, and every subsequent Holder of a Note or portion of
a Note that evidences the same indebtedness as the Note of the consenting or
affirmatively voting, as the case may be, Holder.

      The Company may, but shall not be obligated to, fix a special record date
(a "Special Record Date") for the purpose of determining the Holders entitled to
consent to any amendment, supplement or waiver, which Special Record Date shall
be not more than 30 days prior to the first solicitation of such consent. If a
Special Record Date is fixed, then notwithstanding the proviso in the first
paragraph of this Section 7.4, those Persons who were Holders at

                                       28
<PAGE>

such Special Record Date (or their duly designated proxies), and only those
Persons, shall be entitled to revoke any consent previously given, whether or
not such Persons continue to be Holders after such Special Record Date. No such
consent shall be valid or effective for more than 90 days after such Special
Record Date unless consents from Holders of the requisite percentage in
principal amount of outstanding Notes required hereunder for the effectiveness
of such consents shall have also been given and not revoked within such 90 day
period.

7.5 NOTATION ON OR EXCHANGE OF NOTES. If an amendment, supplement or waiver
changes the terms of a Note:

      (a) the Trustee may require the Holder of a Note to deliver such Notes to
      the Trustee, the Trustee may place an appropriate notation on the Note
      about the changed terms and return it to the Holder and the Trustee may
      place an appropriate notation on any Note thereafter authenticated; or

      (b) if the Company or the Trustee so determines, the Company in exchange
      for the Note shall issue and the Trustee shall authenticate a new Note
      that reflects the changed terms.

Failure to make the appropriate notation or issue a new Note shall not affect
the validity and effect of such amendment, supplement or waiver.

7.6 TRUSTEE TO SIGN AMENDMENT, ETC. The Trustee shall sign any amendment
authorized pursuant to this Article 7 if the amendment does not adversely affect
the rights, duties, liabilities or immunities of the Trustee. If the amendment
does adversely affect the rights, duties, liabilities or immunities of the
Trustee, the Trustee may but need not sign it. In signing or refusing to sign
such amendment, the Trustee shall be entitled to receive and shall be fully
protected in relying upon an Officers' Certificate and an Opinion of Counsel as
conclusive evidence that such amendment is authorized or permitted by this
Indenture.

8. MEETING OF HOLDERS OF NOTES

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

8.2 CALL NOTICE AND PLACE OF MEETINGS.

      (a) The Trustee may at any time call a meeting of Holders of Notes for any
      purpose specified in Section 8.1, to be held at such time and at such
      place in The City of New York as the Trustee may determine. Notice of
      every meeting of Holders of Notes, setting forth the time and the place of
      such meeting and in general terms the action proposed to be taken at such
      meeting, shall be given, in the manner provided in Section 15.2, not less
      than 21 nor more than 180 days prior to the date fixed for the meeting.

      (b) In case at any time the Company, pursuant to a Board Resolution, or
      the Holders of at least 10% in principal amount of the outstanding Notes
      shall have requested the Trustee to call a meeting of the Holders of Notes
      for any purpose specified in Section 8.1, by written request setting forth
      in reasonable detail the action proposed to be taken at the meeting, and
      the Trustee shall not have made the first publication of the notice of
      such meeting within 21 days after receipt of such request or shall not
      thereafter proceed to cause the meeting to be held as provided herein,
      then the Company or the Holders of Notes in the amount specified, as the
      case may be, may determine the time and the place in The City of New York
      for such meeting and may call such meeting for such purposes by giving
      notice thereof as provided in paragraph (a) of this Section.

8.3 PERSONS ENTITLED TO VOTE AT MEETINGS. To be entitled to vote at any meeting
of Holders of Notes, a Person shall be (a) a Holder of one or more outstanding
Notes or (b) a Person appointed by an instrument in writing as proxy for a
Holder or Holders of one or more outstanding Notes by such Holder or Holders.
The only Persons who shall be entitled to be present or to speak at any meeting
of Holders shall be the Persons entitled to vote at such

                                       29
<PAGE>

meeting and their counsel, any representatives of the Trustee and its counsel
and any representatives of the Company and its counsel.

8.4 QUORUM; ACTION. The Persons entitled to vote a majority in principal amount
of the outstanding Notes shall constitute a quorum. In the absence of a quorum
within 30 minutes of the time appointed for any such meeting, the meeting shall,
if convened at the request of Holders of Notes, be dissolved. In any other case,
the meeting may be adjourned for a period of not less than 10 days as determined
by the chairman of the meeting prior to the adjournment of such meeting. In the
absence of a quorum at any such adjourned meeting, such adjourned meeting may be
further adjourned for a period of not less than 10 days as determined by the
chairman of the meeting prior to the adjournment of such adjourned meeting.
Notice of the reconvening of any adjourned meeting shall be given as provided in
Section 8.2(a), except that such notice need be given only once and not less
than five days prior to the date on which the meeting is scheduled to be
reconvened.

      At a meeting or an adjourned meeting duly reconvened and at which a quorum
is present as aforesaid, any resolution and all matters (except as limited by
the proviso to Section 7.2) shall be effectively passed and decided if passed or
decided by the Persons entitled to vote not less than a majority in principal
amount of outstanding Notes represented and voting at such meeting.

      Any resolution passed or decisions taken at any meeting of Holders of
Notes duly held in accordance with this Section 8.4 shall be binding on all the
Holders of Notes, whether or not present or represented at the meeting.

8.5 DETERMINATION OF VOTING RIGHTS; CONDUCT AND ADJOURNMENT OF MEETINGS.

      (a) Notwithstanding any other provisions of this Indenture, the Trustee
      may make such reasonable regulations as it may deem advisable for any
      meeting of Holders of Notes in regard to proof of the holding of Notes and
      of the appointment of proxies and in regard to the appointment and duties
      of inspectors of votes, the submission and examination of proxies,
      certificates and other evidence of the right to vote, and such other
      matters concerning the conduct of the meeting as it shall deem
      appropriate. Except as otherwise permitted or required by any such
      regulations, the holding of Notes shall be proved in the manner specified
      in Section 8.3 and the appointment of any proxy shall be proved in the
      manner specified in Section 8.3. Such regulations may provide that written
      instruments appointing proxies, regular on their face, may be presumed
      valid and genuine without the proof specified in Section 8.3 or other
      proof.

      (b) The Trustee shall, by an instrument in writing, appoint a temporary
      chairman (which may be the Trustee) of the meeting, unless the meeting
      shall have been called by the Company or by Holders of Notes as provided
      in Section 8.2(b), in which case the Company or the Holders of Notes
      calling the meeting, as the case may be, shall in like manner appoint a
      temporary chairman. A permanent chairman and a permanent secretary of the
      meeting shall be elected by vote of the Persons entitled to vote a
      majority in principal amount of the outstanding Notes represented at the
      meeting.

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

      (d) Any meeting of Holders of Notes duly called pursuant to Section 8.2 at
      which a quorum (as prescribed in Section 8.4) is present may be adjourned
      from time to time by Persons entitled to vote a majority in principal
      amount of the outstanding Notes represented at the meeting, and the
      meeting may be held as so adjourned without further notice.

8.6 COUNTING VOTES AND RECORDING ACTION OF MEETINGS. The vote upon any
resolution submitted to any meeting of Holders of Notes shall be by written
ballots on which shall be subscribed the signatures of the Holders of Notes or
of their representatives by proxy and the principal amounts and serial numbers
of the outstanding Notes held or represented by them. The permanent chairman of
the meeting shall appoint two inspectors of votes who shall

                                       30
<PAGE>

count all votes cast at the meeting for or against any resolution and who shall
make and file with the secretary of the meeting their verified written reports
in duplicate of all votes cast at the meeting. A record, at least in duplicate,
of the proceedings of each meeting of Holders of Notes shall be prepared by the
secretary of the meeting and there shall be attached to said record the original
reports of the inspectors of votes on any vote by ballot taken thereat and
affidavits by one or more Persons having knowledge of the facts setting forth a
copy of the notice of the meeting and showing that said notice was given as
provided in Section 8.2 and, if applicable, Section 8.4. Each copy shall be
signed and verified by the affidavits of the permanent chairman and secretary of
the meeting and one such copy shall be delivered to the Company and another to
the Trustee to be preserved by the Trustee, the latter to have attached thereto
the ballots voted at the meeting. Any record so signed and verified shall be
conclusive evidence of the matters therein stated.

9. COVENANTS

9.1 PAYMENT OF NOTES.

      (a) The Company shall pay all amounts due with respect to the Notes on the
      dates and in the manner provided in this Indenture and the Notes. All such
      amounts shall be considered paid on the date due if the Paying Agent holds
      (or, if the Company is acting as Paying Agent, if the Company has
      segregated and holds in trust in accordance with Section 2.4) on that date
      money sufficient to pay the amount then due with respect to the Notes.

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

      (c) If Additional Interest is payable by the Company, the Company shall
      deliver to the Trustee a certificate to that effect stating (i) the amount
      of such Additional Interest per $1,000 principal amount of the Notes that
      is payable, (ii) the facts and calculations supporting the determination
      of such amount and (iii) the date on which such interest is payable.
      Unless and until a Responsible Officer of the Trustee receives such a
      certificate, the Trustee may assume without inquiry that no Additional
      Interest is payable.

9.2 MAINTENANCE OF OFFICE OR AGENCY.

      (a) The Company will maintain in the Borough of Manhattan, the City of New
      York, an office or agency (which may be an office of the Trustee or an
      affiliate of the Trustee, Registrar or co-Registrar) where Notes may be
      surrendered for registration of transfer or exchange or conversion and
      where notices and demands to or upon the Company in respect of the Notes
      and this Indenture may be served. The Company will give prompt written
      notice to the Trustee of the location, and any change in the location, of
      such office or agency (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 Corporate Trust Office of the Trustee.

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

      (c) The Company hereby designates the office of U.S. Bank Trust National
      Association, an Affiliate of the Trustee at 100 Wall Street, Suite 1600,
      New York, New York 10005, Attention: Corporate Trust Services, as an
      agency of the Company in accordance with Section 2.3.

                                       31
<PAGE>

9.3 REPORTS.

      (a) At any time when the Company is not subject to Section 13 or 15(d) of
      the Exchange Act and the Notes or the shares of Common Stock issuable upon
      conversion of the Notes are "restricted securities" within the meaning of
      the Securities Act, the Company shall, upon request, provide to any Holder
      or beneficial owner of Notes or prospective purchaser of Notes that so
      requests the information required to be delivered pursuant to Rule
      144A(d)(4). Whether a Person is a beneficial owner shall be determined by
      the Company to the Company's reasonable satisfaction.

      (b) The Company will comply with the provisions of TIA Section 314(a).

      (c) The Company (at its own expense) will deliver to the Trustee within 15
      days after the filing of the same with the SEC, copies of the quarterly
      and annual reports and of the information, documents and other financial
      reports, if any, that the Company may be required to file with the SEC
      pursuant to Section 12 or 15(d) of the Exchange Act. In the event the
      Company is at any time no longer subject to the reporting requirements of
      Section 12 or 15(d) of the Exchange Act, the Company shall continue to
      provide the Trustee with such quarterly and annual reports and other
      financial reports, if any, that the Company furnishes to its shareholders
      or stockholders. 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 an Officers'
      Certificate).

9.4 COMPLIANCE CERTIFICATE. The Company shall deliver to the Trustee within 120
days after the end of each fiscal year (beginning with the fiscal year ending on
December 31, 2005) of the Company an Officers' Certificate stating whether or
not the signers know of any Default or Event of Default by the Company in
performing any of its obligations under this Indenture or the Notes. If such
signers do know of any such Default or Event of Default, the Officers'
Certificate shall describe the Default or Event of Default and its status.

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

9.6 CORPORATE EXISTENCE. Subject to Article 6, the Company will do or cause to
be done all things necessary to preserve and keep in full force and effect their
respective corporate existence and the corporate existence of each of their
respective subsidiaries in accordance with the respective organizational
documents of each subsidiary and the rights (charter and statutory), licenses
and franchises of the Company and its subsidiaries; provided, however, that the
Company shall not be required to preserve any such right, license or franchise,
or the corporate existence of any subsidiary, if in the judgment of their
respective Board of Directors (i) such preservation or existence is not material
to the conduct of business of the Company and (ii) the loss of such right,
license or franchise or the dissolution of such subsidiary does not have a
material adverse impact on the Holders.

9.7 NOTICE OF DEFAULT. In the event that any Default or Event of Default shall
occur, the Company will give prompt written notice of such Default or Event of
Default to the Trustee.

10. MAKE WHOLE PREMIUM

10.1 MAKE WHOLE PREMIUM.

      (a) Subject to Section 10.2, if a Holder elects to convert its Notes in
      connection with a Change in Control at any time during the period
      beginning 15 calendar days prior to the date announced by the

                                       32
<PAGE>

      Company as the anticipated date on which such Change in Control will
      become effective through and including the date that is 15 calendar days
      after the Effective Date for such Change in Control, the Company will
      increase the number of shares of Common Stock issuable upon conversion of
      each Note by a number of additional shares equal to the Make Whole Premium
      for such Change in Control.

      (b) The consideration to be received pursuant to the Make Whole Premium
      shall be equal to either (i) if a Holder's Notes are surrendered for
      conversion prior to the Consideration Date, an additional number of shares
      of Common Stock calculated in accordance with Section 10.1(c) or (ii) if a
      Holder's Notes are surrendered for conversion on or after such
      Consideration Date, the kind or amount of cash, securities and other
      assets or property that such Holder would have received if it had held
      such number of additional shares in clause (i) above prior to such
      Consideration Date. The Make Whole Premium will be in addition to, and not
      in substitution for, any cash, securities, or other assets otherwise due
      to Holders of Notes upon conversion or repurchase.

      (c) The "Make Whole Premium," which is expressed as the number of
      additional shares of Common Stock per $1,000 principal amount of Notes to
      be converted pursuant to the table below (the "Make Whole Table") and
      based on the Share Price and the Effective Date, is as follows:

                   Make Whole Premium Upon a Change In Control
       (Number Of Additional Shares per $1,000 Principal Amount of Notes)

<TABLE>
<CAPTION>
                                                      Effective Date
Share Price on   June, 29    July 1,    July 1,     July 1,    July 1,    July 1,     July 1,   July 1,
Effective Date     2005       2006        2007       2008       2009        2010       2011        2012
<S>              <C>         <C>        <C>         <C>        <C>        <C>         <C>       <C>
$6.16.........     27.06      27.06      27.06       27.06      27.06      27.06       27.06       0.00
$7.00.........     21.65      19.68      17.19       15.15      14.35       9.94       9.74        0.00
$8.00.........     17.13      15.01      12.13       8.77       8.10        2.99       2.87        0.00
$9.00.........     13.92      11.79       8.82       4.44       4.03        0.55       0.50        0.00
$10.00........     11.57      9.52        6.62       1.84       1.62        0.04       0.03        0.00
$12.50........     7.83       6.09        3.67       0.04       0.02        0.00       0.00        0.00
$15.00........     5.70       4.29        2.37       0.00       0.00        0.00       0.00        0.00
$17.50........     4.35       3.22        1.73       0.00       0.00        0.00       0.00        0.00
$20.00........     3.42       2.52        1.35       0.00       0.00        0.00       0.00        0.00
$25.00........     2.25       1.66        0.90       0.00       0.00        0.00       0.00        0.00
$30.00........     1.54       1.14        0.63       0.00       0.00        0.00       0.00        0.00
$40.00........     0.75       0.56        0.31       0.00       0.00        0.00       0.00        0.00
$50.00........     0.35       0.25        0.13       0.00       0.00        0.00       0.00        0.00
</TABLE>

            (i)   if the Share Price is between two share price amounts on the
                  Make Whole Table or the Effective Date is between two dates on
                  the Make Whole Table, the Make Whole Premium will be
                  determined by straight-line interpolation between Make Whole
                  Premium amounts set forth for the higher and lower share price
                  amounts and the two dates, as applicable, based on a 365-day
                  year (or a 366-day year if the Effective Date occurs in a leap
                  year);

            (ii)  if the Share Price is in excess of $50.00 (subject to
                  adjustment as described in Section 10.3, the "Share Price
                  Cap"), the Make Whole Premium shall be equal to zero shares of
                  Common Stock;

            (iii) if the Share Price is less than $6.16 (subject to adjustment
                  as described in Section 10.3, the "Share Price Threshold"),
                  the Make Whole Premium shall be equal to zero shares of Common
                  Stock;

            (iv)  in no event shall the shares issuable upon conversion per
                  $1,000 principal amount of Notes converted pursuant to Article
                  13 be in excess of 162.3376 shares of Common Stock (subject to
                  adjustment as described in Section 10.3, the "Make Whole
                  Shares Cap"); and

                                       33
<PAGE>

            (v)   for purposes of this Section 10.1, the following terms shall
                  have the respective meanings indicated: (A) "Effective Date"
                  means the date that a Change in Control becomes effective; (B)
                  "Consideration Date" means the earlier of (x) the Effective
                  Date for the such Change in Control and (y) the record date
                  for receiving distributions in connection with the transaction
                  constituting such Change in Control; and (C) "Share Price"
                  means the price paid per share of Common Stock in the
                  transaction constituting such Change in Control, determined as
                  follows: (1) if holders of shares of Common Stock receive only
                  cash in the transaction constituting such Change in Control,
                  the Share Price shall equal the cash amount paid per share of
                  Common Stock; and (2) in all other cases, the Share Price
                  shall equal the average Closing Price of the Common Stock over
                  the five Trading Day period ending on the Trading Day
                  immediately preceding the Effective Date.

