Document:

exv10w1

 

Exhibit 10.1

DANIELSON HOLDING CORPORATION

AMENDMENT TO STOCK OPTION AGREEMENT

     THIS
AMENDMENT TO STOCK OPTION AGREEMENT, is made as of the 25th day of May, 2005, between
Danielson Holding Corporation, a Delaware corporation (the “Company”), and Robert S. Silberman (the
“Optionee”). Capitalized terms used herein that are not otherwise defined shall have the meaning
ascribed to them in the Danielson Holding Corporation Equity Award Plan for Directors (the “Plan”)
or in the Stock Option Agreement dated as of December 8, 2004 between the Company and the Optionee
(the “Original Agreement”).

W I T N E S S E T H:

     WHEREAS, pursuant to Section 3(b) of the Plan, the Committee has exclusive authority to among
other things, at its discretion, accelerate the vesting of Awards; and

     WHEREAS, the Committee has determined that it is desirable to accelerate the exercisability of
the Option granted pursuant to the Original Agreement in order to permit the Optionee to
participate in the Company’s rights offering in connection with its proposed acquisition of
American Ref-Fuel Holdings Corp.

     NOW, THEREFORE, in consideration of the premises and of the mutual covenants and agreements
hereinafter contained, the parties hereto mutually covenant and agree as follows:

     1. Amendment to Section 5. Section 5 of the Original Agreement is hereby amended and
restated to read in its entirety as follows:

     “The Optionee shall not be entitled to exercise the Option until May 25, 2005. Subject to the
provisions of Section 3, the Option may be exercised only while the Optionee is a Director.”

     2. Agreement Not to Sell. As consideration for the Company’s agreement to amend the
Option as set forth herein, the Optionee hereby agrees not to sell any shares of the Company’s
Common Stock acquired by him upon exercise of the Option before June 8, 2005.

     3. Original Agreement. In all other respects, the Original Agreement shall remain
unchanged.

     4. Incorporation of the Plan. Notwithstanding the terms and conditions contained
herein, this Amendment shall be subject to and governed by all the terms and conditions of the
Plan, which is hereby incorporated by reference. In the event of any discrepancy or

 

 

inconsistency
between the terms and conditions of this Amendment and of the Plan, the terms and conditions of the
Plan shall control.

     5. Interpretation. The interpretation and construction by the Committee of any terms
or conditions of the Plan, or of this Amendment, or other matters related to the Plan shall be
final and conclusive.

     6. Counterpart Execution. This Amendment may be executed in counterparts, each of
which shall constitute an original and all of which, when taken together with the Original
Agreement, shall constitute the entire document.

* * *

     IN WITNESS WHEREOF, the Company has caused this Amendment to be duly executed by its officer
thereunto duly authorized, and the Optionee has executed this Amendment all as of the day and year
first above written.

	 	 	 	 	 
	 	DANIELSON HOLDING CORPORATION

 	 
	 	By:  	/s/ Timothy J. Simpson
 	 
	 
	 	Its:  Senior Vice President, General Counsel and Secretary 	 
	 
	 
	 	OPTIONEE:

 	 
	 	/s/ Robert S. Silberman
 	 
	 	Robert S. Silberman<PAGE>

                                                                     EXHIBIT 4.2

                                AGCO CORPORATION
                                   as Issuer,

                                       and

                                 SUNTRUST BANK,
                                   as Trustee

                          FIRST SUPPLEMENTAL INDENTURE

                                   Dated as of

                                  June 23, 2005

        1 3/4% CONVERTIBLE SENIOR SUBORDINATED NOTES, SERIES B, DUE 2033

<PAGE>

                              CROSS-REFERENCE TABLE

<TABLE>
<CAPTION>
TIA Sections                                                     Indenture Sections
------------                                                     ------------------
<S>                                                              <C>
Section 310(a)(1).............................................      7.09
       (a)(2).................................................      7.09
       (a)(3).................................................      N.A.
       (a)(4).................................................      N.A.
       (a)(5).................................................      7.09
       (b)....................................................      7.08, 7.10
       (c)....................................................      N.A.
Section 311(a)................................................      7.13
       (b)....................................................      7.13
       (c)....................................................      N.A.
Section 312(a)................................................      5.01, 5.02(a)
       (b)....................................................      5.02(b)
       (c)....................................................      5.02(c)
Section 313(a)................................................      5.03(a)
       (b)....................................................      5.03(a)
       (c)....................................................      5.03(a), 16.03
       (d)....................................................      5.03(b)
Section 314(a)................................................      5.04
       (b)....................................................      N.A.
       (c)(1).................................................      16.05
       (c)(2).................................................      16.05
       (c)(3).................................................      N.A.
       (d)....................................................      N.A.
       (e)....................................................      16.05
Section 315(a)................................................      7.01, 7.03(a)
       (b)....................................................      7.02, 7.04(i)
       (c)....................................................      7.01
       (d)....................................................      7.01
       (e)....................................................      2.08*
Section 316(a)(last sentence).................................      8.04
       (a)(1)(A)..............................................      2.07*
       (a)(1)(B)..............................................      2.07*
       (a)(2).................................................      N.A.
       (b)....................................................      2.04*
</TABLE>

<PAGE>

<TABLE>
<S>                                                              <C>
       (c)....................................................   8.01
Section 317(a)(1).............................................   2.02*
       (a)(2).................................................   2.02*
       (b)....................................................   4.04(a)(1), (2)
Section 318(a)................................................   16.07
</TABLE>

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

      N.A. means not applicable.

      All references in the Cross-Reference Table are to Sections in the
Original Indenture, except that those indicated by an "*" are to Sections in the
First Supplemental Indenture

      Note: The Cross-Reference Table shall not for any purpose be deemed to be
a part of the Indenture.

<PAGE>

                                TABLE OF CONTENTS

                                    Article I
        1 3/4% Convertible Senior Subordinated Notes, Series B, due 2033

<TABLE>
<CAPTION>
                                                                                                               Page
                                                                                                               ----
<S>                                                                                                            <C>
Section 1.01. Establishment..................................................................................    2
Section 1.02. Definitions....................................................................................    2
Section 1.03. Form of Notes; Execution and Authentication of Notes...........................................   11
Section 1.04. Date and Denomination of Notes; Payments of Interest...........................................   11
Section 1.05. Exchange and Registration of Transfer of Notes.................................................   13
Section 1.06. Redemption of Notes at the Option of the Company...............................................   14
Section 1.07. Notice of Optional Redemption; Selection of Notes..............................................   14
Section 1.08. Payment of Notes Called for Redemption by the Company..........................................   16
Section 1.09. Conversion Arrangement on Call for Redemption..................................................   16
Section 1.10. Redemption at Option of Holders upon a Designated Event........................................   17
Section 1.11. Repurchase of Notes by the Company at Option of the Holder.....................................   19
Section 1.12. Procedures for the Repurchase of Notes.........................................................   20
Section 1.13. Deposit of Purchase Price......................................................................   22
Section 1.14. Notes Repurchased in Part......................................................................   22
Section 1.15. Repayment to the Company.......................................................................   22
Section 1.16. Effect of Repurchase Notice....................................................................   22
Section 1.17. Right to Convert...............................................................................   23
Section 1.18. Conversion Procedures..........................................................................   26
Section 1.19. Cash Payments in Lieu of Fractional Shares.....................................................   27
Section 1.20. Conversion Rate; Settlement Upon Conversion....................................................   28
Section 1.21. Adjustment of Conversion Rate..................................................................   28
Section 1.22. Effect of Fundamental Change, Reclassification, Consolidation, Merger or Sale..................   37
Section 1.23. Taxes on Shares Issued.........................................................................   39
Section 1.24. Notes Subordinated to Senior Indebtedness......................................................   39
Section 1.25. No Payment on Notes in Certain Circumstances...................................................   39
Section 1.26. Payment over Proceeds upon Dissolution Etc.....................................................   40
Section 1.27. Subrogation....................................................................................   42
Section 1.28. Obligations of Company Unconditional...........................................................   43
Section 1.29. Notice to Trustee..............................................................................   43
Section 1.30. Reliance on Judicial Order or Certificate of Liquidating Agent.................................   44
Section 1.31. Trustee's Relation to Senior Indebtedness......................................................   44
Section 1.32. Subordination Rights Not Impaired by Acts or Omissions of the Company or Holders of Senior
                  Indebtedness...............................................................................   44
Section 1.33. Holders Authorize Trustee to Effectuate Subordination of Notes.................................   45
Section 1.34. Not to Prevent Events of Default...............................................................   45
Section 1.35. Trustee's Compensation Not Prejudiced..........................................................   45
Section 1.36. No Waiver of Subordination Provisions..........................................................   45
Section 1.37. Payments May Be Paid Prior to Dissolution......................................................   45
Section 1.38. Consent of Holders of Senior Indebtedness Under the Bank Credit Agreement......................   46
</TABLE>