      (d) On or prior to the Repurchase Date, the Company shall deposit with the
      Paying Agent a number or an amount of shares of Common Stock sufficient to
      pay the Make Whole Premium with respect to all the Notes to be repurchased
      on such date and all the Notes converted in connection with such Change in
      Control; provided that if such payment is made on the Repurchase Date, it
      must be received by the Paying Agent by 11:00 a.m., New York City time, on
      such date.

10.2 COMPANY'S OPTION TO PROVIDE FOR CONVERSION INTO SHARES OF ACQUIROR IN LIEU
OF MAKE WHOLE PREMIUM.

      (a) If a Public Acquiror Change in Control occurs that would otherwise
      trigger the obligation of the Company to pay the Make Whole Premium
      pursuant to Section 10.1, the Company may elect to adjust the Conversion
      Rate and the related conversion obligation such that from and after the
      Effective Date of such Public Acquiror Change in Control, Holders of the
      Notes will be entitled to convert their Notes into a number of shares of
      Public Acquiror Common Stock by adjusting the Conversion Rate in effect
      immediately prior to such Effective Date by multiplying it by a fraction:

            (1)   the numerator of which will be the Share Price; and

            (2)   the denominator of which will be the average of the Closing
                  Prices of the Public Acquiror Common Stock for the five
                  consecutive Trading Days ending on the Trading Day preceding
                  such Effective Date.

      (b) The Company may elect to provide for the conversion of the Notes into
      shares of Public Acquiror Common Stock (and thus to be under no obligation
      to pay the Make Whole Premium) so long as: (i) the Public Acquiror Common
      Stock into which the Notes will be convertible is, subject to notification
      of issuance, listed on the principal United States securities exchange on
      which the issued and outstanding Public Acquiror Common Stock is listed
      or, if not so listed, approved for quotation on the Nasdaq National
      Market; (ii) the Public Acquiror Common Stock is registered under the
      Exchange Act, if required; (iii) the Public Acquiror Common Stock into
      which the Notes will be convertible is eligible for immediate resale in
      the public market by Persons other than Affiliates of the Company; (iv)
      any necessary qualification or registration under applicable state
      securities laws have been made (subject to the availability of any
      exemption from such qualification and registration requirements); and (v)
      if the acquiror in connection with such Public Acquiror Change in Control
      is not the issuer of the Public Acquiror Common Stock, then such issuer
      shall expressly assume all of the Company's obligations then remaining, if
      any, under the Registration Rights Agreement with respect to the
      registration of the Public Acquiror Common Stock thereunder.

      (c) If the conditions contained in clauses (i) through (v) of Section
      10.2(b) are not satisfied on or prior to the Effective Date, the Company
      shall pay the Make Whole Premium in connection with such Change in Control
      to electing Holders as described under Section 10.1.

      (d) The Company shall give to all Record Holders and to the Trustee and
      the Paying Agent, in the manner provided in Section 15.2 on or before the
      tenth day after the Company has become aware of a Change in Control, a
      notice indicating the Company's intent to either (i) elect to adjust the
      Conversion Rate

                                       34
<PAGE>

      and related conversion obligation in accordance with this Section 10.2 or
      (ii) not to elect to adjust the Conversion Rate and related conversion
      obligation in accordance with this Section 10.2. Such notice shall be in
      the same form as required under Section 12.4 and shall include the amount
      and basis of calculation of the Make Whole Premium.

10.3 ADJUSTMENTS RELATING TO MAKE WHOLE PREMIUM. Each time that the Conversion
Rate is adjusted by the Company pursuant to Section 13.4, (A) the Share Price
Threshold, the Share Price Cap and each of the share prices set forth in the
left hand column of the Make Whole Table shall be adjusted (rounded to the
nearest cent) by multiplying each such amount by a fraction, the numerator of
which is the Conversion Rate immediately prior to such adjustment and the
denominator of which is the Conversion Rate as so adjusted and (B) the Make
Whole Shares Cap and each of share amounts set forth in the body of the Make
Whole Table shall be adjusted (rounded to the nearest one-ten thousandth
(1/10,000) of a share) in the same manner as the Conversion Rate is adjusted
pursuant to Section 13.4.

11. REDEMPTION OF NOTES

11.1 OPTIONAL REDEMPTION.

      (a) The Company shall not redeem the Notes at any time prior to July 6,
      2008.

      (b) On or after July 6, 2008, the Company may, at its option, redeem the
      Notes in whole at any time or in part from time to time (an "Optional
      Redemption") at the following redemption prices for the following periods:
      (i) prior to July 1, 2010, 100% of the principal amount of such Notes;
      (ii) on or after July 1, 2010 and prior to July 1, 2011, 101.250% of the
      principal amount of such Notes; (iii) on or after July 1, 2011 and prior
      to July 1, 2012, 100.625% of the principal amount of such Notes; and (iv)
      on July 1, 2012, 100% of the principal amount of such Notes, in each case
      payable in cash (the "Redemption Price"); provided, however, that (A) the
      Company may redeem the Notes pursuant to an Optional Redemption before
      July 1, 2010 only if the Closing Price of the Common Stock exceeds 130% of
      the then-current Conversion Price of the Notes for at least 20 Trading
      Days in a period of 30 consecutive Trading Days ending on the Trading Day
      prior to the date on which notice of such Optional Redemption is given
      pursuant to Section 11.4 and (B) the Company may not redeem the Notes
      pursuant to an Optional Redemption if the Company has failed to pay any
      interest on the Notes and such failure to pay is continuing or if the
      principal amount of the Notes has been accelerated.

      (c) The Company shall pay any interest on the Notes called for redemption
      pursuant to this Section 11.1 (including those Notes that are converted
      into shares of Common Stock after a Regular Record Date but prior to the
      Redemption Date) accrued but not paid to, but excluding, the Redemption
      Date. Such interest shall be paid to the Holder entitled to the Redemption
      Price; provided that if the Redemption Date is an Interest Payment Date,
      the Company shall pay the interest to the Holder of the Note at the close
      of business on the corresponding Regular Record Date.

11.2 NOTICE TO TRUSTEE. If the Company elects to redeem Notes pursuant to an
Optional Redemption (such election to be evidenced by a Board Resolution), it
shall notify the Trustee at least 35 but no more than 60 days prior to the
Redemption Date (unless a shorter notice shall be satisfactory to the Trustee)
of such intended Redemption Date, the principal amount of Notes to be redeemed
and the CUSIP numbers of the Notes to be redeemed.

11.3 SELECTION OF NOTES TO BE REDEEMED. If fewer than all the Notes are to be
redeemed pursuant to an Optional Redemption, the Trustee shall select the
particular Notes to be redeemed in principal amounts of $1,000 or integral
multiples thereof from outstanding Notes by lot, on a pro rata basis or
otherwise in accordance with the applicable procedures of the Depositary, or in
accordance with any other method the Trustee considers fair and appropriate.
Notes and portions thereof that the Trustee selects shall be in amounts equal to
the minimum authorized denominations for Notes to be redeemed or any integral
multiple thereof.

      If any Note selected for partial redemption pursuant to an Optional
Redemption is converted in part before termination of the conversion right with
respect to the portion of the Notes so selected, the converted portion of such
Note shall be deemed to be the portion selected for redemption (provided,
however, that the Holder of such Note so

                                       35
<PAGE>

converted and deemed redeemed shall not be entitled to any additional interest
payment as a result of such deemed redemption over the amount that such Holder
would have otherwise been entitled to receive upon conversion of such Note).
Notes that have been converted during a selection of Notes to be redeemed
pursuant to an Optional Redemption may be treated by the Trustee as outstanding
for the purpose of such selection.

      The Trustee shall promptly notify the Company and the Registrar in writing
of the Notes selected for redemption and, in the case of any Notes selected for
partial redemption pursuant to an Optional Redemption, the principal amount
thereof to be redeemed.

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

11.4 NOTICE OF REDEMPTION.

      (a) Notice of an Optional Redemption shall be given in the manner provided
      in Section 15.2 to the Holders of Notes to be redeemed. Such notice shall
      be given not less than 20 or more than 60 days prior to the Redemption
      Date. All notices of an Optional Redemption shall state:

            (i)   the Redemption Date;

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

            (iii) if fewer than all the outstanding Notes are to be redeemed,
                  the aggregate principal amount of Notes to be redeemed and the
                  aggregate principal amount of Notes that will be outstanding
                  after such partial redemption;

            (iv)  that on the Redemption Date the Redemption Price and, as
                  provided in Section 11.1(c), interest accrued and unpaid to,
                  but excluding, the Redemption Date, and Additional Interest,
                  if any, will become due and payable upon each such Note to be
                  redeemed, and that interest thereon shall cease to accrue on
                  and after such date;

            (v)   the Conversion Price then in effect, the date on which the
                  right to convert the principal of the Notes to be redeemed
                  will terminate and the places where such Notes may be
                  surrendered for conversion;

            (vi)  the place or places where such Notes are to be surrendered for
                  payment of the Redemption Price and accrued and unpaid
                  interest, if any;

            (vii) the CUSIP number of the Notes; and

            (viii) the last date on which exchanges or transfers of Notes may be
                  made pursuant to Section 2.6, and shall specify the serial
                  numbers and the portions thereof called for redemption.

      (b) Notice of redemption of Notes to be redeemed at the election of the
      Company shall be given by the Company or, at the Company's request, by the
      Trustee in the name of and at the expense of the Company.

11.5 EFFECT OF NOTICES OF REDEMPTION.

      (a) Notice of redemption having been given as provided in Section 11.4,
      the Notes so to be redeemed shall, on the Redemption Date, become due and
      payable at the Redemption Price therein specified (and, as provided in
      Section 11.1(c), accrued interest and Additional Interest, if any, to but
      excluding, the Redemption Date) and from and after such date (unless the
      Company shall default in the payment of the Redemption Price and accrued
      and unpaid interest) such Notes shall cease to bear interest and
      Additional

                                       36
<PAGE>

      Interest, if any; provided that the Company may specify in such notice
      conditions to the redemption of the Notes that must be met on or prior to
      the Redemption Date, including the receipt of proceeds from concurrent
      equity or other financings, in which case the Redemption Date shall not
      occur, and the Notes to be redeemed shall not be due and payable at the
      Redemption Price, until such conditions are satisfied. The Company shall
      give, or instruct the Trustee to give, notice to the Holders of any
      failure to satisfy such conditions prior to the Redemption Date. Upon
      surrender of any such Note for redemption in accordance with such notice
      (including the satisfaction of all applicable conditions), such Note shall
      be paid by the Company at the Redemption Price (and, as provided in
      Section 11.1(c), Additional Interest and accrued interest, if any, to but
      excluding the Redemption Date); provided, however, that the installments
      of interest on Notes with an Interest Payment Date prior to or on the
      Redemption Date shall be payable to the Holders of such Notes, or one or
      more Predecessor Notes, registered as such on the relevant Record Date
      according to their terms and the provisions of Section 2.6.

      (b) If any Note called for redemption shall not be so paid when due upon
      surrender thereof for redemption, the principal and premium, if any,
      shall, until paid, bear interest from the Redemption Date, as the case may
      be, at the interest rate set forth on the Note.

11.6 DEPOSIT OF REDEMPTION PRICE. On or before 11:00 a.m. Eastern Time on the
Redemption Date, the Company shall deposit with the Trustee or with a Paying
Agent (or, if the Company is acting as its own Paying Agent, segregate and hold
in trust) an amount of money sufficient to pay the Redemption Price of, and
accrued and unpaid interest and Additional Interest, if any, on all the Notes to
be redeemed on that Redemption Date other than any Notes called for redemption
on that date that have been converted prior to the date of such deposit.

      If any Note called for redemption is converted prior to the Redemption
Date, any money deposited with the Trustee or with a Paying Agent or so
segregated and held in trust for the redemption of such Note shall (subject to
any right of the Holder of such Note or any Predecessor Note to receive interest
as provided in the third paragraph of Section 2.1(c)) be paid to the Company on
request of the Company or, if then held by the Company, shall be discharged from
such trust.

11.7 NOTES REDEEMED IN PART. Any Note that is to be redeemed only in part shall
be surrendered at an office or agency of the Company designated for that purpose
pursuant to Section 9.2 (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 the Holder's
attorney duly authorized in writing), and the Company shall execute, and the
Trustee shall authenticate and deliver to the Holder of such Note without
service charge, a new Note or Notes of any authorized denomination as requested
by such Holder in aggregate principal amount equal to and in exchange for the
unredeemed portion of the principal of the Note so surrendered.

11.8 CONVERSION ARRANGEMENT ON CALL FOR REDEMPTION. In connection with any
redemption of Notes, the Company may arrange for the purchase and conversion of
any such Notes called for redemption by entering into an agreement with one or
more investment banks or other purchasers (the "Purchasers") to purchase all or
a portion of such Notes by paying to the Trustee in trust for the Holders, on or
before the Redemption Date, an amount not less than the applicable Redemption
Price (together with accrued interest to the Redemption Date, including
Additional Interest, if any) of such Notes. Notwithstanding anything to the
contrary contained in this Article 11, the obligation of the Company to pay the
Redemption Price (together with accrued interest to the Redemption Date,
including Additional Interest, if any) shall be deemed to be satisfied and
discharged to the extent such amount is so paid by such Purchasers. If such an
agreement is entered into (a copy of which shall be filed with the Trustee prior
to the close of business on the Business Day immediately prior to the Redemption
Date), any Notes called for redemption that are not duly surrendered for
conversion by the Holders thereof may, at the option of the Company, be deemed,
to the fullest extent permitted by law, and consistent with any such agreement
or agreements with such Purchasers, to be acquired by such Purchasers from such
Holders and (notwithstanding anything to the contrary contained in this Article
11) surrendered by such Purchasers for conversion, all as of immediately prior
to the close of business on the Redemption Date (and the right to convert any
such Notes shall be extended through such time), subject to payment of the above
amount as aforesaid. At the direction of the Company, the Trustee shall hold and
dispose of any such amount paid to it by the Purchasers to the Holders in the
same manner as it would monies deposited with it by the Company for the
redemption of Notes. Without the Trustee's prior written consent, no arrangement
between the Company and such Purchasers for the purchase and conversion of any
Notes shall increase or otherwise affect any

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of the powers, duties, responsibilities or obligations of the Trustee as set
forth in this Indenture, and the Company agrees to indemnify the Trustee from,
and hold it harmless against, any loss, liability or expense arising out of or
in connection with any such arrangement for the purchase and conversion of any
Notes between the Company and such Purchasers, including the reasonable costs
and expenses, including reasonable legal fees, incurred by the Trustee in the
defense of such claim or liability.

12. REPURCHASE OF NOTES

12.1 REPURCHASE AT THE OPTION OF THE HOLDER UPON A DESIGNATED EVENT.

      (a) In the event that a Designated Event shall occur at any time prior to
      the Maturity Date, then each Holder shall have the right (a "Repurchase
      Right"), at such Holder's option, to require the Company to repurchase,
      and upon the exercise of such Repurchase Right the Company shall
      repurchase, such Holder's Notes, in whole or in part, of U.S. $1,000 or
      any integral multiple of U.S. $1,000 in excess thereof or the entire
      principal amount of the Notes held by any Holder (provided that no single
      Note may be repurchased in part unless the portion of the principal amount
      of such Note to be Outstanding after such repurchase is equal to U.S.
      $1,000 or integral multiples of U.S. $1,000 in excess thereof), on the
      date specified by the Company (a "Repurchase Date") that is 30 Business
      Days after the date of a Company Notice (as defined in Section 12.4) at a
      purchase price equal to 100% of the principal amount of the Notes to be
      repurchased plus accrued and unpaid interest and Additional Interest, if
      any, to, but excluding, such Repurchase Date (the "Repurchase Price"). If
      the Designated Event is a Termination of Trading, the Repurchase Price
      will be paid in cash. If the Designated Event is a Change in Control, the
      Company shall pay the Repurchase Price in accordance with Sections 12.2
      and 12.3 herein.