                                       -i-
<PAGE>

<TABLE>
<S>                                                                                              <C>
Section 1.39. Trust Moneys Not Subordinated....................................................   46
Section 1.40. Supplemental Indenture with Consent of Noteholders...............................   46
Section 1.41. Supplemental Indenture without Consent of Noteholders............................   47

                                                  Article II
                         Remedies of the Trustee and Noteholders on Event of Default

Section 2.01. Events of Default; Acceleration..................................................   48
Section 2.02. Payments of Notes on Default; Suite Therefor.....................................   51
Section 2.03. Application of Monies Collected by Trustee.......................................   52
Section 2.04. Proceedings by Noteholder........................................................   53
Section 2.05. Proceedings by Trustee...........................................................   54
Section 2.06. Remedies Cumulative and Continuing...............................................   54
Section 2.07. Direction of Proceedings and Waiver of Defaults by Majority of Noteholders.......   54
Section 2.08. Undertaking to Pay Costs.........................................................   55

                                                 Article III
                         Remedies of the Trustee and Noteholders on Event of Default

Section 3.01. Governing Law....................................................................   55
Section 3.02. Execution in Counterparts........................................................   56
Section 3.03. Compliance with Original Indenture...............................................   56

Exhibit A         Form of Note................................................................   A-1
Exhibit B         Trustee's Certificate of Authentication.....................................   B-1
Exhibit C         Table of Additional Shares in Event of Fundamental .........................   C-1
</TABLE>

                                      -ii-
<PAGE>

                          FIRST SUPPLEMENTAL INDENTURE

            FIRST SUPPLEMENTAL INDENTURE dated as of June 23, 2005 between AGCO
Corporation, a Delaware corporation (hereinafter called the "COMPANY"), and
SunTrust Bank, a Georgia banking corporation, as trustee hereunder (hereinafter
called the "TRUSTEE").

                                   WITNESSETH:

            WHEREAS, the Company and the Trustee have heretofore entered into an
Indenture, dated as of December 23, 2003, which is incorporated herein by this
reference (the "ORIGINAL INDENTURE"), as amended and supplemented, including by
this First Supplemental Indenture (collectively hereinafter referred to as the
"INDENTURE");

            WHEREAS, under the Indenture, the Company and the Trustee may at any
time, with the consent of the holders of not less than a majority in aggregate
principal amount of the Notes, enter into a supplemental indenture for the
purpose of adding any provisions to or changing in any manner or eliminating any
of the provisions of the Indenture or of modifying in any manner the rights of
the holders of the Notes;

            WHEREAS, the Company hereby proposes to create and issue under the
Indenture a new series of Notes to be offered in exchange for all of the Notes
issued pursuant to the Original Indenture, as described in the Registration
Statement;

            WHEREAS, for its lawful corporate purposes, the Company has duly
authorized the issue of its Series B Notes, in an aggregate principal amount not
to exceed $201,250,000 on the date hereof, and, to provide the terms and
conditions upon which the Series B Notes are to be authenticated, issued and
delivered, the Company has duly authorized the execution and delivery of this
First Supplemental Indenture; and

            WHEREAS, all acts and things necessary to make the Series B Notes,
when executed by the Company and authenticated and delivered by the Trustee or a
duly authorized authenticating agent, as in the Indenture provided, the valid,
binding and legal obligations of the Company, and to constitute this First
Supplemental Indenture a valid agreement according to its terms, have been done
and performed, and the execution of this First Supplemental Indenture and the
issue hereunder of the Series B Notes have in all respects been duly authorized.

            NOW, THEREFORE, THIS FIRST SUPPLEMENTAL INDENTURE WITNESSETH:

            That in order to declare the terms and conditions upon which the
Series B Notes are, and are to be, authenticated, issued and delivered, and in
consideration of the premises and of the purchase and acceptance of the Series B
Notes by the holders thereof, the Company covenants and agrees with the Trustee
for the equal and proportionate benefit of the respective holders from time to
time of the Series B Notes (except as otherwise provided below), as follows:

<PAGE>

                                    ARTICLE I

        1 3/4% CONVERTIBLE SENIOR SUBORDINATED NOTES, SERIES B, DUE 2033

            Section 1.01. Establishment. There is hereby established a new
series of Notes to be issued under the Indenture, to be designated as the
Company's 1-3/4% Convertible Senior Subordinated Notes, Series B, due 2033
(hereinafter called the "SERIES B NOTES"). There are to be authenticated and
delivered up to $201,250,000 principal amount of the Series B Notes, in an
amount equal to the aggregate original principal amount of the Company's 1-3/4%
Convertible Senior Subordinated Notes due 2033 (the "ORIGINAL NOTES") accepted
for exchange in an exchange offer, and no further Original Notes shall be
authenticated and delivered. The Series B Notes shall be issued in fully
registered form without coupons.

            The payment of obligations of the Company under the Series B Notes
shall be subordinated to the Company's Senior Indebtedness, including the
obligation of the Company under the Bank Credit Agreement and shall rank pari
passu with the obligations of the Company under the Senior Subordinated Notes.

            The Series B Notes shall be in substantially the form set out in
Exhibit A hereto, and the form of the Trustee's Certificate of Authentication
for the Series B Notes shall be in substantially the form set forth in Exhibit B
hereto. Each Series B Note shall be dated the date of authentication thereof and
shall bear interest from the date specified on the face of the form of Note
attached as Exhibit A hereto.

            The Series B Notes issued on the date hereof will be: (i) offered
and issued by the Company in exchange for the Original Notes issued pursuant to
the Indenture in accordance with the terms of an issuer tender offer filed with
the Commission, and (ii) registered for such exchange on a Registration
Statement on Form S-4 filed with the Commission. Upon completion of such
exchange and the issue of the Series B Notes therein, we will have no further or
ongoing obligation to register the Series B Notes or to make any filings to
facilitate their sale or other transfer or conversion into any shares of our
Common Stock, including no requirements to timely file reports for such exchange
offer or conversion under the Exchange Act.

            Section 1.02. Definitions. The terms defined in this Section 1.02
(except as herein otherwise expressly provided or unless the context otherwise
requires) shall have the respective meanings specified in this Section 1.02 for
purposes of the Series B Notes. Capitalized terms used herein for which no
definition is provided herein shall have the meanings set forth in the Original
Indenture. All other terms used in this Indenture that are defined in the Trust
Indenture Act or which are by reference therein defined in the Securities Act
(except as herein otherwise expressly provided or unless the context otherwise
requires) shall have the meanings assigned to such terms in the Trust Indenture
Act and in the Securities Act as in force at the date of the execution of this
Indenture. The words "herein", "hereof", "hereunder" and words of similar import
refer to this Indenture as a whole and not to any particular Article, Section or
other Subdivision. The terms defined in this Section 1.02 include the plural as
well as the singular.

            "ACCEPTED PURCHASED SHARES" has the meaning specified in Section
1.21(e)(B).

            "ADJUSTMENT EVENT" has the meaning specified in Section 1.21(j).

                                      -2-
<PAGE>

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

            "AVERAGE MARKET PRICE" has the meaning specified in Section 1.21(f).