      (b) To exercise a Repurchase Right, a Holder shall deliver to the Company
      or its designated agent (i) prior to the close of business on a Repurchase
      Date specified in the Company Notice, written notice of the Holder's
      exercise of such right, which notice shall set forth the name of the
      Holder, the principal amount of the Notes to be repurchased (and, if any
      Note is to repurchased in part, the serial number thereof, the portion of
      the principal amount thereof to be repurchased and the name of the Person
      in which the portion thereof to remain Outstanding after such repurchase
      is to be registered, subject to Section 2.16) and a statement that an
      election to exercise such Repurchase Right is being made thereby (a
      "Repurchase Notice") and (ii) the Notes with respect to which such
      Repurchase Right is being exercised duly endorsed for transfer (or, if any
      Note is not certificated, such Repurchase Notice must comply with
      Depositary procedures). The Company shall pay or deposit funds with the
      Paying Agent in the amount of the Repurchase Price for the Notes to be
      repurchased promptly following the later of (x) the Repurchase Date and
      (y) the time of book-entry transfer or delivery of the Notes.

      (c) The Paying Agent shall promptly notify the Company of the receipt by
      it of a Repurchase Notice.

      (d) Any repurchase by the Company contemplated pursuant to the provisions
      of this Section 12.1 shall be consummated by the delivery from the Company
      to the Paying Agent of the consideration to be received by the Holder on
      the Trading Day immediately following a Repurchase Date.

12.2 COMPANY'S RIGHT TO ELECT MANNER OF PAYMENT OF REPURCHASE PRICE UPON THE
OCCURRENCE OF A CHANGE IN CONTROL.

      (a) The Notes to be repurchased by the Company on any Repurchase Date
      pursuant to Section 12.1 upon the occurrence of a Change in Control may be
      paid for, in whole or in part, 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 12.2(e). The Company
      shall designate in its Company Notice whether the Company will purchase
      the Notes for cash or shares of Common Stock or, if a combination thereof,
      the percentage of the Repurchase Price that it will pay in cash and the
      percentage that it will pay in shares of Common Stock; provided that the
      Company will pay cash for accrued and unpaid interest and for fractional
      interests in shares of Common Stock in an amount based upon 95% of the
      Market Price of such fractional shares. For purposes of determining the
      amount of any fractional interests, all Notes subject to

                                       38
<PAGE>

      repurchase held by a Holder shall be considered together (no matter how
      many separate certificates are to be presented).

      (b) Each Holder whose Notes are repurchased upon the occurrence of a
      Designated Event that constitutes a Change in Control shall receive the
      same percentage of cash or shares of Common Stock in payment of the
      Repurchase Price for such Notes as any other Holder whose Notes are
      repurchased, except (i) as provided in Section 12.2(a) with regard to the
      payment of cash in lieu of fractional shares of Common Stock and (ii) in
      the event that the Company is unable to purchase the Notes of a Holder or
      Holders for shares of Common Stock because any necessary qualifications or
      registrations of the shares of Common Stock under applicable state
      securities laws cannot be obtained, or because the conditions to
      purchasing the Notes for shares of Common Stock set forth in Section
      12.2(e) have not been satisfied, the Company may purchase the Notes of
      such Holder or Holders for cash.

      (c) At least three Business Days before the date of any Company Notice
      (unless a shorter period shall be satisfactory to the Trustee), the
      Company shall deliver an Officers' Certificate to the Trustee specifying:

            (i)   the manner of payment selected by the Company;

            (ii)  the information required to be included in such Company
                  Notice;

            (iii) if the Company elects to pay the Repurchase Price, or a
                  specified percentage thereof, in shares of Common Stock, that
                  the conditions to such manner of payment set forth in Section
                  12.2(e) have been or will be complied with; and

            (iv)  whether the Company desires the Trustee to give such Company
                  Notice required.

      (d) If the Company elects to pay the Repurchase Price, or any percentage
      thereof, with respect to a Repurchase Date in shares of Common Stock, the
      number of shares of Common Stock to be delivered with respect to each
      $1,000 principal amount of Notes shall be equal to the quotient obtained
      by dividing (i) the dollar amount of the Repurchase Price (not including
      any accrued and unpaid interest) to be paid in shares of Common Stock by
      (ii) 95% of the Market Price with respect to such Repurchase Date,
      provided that no fractional shares will be delivered.

      (e) The Company's right to elect to pay some or all of the Repurchase
      Price with respect to a Repurchase Date by delivering shares of Common
      Stock shall be conditioned upon:

            (i)   the listing of such shares of Common Stock on the principal
                  United States securities exchange on which the Common Stock is
                  then listed or, if not so listed, approved for quotation on
                  the Nasdaq National Market or any similar U.S. system of
                  automated dissemination of quotations of securities prices;

            (ii)  such shares of Common Stock being eligible for immediate
                  resale in the public market by non-affiliates of the Company;

            (iii) the registration of such shares of Common Stock under the
                  Exchange Act, if required;

            (iv)  any necessary qualification or registration under applicable
                  state securities laws or the availability of an exemption from
                  such qualification and registration;

            (v)   the receipt by the Trustee of an Officers' Certificate stating
                  that (A) the terms of the issuance of the shares of Common
                  Stock are in conformity with this Indenture, (B) the shares of
                  Common Stock to be issued by the Company in payment of the
                  Repurchase Price in respect of Notes have been duly authorized
                  and, when issued and delivered pursuant to the terms of this
                  Indenture in payment of the Repurchase Price, will be validly
                  issued, fully paid and non-assessable and free from preemptive
                  rights and free of

                                       39
<PAGE>

                  any lien or adverse claim, (C) each of the conditions in
                  clauses (i) through (iv) above has been satisfied; and

            (vi)  the receipt by the Trustee of an Opinion of Counsel stating
                  that (A) the terms of the issuance of the shares of Common
                  Stock are in conformity with this Indenture, (B) the shares of
                  Common Stock to be issued by the Company in payment of the
                  Repurchase Price in respect of Notes have been duly authorized
                  and, when issued and delivered pursuant to the terms of this
                  Indenture in payment of the Repurchase Price, will be validly
                  issued, fully paid and non-assessable and free from preemptive
                  rights under the Company's Certificate of Incorporation and
                  By-laws and the Delaware General Corporation Law and (C) the
                  conditions in clauses (ii), (iii) and (iv) above have been
                  satisfied.

            If the foregoing conditions are not satisfied with respect to a
            Holder or Holders prior to the close of business on a Repurchase
            Date, the Company shall pay the entire Repurchase Price of the Notes
            of such Holder or Holders in 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 Company Notice to Holders except as set forth in the
            preceding sentence.

            Upon determination of the actual number of shares of Common Stock to
            be issued upon repurchase of Notes, the Company shall be required to
            disseminate a Press Release containing this information.

      (f) All shares of Common Stock delivered upon purchase of the Notes shall
      be newly issued shares or treasury shares, shall be duly authorized,
      validly issued, fully paid and non-assessable, and shall be free from
      preemptive rights and free of any lien or adverse claim.

      (g) If a Holder is paid some or all of the Repurchase Price with respect
      to such Holder's Notes in shares of Common Stock, the Company shall pay
      any documentary, stamp or similar issue or transfer tax due on such issue
      of Common Stock; provided that the Holder shall pay any such tax that is
      due because the Holder requests the Common Stock to be issued in a name
      other than that of the Holder. 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
      herein shall preclude any income tax withholding required by law or
      regulations.

12.3 NOTICE OF OPTIONAL REPURCHASE TO BE PROVIDED BY THE COMPANY.

      (a) Unless the Company shall have theretofore called for redemption all of
      the outstanding Notes, on or before the 10th day after the Company becomes
      aware of the occurrence of a Designated Event, the Company shall give to
      all Holders of Notes and to the Trustee, in the manner provided in Section
      15.2, notice (the "Company Notice") of the occurrence of the Designated
      Event and of the Repurchase Right set forth herein arising as a result
      thereof.

      (b) Each Company Notice shall state:

            (i)   the Repurchase Date;

            (ii)  the date by which the Repurchase Right must be exercised;

            (iii) whether the Designated Event is a Termination of Trading or a
                  Change in Control;

            (iv)  the Repurchase Price;

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<PAGE>

            (v)   if the Designated Event is a Change in Control and involves a
                  Public Acquiror Change in Control, whether the Company elects
                  to pay the Make Whole Premium, as provided in Section 10.2;

            (vi)  if the Designated Event is a Change in Control and the Company
                  must, or in the case of a Public Acquiror Change in Control
                  elects, to pay the Make Whole Premium, the proportion of the
                  Make Whole Premium to be paid in cash and shares of Common
                  Stock and the method of calculating the Market Price of such
                  Common Stock;

            (vii) if the Designated Event is a Change in Control and the Company
                  elects to pay the Repurchase Price, or a specified percentage
                  thereof, in shares of Common Stock, the election to so pay in
                  Common Stock and the percentage that shall be paid in Common
                  Stock;

            (viii) a description of the procedure that a Holder must follow to
                  exercise a Repurchase Right, and the place or places where
                  such Notes are to be surrendered for payment of the Repurchase
                  Price;

            (ix)  that on the Repurchase Date the Repurchase Price will become
                  due and payable upon each such Note designated by the Holder
                  to be repurchased, and that interest thereon will cease to
                  accrue on and after such date;

            (x)   the Conversion Rate then in effect and the place or places
                  where such Notes may be surrendered for conversion; and

            (xi)  the place or places that the Note certificate with the
                  election of Holder to require repurchase as specified in form
                  of Global Note shall be delivered.

      (c) No failure of the Company to give the foregoing notices or defect
      therein shall limit any Holder's right to exercise a repurchase right or
      affect the validity of the proceedings for the repurchase of Notes.

      (d) If any of the foregoing provisions or other provisions of this Article
      12 are inconsistent with applicable law, such law shall govern.

12.4 NOTICE OF WITHDRAWAL. A Holder may withdraw any Repurchase Notice by
delivering a written notice of withdrawal to the Paying Agent prior to the close
of business on a Repurchase Date (a "Withdrawal Notice"). A Withdrawal Notice
must state:

      (a) the principal amount of the withdrawn Notes;

      (b) if certificated Notes have been issued, the certificate number of the
      withdrawn Notes (or, if the Notes are not certificated, such Withdrawal
      Notice must comply with appropriate Depositary procedures); and

      (c) the principal amount, if any, that remains subject to a Repurchase
      Notice.

12.5 PAYMENT OF THE REPURCHASE PRICE.

      (a) Payment of the Repurchase Price for a Note for which a Repurchase
      Notice has been delivered and not withdrawn is conditioned upon book-entry
      transfer or delivery of such Note, together with necessary endorsements,
      to the Paying Agent at its corporate trust office in the Borough of
      Manhattan, The City of New York, or any other office of the Paying Agent,
      at any time after delivery of such Repurchase Notice. The Company shall
      pay or deposit funds or deliver shares of Common Stock, as the case may
      be, with the Paying Agent in the amount of the Repurchase Price for the
      Note promptly following the later of (i) the Repurchase Date and (ii) the
      time of book-entry transfer or delivery of the Note.

                                       41
<PAGE>

      (b) If the Paying Agent holds money or shares of Common Stock, as the case
      may be, sufficient to pay the Repurchase Price of the Notes on the
      Repurchase Date, then, on and after the Business Day immediately following
      such Repurchase Date:

            (i)   the Notes will cease to be outstanding;

            (ii)  interest will cease to accrue in respect of any date from and
                  after such Repurchase Date; and

            (iii) all other rights of the Holder will terminate, other than the
                  right to receive the Repurchase Price upon delivery of the
                  Notes.

      (c) This will be the case whether or not book-entry transfer to the Notes
      has been made or the Notes have been delivered to the Paying Agent.
      Installments of interest that mature on or prior to a Repurchase Date
      shall be payable in cash to the Holders of such Notes registered as such
      at the close of business on the relevant Regular Record Date.

13. CONVERSION OF NOTES

13.1 CONVERSION RIGHT AND CONVERSION PRICE.

      (a) Subject to and upon compliance with the provisions of this Article, at
      the option of the Holder thereof, any outstanding Note or any portion of
      the principal amount thereof that is $1,000 or an integral multiple of
      $1,000 may be converted into duly authorized, fully paid and nonassessable
      shares of Common Stock, at the Conversion Rate, determined as hereinafter
      provided, in effect at the time of conversion and subject to adjustment,
      as described below. Such conversion right shall expire at the close of
      business on the Business Day immediately preceding July 1, 2012 unless the
      Notes or a portion thereof have been previously called for redemption or
      repurchase. A Note for which a Holder has delivered a Repurchase Notice
      pursuant to Article 12 may be surrendered for conversion only if such
      notice is withdrawn in accordance with Article 12.

      (b) The rate at which shares of Common Stock shall be delivered upon
      conversion (the "Conversion Rate") shall be initially equal to 135.3180
      shares of Common Stock per $1,000 principal amount of Notes. The
      Conversion Price of the Notes (the "Conversion Price") shall be equal to
      $1,000 divided by the Conversion Rate, which shall initially be equal to
      approximately $7.39 per share of Common Stock. The Conversion Rate shall
      be adjusted in certain instances as provided in Section 13.4.

      (c) In case a Note or portion thereof is called for repurchase or
      redemption, such conversion right in respect of the Note or the portion so
      called shall expire at the close of business on the Business Day
      immediately preceding a Repurchase Date or a Redemption Date, unless the
      Company defaults in making the payment due upon repurchase or redemption.
      In the case of a Change in Control for which the Holder exercises its
      Repurchase Right with respect to a Note or portion thereof, such
      conversion right in respect of the Note or portion thereof shall expire at
      the close of business on the Business Day immediately preceding such
      Repurchase Date.

13.2 EXERCISE OF CONVERSION RIGHT. In order to exercise the conversion right
with respect to any interest in a Global Note, the beneficial holder must
complete, or cause to be completed, the appropriate instruction form for
conversion pursuant to the Depositary's book-entry conversion program; deliver,
or cause to be delivered, by book-entry delivery an interest in such Global
Note; furnish appropriate endorsements and transfer documents if required by the
Company or the Trustee or Conversion Agent; and pay the funds, if any, required
by this Section 13.2 and any transfer taxes if required pursuant to Section
13.8.

      In order to exercise the conversion right with respect to any Note in
certificated form, the Company must receive at the office or agency of the
Company maintained for that purpose in the City of New York or, at the option of
such Holder, the Corporate Trust Office, such Note with the original or
facsimile of the form entitled "Conversion

                                       42
<PAGE>

Notice" on the reverse thereof, duly completed and manually signed, together
with such Notes duly endorsed for transfer, accompanied by the funds, if any,
required by this Section 13.2. Such notice shall also state the name or names
(with address or addresses) in which the certificate or certificates for shares
of Common Stock that shall be issuable on such conversion shall be issued, and
shall be accompanied by transfer or similar taxes, if required pursuant to
Section 13.8.

      As promptly as practicable after satisfaction of the requirements for
conversion set forth above, subject to compliance with any restrictions on
transfer if shares issuable on conversion are to be issued in a name other than
that of the Holder (as if such transfer were a transfer of the Note or Notes (or
portion thereof) so converted), the Company shall issue and deliver to such
Holder at the office or agency maintained by the Company for such purpose
pursuant to Section 9.2, (i) a certificate or certificates for the number of
full shares of Common Stock issuable upon the conversion of such Note or portion
thereof equal to (A) the aggregate principal amount of the Notes to be converted
divided by 1,000, multiplied by (B) the Conversion Rate in effect on the
Conversion Date and (ii) cash or a check or cash in respect of any fractional
interest in respect of a share of Common Stock arising upon such conversion,
calculated by the Company as provided in Section 13.3, subject to a Holder's
ability to receive cash, securities and other assets or property in accordance
with Section 10.1(b) hereof.

      Each conversion shall be deemed to have been effected as to any such Note
(or portion thereof) on the date on which the requirements set forth above in
this Section 13.2 have been satisfied as to such Note (or portion thereof) (the
"Conversion Date"), and the Person in whose name any certificate or certificates
for shares of Common Stock shall be issuable upon such conversion shall be
deemed to have become on such date the holder of record of the shares
represented thereby; provided that any such surrender on any date when the stock
transfer books of the Company shall be closed shall constitute the Person in
whose name the certificates are to be issued as the record holder thereof for
all purposes on the next succeeding day on which such stock transfer books are
open, but such conversion shall be at the Conversion Rate in effect on the
Conversion Date.