            "BANK CREDIT AGREEMENT" means the credit agreement dated April 17,
2001, as amended, among the Company, certain of its subsidiaries named therein,
the lenders named therein, Cooperatieve Centrale Raiffeisen-Boerenleenbank B.A.,
"Rabobank, Nederland," New York Branch ("Rabobank"), SunTrust Bank and Credit
Suisse First Boston, as Co-Syndication Agents; Rabobank, Cobank, ACB and Bear
Stearns Corporate Lending, Inc., as Co-Documentation Agents; Cooperatieve
Centrale Raiffeisen-Boerenleenbank B.A., "Rabobank Nederland," Canadian Branch,
as Canadian administrative agent, and Rabobank as administrative agent, together
with all agreements, instruments and documents executed or delivered pursuant
thereto or in connection therewith, in each case as such agreements, documents
or instruments may be amended, supplemented, extended, renewed, replaced or
otherwise modified from time to time, including, but not limited by, the credit
agreement and other documents executed in connection with the credit facility
contemplated by that certain commitment letter dated August 15, 2003 from
Rabobank to the Company.

            "BOARD OF DIRECTORS" means the Board of Directors of the Company or
a committee of such Board of Directors duly authorized to act for it hereunder.

            "BUSINESS DAY" means each Monday, Tuesday, Wednesday, Thursday and
Friday which is not a day on which the banking institutions in The City of New
York or the city in which the Corporate Trust Office is located are authorized
or obligated by law or executive order to close or be closed.

            "CLOSING SALE PRICE" means, as of any date, the closing sale price
per share of Common Stock (or, if no closing sale price is reported, the average
of the closing bid and ask prices or, if more than one in either case, the
average of the average closing bid and the average closing ask prices) on such
date as reported in composite transactions for the New York Stock Exchange or
such other principal United States securities exchange on which shares of Common
Stock may be traded or, if the shares of Common Stock are not listed on a United
States national or regional securities exchange, as reported by the Nasdaq
National Market System or by the National Quotation Bureau Incorporated. In the
absence of such quotations, the Company shall be entitled to determine the
Closing Sale Price on the basis of such quotations as it considers appropriate.
Closing Sale Price shall be determined without reference to extended or after
hours trading.

            "COMMISSION" means the Securities and Exchange Commission, as from
time to time constituted, created under the Exchange Act, or, if at any time
after the execution of this

                                      -3-
<PAGE>

Indenture such Commission is not existing and performing the duties now assigned
to it under the Trust Indenture Act, then the body performing such duties at
such time.

            "COMMON STOCK" means any stock of any class of the Company which has
no preference in respect of dividends or of amounts payable in the event of any
voluntary or involuntary liquidation, dissolution or winding up of the Company
and which is not subject to redemption by the Company. Subject to the provisions
of Section 1.22, however, shares issuable on conversion of Series B Notes shall
include only shares of the class designated as common stock of the Company at
the date of the Original Indenture, including any Rights attached thereto
(namely, the Common Stock, par value $0.01), or shares of any class or classes
resulting from any reclassification or reclassifications thereof and which have
no preference in respect of dividends or of amounts payable in the event of any
voluntary or involuntary liquidation, dissolution or winding up of the Company
and which are not subject to redemption by the Company; provided that if at any
time there shall be more than one such resulting class, the shares of each such
class then so issuable on conversion shall be substantially in the proportion
which the total number of shares of such class resulting from all such
reclassifications bears to the total number of shares of all such classes
resulting from all such reclassifications.

            "COMPANY" means the corporation named as the "Company" in the first
paragraph hereof, and, subject to the provisions of Article 11 of the Indenture
and Section 1.22 hereof, shall include its successors and assigns.

            "COMPANY REPURCHASE NOTICE" has the meaning specified in Section
1.12(c).

            "COMPANY REPURCHASE NOTICE DATE" has the meaning specified in
Section 1.12(b).

            "CONVERSION AGENT" means the Trustee or any other Person appointed
by the Company to accept Series B Notes presented for conversion.

            "CONVERSION DATE" has the meaning specified in Section 1.18.

            "CONVERSION NOTICE" has the meaning specified in Section 1.18.

            "CONVERSION PRICE" as of any date will equal $1,000 divided by the
Conversion Rate as of such date.

            "CONVERSION RATE" has the meaning specified in Section 1.20.

            "CONVERSION SETTLEMENT REFERENCE PERIOD" means the five Trading Day
period beginning on the second Trading Day immediately following the Conversion
Date, or with respect to any Series B Note which previously has been selected
for redemption by the Company pursuant to Section 1.07 hereof, the five Trading
Day period beginning on the second Trading Day immediately following the related
Redemption Date.

            "CONVERSION VALUE" as of any date means, for each $1,000 principal
amount of Series B Notes, the Conversion Rate as of such date multiplied by the
Average Market Price as of such date.

                                      -4-
<PAGE>

            "CORPORATE TRUST OFFICE" means the designated office of the Trustee,
in the Borough of Manhattan, The City of New York, which office is at the date
hereof located at c/o SunTrust Robinson Humphrey Capital Markets, 3rd Floor, 125
Broad Street, New York, New York 10004.

            "CUSTODIAN" means the Trustee, as custodian with respect to the
Series B Notes in global form, or any successor entity thereto.

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

            "DEFAULTED INTEREST" has the meaning specified in Section 1.04.

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

            "DESIGNATED EVENT" means the occurrence of a Fundamental Change or a
Termination of Trading.

            "DESIGNATED EVENT EXPIRATION TIME" has the meaning specified in
Section 1.10(b).

            "DESIGNATED EVENT NOTICE" has the meaning specified in Section
1.10(b).

            "DESIGNATED EVENT REDEMPTION DATE" has the meaning specified in
Section 1.10(a).

            "DESIGNATED SENIOR INDEBTEDNESS" means (i) Indebtedness and all
other monetary obligations (including expenses, fees and other monetary
obligations) under the Bank Credit Agreement and (ii) any other Indebtedness
constituting Senior Indebtedness that, at any date of determination, has an
aggregate principal amount of at least $25 million and is specifically
designated by the Company in the instrument creating or evidencing such Senior
Indebtedness as "Designated Senior Indebtedness."

            "DETERMINATION DATE" has the meaning specified in Section 1.21(j).

            "DISTRIBUTION" has the meaning specified in Section 1.21(d).

            "EVENT OF DEFAULT" means any event specified in Section 2.01 as an
Event of Default.

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

            "EX-DIVIDEND TIME" has the meaning specified in Section 1.17(b).

                                      -5-
<PAGE>

            "EXPIRATION TIME" has the meaning specified in Section 1.21(e)(A).

            "FAIR MARKET VALUE" has the meaning specified in Section 1.21(f).

            "FUNDAMENTAL CHANGE" means any transaction or event (whether by
means of an exchange offer, liquidation, tender offer, consolidation, merger,
combination, reclassification, recapitalization or otherwise) in connection with
which 50% or more of our common stock is exchanged for, converted into, acquired
for or constitutes solely the right to receive consideration which is not at
least 90% common stock that is (or, upon consummation of or immediately
following such transaction or event, which will be) listed on a United States
national securities exchange or approved (or, upon consummation of or
immediately following such transaction or event, which will be approved) for
quotation on the Nasdaq National Market or any similar United States system of
automated dissemination of quotations of securities prices.

            "GAAP" means United States generally accepted accounting principles.

            "GLOBAL NOTE" has the meaning specified in Section 1.03.

            "INDENTURE" has the meaning specified in the recitals hereof.

            "INTEREST" means any interest payable under the terms of the Series
B Notes.

            "NET SHARE AMOUNT" has the meaning specified in Section 1.17(a).

            "NET SHARES" has the meaning specified in Section 1.20(b).

            "NOTE REGISTER" has the meaning specified in Section 2.05(a) of the
Original Indenture.

            "NOTE REGISTRAR" has the meaning specified in Section 2.05(a) of the
Original Indenture.

            "NOTEHOLDER" or "HOLDER" as applied to any Series B Note, or other
similar terms (but excluding the term "beneficial holder"), means any Person in
whose name at the time a particular Series B Note is registered on the Note
registrar's books.

            "NONELECTING SHARE" has the meaning specified in Section 1.22(c).

            "OFFER EXPIRATION TIME" has the meaning specified in Section
1.21(e)(B).

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

                                      -6-
<PAGE>

            "OFFICERS' CERTIFICATE" of the Company means a certificate signed by
the Chairman of the Board of Directors, a Vice Chairman of the Board of
Directors, the Chief Executive Officer, the President or a Vice President or the
Chief Financial Officer, and by the Treasurer, an Assistant Treasurer, the
Secretary or an Assistant Secretary of the Company, as the case may be, and
delivered to the Trustee. Unless the context otherwise requires, each reference
herein to an "Officers' Certificate" shall mean an Officers' Certificate of the
Company. References herein, or in any Series B Note, to any officer of a Person
that is a partnership shall mean such officer of the partnership or, if none, of
a general partner of the partnership authorized thereby to act on its behalf.

            "OPINION OF COUNSEL" means an opinion in writing signed by legal
counsel, who may be an employee of or counsel to the Company, or other counsel
reasonably acceptable to the Trustee.

            "OPTIONAL REDEMPTION" has the meaning specified in Section 1.06.
            "ORIGINAL INDENTURE" has the meaning specified in the recitals
            hereof.

            "ORIGINAL NOTES" has the meaning specified in Section 1.01.

            "OUTSTANDING," when used with reference to Series B Notes and
subject to the provisions of Section 8.04 of the Original Indenture, means, as
of any particular time, all Series B Notes authenticated and delivered by the
Trustee under this First Supplemental Indenture, except:

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

            (b) Series B Notes, or portions thereof, (i) for the redemption of
      which monies in the necessary amount shall have been deposited in trust
      with the Trustee or with any paying agent (other than the Company) or (ii)
      which shall have been otherwise discharged in accordance with Article 12
      of the Original Indenture;

            (c) Series B Notes in lieu of which, or in substitution for which,
      other Series B Notes shall have been authenticated and delivered pursuant
      to the terms of Section 2.06 of the Original Indenture; and

            (d) Series B Notes converted into Common Stock pursuant to the
      conversion provisions in this Article 1 and Series B Notes deemed not
      outstanding pursuant to the redemption and repurchase provisions of this
      Article 1.

            "PERSON" means any individual, partnership, joint venture, firm,
corporation, limited liability company, association, trust or other enterprise
or any government or political subdivision or any agency, department or
instrumentality thereof.

            "PREMIUM" means any premium payable under the terms of the Series B
Notes.

                                      -7-
<PAGE>

            "PRINCIPAL CORPORATE TRUST OFFICE" means the designated office of
the Trustee at which its corporate trust business as it relates to the Indenture
shall be principally administered at any particular time, which office at the
date hereof is located at 25 Park Place, NE, 24th Floor, Atlanta, Georgia 30303.

            "PRINCIPAL RETURN" has the meaning specified in Section 1.20.

            "PUBLIC ACQUIRER CHANGE OF CONTROL" means any event constituting a
Fundamental Change in which the acquirer, the Person formed by or surviving any
merger or consolidation, or any Person that is a direct or indirect "beneficial
owner" (as defined in Rule 13d-3 under the Exchange Act) of more than 50% of the
total voting power of all shares of such acquirer's or such other Person's
capital stock that are entitled to vote generally in the election of directors
has Public Acquirer Common Stock; provided that if there is more than one such
"beneficial owner," the relevant "beneficial owner" will be the one with the
most direct beneficial ownership to such acquirer's or other Person's capital
stock.

            "PUBLIC ACQUIRER COMMON STOCK" means shares of capital stock traded
on a United States national securities exchange or quoted on the Nasdaq National
Market or which will be so traded or quoted when issued or exchanged in
connection with a Fundamental Change.

            "PURCHASED SHARES" has the meaning specified in Section 1.21(e)(A).

            "RECORD DATE" has the meaning specified in Section 1.04 with respect
to any interest payment date, and for any other purpose means the record date
established by the Company for a specified purpose.

            "RECORD DATE" has the meaning specified in Section 1.21(f).

            "REDEMPTION DATE" has the meaning specified in Section 1.07.

            "REPURCHASE DATE" has the meaning specified in Section 1.11.

            "REPURCHASE NOTICE" has the meaning specified in Section 1.11(a).

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

            "SENIOR INDEBTEDNESS" means the following obligations of the
Company, whether outstanding on the date of the Indenture or thereafter
Incurred:

            (a) all Indebtedness and all other monetary obligations (including,
      without limitation, expenses, fees, claims, indemnifications,
      reimbursements, liabilities and other monetary obligations and any
      obligation to deliver cash as collateral security for contingent
      reimbursement obligations in respect of outstanding letters of credit of
      the Company) under the Bank Credit Agreement, any Interest Rate Agreement
      or Currency Agreement and the Company's Guarantee of any Indebtedness or
      monetary obligation of any of its Subsidiaries under any Interest Rate
      Agreement or Currency Agreement; and

                                      -8-
<PAGE>

            (b) all other Indebtedness of the Company (other than the Original
      Notes and the Senior Subordinated Notes), including principal and interest
      on such Indebtedness, unless such Indebtedness, by its terms or by the
      terms of any agreement or instrument pursuant to which such Indebtedness
      is issued, is pari passu with, or subordinated in right of payment to, the
      Series B Notes;

   provided that the term "Senior Indebtedness" shall not include:

            (i) any Indebtedness of the Company that, when Incurred, and without
      respect to any election under Section 1111(b) of the United States
      Bankruptcy Code, was without recourse to the Company;

            (ii) any Indebtedness of the Company that by its express terms is
      not senior to the Series B Notes or is pari passu or junior to the Series
      B Notes;

            (iii) any Indebtedness of the Company to any of its Subsidiaries or
      to a joint venture in which the Company has an interest;

            (iv) any Indebtedness of the Company not permitted by the indenture
      governing the Senior Subordinated Notes;

            (v) any repurchase, redemption or other obligation in respect of
      Redeemable Stock (as defined in the Indenture governing the Senior
      Subordinated Notes);

            (vi) any Indebtedness of the Company to any employee, officer or
      director of the Company or any of its Subsidiaries;

            (vii) any liability for federal, state, local or other taxes owed or
      owing by the Company; or

            (viii) any Trade Payables of the Company.

            Senior Indebtedness will also include interest accruing subsequent
to events of bankruptcy of the Company and its Subsidiaries at the rate provided
for in the document governing such Senior Indebtedness, whether or not such
interest is an allowed claim enforceable against the debtor in a bankruptcy case
under federal bankruptcy law or similar laws relating to insolvency. For
purposes of clause (iv) of the immediately preceding proviso, a good faith
determination by the Chief Financial Officer of the Company, evidenced by an
officer's certificate, that any Indebtedness was permitted by the Indenture
governing the Senior Subordinated Notes shall be conclusive.

            "SENIOR SUBORDINATED NOTES" means the 8-1/2% Senior Subordinated
Notes due 2006 issued pursuant to the Indenture, dated as of March 20, 1996,
among the Company and SunTrust Bank, as trustee.

            "SERIES B NOTES" has the meaning specified in Section 1.01.

                                      -9-
<PAGE>

            "SPINOFF VALUATION PERIOD" has the meaning specified in Section
1.21(d).

            "SUBSIDIARY" of any Person means (i) any corporation more than 50%
of whose stock of any class or classes having by the terms of such stock
ordinary voting power to elect a majority of the directors of such corporation
(irrespective of whether or not at the time stock of any class or classes of
such corporation shall have or might have voting power by reason of the
happening of any contingency) is at the time owned by such Person and/or by one
or more Subsidiaries of such Person or by such Person and one or more
Subsidiaries of such Person and (ii) any partnership, association, limited
liability company, joint venture or other entity in which such Person and/or one
or more Subsidiaries of such Person or such Person and one or more Subsidiaries
of such Person has more than a 50% equity interest at the time.

            "TERMINATION OF TRADING" means that the Common Stock, or other
common stock into which the Series B Notes are then convertible, is neither
listed for trading on a United States national securities exchange nor approved
for trading on the Nasdaq National Market.

            "TRADING DAY" means (x) if the applicable security is quoted on the
Nasdaq National Market, a day on which trades may be made thereon or (y) if the
applicable security is listed or admitted for trading on the New York Stock
Exchange or such other national securities exchange, a day on which the New York
Stock Exchange or another national securities exchange is open for business or
(z) if the applicable security is not so listed, admitted for trading or quoted,
any day other than a Saturday or Sunday or a day on which banking institutions
in the State of New York are authorized or obligated by law or executive order
to close.