      To the extent provided in Section 2.1, Notes surrendered for conversion
during the period from the close of business on any Regular Record Date to the
opening of business on the next succeeding Interest Payment Date (except in the
case of any Note whose maturity is prior to such Interest Payment Date) shall be
accompanied by payment in New York Clearing House funds or other funds
acceptable to the Company of an amount equal to the interest and Additional
Interest, if any, to be received on such Interest Payment Date on the principal
amount of Notes being surrendered for conversion, as well as any taxes or duties
payable pursuant to Section 13.8. To the extent provided in Section 2.1, Notes
(i) for which overdue interest, if any, exists at the time of conversion with
respect to such Notes or (ii) that have been called for redemption by the
Company in a notice of redemption pursuant to Section 11.4 or that are submitted
for repurchase by the Holder in a Repurchase Notice, and that are converted
prior to redemption or repurchase, shall not require such concurrent payment to
the Company upon surrender for conversion, if the Redemption Date or the
Repurchase Date is after the Regular Record Date and on or prior to the
corresponding Interest Payment Date and if converted during the time period set
forth in this sentence, the Holders of such converted Notes shall be entitled to
receive (and retain) any accrued interest on the principal of such surrendered
Notes, and Additional Interest, if any (in the case of (i) above, however, only
to the extent of such overdue interest).

      A Holder's right to convert any Note that has been called for redemption
in a notice of redemption pursuant to Section 11.4 or that is submitted for
repurchase by such Holder in a Repurchase Notice will terminate at the close of
business on the Business Day immediately preceding the Redemption Date or the
Repurchase Date for such Note, unless the Company defaults in making the payment
due upon such redemption or repurchase. In addition, if a Holder has exercised
its right to require the Company to repurchase its Notes in connection with a
Designated Event, such Holder may convert such Notes into shares of Common Stock
only if such Holder withdraws its notice and converts its Notes before the close
of business on the Business Day immediately preceding the Repurchase Date.

      Notes shall be deemed to have been converted immediately prior to 5:00
P.M. Eastern Time on the day of surrender of such Notes for conversion in
accordance with the foregoing provisions, and at such time the rights of the
Holders of such Notes as Holders shall cease, and the Person or Persons entitled
to receive the shares of Common Stock issuable upon conversion shall be treated
for all purposes as the record holder or holders of such shares of Common Stock
at such time. As promptly as practicable on or after the Conversion Date, the
Company shall cause to be issued and delivered to such Conversion Agent a
certificate or certificates for the number of full

                                       43
<PAGE>

shares of Common Stock issuable upon conversion, together with payment in lieu
of any fraction of a share as provided in Section 13.3.

      Upon the conversion of an interest in a Global Note, the Conversion Agent,
or the Trustee, as custodian for the Depositary, at the direction of the
Conversion Agent, shall make a notation on such Global Note as to the reduction
in the principal amount represented thereby. The Company shall notify the
Trustee in writing of any conversions of Notes effected through any Conversion
Agent.

      Except for accrued and unpaid interest payable through a Regular Record
Date with respect to a Note converted after such Regular Record Date but prior
to the corresponding Interest Payment Date, upon the conversion of a Note, a
Holder will not receive any cash payment of accrued and unpaid interest or
Additional Interest, if any. Accrued and unpaid interest, and Additional
Interest, if any, is deemed to be paid in full with the shares of Common Stock
(together with the cash payment, if any in lieu of fractional shares) rather
than cancelled, extinguished or forfeited.

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

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

      The Company hereby initially appoints the Trustee as Conversion Agent.

13.3 FRACTIONS OF SHARES. No fractional shares of Common Stock shall be issued
upon conversion of any Note or Notes. If more than one Note shall be surrendered
for conversion at one time by the same Holder, the number of full shares that
shall be issued upon conversion thereof shall be computed on the basis of the
aggregate principal amount of the Notes (or specified portions thereof) so
surrendered. Instead of any fractional shares of Common Stock that would
otherwise be issued upon conversion of any Note or Notes (or specified portions
thereof), the Company shall pay a cash adjustment in respect of such fraction
(calculated to the nearest one-100th of a share) in an amount equal to the same
fraction of the Closing Price of the Common Stock as of the Trading Day
preceding the date of conversion.

13.4 ADJUSTMENT OF CONVERSION RATE. Each time that the Conversion Price is
adjusted by the Company pursuant to this Section 13.4, the Conversion Rate shall
be adjusted (rounded to the nearest one-ten thousandth) by multiplying the
Conversion Rate by a fraction, the numerator of which is the Conversion Price
immediately prior to such adjustment and the denominator of which is the
Conversion Price as so adjusted.

      The Conversion Price shall be subject to adjustments, calculated by the
Company, from time to time as follows:

      (a) In case the Company shall hereafter pay a dividend or make a
      distribution to all holders of the outstanding shares of Common Stock in
      shares of Common Stock, the Conversion Price in effect at the opening of
      business on the date following the date fixed for the determination of
      shareholders entitled to receive such dividend or other distribution shall
      be reduced by multiplying such Conversion Price by a fraction:

                                       44
<PAGE>

            (i)   the numerator of which shall be the number of shares of Common
                  Stock outstanding at the close of business on the Record Date
                  (as defined in Section 13.4(g)) fixed for such determination;
                  and

            (ii)  the denominator of which shall be the sum of such number of
                  shares and the total number of shares constituting such
                  dividend or other distribution.

      Such reduction shall become effective immediately after the opening of
      business on the day following the Record Date. If any dividend or
      distribution of the type described in this Section 13.4(a) is declared but
      not so paid or made, the Conversion Price shall again be adjusted to the
      Conversion Price that would then be in effect if such dividend or
      distribution had not been declared.

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

      (c) In case the Company shall issue rights or warrants (other than any
      rights or warrants referred to in Section 13.4(d)) to all holders of its
      outstanding shares of Common Stock entitling them to subscribe for or
      purchase, for a period of not more than 60 days, shares of Common Stock
      (or securities convertible into shares of Common Stock) at a price per
      share (or having a conversion price per share) less than the Current
      Market Price (as defined in Section 13.4(g)) on the Record Date fixed for
      the determination of shareholders entitled to receive such rights or
      warrants, the Conversion Price shall be adjusted so that the same shall
      equal the price determined by multiplying the Conversion Price in effect
      at the opening of business on the date after such Record Date 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 Record Date
                  plus the number of shares that the aggregate offering price of
                  the total number of shares so offered for subscription or
                  purchase (or the aggregate conversion price of the convertible
                  securities so offered) would purchase at such Current Market
                  Price; and

            (ii)  the denominator of which shall be the number of shares of
                  Common Stock outstanding on the close of business on the
                  Record Date plus the total number of additional shares of
                  Common Stock so offered for subscription or purchase (or into
                  which the convertible securities so offered are convertible).

      Such adjustment shall become effective immediately after the opening of
      business on the day following the Record Date fixed for determination of
      shareholders entitled to receive such rights or warrants. To the extent
      that shares of Common Stock (or securities convertible into 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
      Price shall be readjusted to the Conversion Price that 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 shares of Common
      Stock) actually delivered. In the event that such rights or warrants are
      not so issued, the Conversion Price shall again be adjusted to be the
      Conversion Price that would then be in effect if such date fixed for the
      determination of shareholders 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 Current Market 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, the value of such
      consideration if other than cash, to be determined by the Board of
      Directors of the Company.

                                       45
<PAGE>

      (d) In case the Company shall, by dividend or otherwise, distribute to all
      holders of shares of Common Stock any class of Capital Stock of the
      Company (other than any dividends or distributions to which Section
      13.4(a) applies) or evidences of its indebtedness or other assets,
      including securities, but excluding (1) any rights, warrants or
      convertible securities referred to in Section 13.4(c), (2) any stock,
      securities or other property or assets (including cash) distributed as
      dividends or distributions in connection with a reclassification, merger,
      combination, conveyance, consolidation bonding share exchange or sale to
      which Section 13.11 applies and (3) any dividends or distributions paid
      exclusively in cash (the securities described in foregoing are hereinafter
      in this Section 13.4(d) called the "securities"), then, in each such case,
      subject to the second paragraph of this Section 13.4(d), the Conversion
      Price shall be reduced so that the same shall be equal to the price
      determined by multiplying the Conversion Price in effect immediately prior
      to the close of business on the Record Date (as defined in Section
      13.4(g)) with respect to such distribution by a fraction:

            (i)   the numerator of which shall be the Current Market Price
                  (determined as provided in Section 13.4(g)) on such date less
                  the fair market value (as determined by the Board of Directors
                  of the Company, whose determination shall be conclusive and
                  set forth in a Board Resolution) on such date of the portion
                  of the securities 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); and

            (ii)  the denominator of which shall be such Current Market Price.

      Such reduction shall become effective immediately prior to the opening of
      business on the day following the Record Date. However, in the event that
      the then fair market value (as so determined) of the portion of the
      securities so distributed applicable to one share of Common Stock is equal
      to or greater than the Current Market Price on the Record Date, in lieu of
      the foregoing adjustment, adequate provision shall be made so that each
      Holder shall have the right to receive upon conversion of a Note (or any
      portion thereof) the amount of securities such Holder would have received
      had such Holder converted such Note (or portion thereof) immediately prior
      to such Record Date. In the event that such dividend or distribution is
      not so paid or made, the Conversion Price shall again be adjusted to be
      the Conversion Price that would then be in effect if such dividend or
      distribution had not been declared.

      If the Board of Directors of the Company determines the fair market value
      of any distribution for purposes of this Section 13.4(d) by reference to
      the actual or when issued trading market for any securities 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 13.4(g) to the
      extent possible, unless the Board of Directors of the Company in a Board
      Resolution determines in good faith that determining the fair market value
      during the Reference Period would not be in the best interest of the
      Holder. For purposes of any calculation under this Section 13.4(d) in
      which the distribution consists of Capital Stock of one or more
      Subsidiaries or other business units, if such Capital Stock is listed or
      quoted on the New York Stock Exchange or other national or regional
      exchange or market and Closing Prices are available during the relevant
      calculation period, the fair market value of such Capital Stock so listed
      or quoted shall be the average of the daily Closing Prices per share or
      unit of such Capital Stock for the ten consecutive Trading Days commencing
      on and including the fifth Trading Day after the "ex" date (as defined in
      Section 13.4(g)) with respect to the distribution requiring such
      computation, and for this purpose, such reduction shall become effective
      immediately prior to the opening of business on the day following such
      tenth Trading Day.

      Rights or warrants distributed by the Company to all holders of shares of
      Common Stock entitling the holders thereof to subscribe for or purchase
      the Company's Capital Stock (either initially or under certain
      circumstances), which rights or warrants, until the occurrence of a
      specified event or events (a "Trigger Event"):

                  (1) are deemed to be transferred with such shares of Common
            Stock;

                  (2) are not exercisable; and

                                       46
<PAGE>

                  (3) 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 13.4(d) (and no adjustment to the Conversion Price under
            this Section 13.4(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 securities,
            evidences of indebtedness or other assets or entitle the holder to
            purchase a different number or amount of the foregoing or to
            purchase any of the foregoing at a different purchase price, then
            the occurrence of each such event shall be deemed to be the date of
            issuance and record date with respect to a new right or warrant (and
            a termination or expiration of the existing right or warrant without
            exercise by the holder thereof). In addition, in the event of any
            distribution (or deemed distribution) of rights or warrants, or any
            Trigger Event or other event (of the type described in the preceding
            sentence) with respect thereto, that resulted in an adjustment to
            the Conversion Price under this Section 13.4(d);

                  (4) in the case of any such rights or warrants that shall all
            have been redeemed or repurchased without exercise by any holders
            thereof, the Conversion Price 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 warrant (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

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

            For purposes of this Section 13.4(d) and Sections 13.4(a), 13.4(b)
      and 13.4(c), any dividend or distribution to which this Section 13.4(d) is
      applicable that also includes shares of Common Stock, a subdivision or
      combination of shares of Common Stock to which Section 13.4(c) applies, or
      rights or warrants to subscribe for or purchase shares of Common Stock to
      which Section 13.4(c) applies (or any combination thereof), shall be
      deemed instead to be:

                  (1) 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 to which Sections 13.4(a),
            13.4(b) and 13.4(c) apply, respectively (and any Conversion Price
            reduction required by this Section 13.4(d) with respect to such
            dividend or distribution shall then be made), immediately followed
            by

                  (2) a dividend or distribution of such shares of Common Stock,
            such subdivision or combination or such rights or warrants (and any
            further Conversion Price reduction required by Sections 13.4(a),
            13.4(b) and 13.4(c) with respect to such dividend or distribution
            shall then be made), except:

                  (A)   the Record Date of such dividend or distribution shall
                        be substituted as (x) "the date fixed for the
                        determination of shareholders entitled to receive such
                        dividend or other distribution," "Record Date fixed for
                        such determinations" and "Record Date" within the
                        meaning of Section 13.4(a), (y) "the day upon which such
                        subdivision becomes effective" and "the day upon which
                        such combination becomes effective" within the meaning
                        of Section 13.4(b), and (z) as "the date fixed for the
                        determination of shareholders entitled to receive such
                        rights or warrants," "the Record Date fixed for the
                        determination of the shareholders entitled to receive
                        such rights or warrants" and such "Record Date" within
                        the meaning of Section 13.4(c); and

                                       47
<PAGE>

                  (B)   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 13.4(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, by dividend or otherwise, distribute to all
      holders of shares of Common Stock cash (excluding any cash that is
      distributed upon a reclassification, change, merger, combination, sale,
      conveyance, consolidation or statutory share exchange to which Section
      13.11 applies or as part of a distribution referred to in Section
      13.4(d)), then and in each such case, immediately after the close of
      business on the Record Date of such distribution, the Conversion Price
      shall be reduced so that the same shall equal the price determined by
      multiplying the Conversion Price in effect immediately prior to the close
      of business on such Record Date by a fraction:

            (i)   the numerator of which shall be equal to the Current Market
                  Price on such Record Date less the full amount of such
                  distribution, in each case, applicable to one share of Common
                  Stock; and

            (ii)  the denominator of which shall be equal to the Current Market
                  Price on the Record Date.

      However, as determined by the Board of Directors of the Company, whose
      determination shall be conclusive and set forth in a Board Resolution, the
      Company may in lieu of the foregoing adjustment, make adequate provision
      so that each Holder shall have the right to receive upon conversion of a
      Note (or any portion thereof) the amount of cash such Holder would have
      received had such Holder converted such Note (or portion thereof)
      immediately prior to such Record Date. In the event that such dividend or
      distribution is not so paid or made, the Conversion Price shall again be
      adjusted to be the Conversion Price that would then be in effect if such
      dividend or distribution had not been declared.

      (f) In case a tender or exchange offer made by the Company or any of its
      subsidiaries to all holders of shares of Common Stock for all or any
      portion of the shares of Common Stock shall expire and such tender or
      exchange offer (as amended upon the expiration thereof) shall require the
      payment to shareholders (based on the acceptance (up to any maximum
      specified in the terms of the tender or exchange offer) of Purchased
      Shares) of an aggregate consideration having a fair market value (as
      determined by the Board of Directors of the Company, whose determination
      shall be conclusive and set forth in a Board Resolution), as of the
      expiration of such tender or exchange offer that exceeds the Closing Price
      of the Common Stock on the Trading Day next succeeding the last date (the
      "Expiration Time") tenders or exchanges could have been made pursuant to
      such tender or exchange offer (as it may be amended) multiplied by the
      number of shares of Common Stock outstanding (including any tendered or
      exchanged shares) on the Expiration Time, then, and in each such case,
      immediately prior to the opening of business on the day after the date of
      the Expiration Time, the Conversion Price shall be adjusted so that the
      same shall equal the price determined by multiplying the Conversion Price
      in effect immediately prior to close of business on the date of the
      Expiration Time by a fraction:

            (i)   the numerator of which shall be the number of shares of Common
                  Stock outstanding (including any Purchased Shares) at the
                  Expiration Time multiplied by the Current Market Price of the
                  shares of Common Stock beginning on the Trading Day next
                  succeeding the Expiration Time; and

            (ii)  the denominator shall be the sum of (x) the fair market value
                  (determined by the Board of Directors of the Company, whose
                  determination shall be conclusive and set forth in a Board
                  Resolution) of the aggregate consideration payable to
                  shareholders based on the acceptance (up to any maximum
                  specified in the terms of the tender or exchange offer) of all
                  shares validly tendered or exchanged and not withdrawn as of
                  the Expiration Time (the shares deemed so accepted, up to any
                  such maximum, being referred to as the "Purchased Shares") and
                  (y) the product of the number of shares of Common Stock

                                       48
<PAGE>

                  outstanding (less any Purchased Shares) as of the Expiration
                  Time and the Current Market Price of the shares of Common
                  Stock beginning on the Trading Day next succeeding the
                  Expiration Time.