            "TRADING PRICE" means, on any date, the average of the secondary
market bid quotations for the Series B Notes obtained by the Trustee for
$10,000,000 principal amount of Notes at approximately 3:30 p.m., New York City
time, on such date from three independent nationally recognized securities
dealers selected by the Company; provided that if at least three such bids
cannot reasonably be obtained by the Trustee, but two bids are obtained, then
the average of the two bids shall be used, and if only one such bid can
reasonably be obtained by the Trustee, one bid shall be used; and provided
further that if the Trustee cannot reasonably obtain at least one bid for
$10,000,000 principal amount of Notes from a nationally recognized securities
dealer, then the Trading Price per $1,000 principal amount of Series B Notes
shall be deemed to be less than 98% of the product of the Closing Sale Price and
the Conversion Rate.

            "TRIGGER EVENT" has the meaning specified in Section 1.21(d).

            "TRUST INDENTURE ACT" means the Trust Indenture Act of 1939, as
amended, as it was in force at the date of this Indenture; provided that if the
Trust Indenture Act of 1939 is amended after the date hereof, the term "Trust
Indenture Act" shall mean, to the extent required by such amendment, the Trust
Indenture Act of 1939 as so amended.

            "TRUSTEE" means SunTrust Bank, a Georgia banking corporation, and
its successors and any corporation resulting from or surviving any consolidation
or merger to which it or its successors may be a party and any successor trustee
at the time serving as successor trustee hereunder.

                                      -10-
<PAGE>

            Section 1.03. Form of Notes; Execution and Authentication of Notes.
So long as the Series B Notes are eligible for book-entry settlement with the
Depositary, or unless otherwise required by law, or otherwise contemplated by
Section 2.05(b) of the Original Indenture, all of the Series B Notes will be
represented by one or more Series B Notes in global form registered in the name
of the Depositary or the nominee of the Depositary (a "GLOBAL NOTE"). The
transfer and exchange of beneficial interests in any such Global Note shall be
effected through the Depositary in accordance with the Indenture and the
applicable procedures of the Depositary. Except as provided in such Section
2.05(b), beneficial owners of a Global Note shall not be entitled to have
certificates registered in their names, will not receive or be entitled to
receive physical delivery of certificates in definitive form and will not be
considered holders of such Global Note.

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

            The Series B Notes shall be signed in the name and on behalf of the
Company by the manual or facsimile signature of its Chairman of the Board of
Directors, Vice Chairman of the Board of Directors, Chief Executive Officer,
President, Chief Financial Officer or any Vice President . The signature of any
of these officers on the Series B Notes may be manual or facsimile. Only such
Series B Notes as shall bear thereon a certificate of authentication
substantially in the form set forth on the form of Series B Note attached as
Exhibit A hereto, manually executed by the Trustee (or an authenticating agent
appointed by the Trustee as provided by Section 16.11 of the Original
Indenture), shall be entitled to the benefits of the Indenture or be valid or
obligatory for any purpose. Such certificate by the Trustee (or such an
authenticating agent) upon any Series B Note executed by the Company shall be
conclusive evidence that the Series B Note so authenticated has been duly
authenticated and delivered hereunder and that the holder is entitled to the
benefits of the Indenture.

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

            Section 1.04. Date and Denomination of Notes; Payments of Interest.
Subject to Section 1.03, the Series B Notes shall be issuable in registered form
without coupons in

                                      -11-
<PAGE>

denominations of $1,000 principal amount and multiples thereof. Each Note shall
be dated the date of its authentication and shall bear interest from the date
specified on the face of the form of Series B Note attached as Exhibit A hereto.
Interest on the Series B Notes shall be computed on the basis of a 360-day year
comprised of twelve 30-day months.

            The Person in whose name any Series B Note (or its predecessor Note)
is registered on the Note register at the close of business on any record date
with respect to any interest payment date shall be entitled to receive the
interest payable on such interest payment date, except that the interest payable
upon redemption or repurchase will be payable to the Person to whom principal is
payable pursuant to such redemption or repurchase (unless the redemption date or
the Repurchase Date, as the case may be, is an interest payment date, in which
case the semi-annual payment of interest becoming due on such date shall be
payable to the holders of such Series B Notes registered as such on the
applicable record date). Interest shall be payable at the office of the Company
maintained by the Company for such purposes in the Borough of Manhattan, The
City of New York, which shall initially be the Corporate Trust Office of the
Trustee and may, as the Company shall specify to the paying agent in writing by
each record date, be paid either (i) by check mailed to the address of the
Person entitled thereto as it appears in the Note register (provided that any
holder of Series B Notes with an aggregate principal amount in excess of
$2,000,000 shall, at the written election of such holder (such election to be
made prior to the relevant record date and to contain appropriate wire transfer
information), be paid by wire transfer in immediately available funds) or (ii)
by transfer to an account maintained by such Person located in the United
States; provided that payments to the Depositary will be made by wire transfer
of immediately available funds to the account of the Depositary or its nominee.
The term "RECORD DATE" with respect to any interest payment date shall mean the
June 15 or December 15 preceding the applicable June 30 or December 31 interest
payment date, respectively.

            Any interest on any Series B Note which is payable, but is not
punctually paid or duly provided for, on any June 30 or December 31 (herein
called "DEFAULTED INTEREST") shall forthwith cease to be payable to the
Noteholder on the relevant record date by virtue of its, his or her having been
such Noteholder, and such Defaulted Interest shall be paid by the Company, at
its election in each case, as provided in clause (1) or (2) below:

            (1) The Company may elect to make payment of any Defaulted Interest
      to the Persons in whose names the Series B Notes (or their respective
      predecessor Notes) are registered at the close of business on a special
      record date for the payment of such Defaulted Interest, which shall be
      fixed in the following manner. The Company shall provide an Officers'
      Certificate to the Trustee specifying the amount of Defaulted Interest
      proposed to be paid on each Series B Note and the date of the proposed
      payment (which shall be not less than 25 days after the receipt by the
      Trustee of such notice, unless the Trustee shall consent to an earlier
      date), and at the same time the Company shall deposit with the Trustee an
      amount of money equal to the aggregate amount to be paid in respect of
      such Defaulted Interest or shall make arrangements satisfactory to the
      Trustee for such deposit on or prior to the date of the proposed payment,
      such money when deposited to be held in trust for the benefit of the
      Persons entitled to such Defaulted Interest as in this clause provided.
      Thereupon the Trustee shall fix a special record date for the payment of
      such Defaulted Interest which shall be not more than 15 days and not less
      than ten days

                                      -12-
<PAGE>

      prior to the date of the proposed payment, and not less than ten days
      after the receipt by the Trustee of the notice of the proposed payment.
      The Trustee shall promptly notify the Company of such special record date
      and, in the name and at the expense of the Company, shall cause notice of
      the proposed payment of such Defaulted Interest and the special record
      date therefor to be mailed, first-class postage prepaid, to each holder at
      its, his or her address as it appears in the Note register, not less than
      ten days prior to such special record date. Notice of the proposed payment
      of such Defaulted Interest and the special record date therefor having
      been so mailed, such Defaulted Interest shall be paid to the Persons in
      whose names the Series B Notes (or their respective predecessor Notes) are
      registered at the close of business on such special record date and shall
      no longer be payable pursuant to the following clause (2) of this Section
      1.04.

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

            Section 1.05. Exchange and Registration of Transfer of Notes. Upon
surrender for registration of transfer of any Series B Note to the Note
registrar or any co-registrar, and satisfaction of the requirements for such
transfer set forth in this Section 1.05, the Company shall execute, and the
Trustee shall authenticate and deliver, in the name of the designated transferee
or transferees, one or more new Series B Notes of any authorized denominations
and of a like aggregate principal amount and bearing such restrictive legends as
may be required by the Indenture.

            Series B Notes may be exchanged for other Notes of any authorized
denominations and of a like aggregate principal amount upon surrender of the
Series B Notes to be exchanged at any such office or agency maintained by the
Company pursuant to Section 4.02 of the Original Indenture. Whenever any Series
B Notes are so surrendered for exchange, the Company shall execute, and the
Trustee shall authenticate and deliver, the Notes which the Noteholder making
the exchange is entitled to receive bearing registration numbers not
contemporaneously outstanding.