      Such reduction (if any) shall become effective immediately prior to the
      opening of business on the day following the Expiration Time. In the event
      that the Company is obligated to purchase shares pursuant to any such
      tender or exchange offer, but the Company is permanently prevented by
      applicable law from effecting any such purchases or all such purchases are
      rescinded, the Conversion Price shall again be adjusted to be the
      Conversion Price that would then be in effect if such tender or exchange
      offer had not been made. If the application of this Section 13.4(f) to any
      tender or exchange offer would result in an increase in the Conversion
      Price, no adjustment shall be made for such tender or exchange offer under
      this Section 13.4(f).

      (g) For purposes of this Section 13.4, the following terms shall have the
      meanings indicated:

                        (1) "Current Market Price" shall mean the average of the
                  daily Closing Prices per share of Common Stock for the ten
                  consecutive Trading Days ending on the earlier of the date of
                  determination and the day before the "ex" date (as defined
                  below) with respect to the distribution requiring such
                  computation; provided, however, that for purposes of any
                  calculation under Section 13.4(d) in which the distribution
                  consists of Capital Stock of one or more Subsidiaries or other
                  business units, the Current Market Price shall mean the
                  average of the daily Closing Prices per share of Common Stock
                  for the ten consecutive Trading Days commencing on and
                  including the fifth Trading Day after the "ex" date with
                  respect to the distribution requiring such computation. For
                  purposes of this definition, "ex" date shall mean:

                  (A)   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 Closing Price was obtained without
                        the right to receive such issuance or distribution;

                  (B)   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

                  (C)   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 Time of such offer.

                  Notwithstanding the foregoing, whenever successive adjustments
                  to the Conversion Price are called for pursuant to this
                  Section 13.4, such adjustments shall be made to the Current
                  Market Price as may be necessary or appropriate to effectuate
                  the intent of this Section 13.4 and to avoid unjust or
                  inequitable results as determined in good faith by the Board
                  of Directors of the Company;

                        (2) "fair market value" shall mean the amount that a
                  willing buyer would pay a willing seller in an arm's length
                  transaction; provided, however, that for purposes of any
                  calculation under Section 13.4(d) in which the distribution
                  consists of Capital Stock of one or more Subsidiaries or other
                  business units, if such Capital Stock is listed or quoted on
                  the New York Stock Exchange or other national or regional
                  exchange or market and Closing Prices are available during the
                  relevant calculation period, the fair market value of such
                  Capital Stock so listed or quoted shall be the average of the
                  daily Closing Prices per share or unit of such Capital Stock
                  for the ten consecutive Trading Days commencing on and
                  including the fifth Trading Day after the "ex" date (as
                  defined in this Section 13.4(g)) with respect to the
                  distribution requiring such computation; and

                                       49
<PAGE>

                        (3) "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 shareholders entitled to receive such cash, securities or
                  other property (whether such date is fixed by the Board of
                  Directors of the Company or by statute, contract or
                  otherwise).

      (h) The Company may make such reductions in the Conversion Price, in
      addition to those required by Sections 13.4(a), (b), (c), (d), (e) or (f),
      as the Board of Directors of the Company considers to be advisable to
      avoid or diminish any income tax to holders of shares of Common Stock or
      rights to purchase shares of Common Stock resulting from any dividend or
      distribution of stock (or rights to acquire stock) or from any event
      treated as such for income tax purposes.

      To the extent permitted by applicable law, the Company from time to time
      may reduce the Conversion Price by any amount for any period of time if
      the period is at least 20 days and the reduction is irrevocable during the
      period and the Board of Directors of the Company determines in good faith
      that such reduction would be in the best interests of the Company, which
      determination shall be conclusive and set forth in a Board Resolution.
      Whenever the Conversion Price is reduced 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 a notice of the
      reduction at least 15 days prior to the date the reduced Conversion Price
      takes effect, and such notice shall state the reduced Conversion Price and
      the period during which it will be in effect.

      Notwithstanding the foregoing, any action taken under the two immediately
      preceding paragraphs shall be subject to approval of The Nasdaq Stock
      Market, Inc.

      Adjustment to the Conversion Price is not necessary if Holders may
      participate in the transactions otherwise giving rise to an adjustment on
      a basis and with notice that the Board of Directors of the Company
      determines to be fair and appropriate. Such participation is subject to
      acceptance by The Nasdaq Stock Market, Inc. In cases where the fair market
      value of the portion of assets, debt securities or rights, warrants or
      options to purchase securities of the Company applicable to one share of
      Common Stock distributed to shareholders exceeds the average sale price
      per share of Common Stock, or the average sale price per share of options
      on shares of Common Stock so distributed by less than $1.00, rather than
      being entitled to an adjustment in the Conversion Price, a Holder, upon
      conversion of a Note, will be entitled to receive (in addition to the
      shares of Common Stock into which such Note is convertible) the kind and
      amounts of assets, debt securities or rights, options or warrants
      comprising the distribution that such Holder would have received if such
      Holder had converted such Note immediately prior to the record date for
      determining the shareholders entitled to receive such distribution.

            (i)   No adjustment in the Conversion Rate shall be required unless
                  such adjustment would require an increase or decrease of at
                  least one-tenth of 1% in such price; provided, however, that
                  any adjustments that by reason of this Section 13.4(i) are not
                  required to be made shall be carried forward and taken into
                  account in any subsequent adjustment. All calculations under
                  this Article 13 shall be made by the Company and shall be made
                  to the nearest cent or to the nearest one-ten-thousandth
                  (1/10,000th) of a share, as the case may be. No adjustment
                  need be made for a change in the par value or no par value of
                  the shares of Common Stock.

      (i) In any case in which this Section 13.4 provides that an adjustment
      shall become effective immediately after a Record Date for an event, the
      Company may defer until the occurrence of such event (i) issuing to the
      Holder of any Note converted after such Record Date and before the
      occurrence of such event the additional shares of Common Stock issuable
      upon such conversion by reason of the adjustment required by such event
      over and above the shares of Common Stock issuable upon such conversion
      before giving effect to such adjustment and (ii) paying to such holder any
      amount in cash in lieu of any fraction pursuant to Section 13.3.

                                       50
<PAGE>

      (j) For purposes of this Section 13.4, the number of shares of Common
      Stock at any time outstanding shall not include shares held in the
      treasury of the Company but shall include shares issuable in respect of
      scrip certificates issued in lieu of fractions of shares of Common Stock.
      The Company will not pay any dividend or make any distribution on shares
      of Common Stock held in the treasury of the Company.

      (k) To the extent that the Company has a share rights plan in effect upon
      conversion of Notes, the Holders of the Notes will receive, in addition to
      the shares of Common Stock into which the Notes are convertible, the
      rights under such rights plan, unless such rights have separated from the
      Common Stock at the time of such conversion, and, as a result, upon
      conversion of the Notes, the Holder of the Notes would not be entitled to
      receive such rights, then in such case the Conversion Price will be
      adjusted as described in this Section 13.4(d).

13.5 NOTICE OF ADJUSTMENTS OF CONVERSION PRICE. Whenever the Conversion Price is
adjusted as herein provided (other than in the case of an adjustment pursuant to
the second paragraph of Section 13.4(h) for which the notice required by such
paragraph has been provided), the Company shall promptly file with the Trustee
and any Conversion Agent an Officers' Certificate setting forth the adjusted
Conversion Price and showing in reasonable detail the facts upon which such
adjustment is based; provided that the Trustee shall have no duty or obligation
to verify the accuracy of the adjusted Conversion Price. Promptly after delivery
of such Officers' Certificate, the Company shall prepare a notice stating that
the Conversion Price has been adjusted and setting forth the adjusted Conversion
Price and the date on which each adjustment becomes effective, and shall mail
such notice to each Holder at the address of such Holder as it appears in the
Register within 20 days of the effective date of such adjustment. Failure to
deliver such notice shall not effect the legality or validity of any such
adjustment.

13.6 NOTICE PRIOR TO CERTAIN ACTIONS.

      In case at any time after the date hereof:

      (a) the Company shall declare a dividend (or any other distribution) on
      shares of Common Stock payable otherwise than in cash out of its capital
      surplus or its consolidated retained earnings;

      (b) the Company shall authorize the granting to the holders of shares of
      Common Stock of rights or warrants to subscribe for or purchase any shares
      of capital stock of any class (or of securities convertible into shares of
      capital stock of any class) or of any other rights;

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

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

the Company shall cause to be filed at each office or agency maintained for the
purpose of conversion of securities pursuant to Section 9.2, and shall cause to
be provided to the Trustee and all Holders in accordance with Section 15.2, at
least 20 days (or 10 days in any case specified in clause (1) or (2) above)
prior to the applicable record or effective date hereinafter specified, a notice
stating:

            (i)   the date on which a record is to be taken for the purpose of
                  such dividend, distribution, rights or warrants, or, if a
                  record is not to be taken, the date as of which the holders of
                  shares of Common Stock of record to be entitled to such
                  dividend, distribution, rights or warrants are to be
                  determined; or

                                       51
<PAGE>

            (ii)  the date on which such reclassification, merger,
                  consolidation, statutory share exchange, combination, sale,
                  transfer, conveyance, dissolution, liquidation or winding up
                  is expected to become effective, and the date as of which it
                  is expected that holders of shares of Common Stock of record
                  shall be entitled to exchange their shares of Common Stock for
                  securities, cash or other property deliverable upon such
                  reclassification, merger, consolidation, statutory share
                  exchange, sale, transfer, dissolution, liquidation or winding
                  up.

Neither the failure to give such notice nor any defect therein shall affect the
legality or validity of the proceedings or actions described in clauses (a)
through (d) of this Section 13.6.

13.7 COMPANY TO RESERVE COMMON STOCK. The Company shall at all times use its
reasonable efforts to 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 Notes, the full number of fully paid and
nonassessable shares of Common Stock then issuable upon the conversion of all
outstanding Notes.

13.8 TAXES ON CONVERSIONS. Except as provided in the next sentence, the Company
will pay any and all taxes (other than taxes on income) and duties that may be
payable in respect of the issue or delivery of shares of Common Stock on
conversion of Notes pursuant hereto. A Holder delivering a Note for conversion
shall be liable for and will be required to pay any tax or duty that may be
payable in respect of any transfer involved in the issue and delivery of shares
of Common Stock in a name other than that of the Holder of the Note or Notes to
be converted, and no such issue or delivery shall be made unless the Person
requesting such issue has paid to the Company the amount of any such tax or
duty, or has established to the satisfaction of the Company that such tax or
duty has been paid.

13.9 COVENANT AS TO COMMON STOCK. The Company covenants that all shares of
Common Stock that may be issued upon conversion of Notes will upon issue be
fully paid and nonassessable and, except as provided in Section 13.8, the
Company will pay all taxes, liens and charges with respect to the issue thereof.

13.10 CANCELLATION OF CONVERTED NOTES. All Notes delivered for conversion shall
be delivered to the Trustee to be canceled by or at the direction of the
Trustee, which shall dispose of the same as provided in Section 2.11.

13.11 EFFECT OF RECLASSIFICATION, CONSOLIDATION, MERGER OR SALE. If any of
following events occur, namely:

      (a) any reclassification or change of the outstanding shares of Common
      Stock (including a compulsory share exchange but other than changes
      resulting from a subdivision or combination), as a result of which holders
      of shares 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 such shares of Common Stock;

      (b) any merger, consolidation, binding share exchange or combination of
      the Company with another corporation as a result of which holders of
      shares 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 such shares of Common Stock; or

      (c) any sale or conveyance of all or substantially all of the properties
      and assets of the Company to any other Person as a result of which holders
      of shares 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 such shares of Common Stock,

then the Company or the successor or purchasing corporation, as the case may be,
shall execute with the Trustee a supplemental indenture (which shall comply with
the TIA as in force at the date of execution of such supplemental indenture if
such supplemental indenture is then required to so comply) providing that each
Note shall be convertible into (i) the kind and amount of shares of stock and
other securities or property or assets (including cash or any combination
thereof) that the Holder thereof would have been entitled to receive upon such
reclassification, change, merger, consolidation, binding share exchange,
combination, sale or conveyance had such Notes been converted into

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shares of Common Stock immediately prior to such reclassification, change,
merger, consolidation, binding share exchange, combination, sale or conveyance
assuming such holder of shares 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, binding share exchange, sale or
conveyance or (ii) if the Company elects, into Public Acquiror Common Stock
(provided that, in the case of (i) above if the kind or amount of securities,
cash or other property receivable upon such merger, consolidation, binding 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 13.11 the kind and
amount of securities, cash or other property receivable upon such merger,
consolidation, binding 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). The Trustee shall be entitled to rely on
an Opinion of Counsel as to whether any such supplemental indenture is required
to and does comply with the TIA. Such supplemental indenture shall provide for
adjustments that shall be as nearly equivalent as may be practicable to the
adjustments provided for in this Article 13. If, in the case of any such
reclassification, change, merger, consolidation, binding share exchange,
combination, sale or conveyance, the stock or other securities and assets
receivable thereupon by a holder of shares 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, binding 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 Notes as the Board of Directors shall reasonably
consider necessary by reason of the foregoing, including to the extent
practicable the provisions providing for the repurchase rights set forth in
Article 12.

      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, 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 13.11 shall similarly apply to
successive reclassifications, mergers, consolidations, statutory share
exchanges, combinations, sales and conveyances.

      If this Section 13.11 applies to any event or occurrence, then Section
13.4 shall not apply.

13.12 RESPONSIBILITY OF TRUSTEE FOR CONVERSION PROVISIONS. The Trustee, subject
to the provisions of Section 5.1, and any Conversion Agent shall not at any time
be under any duty or responsibility to any Holder of Notes to determine whether
any facts exist that may require any adjustment of the Conversion Price, or with
respect to the nature or intent of any such adjustments when made, or with
respect to the method employed, or herein or in any supplemental indenture
provided to be employed, in making the same. Neither the Trustee, subject to the
provisions of Section 5.1, nor any Conversion Agent shall be accountable with
respect to the validity or value (of the kind or amount) of any shares of Common
Stock, or of any other securities or property, which may at any time be issued
or delivered upon the conversion of any Note; and it or they do not make any
representation with respect thereto. Neither the Trustee, subject to the
provisions of Section 5.1, nor any Conversion Agent shall be responsible for any
failure of the Company to make any cash payment or to issue, transfer or deliver
any shares or share certificates or other securities or property upon the
surrender of any Note for the purpose of conversion; and the Trustee, subject to
the provisions of Section 5.1, and any Conversion Agent shall not be responsible
or liable for any failure of the Company to comply with any of the covenants of
the Company contained in this Article 13.

14. SUBORDINATION OF NOTES

14.1 NOTES SUBORDINATED TO SENIOR DEBT. Notwithstanding any other provision of
this Indenture, the Company and the Trustee each covenants and agrees, and each
Holder, by its acceptance of a Note, likewise covenants and agrees, that all
Notes shall be issued subject to the provisions of this Article 14 and each
Person holding any Note, whether upon original issue or upon transfer,
assignment or exchange thereof, accepts and agrees that the Notes, and all
payments in respect thereof, including Additional Interest and any payments on
account of the Make Whole Premium, shall, to the extent set forth in this
Article 14, be subordinated in right of payment to the prior payment in full, in
cash or cash equivalents, of all amounts that constitute Senior Debt; provided,
however, that the Notes, the Indebtedness represented thereby and the payment of
the principal of and premium, if any, and

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<PAGE>

interest on the Notes in all respects shall rank equally with, or prior to, all
existing and future Indebtedness of the Company that is expressly subordinated
to any Senior Debt.

      (a) In the event of any distribution of assets of the Company upon any
      dissolution, winding up, liquidation or reorganization of the Company,
      whether in bankruptcy, insolvency, reorganization or receivership
      proceedings or upon an assignment for the benefit of creditors or any
      other marshalling of the assets and liabilities of the Company or
      otherwise, the holders of all Senior Debt shall first be entitled to
      receive payment of the full amount due thereon in respect of all such
      Senior Debt and all other amounts due or provision shall be made for such
      amount in cash, or other payments satisfactory to the holders of Senior
      Debt, before the Holders of any of the Notes are entitled to receive any
      payment or distribution of any character, whether in cash, securities or
      other property, on account of the principal of or premium, if any, or
      interest (including Additional Interest, if any) on the Notes.

      (b) In the event of any acceleration of Maturity of the Notes because of
      an Event of Default, unless the full amount due in respect of all Senior
      Debt is paid in cash or other form of payment satisfactory to the holders
      of Senior Debt, no payment shall be made by the Company with respect to
      the principal of, premium, if any, or interest (including Additional
      Interest, if any) on the Notes or to acquire any of the Notes (including
      any redemption, conversion or cash repurchase pursuant to the exercise of
      the Repurchase Right or otherwise), and the Company shall give prompt
      written notice of such acceleration to such holders of Senior Debt.