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

            All Series B Notes presented or surrendered for registration of
transfer or exchange, redemption, repurchase or conversion shall (if so required
by the Company or the Note registrar) be duly endorsed, or be accompanied by a
written instrument or instruments of transfer in form satisfactory to the
Company or the Note registrar, as the case may be, and the Series B Notes shall
be duly executed by the Noteholder thereof or his attorney duly authorized in
writing.

                                      -13-
<PAGE>

            No service charge shall be made to any holder for any registration
of transfer or exchange of Series B Notes, but either the Company, the Trustee
or both may require payment by the holder of a sum sufficient to cover any tax,
assessment or other governmental charge that may be imposed in connection with
any registration of transfer or exchange of Series B Notes.

            Neither the Company nor the Trustee nor any Note registrar shall be
required to exchange or register a transfer of (a) any Series B Notes for a
period of 15 days next preceding any selection of Series B Notes to be redeemed,
(b) any Series B Notes or portions thereof called for redemption pursuant to
Section 1.07, (c) any Series B Notes or portions thereof surrendered for
conversion pursuant to Section 1.17, (d) any Series B Notes or portions thereof
tendered for redemption (and not withdrawn) pursuant to Section 1.10 or (e) any
Series B Notes or portions thereof tendered for repurchase (and not withdrawn)
pursuant to Section 1.11.

            Section 1.06. Redemption of Notes at the Option of the Company.
Except as otherwise provided in Section 1.10, the Company may not redeem any
Series B Notes prior to January 1, 2011. At any time on or after January 1,
2011, the Series B Notes may be redeemed at the option of the Company (an
"OPTIONAL REDEMPTION"), in whole or in part, in cash, upon notice as set forth
in Section 1.07, at 100% of the principal amount, together with accrued and
unpaid interest, if any, to, but excluding the date fixed for redemption.

            Section 1.07. Notice of Optional Redemption; Selection of Notes. In
case the Company shall desire to exercise the right to redeem all or, as the
case may be, any part of the Series B Notes pursuant to Section 1.06, it shall
fix a date for redemption and it or, at its written request received by the
Trustee not fewer than forty-five (45) days prior (or such shorter period of
time as may be acceptable to the Trustee) to the date fixed for redemption, the
Trustee in the name of and at the expense of the Company, shall mail or cause to
be mailed a notice of such redemption not fewer than thirty (30) nor more than
sixty (60) days prior to the redemption date to each holder of Series B Notes so
to be redeemed as a whole or in part at its last address as the same appears on
the Note register; provided that if the Company shall give such notice, it shall
give substantially concurrent written notice of the redemption date to the
Trustee. Such mailing shall be by first class mail. The notice, if mailed in the
manner herein provided, shall be conclusively presumed to have been duly given,
whether or not the holder receives such notice. In any case, failure to give
such notice by mail or any defect in the notice to the holder of any Series B
Note designated for redemption as a whole or in part shall not affect the
validity of the proceedings for the redemption of any other Series B Note.
Concurrently with the mailing of any such notice of redemption, the Company
shall issue a press release announcing such redemption, the form and content of
which press release shall be determined by the Company in its sole discretion.
The failure to issue any such press release or any defect therein shall not
affect the validity of the redemption notice or any of the proceedings for the
redemption of any Series B Note called for redemption.

            Each such notice of redemption shall specify the aggregate principal
amount of Series B Notes to be redeemed, the CUSIP number or numbers of the
Series B Notes being redeemed (if then generally in use), the date (which shall
be a Business Day) fixed for redemption (the "REDEMPTION DATE"), the redemption
price at which Series B Notes are to be redeemed, the place or places of
payment, that payment will be made upon presentation and surrender of such
Series B Notes, that interest accrued to the date fixed for redemption will be

                                      -14-
<PAGE>

paid as specified in said notice, and that on and after said date interest
thereon or on the portion thereof to be redeemed will cease to accrue. Such
notice shall also state the current Conversion Rate and the date on which the
right to convert such Series B Notes or portions thereof will expire. Series B
Notes or portions of Series B Notes that are converted in accordance with the
terms of the Indenture after the delivery of a notice of redemption set forth
above shall not be subject to redemption. If fewer than all the Series B Notes
are to be redeemed, the notice of redemption shall identify the Series B Notes
to be redeemed (including CUSIP numbers, if any). In case any Series B Note is
to be redeemed in part only, the notice of redemption shall state the portion of
the principal amount thereof to be redeemed and shall state that, on and after
the redemption date, upon surrender of such Series B Note, a new Series B Note
or Series B Notes in principal amount equal to the unredeemed portion thereof
will be issued.

            On or prior to the redemption date specified in the notice of
redemption given as provided in this Section 1.07, the Company will deposit with
the Trustee or with one or more paying agents (or, if the Company is acting as
the paying agent, set aside, segregate and hold in trust as provided in Section
4.04 of the Original Indenture) an amount of money in immediately available
funds sufficient to redeem on the redemption date all the Series B Notes (or
portions thereof) so called for redemption (other than those theretofore
surrendered for conversion in accordance with the Indenture) at the appropriate
redemption price, together with accrued interest to, but excluding, the
redemption date; provided that if such payment is made on the redemption date it
must be received by the Trustee or paying agent, as the case may be, by 10:00
a.m., New York City time, on such date. The Company shall be entitled to retain
any interest, yield or gain on amounts deposited with the Trustee or any paying
agent pursuant to this Section 1.07 in excess of amounts required hereunder to
pay the redemption price and accrued interest to, but excluding, the redemption
date. If any Series B Note called for redemption is converted pursuant to the
Indenture prior to such redemption date, any money deposited with the Trustee or
any paying agent or so segregated and held in trust for the redemption of such
Series B Note shall be paid to the Company upon its written request, or, if then
held by the Company, shall be discharged from such trust. Whenever any Series B
Notes are to be redeemed pursuant to Section 1.06, the Company will give the
Trustee written notice in the form of an Officers' Certificate not fewer than 45
days (or such shorter period of time as may be acceptable to the Trustee) prior
to the redemption date as to the aggregate principal amount of Series B Notes to
be redeemed.

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

            Upon any redemption of less than all of the outstanding Series B
Notes, the Company and the Trustee may (but need not), solely for purposes of
determining the pro rata

                                      -15-
<PAGE>

allocation among such Series B Notes as are unconverted and outstanding at the
time of redemption, treat as outstanding any Series B Notes surrendered for
conversion during the period of 15 days next preceding the mailing of a notice
of redemption and may (but need not) treat as outstanding any Series B Note
authenticated and delivered during such period in exchange for the unconverted
portion of any Series B Note converted in part during such period.

            Section 1.08. Payment of Notes Called for Redemption by the Company.
If notice of redemption has been given as provided in Section 1.07, the Series B
Notes or portion thereof with respect to which such notice has been given shall,
unless converted pursuant to the terms of the Indenture, become due and payable
on the date fixed for redemption and at the place or places stated in such
notice at the applicable redemption price, together with interest accrued to
(but excluding) the redemption date, and on and after said date (unless the
Company shall default in the payment of such Series B Notes at the redemption
price, together with interest accrued to said date) interest on the Series B
Notes or portion thereof so called for redemption shall cease to accrue and,
after the close of business on the Business Day immediately preceding the
redemption date, such Series B Notes shall cease to be convertible and, except
as provided in Sections 7.06 and 12.04 of the Original Indenture, to be entitled
to any benefit or security under the Indenture, and the holders thereof shall
have no right in respect of such Series B Notes except the right to receive the
redemption price thereof and unpaid interest to (but excluding) the redemption
date. On presentation and surrender of such Series B Notes at a place of payment
in said notice specified, the said Series B Notes or the specified portions
thereof shall be paid and redeemed by the Company at the applicable redemption
price, together with interest accrued thereon to (but excluding) the redemption
date; provided that if the applicable redemption date is an interest payment
date, the interest payable on such interest payment date shall be payable to the
holders of record of such Series B Notes on the applicable record date instead
of the holders surrendering such Series B Notes for redemption on such date.

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

            Notwithstanding the foregoing, the Trustee shall not redeem any
Series B Notes or mail any notice of redemption during the continuance of a
default in payment of interest or premium, if any, on the Series B Notes. If any
Series B Note called for redemption shall not be so paid upon surrender thereof
for redemption, the principal and premium, if any, shall, until paid or duly
provided for, bear interest from the redemption date at a rate equal to 1% per
annum plus the rate borne by the Series B Note (without duplication of the 1%
increase provided for under Section 2.02) and such Series B Note shall remain
convertible under the Indenture until the principal and premium, if any, and
interest shall have been paid or duly provided for.

            Section 1.09. Conversion Arrangement on Call for Redemption. In
connection with any redemption of Series B Notes, the Company may arrange for
the purchase and conversion of any Series B Notes by an agreement with one or
more investment banks or other purchasers to purchase such Notes by paying to
the Trustee in trust for the Noteholders, on or before the date fixed for
redemption, an amount not less than the applicable redemption price,

                                      -16-
<PAGE>

together with interest accrued to (but excluding) the date fixed for redemption,
of such Series B Notes. Notwithstanding anything to the contrary contained in
this Article 1, the obligation of the Company to pay the redemption price of
such Series B Notes, together with interest accrued to (but excluding) the date
fixed for redemption, 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 will be filed with the Trustee prior to the date
fixed for redemption, any Series B Notes 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, acquired by such purchasers from such holders and
(notwithstanding anything to the contrary contained in this Article 1)
surrendered by such purchasers for conversion, all as of immediately prior to
the close of business on the date fixed for redemption (and the right to convert
any such Series B Notes shall be extended through such time), subject to payment
of the above amount as aforesaid. At the written direction of the Company, the
Trustee shall hold and dispose of any such amount paid to it in the same manner
as it would monies deposited with it by the Company for the redemption of Series
B Notes. Without the Trustee's prior written consent, no arrangement between the
Company and such purchasers for the purchase and conversion of any Series B
Notes shall increase or otherwise affect any of the powers, duties,
responsibilities, liabilities or obligations of the Trustee as set forth in the
Indenture.

            Section 1.10. Redemption at Option of Holders upon a Designated
Event.

            (a) If there shall occur a Designated Event at any time prior to
maturity of the Series B Notes, then each Noteholder shall have the right, at
such holder's option, to require the Company to redeem all of such holder's
Series B Notes, or any portion thereof that is a multiple of $1,000 principal
amount, on the date (the "DESIGNATED EVENT REDEMPTION DATE") that is not less
than 30 nor more than 60 days after the date of the Designated Event Notice (as
defined in Section 1.10(b)) of such Designated Event (or, if such date is not a
Business Day, the next succeeding Business Day) at a redemption price equal to
100% of the principal amount thereof, together with accrued interest to, but
excluding, the Designated Event Redemption Date; provided that if such
Designated Event Redemption Date is an interest payment date, then the interest
payable on such interest payment date shall be paid to the holders of record of
the Series B Notes on the applicable record date instead of the holders
surrendering the Series B Notes for redemption on such date.

            Upon presentation of any Series B Note redeemed in part only, the
Company shall execute and, upon the Company's written direction to the Trustee,
the Trustee shall authenticate and make available for delivery to the holder
thereof, at the expense of the Company, a new Series B Note or Series B Notes,
of authorized denominations, in aggregate principal amount equal to the
unredeemed portion of the Series B Note presented.

            (b) On or before the tenth day after the occurrence of a Designated
Event, the Company or at its written request (which must be received by the
Trustee at least five Business Days prior to the date the Trustee is requested
to give notice as described below, unless the Trustee shall agree in writing to
a shorter period), the Trustee, in the name of and at the expense of the
Company, shall mail or cause to be mailed to all holders of record on the date
of the Designated Event a notice (the "DESIGNATED EVENT NOTICE") of the
occurrence of such Designated Event and of the redemption right at the option of
the holders arising as a result

                                      -17-
<PAGE>

thereof. Such notice shall be mailed in the manner and with the effect set forth
in the first paragraph of Section 1.07 (without regard for the time limits set
forth therein). If the Company shall give such notice, the Company shall also
deliver a copy of the Designated Event Notice to the Trustee at such time as it
is mailed to Noteholders. Concurrently with the mailing of any Designated Event
Notice, the Company shall issue a press release announcing such Designated Event
referred to in the Designated Event Notice, the form and content of which press
release shall be determined by the Company in its sole discretion. The failure
to issue any such press release or any defect therein shall not affect the
validity of the Designated Event Notice or any proceedings for the redemption of
any Series B Note which any Noteholder may elect to have the Company redeem as
provided in this Section 1.10.

            Each Designated Event Notice shall specify the circumstances
constituting the Designated Event, the Designated Event Redemption Date, the
price at which the Company shall be obligated to redeem Series B Notes, that the
holder must exercise the redemption right on or prior to the close of business
on the Designated Event Redemption Date (the "DESIGNATED EVENT EXPIRATION
TIME"), that the holder shall have the right to withdraw any Series B Notes
surrendered prior to the Designated Event Expiration Time, a description of the
procedure which a Noteholder must follow to exercise such redemption right and
to withdraw any surrendered Series B Notes, the amount of interest accrued on
each Series B Note to (but excluding) the Designated Event Redemption Date and
the CUSIP number or numbers of the Series B Notes (if then generally in use).

            No failure of the Company to give the foregoing notices and no
defect therein shall limit the Noteholders' redemption rights or affect the
validity of the proceedings for the redemption of the Series B Notes pursuant to
this Section 1.10.

            (c) Redemption of Series B Notes under this Section 1.10 shall be
made, at the option of the holder thereof, upon:

            (i) delivery to the office or agency of the Company maintained for
      that purpose pursuant to Section 4.02 of the Original Indenture on or
      before the Designated Event Expiration Time of the form entitled "Option
      to Elect Repayment Upon A Designated Event" on the reverse of the Series B
      Note duly completed and signed; and

            (ii) book-entry transfer of the Series B Notes to such office or
      agency of the Company on or before the Designated Event Expiration Time,
      such delivery being a condition to receipt by the holder of the purchase
      price therefor; provided that the redemption price shall be so paid
      pursuant to this Section 1.10 only if the Series B Note so delivered to
      the Trustee (or other paying agent appointed by the Company) shall conform
      in all respects to the description thereof in the election form.

            All questions as to the validity, eligibility (including time of
receipt) and acceptance of any Series B Note for redemption shall be determined
by the Company, whose determination shall be final and binding absent manifest
error. Notwithstanding anything herein to the contrary, any holder delivering to
the office or agency of the Company the election notice contemplated by
paragraph (i) of this Section 1.10(c) shall have the right to withdraw such
election notice at any time prior to the close of business on the Designated
Event Redemption

                                      -18-
<PAGE>

Date by delivery of a written notice of withdrawal to such office or agency of
the Company in accordance with Section 1.16.

            (d) On or prior to the Designated Event Redemption Date, the Company
will deposit with the Trustee or with one or more paying agents (or, if the
Company is acting as the paying agent, set aside, segregate and hold in trust as
provided in Section 4.04 of the Original Indenture) an amount of money
sufficient to redeem on the Designated Event Redemption Date all the Series B
Notes to be redeemed on such date at the appropriate redemption price, together
with accrued interest to (but excluding) the Designated Event Redemption Date;
provided that if such payment is made on the Designated Event Redemption Date it
must be received by the Trustee or paying agent, as the case may be, by 10:00
a.m., New York City time, on such date. Payment for Series B Notes surrendered
for redemption (and not withdrawn) prior to the Designated Event Expiration Time
will be made promptly (but in no event more than five Business Days) following
the Designated Event Redemption Date by mailing checks for the amount payable to
the holders of such Series B Notes entitled thereto as they shall appear in the
Note register.