      (c) In the event of and during the continuance of any default in payment
      of the principal of or premium, if any, or interest on, rent or other
      payment obligation in respect of, any Senior Debt, unless all such
      payments due in respect of such Senior Debt have been paid in full in cash
      or other payments satisfactory to the holders of Senior Debt, no payment
      shall be made by the Company with respect to the principal of, premium, if
      any, or interest (including Additional Interest, if any) on the Notes or
      to acquire any of the Notes (including any redemption, conversion or cash
      repurchase pursuant to the exercise of the Repurchase Right). The Company
      shall give prompt written notice to the Trustee of any default under any
      Senior Debt or under any agreement pursuant to which Senior Debt may have
      been issued.

      (d) During the continuance of any event of default with respect to any
      Designated Senior Debt, as such event of default is defined under any such
      Designated Senior Debt or in any agreement pursuant to which any
      Designated Senior Debt has been issued (other than a default in payment of
      the principal of or premium, if any, or interest on, rent or other payment
      obligation in respect of any Designated Senior Debt), permitting the
      holder or holders of such Designated Senior Debt to accelerate the
      maturity thereof (or in the case of any lease, permitting the landlord
      either to terminate the lease or to require the Company to make an
      irrevocable offer to terminate the lease following an event of default
      thereunder), no payment shall be made by the Company, directly or
      indirectly, with respect to principal of, premium, if any, or interest
      (including Additional Interest, if any) on the Notes for 179 days
      following notice in writing (a "Payment Blockage Notice") to the Company,
      from any holder or holders of such Designated Senior Debt or their
      representative or representatives or the trustee or trustees under any
      indenture or under which any instrument evidencing any such Designated
      Senior Debt may have been issued, that such an event of default has
      occurred and is continuing, unless such event of default has been cured or
      waived or such Designated Senior Debt has been paid in full in cash or
      other payment satisfactory to the holders of such Designated Senior Debt;
      provided, however, if the maturity of such Designated Senior Debt is
      accelerated (or in the case of any lease, as a result of such event of
      default, the landlord under the lease has given the Company notice of its
      intention to terminate the lease or to require the Company to make an
      irrevocable offer to terminate the lease following an event of default
      thereunder), no payment may be made on the Notes until such Designated
      Senior Debt has been paid in full in cash or other payment satisfactory to
      the holders of such Designated Senior Debt or such acceleration (or
      termination, in the case of a lease) has been cured or waived.

      (e) For purposes of this Section 14.1(d), such Payment Blockage Notice
      shall be deemed to include notice of all other events of default under
      such indenture or instrument which are continuing at the time of the event
      of default specified in such Payment Blockage Notice. The provisions of
      this Section 14.1(d) shall apply only to one such Payment Blockage Notice
      given in any period of 360 days with respect to any

                                       54
<PAGE>

      issue of Designated Senior Debt, and no such continuing event of default
      that existed or was continuing on the date of delivery of any Payment
      Blockage Notice shall be, or shall be made, the basis for a subsequent
      Payment Blockage Notice, unless such event of default shall have been
      cured or waived for a period of not less than 90 consecutive days.

      (f) In the event that, notwithstanding the foregoing provisions of
      Sections 14.1(a), 14.1(b), 14.1(c) and 14.1(d), any payment on account of
      principal, premium, if any, or interest (including Additional Interest, if
      any) on the Notes shall be made by or on behalf of the Company and
      received by the Trustee, by any Holder or by any Paying Agent (or, if the
      Company is acting as its own Paying Agent, money for any such payment
      shall be segregated and held in trust):

            (i)   after the occurrence of an event specified in Section 14.1(a)
                  or 14.1(b), then, unless all Senior Debt is paid in full in
                  cash, or provision shall be made therefor;

            (ii)  after the happening of an event of default of the type
                  specified in Section 14.1(c), then, unless the amount of such
                  Senior Debt then due shall have been paid in full, or
                  provision made therefor or such event of default shall have
                  been cured or waived; or

            (iii) after the happening of an event of default of the type
                  specified in Section 14.1(d) and delivery of a Payment
                  Blockage Notice, then, unless such event of default shall have
                  been cured or waived or the 179-day period specified in
                  Section 14.1(d) shall have expired,

such payment (subject, in each case, to the provisions of Section 14.7) shall be
held in trust for the benefit of, and shall be immediately paid over to, the
holders of Designated Senior Debt (unless an event described in Section 14.1(a),
(b) or (c) has occurred, in which case the payment shall be held in trust for
the benefit of, and shall be immediately paid over to all holders of Senior
Debt) or their representative or representatives or the trustee or trustees
under any indenture under which any instruments evidencing any of the Designated
Senior Debt or Senior Debt, as the case may be, may have been issued, as their
interests may appear.

14.2 SUBROGATION. Subject to the payment in full of all Senior Debt to which the
Indebtedness evidenced by the Notes is in the circumstances subordinated as
provided in Section 14.1, the Holders of the Notes shall be subrogated to the
rights of the holders of such Senior Debt to receive payments or distributions
of cash, property or securities of the Company applicable to such Senior Debt
until all amounts owing on the Notes shall be paid in full, and, as between the
Company, its creditors other than holders of such Senior Debt, and the Holders
of the Notes, no such payment or distribution made to the holders of Senior Debt
by virtue of this Article 14 which otherwise would have been made to the holders
of the Notes shall be deemed to be a payment by the Company on account of such
Senior Debt; provided, however, that the provisions of this Article are and are
intended solely for the purpose of defining the relative rights of the Holders
of the Notes, on the one hand, and the holders of Senior Debt, on the other
hand.

14.3 OBLIGATION OF THE COMPANY IS ABSOLUTE AND UNCONDITIONAL. Nothing contained
in this Article or elsewhere in this Indenture or in the Notes is intended to or
shall impair, as between the Company, its creditors other than the holders of
Senior Debt, and the Holders of the Notes, the obligation of the Company, which
is absolute and unconditional, to pay to the Holders of the Notes the principal
of and premium, if any, and interest (including Additional Interest, if any) on
the Notes as and when the same shall become due and payable in accordance with
their terms, or is intended to or shall affect the relative rights of the
Holders of the Notes and creditors of the Company other than the holders of
Senior Debt, nor shall anything contained herein or therein prevent the Trustee
or the Holder of any Security from exercising all remedies otherwise permitted
by applicable law upon default under this Indenture, subject to the rights, if
any, under this Article of the holders of Senior Debt in respect of cash,
property or securities of the Company received upon the exercise of any such
remedy.

14.4 MATURITY OF OR DEFAULT ON SENIOR DEBT. Upon the maturity of any Senior Debt
by lapse of time, acceleration or otherwise, all principal of or premium, if
any, or interest on, rent or other payment obligations in respect of all such
matured Senior Debt shall first be paid in full, or such payment shall have been
duly provided for,

                                       55
<PAGE>

before any payment on account of principal, or premium, if any, or interest
(including Additional Interest, if any) is made upon the Notes.

14.5 PAYMENTS ON NOTES PERMITTED. Except as expressly provided in this Article,
nothing contained in this Article shall affect the obligation of the Company to
make, or prevent the Company from making, payments of the principal of, or
premium, if any, or interest (including Additional Interest, if any) on the
Notes in accordance with the provisions hereof and thereof, or shall prevent the
Trustee or any Paying Agent from applying any moneys deposited with it hereunder
to the payment of the principal of, or premium, if any, or interest (including
Additional Interest, if any) on the Notes.

14.6 EFFECTUATION OF SUBORDINATION BY TRUSTEE. Each Holder of Notes, by such
Holder's acceptance thereof, authorizes and directs the Trustee on such Holder's
behalf to take such action as may be necessary or appropriate to effectuate the
subordination provided in this Article and appoints the Trustee such Holder's
attorney-in-fact for any and all such purposes.

      Upon any payment or distribution of assets of the Company referred to in
this Article 14, the Trustee and the Holders of the Notes shall be entitled to
rely upon any order or decree made by any court of competent jurisdiction in
which any such dissolution, winding up, liquidation or reorganization proceeding
affecting the affairs of the Company is pending or upon a certificate of the
trustee in bankruptcy, receiver, assignee for the benefit of creditors,
liquidating trustee or agent or other Person making any payment or distribution,
delivered to the Trustee or to the Holders of the Notes, for the purpose of
ascertaining the Persons entitled to participate in such payment or
distribution, and as to other facts pertinent to the right of such Persons under
this Article, and if such evidence is not furnished, the Trustee may defer any
payment to such Persons pending judicial determination as to the right of such
Persons to receive such payment.

14.7 KNOWLEDGE OF TRUSTEE. Notwithstanding the provision of this Article 14 or
any other provisions of this Indenture, the Trustee shall not be charged with
knowledge of the existence of any Senior Debt, of any default in payment of
principal of, premium, if any, or interest on, rent or other payment obligation
in respect of any Senior Debt, or of any facts which would prohibit the making
of any payment of moneys to or by the Trustee, or the taking of any other action
by the Trustee, unless a Responsible Officer of the Trustee having
responsibility for the administration of the trust established by this Indenture
shall have received written notice thereof from the Company, any Holder of
Notes, any Paying or Conversion Agent of the Company or the holder or
representative of any class of Senior Debt, and, prior to the receipt of any
such written notice, the Trustee shall be entitled in all respects to assume
that no such default or facts exist; provided, however, that unless on the third
Business Day prior to the date upon which by the terms hereof any such moneys
may become payable for any purpose the Trustee shall have received the notice
provided for in this Section 14.7, then, anything herein contained to the
contrary notwithstanding, the Trustee shall have full power and authority to
receive such moneys and apply the same to the purpose for which they were
received, and shall not be affected by any notice to the contrary which may be
received by it on or after such date.

14.8 TRUSTEE'S RELATION TO SENIOR DEBT. The Trustee shall be entitled to all the
rights set forth in this Article with respect to any Senior Debt at the time
held by it, to the same extent as any other holder of Senior Debt and nothing in
this Indenture shall deprive the Trustee of any of its rights as such holder.

      Nothing contained in this Article 14 shall apply to claims of or payments
to the Trustee under or pursuant to Section 5.7.

      With respect to the holders of Senior Debt, the Trustee undertakes to
perform or to observe only such of its covenants and obligations as are
specifically set forth in this Article, and no implied covenants or obligations
with respect to the holders of Senior Debt shall be read into this Indenture
against the Trustee. The Trustee shall not be deemed to owe any fiduciary duty
to the holders of Senior Debt and the Trustee shall not be liable to any holder
of Senior Debt if it shall pay over or deliver to Holders, the Company or any
other Person moneys or assets to which any holder of Senior Debt shall be
entitled by virtue of this Article or otherwise.

14.9 RIGHTS OF HOLDERS OF SENIOR DEBT NOT IMPAIRED. No right of any present or
future holder of any Senior Debt to enforce the subordination herein shall at
any time or in any way be prejudiced or impaired by any act or failure to act on
the part of the Company or by any noncompliance by the Company with the terms,
provisions

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<PAGE>

and covenants of this Indenture, regardless of any knowledge thereof any such
holder may have or be otherwise charged with.

14.10 MODIFICATION OF TERMS OF SENIOR DEBT. Any renewal or extension of the time
of payment of any Senior Debt or the exercise by the holders of Senior Debt of
any of their rights under any instrument creating or evidencing Senior Debt,
including without limitation the waiver of default thereunder, may be made or
done all without notice to or assent from the Holders of the Notes or the
Trustee.

      No compromise, alteration, amendment, modification, extension, renewal or
other change of, or waiver, consent or other action in respect of, any liability
or obligation under or in respect of, or of any of the terms, covenants or
conditions of any indenture or other instrument under which any Senior Debt is
outstanding or of such Senior Debt, whether or not such release is in accordance
with the provisions or any applicable document, shall in any way alter or affect
any of the provisions of this Article or of the Notes relating to the
subordination thereof.

14.11 CERTAIN CONVERSIONS NOT DEEMED PAYMENT. For the purposes of this Article
14 only:

      (a) the issuance and delivery of junior securities upon conversion of
      Notes in accordance with Article 13 shall not be deemed to constitute a
      payment or distribution on account of the principal of, premium, if any,
      or interest (including Additional Interest, if any) on Notes or on account
      of the purchase or other acquisition of Notes, and

      (b) the payment, issuance or delivery of cash (except in satisfaction of
      fractional shares pursuant to Section 14.3), property or securities (other
      than junior securities) upon conversion of a Security shall be deemed to
      constitute payment on account of the principal of, premium, if any, or
      interest (including Additional Interest, if any) on such Security.

      (c) For the purposes of this Section 14.11, the term "junior securities"
      means:

            (i)   shares of any Common Stock; or

            (ii)  other securities of the Company that are subordinated in right
                  of payment to all Senior Debt that may be outstanding at the
                  time of issuance or delivery of such securities to
                  substantially the same extent as, or to a greater extent than,
                  the Notes are so subordinated as provided in this Article.

      (d) Nothing contained in this Article 14 or elsewhere in this Indenture or
      in the Notes is intended to or shall impair, as among the Company, its
      creditors (other than holders of Senior Debt) and the Holders of Notes,
      the right, which is absolute and unconditional, of the Holder of any
      Security to convert such Security in accordance with Article 13.

15. OTHER PROVISIONS OF GENERAL APPLICATION

15.1 TRUST INDENTURE ACT CONTROLS. This Indenture is subject to the provisions
of the TIA that are required to be part of this Indenture, and shall, to the
extent applicable, be governed by such provisions.

15.2 NOTICES. Any notice or communication to the Company or the Trustee is duly
given if in writing and delivered in person or mailed by first-class mail or by
overnight delivery service to the address set forth below:

      (a) if to the Company:

          Evergreen Solar, Inc.
          138 Bartlett Street
          Marlboro, Massachusetts 01752
          Attention:   Chief Financial Officer

          with a copy to:

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<PAGE>

          Wilson Sonsini Goodrich & Rosati
          Professional Corporation
          Two Fountain Square
          Reston Tower Center
          11921 Freedom Drive, Suite 600
          Reston, Virginia 20190
          Attention: Robert Sanchez, Esq.

      (b) if to the Trustee:

          U.S. Bank National Association
          633 West Fifth Street, 24th Floor
          Los Angeles California 90071
          Attention: Corporate Trust Services (Evergreen Solar 4.375%
            Convertible Subordinated Notes due 2012)

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

      Any notice or communication to a Holder shall be mailed by first-class
      mail to his address shown on the Register kept by the Registrar or, if the
      Holder is the Depositary, sent by facsimile or overnight delivery
      services. Failure to mail a notice or communication to a Holder or any
      defect in such notice or communication shall not affect its sufficiency
      with respect to other Holders.

      If a notice or communication is mailed or sent in the manner provided
      above within the time prescribed, it is duly given as of the date it is
      mailed, whether or not the addressee receives it, except that notice to
      the Trustee shall only be effective upon receipt thereof by the Trustee.

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

15.3 COMMUNICATION BY HOLDERS WITH OTHER HOLDERS. Holders may communicate
pursuant to Section 312(b) of the TIA with other Holders with respect to their
rights under the Notes or this Indenture. The Company, the Trustee, the
Registrar and anyone else shall have the protection of Section 312(c) of the
TIA.

15.4 ACTS OF HOLDERS OF NOTES.

      (a) Any request, demand, authorization, direction, notice, consent, waiver
      or other action provided by this Indenture to be given or taken by Holders
      of Notes may be embodied in and evidenced by:

                        (1) one or more instruments of substantially similar
                  tenor signed by such Holders in person or by agent or proxy
                  duly appointed in writing;

                        (2) the record of Holders of Notes voting in favor
                  thereof, either in person or by proxies duly appointed in
                  writing, at any meeting of Holders of Notes duly called and
                  held in accordance with the provisions of Article 9; or

                        (3) a combination of such instruments and any such
                  record.

      Except as herein otherwise expressly provided, such action shall become
      effective when such instrument or instruments or record or both are
      delivered to the Trustee and, where it is hereby expressly required, to
      the Company. Such instrument or instruments and record (and the action
      embodied therein and evidenced thereby) are herein sometimes referred to
      as the "Act of the Holders" of Notes signing such instrument or
      instruments and so voting at such meeting. Proof of execution of any such
      instrument or of a writing appointing any such agent or proxy, or of the
      holding by any Person of a Note, shall be sufficient for any

                                       58
<PAGE>

      purpose of this Indenture and (subject to Section 6.1) conclusive in favor
      of the Trustee and the Company if made in the manner provided in this
      Section. The record of any meeting of Holders of Notes shall be proved in
      the manner provided in Section 8.6.

      (b) The fact and date of the execution by any Person of any such
      instrument or writing may be provided in any manner that the Trustee
      reasonably deems sufficient.

      (c) The principal amount and serial numbers of Notes held by any Person,
      and the date of such Person holding the same, shall be proved by the
      Register.

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

15.5 CERTIFICATE AND OPINION AS TO CONDITIONS PRECEDENT. In any case where
several matters are required to be certified by, or covered by an opinion of,
any specified Person, it is not necessary that all such matters be certified by,
or covered by the opinion of, only one such Person, or that they be so certified
or covered by only one document, but one such Person may certify or give an
opinion with respect to some matters and one or more other such Persons as to
other matters, and any such Person may certify or give an opinion as to such
matters in one or several documents. Any certificate or opinion of an officer of
the Company may be based, insofar as it relates to legal matters, upon an
Opinion of Counsel, unless such officer knows, or in the exercise of reasonable
care should know, that the Opinion of Counsel with respect to the matters upon
which such certificate or opinion is based is erroneous. Any such Opinion of
Counsel may be based, insofar as it relates to factual matters, upon a
certificate or representations by, an officer or officers of the Company stating
that the information with respect to such factual matters is in the possession
of the Company, unless such counsel knows, or in the exercise of reasonable care
should know, that the certificate or representations with respect to such
matters are erroneous.

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

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

15.6 STATEMENTS REQUIRED IN CERTIFICATE OR OPINION. Each certificate or opinion
with respect to compliance with a condition or covenant provided for in this
Indenture shall include:

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

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

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

                                       59
<PAGE>

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

15.7 EFFECT OF HEADINGS AND TABLE OF CONTENTS. The Article and Section headings
herein and the Table of Contents are for convenience only and shall not affect
the construction hereof.

15.8 SUCCESSORS AND ASSIGNS. All covenants and agreements in this Indenture by
the Company shall bind their successors and assigns, whether so expressed or
not.

15.9 SEPARABILITY CLAUSE. In case any provision in this Indenture or the Notes
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.

15.10 BENEFITS OF INDENTURE. Nothing contained in this Indenture or in the
Notes, express or implied, shall give to any Person, other than the parties
hereto and their successors hereunder and the Holders of Notes, any benefit or
legal or equitable right, remedy or claim under this Indenture.

15.11 GOVERNING LAW. THIS INDENTURE AND THE NOTES SHALL BE GOVERNED BY, AND
CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

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

15.13 LEGAL HOLIDAYS. In any case where any Interest Payment Date, Redemption
Date, Repurchase Date or stated maturity of any Note shall not be a Business Day
at any Place of Payment, then (notwithstanding any other provision of this
Indenture or of the Notes) payment of interest (including Additional Interest,
if any) or principal or premium, if any, need not be made at such Place of
Payment on such day, but may be made on the next succeeding Business Day at such
Place of Payment with the same force and effect as if made on the Interest
Payment Date, Redemption Date, Repurchase Date or at the stated maturity,
provided, that in the case that payment is made on such succeeding Business Day,
no interest shall accrue on the amount so payable for the period from and after
such Interest Payment Date, Redemption Date, Repurchase Date or stated maturity,
as the case may be.

15.14 RECOURSE AGAINST OTHERS. No recourse for the payment of the principal of
or premium, if any, or interest (including Additional Interest, if any) on any
Note, or for any claim based thereon or otherwise in respect thereof, shall be
had against any incorporator, shareholder, officer or director, as such, past,
present or future, of the Company or any successor corporation, whether by
virtue of any constitution, statute or rule of law or by the enforcement of any
assessment or penalty or otherwise, all such liability being, by the acceptance
thereof and as part of the consideration for the issue thereof, expressly waived
and released.

                                       60
<PAGE>

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

                                       EVERGREEN SOLAR, INC.

                                       By: /s/ Richard G. Chleboski
                                           -------------------------------------
                                           Name:  Richard G. Chleboski
                                           Title: CFO

                                       U.S. BANK NATIONAL ASSOCIATION

                                       By: /s/ Paula Oswald
                                           -------------------------------------
                                           Name:  Paula Oswald
                                           Title: Vice President

                                       61

<PAGE>
                                    EXHIBIT A

                                  FORM OF NOTE

                                 [Face of Note]

    [INSERT RESTRICTIVE SECURITIES LEGEND AND GLOBAL NOTE LEGEND AS REQUIRED]

                              EVERGREEN SOLAR, INC.

                            [Certificate No. _______]

                  4.375% CONVERTIBLE SUBORDINATED NOTE DUE 2012

                             CUSIP NO. ____________

EVERGREEN SOLAR, INC., a corporation duly organized and existing under the laws
of the State of Delaware, (the "COMPANY"), for value received, hereby promises
to pay to ___________________ or registered assigns, the principal sum of
[dollar amount] ([$ AMOUNT]) [if this is a Global Note, then insert - (which
principal amount may from time to time be increased or decreased to such other
principal amounts (which when together with the principal amount of all other
outstanding Notes, shall not exceed U.S. $90,000,000 aggregate principal amount
at any time) by adjustments made on the records of the Trustee in accordance
with the Indenture)] on July 1, 2012 and interest thereon, as provided on the
reverse hereof, until the principal and any unpaid and accrued interest is paid
or duly provided for. The right to payment of the principal and all other
amounts due with respect hereto is subordinated to the rights of Senior Debt as
set forth in the Indenture referred to on the reverse side hereof.

Interest Payment Dates: July 1 and January 1, with the first payment to be made
on January 1, 2006.

Record Dates: June 15 and December 15.

REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS OF THIS NOTE SET FORTH ON THE
REVERSE HEREOF, WHICH FURTHER PROVISIONS SHALL FOR ALL PURPOSES HAVE THE SAME
EFFECT AS IF SET FORTH AT THIS PLACE.

IN WITNESS WHEREOF, EVERGREEN SOLAR, INC. has caused this instrument to be duly
signed.

                                       EVERGREEN SOLAR, INC.

                                       By:_________________________________
                                       Name:
                                       Title:

Dated: _______________

TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

U.S. BANK NATIONAL ASSOCIATION, as Trustee

By: ________________________
    Authorized Signatory

Dated: ________________

                                      A-1
<PAGE>
                                [REVERSE OF NOTE]

                              EVERGREEN SOLAR, INC.

                  4.375% CONVERTIBLE SUBORDINATED NOTE DUE 2012

      1. INTEREST. EVERGREEN SOLAR, INC., a Delaware corporation, promises to
pay interest on the principal amount of this Note at the initial rate shown
above. The Company will pay interest semi-annually on July 1 and January 1 of
each year, with the first payment to be made on January 1, 2006. Interest on the
Notes will accrue at a rate of 4.375% per annum on the principal amount from the
most recent date to which interest has been paid or provided for or, if no
interest has been paid, from June 29, 2005. Interest will be computed on the
basis of a 360-day year of twelve 30-day months.

      2. MATURITY. The Notes will mature on July 1, 2012 ("MATURITY").

      3. METHOD OF PAYMENT. The Company will pay interest on the Notes (except
defaulted interest) to the persons who are registered Holders at the close of
business on the record date set forth on the face of this Note next preceding
the applicable interest payment date. Holders must surrender Notes to the
Company or its designated agent to collect the principal, Redemption Price, or
Repurchase Price of the Notes. The Company will pay all amounts due with respect
to the Notes in money of the United States that at the time of payment is legal
tender for payment of public and private debts. If this Note is in global form,
the Company will pay interest on the Notes by wire transfer of immediately
available funds to The Depository Trust Company. With respect to Notes held
other than in global form, the Company will make payments: (i) by U.S. Dollar
check drawn on a bank in The City of New York mailed to the address of the
Holder; or (ii) upon application to the Registrar not later than the relevant
Record Date by a Holder of an aggregate principal amount in excess of
$5,000,000, by wire transfer in immediately available funds.

      4. PAYING AGENT, REGISTRAR, CONVERSION AGENT. Initially, U.S. Bank
National Association, will act as Paying Agent, Registrar and Conversion Agent.
The Company may change any Paying Agent, Registrar or Conversion Agent without
notice. The Company or any Affiliate of the Company may act as Paying Agent.

      5. INDENTURE. The Company issued the Notes under an Indenture dated as of
June 29, 2005 between the Company and the Trustee. The terms of the Notes
include those stated in the Indenture and those made part of the Indenture by
reference to the Trust Indenture Act of 1939 (15 U.S. Code Sections
77aaa-77bbbb) as in effect on the date of the Indenture. The Notes are subject
to all such terms, and Holders are referred to the Indenture and the Act for a
statement of such terms. The Notes are unsecured subordinated obligations of the
Company limited to $90,000,000 aggregate principal amount, except as otherwise
provided in the Indenture. Terms used herein that are defined in the Indenture
have the meanings assigned to them in the Indenture.

      6. OPTIONAL REDEMPTION. On or after July 6, 2008, the Company may, at its
option, redeem the Notes in whole at any time or in part from time to time (an
"OPTIONAL REDEMPTION") at the following redemption prices for the following
periods: (i) prior to July 1, 2010, 100% of the principal amount of such Notes;
(ii) on or after July 1, 2010 and prior to July 1, 2011, 101.250% of the
principal amount of such Notes; (iii) on or after July 1, 2011 and prior to July
1, 2012, 100.625% of the principal amount of such Notes; and (iv) on July 1,
2012, 100% of the principal amount of such Notes, in each case payable in cash
(the "REDEMPTION PRICE"); provided, however, that (A) the Company may redeem the
Notes pursuant to an Optional Redemption before July 1, 2010 only if the Closing
Price of the Common Stock exceeds 130% of the then-current Conversion Price of
the Notes for at least 20 Trading Days in a period of 30 consecutive Trading
Days ending on the Trading Day prior to the date on which notice of such
Optional Redemption is given and (B) the Company may not redeem the Notes
pursuant to an Optional Redemption if the Company has failed to pay any interest
on the Notes and such failure to pay is continuing or if the principal amount of
the Notes has been accelerated. Notice of any such redemption by the Company
will be given at least 30, but not more than 60, days before any Optional
Redemption Date to each Holder of Notes to be redeemed at such Holder's
registered address. The Company shall pay or deposit funds with the Paying Agent
in the amount of the Redemption Price on or before the Trading Day immediately
preceding the Redemption Date. If notice of such a redemption is provided and
funds are paid or deposited as required, interest on and after the Redemption
Date will cease to accrue on the Notes or portions of Notes called for such a
redemption.

                                      A-2
<PAGE>
In the event that any Redemption Date is not a Business Day, the Company will
pay the Redemption Price on the next Business Day without any additional
interest or other payment due. If less than all the Notes are to be redeemed at
the option of the Company, the Trustee shall select, by lot, on a pro rata basis
or otherwise in accordance with the applicable procedures of the DTC, the Notes
and portions of Notes to be redeemed. The Trustee may select for redemption
Notes and portions of Notes of this series in amounts of whole multiples of
$1,000 principal amount. Notes in denominations larger than $1,000 principal
amount may be redeemed in part but only in whole multiples of $1,000 principal
amount.

      7. REPURCHASE AT OPTION OF HOLDER UPON A DESIGNATED EVENT. If a Designated
Event (as set forth in the Indenture) shall occur at any time prior to Maturity,
each Holder shall have the right, at such Holder's option and subject to the
terms and conditions of the Indenture, to require the Company to purchase any or
all of such Holder's Notes or any portion of the principal amount thereof that
is equal to $1,000 or whole multiples thereof for a repurchase price equal to
100% of the principal amount of the Notes purchased plus accrued and unpaid
interest to, but excluding, the Repurchase Date (the "REPURCHASE PRICE"),
provided that such interest will be paid to the person who was the registered
Holder at the close of business on the record date for the corresponding
interest payment date. Notice of the occurrence and type of Designated Event and
containing the information required to be set forth in such notice by the
Indenture (the "REPURCHASE NOTICE"), including the date selected by the Company
that is not less than 20 nor more than 30 Business Days after the date of the
Repurchase Notice (the "REPURCHASE DATE"), shall be given by the Company to each
Holder at such Holder's registered address, as well as to the Trustee, not more
than 10 days after the Company has become aware of such an occurrence. Each
Holder electing to require the Company to repurchase the Holder's Notes shall
submit such information and documents as are required by the Indenture, to the
Company or its designated agent on or before the close of business on the
Repurchase Date and shall deliver (including by book-entry transfer) the Notes
to be repurchased to the Company or its designated agent. If the Designated
Event is a Termination of Trading, the repurchase price shall be paid in cash.
If the Designated Event is a Change in Control, the repurchase price shall be
paid, at the Company's option, in cash, by issuance and delivery of shares of
Common Stock valued at a discount of 5% from the Market Price of the Common
Stock or in any combination thereof, subject to the terms and conditions of the
Indenture. In the event that a Holder submits Notes to be repurchased, the
Company shall pay or deposit funds with the Paying Agent in the amount of the
Repurchase Price on the Trading Day immediately following the Repurchase Date.
If a Holder submits the required documentation for Notes to be repurchased and
funds are paid or deposited as required, interest on and after the Repurchase
Date will cease to accrue on the Notes or portions of Notes submitted for
repurchase.

      8. CONVERSION. Subject to and upon compliance with the provisions of the
Indenture, a Holder is entitled until the close of business on the Business Day
immediately preceding the Maturity Date, at its option, to convert any Notes
that are whole multiples of $1,000 principal amount into shares of Common Stock
(or, at the option of the Company, into cash or a combination of cash and shares
of Common Stock) at the Conversion Rate in effect at the time of conversion,
subject to the adjustments described below.

      The initial conversion rate is 135.3180 shares of Common Stock per $1,000
principal amount of Notes (subject to adjustment in the event of certain
circumstances as specified in the Indenture, or an effective initial conversion
price of approximately $7.39 per share (subject to adjustment in the event of
certain circumstances as specified in the Indenture.

      If the conversion is in connection with a Change in Control, there shall,
under certain circumstances, be added to the shares of Common Stock otherwise
issuable upon conversion an additional number of shares of Common Stock as a
Make Whole Premium as set forth in the Indenture. In the event that a Change of
Control occurs that would otherwise trigger the obligation of the Company to pay
the Make Whole Premium and the Change in Control constitutes a Public Acquiror
Change in Control, the Company may elect instead to provide that the Notes
become convertible into Public Acquiror Common Stock, subject to certain
conditions as specified in the Indenture).

      The Company will deliver cash in lieu of any fractional share. Upon
conversion, no payment or adjustment for any unpaid and accrued interest and
additional interest, if any, on the Notes will be made, except in certain
circumstances as specified in the Indenture. If a Holder surrenders a Note for
conversion after the record date for the payment of interest but prior to the
corresponding interest payment date, such Note, when surrendered for conversion,
must be accompanied by payment of an amount equal to the interest and additional
interest, if any,

                                      A-3
<PAGE>
thereon that has accrued and will accrue and be paid on the Notes being
converted on the corresponding interest payment date, unless (1) the Notes have
been called for redemption as described in the Indenture, (2) the Notes have
been converted in connection with a Designated Event as described in the
Indenture or (3) overdue interest, if any, exists at the time of conversion with
respect to such Note, but only to the extent of such overdue interest.

      To convert a Note, a Holder must (1) with respect to any Note in
certificated form, (A) complete and sign the Conversion Notice, with appropriate
signature guarantee, on the back of the Note and (B) surrender the Note to the
Conversion Agent, (2) with respect to any interest in a Global Note, (A)
complete, or cause to be completed, the appropriate instruction form for
conversion pursuant to the Depositary's book-entry conversion program and (B)
deliver, or cause to be delivered, to the Conversion Agent by book-entry
delivery the interest in such Global Note being converted, (3) furnish
appropriate endorsements and transfer documents if required by the Registrar or
Conversion Agent, (4) pay funds equal to the interest payable on the next
interest payment date to which such Holder is not entitled, if any, (as provided
in the last sentence of the above paragraph) and (5) pay any transfer or similar
tax if required. A Holder may convert a portion of a Note if the portion is
$1,000 principal amount or a positive integral multiple of $1,000 principal
amount.

      Any shares issued upon conversion of a Note shall bear the Restrictive
Securities Legend until after the second anniversary of the later of the issue
date for the Notes (unless the Company determines otherwise in accordance with
applicable law) or the last date on which the Company or any of its affiliates
was the owner of such shares or the Note (or any predecessor notes) from which
such shares were converted (or such shorter period of time) (the "Resale
Restriction Termination Date").

      9. SUBORDINATION. The Notes are subordinated in right of payment, in the
manner and to the extent set forth in the Indenture, to the prior payment in
full of all Senior Debt. Each Holder by accepting a Note agrees to such
subordination and authorizes the Trustee to give it effect.

      10. DENOMINATIONS, TRANSFER, EXCHANGE. The Notes are in registered form
without coupons in denominations of $1,000 principal amount and positive
integral multiples of $1,000 principal amount. The transfer of Notes may be
registered and Notes may be exchanged as provided in the Indenture. The
Registrar may require a Holder, among other things, to furnish appropriate
endorsements and transfer documents. No service charge shall be made for any
such registration of transfer or exchange, but the Company may require payment
of a sum sufficient to cover any tax or other governmental charge payable in
connection therewith. The Registrar need not exchange or register the transfer
of any Note selected for redemption in whole or in part, except the unredeemed
portion of Notes to be redeemed in part. Also, it need not exchange or register
the transfer of any Notes for a period of 15 days before the mailing of a notice
of redemption of the Notes selected to be redeemed and in certain other
circumstances provided in the Indenture.

      11. PERSONS DEEMED OWNERS. The registered Holder of a Note may be treated
as the owner of such Note for all purposes.

      12. MERGER OR CONSOLIDATION. The Company shall not consolidate with, merge
with or into, or convey, transfer, or lease all or substantially all of its
assets (in one transaction or a series of related transactions) to any Person
unless: (a) either (i) the Company shall be the resulting, surviving or
transferee Person or (ii) the Successor Person (if other than the Company) shall
be a corporation, limited liability company, partnership, trust or other
business entity organized and existing under the laws of the United States of
America or any state thereof or the District of Columbia (provided that if, as a
result of such consolidation, merger, conveyance, transfer or lease, the Notes
would be convertible into Capital Stock of a Person other than the Company, then
such other Person shall be for United States federal income tax purposes an
association taxable as a corporation) and such Successor Person assumes by
supplemental indenture, executed and delivered to the Trustee, in form
satisfactory to the Trustee, all of the Company's obligations under the
Indenture and the Notes, including the conversion rights; (b) immediately after
giving effect to the transaction, no Default or Event of Default shall have
occurred and be continuing; and (c) the Company delivers to the Trustee an
Officers' Certificate and an Opinion of Counsel, each stating that such
consolidation, merger or transfer and such supplemental indenture, if any,
comply with the Indenture and the Notes.

      13. AMENDMENTS, SUPPLEMENTS AND WAIVERS. Subject to certain exceptions,
the Indenture or the Notes may be modified or amended with the consent or vote
of the Holders of at least a majority in aggregate

                                      A-4
<PAGE>
principal amount of the Notes then outstanding, and any existing Default or
Event of Default may be waived with the consent or vote of the Holders of a
majority in aggregate principal amount of the Notes then outstanding. Without
notice to or the consent of any Holder, the Indenture or the Notes may be
modified or amended to cure any ambiguity or inconsistency, to comply with
Article 7 of the Indenture, to comply with Section 13.11 of the Indenture, to
reduce the conversion price, to make any changes or modifications to the
Indenture necessary in connection with the registration of the Notes under the
Securities Act and the qualification of the Indenture under the TIA, to secure
the obligations of the Company in respect of the Notes, to add to covenants of
the Company described in the Indenture for the benefit of Holders or to
surrender any right or power conferred upon the Company.

      14. DEFAULTS AND REMEDIES. If any Event of Default occurs and is
continuing, the Trustee or the Holders of at least 25% in aggregate principal
amount of the Notes then outstanding may declare all the Notes to be due and
payable immediately, except as provided in the Indenture. If an Event of Default
specified in Sections 4.1(e) or 4.1(f) of the Indenture with respect to the
Company occurs, the principal of and accrued interest on all the Notes shall
become and be immediately due and payable without any declaration or other act
on the part of the Trustee or any Holder. Holders may not enforce the Indenture
or the Notes except as provided in the Indenture. The Trustee may require
indemnity satisfactory to it before it enforces the Indenture or the Notes.
Subject to certain limitations, Holders of a majority in principal amount of the
Notes then outstanding may direct the Trustee in its exercise of any trust or
power. The Trustee may withhold from Holders notice of any continuing Default or
Event of Default (except a Default or Event of Default in payment) if it
determines that withholding notice is in the interests of the Holders. The
Company must furnish an annual compliance certificate to the Trustee.

      15. REGISTRATION RIGHTS. The Holders are entitled to registration rights
as set forth in a Registration Rights Agreement (as defined in the Indenture).
The Holders shall be entitled to receive Additional Interest in certain
circumstances, all as set forth in the Registration Rights Agreement.

      16. TRUSTEE DEALINGS WITH THE COMPANY. The Trustee under the Indenture, or
any banking institution serving as successor Trustee thereunder, in its
individual or any other capacity, may make loans to, accept deposits from, and
perform services for the Company or its Affiliates, and may otherwise deal with
the Company or its Affiliates, as if it were not Trustee.

      17. NO RECOURSE AGAINST OTHERS. No past, present or future director,
officer, employee or shareholder, as such, of the Company shall have any
liability for any obligations of the Company under the Notes or the Indenture or
for any claim based on, in respect of or by reason of such obligations or their
creation. Each Holder by accepting a Note waives and releases all such
liability. The waiver and release are part of the consideration for the issue of
the Notes.

      18. AUTHENTICATION. This Notes shall not be valid until authenticated by
the manual signature of the Trustee or an authenticating agent.

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

      THE COMPANY WILL FURNISH TO ANY HOLDER UPON WRITTEN REQUEST AND WITHOUT
CHARGE A COPY OF THE INDENTURE. REQUESTS MAY BE MADE TO:

            Evergreen Solar, Inc.
            138 Bartlett Street
            Marlboro, Massachusetts 01752
            Attention: Chief Financial Officer

                              [FORM OF ASSIGNMENT]

I or we assign to__________ (please print or type name and address) PLEASE
INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER the within Note and all
rights thereunder, and hereby irrevocably constitutes

                                      A-5
<PAGE>
and appoints __________ Attorney to transfer the Note on the books of the
Company with full power of substitution in the premises.

Dated: __________

NOTICE: The signature on this assignment
must correspond with the name as it appears
upon the face of the within Note in every
particular without alteration or enlargement
or any change whatsoever and be guaranteed
by a guarantor institution participating in
the Securities Transfer Agents Medallion
Program or in such other guarantee program
acceptable to the Trustee.

Signature Guarantee:

__________________________________

      In connection with any transfer of this Note occurring prior to the date
that is the earlier of (i) the date of the declaration by the SEC of the
effectiveness of a registration statement under the Securities Act of 1933, as
amended (the "Securities Act") covering resales of this Note (which
effectiveness shall not have been suspended or terminated at the date of the
transfer) and (ii) the Resale Restriction Termination Date, the undersigned
confirms that it has not utilized any general solicitation or general
advertising in connection with transfer:

[Check One]

      [ ]   (1) to the Company or any of its subsidiaries; or

      [ ]   (2) pursuant to and in compliance with Rule 144A under the
                Securities Act of 1933, as amended; or

      [ ]   (3) pursuant to the exemption from registration provided by Rule 144
                under the Securities Act of 1933, as amended; or

      [ ]   (4) pursuant to an effective registration statement under the
                Securities Act of 1933, as amended.

and unless the box below is checked, the undersigned confirms that such Security
is not being transferred to an "affiliate" of the Company as defined in Rule 144
under the Securities Act of 1933, as amended (an "Affiliate"):

[ ]   The transferee is an Affiliate of the Company. (If the Note is transferred
to an Affiliate, the restrictive legend must remain on the Note for two years
following the date of the transfer).

Unless one of the items is checked, the Trustee will refuse to register any of
the Notes evidenced by this certificate in the name of any person other than the
registered Holder thereof; provided, however, that if item (2) or (3) is
checked, the Company or the Trustee may require, prior to registering any such
transfer of the Notes, in their sole discretion, such written legal opinions,
certifications and other information as the Trustee or the Company have
reasonably requested to confirm that such transfer is being made pursuant to an
exemption from, or in a transaction not subject to, the registration
requirements of the Securities Act of 1933, as amended.

If none of the foregoing items are checked, the Trustee or Registrar shall not
be obligated to register this Note in the name of any person other than the
Holder hereof unless and until the conditions to any such transfer of
registration set forth herein and in Section 2.16 of the Indenture shall have
been satisfied.

Dated: __________

                                      A-6
<PAGE>
Signed:

__________________________________
(Sign exactly as name appears on the
other side of this Note)

Signature Guarantee:

TO BE COMPLETED BY PURCHASER IF (2) ABOVE IS CHECKED

The undersigned represents and warrants that it is purchasing this Note for its
own account or an account with respect to which it exercises sole investment
discretion and that it and any such account is a "qualified institutional buyer"
within the meaning of Rule 144A under the Securities Act of 1933, as amended,
and is aware that the sale to it is being made in reliance on Rule 144A and
acknowledges that it has received such information regarding the Company as the
undersigned has requested pursuant to Rule 144A or has determined transferor is
relying upon the undersigned's foregoing representations in order to claim the
exemption from registration provided by Rule 144A.

Dated: __________

_________________________________
NOTICE: To be executed by an executive officer

                                CONVERSION NOTICE

To convert this Note into shares of Common Stock of the Company, check the box:
[ ]

To convert only part of this Note, state the principal amount to be converted
(must be in multiples of $1,000):

$

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

(Insert other person's soc. sec. or tax I.D. no.)

(Print or type other person's name, address and zip code)

Date: __________

Signature(s):

_________________________________

_________________________________
(Sign exactly as your name(s) appear(s) on the other side of this Note)

Signature(s) guaranteed by:

(All signatures must be guaranteed by a guarantor institution participating in
the Securities Transfer Agents Medallion Program or in such other guarantee
program acceptable to the Trustee.)

Signature:

_________________________________

                                      A-7
<PAGE>
                                   SCHEDULE A

            SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE(1).

      The following exchanges of a part of this Global Notes for an interest in
another Global Note or for Notes in certificated form, have been made:

<TABLE>
<CAPTION>
Date of Exchange   Amount of        Amount of        Principal        Signature or
                   decrease in      increase in      amount of this   authorized
                   Principal        Principal        Global Note      signatory of
                   amount of this   amount of this   following such   Trustee or
                   Global Note      Global Note      decrease (or     Note Custodian
                                                     increase)
----------------   --------------   --------------   --------------   --------------
<S>                <C>              <C>              <C>              <C>

----------------   --------------   --------------   --------------   --------------
</TABLE>

(1) This is included in Global Notes only.

                                      A-8
<PAGE>
                                   EXHIBIT B-1

                     RESTRICTIVE SECURITIES LEGEND FOR NOTES

"THIS NOTE (OR ITS PREDECESSOR) WAS ORIGINALLY ISSUED IN A TRANSACTION EXEMPT
FROM REGISTRATION UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED
(THE "SECURITIES ACT"), AND THIS NOTE AND THE SHARES OF THE COMPANY'S COMMON
STOCK ISSUABLE UPON CONVERSION HEREOF MAY NOT BE OFFERED, SOLD OR OTHERWISE
TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION FROM,
OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENT THEREOF. EACH
PURCHASER OF THIS NOTE IS HEREBY NOTIFIED THAT THE SELLER OF THIS NOTE 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 NOTE AGREES FOR THE BENEFIT OF THE COMPANY THAT (A) THIS NOTE
AND THE SHARES OF THE COMPANY'S 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) OUTSIDE THE UNITED
STATES IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH RULE 904 UNDER THE
SECURITIES ACT, (III) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE
SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER (IF AVAILABLE), (IV) TO AN
INSTITUTION THAT IS AN "ACCREDITED INVESTOR" AS DEFINED IN RULE 501 UNDER THE
SECURITIES ACT WHO PURCHASES AT LEAST $100,000 PRINCIPAL AMOUNT OF NOTES OR (V)
PURSUANT TO AN EFFECTIVE REGISTRATION 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 NOTE FROM IT OF THE RESALE
RESTRICTIONS REFERRED TO IN CLAUSE (A) ABOVE. IN ANY CASE THE HOLDER HEREOF WILL
NOT, DIRECTLY OR INDIRECTLY, ENGAGE IN ANY HEDGING TRANSACTION WITH REGARD TO
THE SECURITIES EXCEPT AS PERMITTED BY THE SECURITIES ACT.

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

                                       B-1
<PAGE>
                                   EXHIBIT B-2

                 RESTRICTIVE SECURITIES LEGEND FOR COMMON STOCK

"THIS SECURITY EVIDENCED HEREBY (OR ITS PREDECESSOR) WAS ORIGINALLY ISSUED IN A
TRANSACTION EXEMPT FROM REGISTRATION UNDER THE UNITED STATES SECURITIES ACT OF
1933, AS AMENDED (THE "SECURITIES ACT"), AND THE COMMON STOCK REPRESENTED HEREBY
MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH
REGISTRATION OR AN APPLICABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT
TO, THE REGISTRATION REQUIREMENT THEREOF. EACH PURCHASER HEREOF IS HEREBY
NOTIFIED THAT THE SELLER HEREOF MAY BE RELYING ON THE EXEMPTION FROM THE
PROVISIONS OF SECTION 4 OF THE SECURITIES ACT PROVIDED BY RULE 144A THEREUNDER.

THE HOLDER OF THIS CERTIFICATE AGREES FOR THE BENEFIT OF THE COMPANY THAT (A)
THE COMMON STOCK REPRESENTED HEREBY 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)
OUTSIDE THE UNITED STATES IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH RULE 904
UNDER THE SECURITIES ACT, (III) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER
THE SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER (IF AVAILABLE), OR (IV) TO AN
INSTITUTION THAT IS AN "ACCREDITED INVESTOR" AS DEFINED IN RULE 501 UNDER THE
SECURITIES ACT WHO PURCHASES AT LEAST $100,000 PRINCIPAL AMOUNT OF NOTES OR (V)
PURSUANT TO AN EFFECTIVE REGISTRATION 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 THE SECURITIES REPRESENTED HEREBY FROM IT
OF THE RESALE RESTRICTIONS REFERRED TO IN CLAUSE (A) ABOVE. IN ANY CASE THE
HOLDER HEREOF WILL NOT, DIRECTLY OR INDIRECTLY, ENGAGE IN ANY HEDGING
TRANSACTION WITH REGARD TO THE SECURITIES EXCEPT AS PERMITTED BY THE SECURITIES
ACT.

THIS CERTIFICATE AND ANY RELATED DOCUMENTATION MAY BE AMENDED OR SUPPLEMENTED
FROM TIME TO TIME TO MODIFY THE RESTRICTIONS ON RESALES AND OTHER TRANSFERS OF
THE SECURITIES REPRESENTED HEREBY TO REFLECT ANY CHANGE IN APPLICABLE LAW OR
REGULATION (OR THE INTERPRETATION THEREOF) OR IN PRACTICES RELATING TO THE
RESALE OR TRANSFER OF RESTRICTED SECURITIES GENERALLY. THE HOLDER OF THIS
CERTIFICATE SHALL BE DEEMED BY THE ACCEPTANCE HEREOF TO HAVE AGREED TO SUCH
AMENDMENT OR SUPPLEMENT."

                                       B-2
<PAGE>
                                   EXHIBIT B-3

                               GLOBAL NOTE LEGEND

"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 MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A
SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE
REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE
THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.

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

                                       B-3
<PAGE>
                                    EXHIBIT C

          FORM OF NOTICE OF TRANSFER PURSUANT TO REGISTRATION STATEMENT

EVERGREEN SOLAR, INC.
138 Bartlett Street
Marlboro, Massachusetts 01752

U.S. BANK NATIONAL ASSOCIATION
633 West Fifth Street, 24th Floor
Los Angeles, California 90071
Attention: Corporate Trust Services (Evergreen Solar 4.375% Convertible
           Subordinated Notes due 2012)

Re: EVERGREEN SOLAR, INC. (the "COMPANY") 4.375% Convertible Subordinated Notes
due 2012 (the "NOTES")

Ladies and Gentlemen:

Please be advised that _____________ has transferred $___________ aggregate
principal amount of the Notes or _________ shares of Common Stock, par value
$0.01 per share, of the Company issuable on conversion of the Notes ("COMMON
STOCK") pursuant to an effective Shelf Registration Statement on Form S-3 (File
No. 333-________).

We hereby certify that the prospectus delivery requirements, if any, of the
Securities Act of 1933, as amended, have been satisfied with respect to the
transfer described above and that the above-named beneficial owner of the Notes
or shares of Common Stock is named as a "SELLING SECURITY HOLDER" in the
Prospectus dated _________, or in amendments or supplements thereto, and that
the aggregate principal amount of the Notes, or number of shares of Common Stock
transferred are [a portion of] the Notes or shares of Common Stock listed in
such Prospectus, as amended or supplemented, opposite such owner's name.

                                       Very truly yours,

                                       (Name)

                                      D-1

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