            (e) In the case of a reclassification, change, consolidation,
merger, combination, sale or conveyance to which Section 1.22 applies, in which
the Common Stock of the Company is changed or exchanged as a result into the
right to receive stock, securities or other property or assets (including cash),
which includes shares of Common Stock of the Company or shares of common stock
of another Person that are, or upon issuance will be, traded on a United States
national securities exchange or approved for trading on an established automated
over-the-counter trading market in the United States and such shares constitute
at the time such change or exchange becomes effective in excess of 50% of the
aggregate fair market value of such stock, securities or other property or
assets (including cash) (as determined by the Company, which determination shall
be conclusive and binding), then the Person formed by such consolidation or
resulting from such merger or which acquires such assets, as the case may be,
shall execute and deliver to the Trustee a supplemental indenture (accompanied
by an Opinion of Counsel that such supplemental indenture complies with the
provision of the Indenture and the Trust Indenture Act as in force at the date
of execution of such supplemental indenture) modifying the provisions of the
Indenture relating to the right of holders of the Series B Notes to cause the
Company to repurchase the Series B Notes following a Designated Event, including
without limitation the applicable provisions of this Section 1.10 and the
definitions of Common Stock and Designated Event, as appropriate, as determined
in good faith by the Company (which determination shall be conclusive and
binding), to make such provisions apply to such other Person if different from
the Company and the common stock issued by such Person (in lieu of the Company
and the Common Stock of the Company).

            (f) The Company will comply with the provisions of Rule 13e-4 and
any other tender offer rules under the Exchange Act to the extent then
applicable in connection with the redemption rights of the holders of Series B
Notes upon the occurrence of a Designated Event.

            Section 1.11. Repurchase of Notes by the Company at Option of the
Holder. Each holder of Series B Notes shall have the right, on each of December
31, 2010, December 31, 2013, December 31, 2018, December 31, 2023 and December
31, 2028 (each, a "REPURCHASE

                                      -19-
<PAGE>

DATE") to require the Company to repurchase the Series B Notes or any portion
thereof held by such holder, in cash, at a purchase price of 100% of the
principal amount of such Series B Notes to be repurchased, plus any accrued and
unpaid interest, in each case, to (but excluding) such Repurchase Date, subject
to the provisions of Section 1.12. Repurchases of Series B Notes under this
Section 1.11 shall be made, at the option of the holder thereof, upon:

            (a) delivery to the Trustee (or other paying agent appointed by the
      Company) by a holder of a duly completed and signed Repurchase Notice (a
      "REPURCHASE NOTICE") in the form set forth on the reverse of the Series B
      Note during the period beginning at any time from the opening of business
      on the date that is 20 Business Days prior to the applicable Repurchase
      Date until the close of business on such Repurchase Date; and

            (b) book-entry transfer of the Series B Notes to the Trustee (or
      other paying agent appointed by the Company) at any time after delivery of
      the applicable Repurchase Notice (together with all necessary
      endorsements) at the Corporate Trust Office (or the office of another
      paying agent appointed by the Company), such delivery being a condition to
      receipt by the holder of the purchase price therefor; provided that such
      purchase price shall be so paid pursuant to this Section 1.11 only if the
      Series B Note so delivered to the Trustee (or other paying agent appointed
      by the Company) shall conform in all respects to the description thereof
      in the related Repurchase Notice.

            The Company shall purchase from the holder thereof, pursuant to this
Section 1.11, a portion of a Series B Note, if the principal amount of such
portion is $1,000 or an integral multiple of $1,000. Provisions of the Indenture
that apply to the purchase of all of a Series B Note also apply to the purchase
of such portion of such Series B Note.

            Any purchase by the Company contemplated pursuant to the provisions
of this Section 1.11 shall be consummated by the delivery of the consideration
to be received by the holder promptly following the later of the Repurchase Date
and the time of the book-entry transfer or delivery of the Series B Note.

            Notwithstanding anything herein to the contrary, any holder
delivering to the Trustee (or other paying agent appointed by the Company) the
Repurchase Notice contemplated by this Section 1.11 shall have the right to
withdraw such Repurchase Notice at any time prior to the close of business on
the Repurchase Date by delivery of a written notice of withdrawal to the Trustee
(or other paying agent appointed by the Company) in accordance with Section
1.16.

            The Trustee (or other paying agent appointed by the Company) shall
promptly notify the Company of the receipt by it of any Repurchase Notice or
written notice of withdrawal thereof.

            Section 1.12. Procedures for the Repurchase of Notes.

            (a) At least five Business Days before each Company Repurchase
Notice Date, the Company shall deliver an Officers' Certificate to the Trustee
specifying:

            (i) the information required by Section 1.12(c) in the Company
      Repurchase Notice, and

                                      -20-
<PAGE>

                  (ii) whether the Company desires the Trustee to give the
            Company Repurchase Notice required by Section 1.12(c).

            (b) The Company Repurchase Notice, as provided in Section 1.12(c),
shall be sent to holders not less than 20 Business Days prior to such Repurchase
Date (the "COMPANY REPURCHASE NOTICE DATE").

            (c) In connection with any repurchase of Series B Notes under
Section 1.11, the Company shall, no less than 20 Business Days prior to each
Repurchase Date, give notice to holders (with a copy provided substantially
concurrently to the Trustee) setting forth information specified in this Section
1.12(c) (the "COMPANY REPURCHASE NOTICE").

            Each Company Repurchase Notice shall:

                  (1) state the repurchase price and the Repurchase Date to
      which the Company Repurchase Notice relates;

                  (2) include a form of Repurchase Notice;

                  (3) state the name and address of the Trustee (or other paying
      agent or Conversion Agent appointed by the Company);

                  (4) state that Series B Notes must be surrendered to the
      Trustee (or other paying agent appointed by the Company) to collect the
      purchase price;

                  (5) if the Series B Notes are then convertible, state that
      Series B Notes as to which a Repurchase Notice has been given may be
      converted only if the Repurchase Notice is withdrawn in accordance with
      the terms of the Indenture; and

                  (6) state the CUSIP number of the Series B Notes (if then
      generally in use).

Company Repurchase Notices may be given by the Company or, at the Company's
written request, the Trustee shall give such Company Repurchase Notice in the
Company's name and at the Company's expense.

            (d) The Company will comply with the provisions of Rule 13e-4 and
any other tender offer rules under the Exchange Act to the extent then
applicable in connection with the repurchase rights of the holders of Series B
Notes.

                                      -21-
<PAGE>

            Section 1.13. Deposit of Purchase Price. Prior to 10:00 a.m. (New
York City Time) on the Business Day immediately following the Repurchase Date,
the Company shall deposit with the Trustee (or other paying agent appointed by
the Company; or, if the Company is acting as the paying agent, shall segregate
and hold in trust as provided in Section 4.04 of the Original Indenture) an
amount of cash (in immediately available funds if deposited on such Business
Day) sufficient to pay the aggregate purchase price of all the Series B Notes or
portions thereof that are to be purchased as of the Repurchase Date.

            Section 1.14. Notes Repurchased in Part. Upon presentation of any
Series B Note repurchased only in part, the Company shall execute and the
Trustee shall authenticate and make available for delivery to the holder
thereof, at the expense of the Company, a new Series B Note or Series B Notes,
of any authorized denomination, in aggregate principal amount equal to the
unrepurchased portion of the Series B Notes presented.

            Section 1.15. Repayment to the Company. Subject to the requirements
of applicable law and the Indenture, the Trustee (or other paying agent
appointed by the Company) shall return to the Company any cash that remains
unclaimed for two years after any Repurchase Date, together with interest, if
any, thereon, held by it for the payment of the purchase price for the Series B
Notes or portions thereof that are to be purchased as of such Repurchase Date;
provided that to the extent that the aggregate amount of cash deposited by the
Company pursuant to Section 1.13 exceeds the aggregate purchase price of the
Series B Notes or portions thereof which the Company is obligated to purchase as
of the Repurchase Date then, unless otherwise agreed in writing with the
Company, promptly after the Business Day following the Repurchase Date, the
Trustee shall return any such excess to the Company together with interest, if
any, thereon.

            Section 1.16. Effect of Election and Repurchase Notice. Upon receipt
of the election notice in Section 1.10 by the office of agency of the Company or
upon receipt by the Trustee (or other paying agent appointed by the Company) of
the Repurchase Notice specified in Section 1.11, as applicable, the holder of
the Series B Note in respect of which such notice was given shall (unless such
notice is validly withdrawn) thereafter be entitled to receive solely the
applicable redemption or purchase price with respect to such Series B Note. Such
consideration shall be paid to such holder in the manner and subject to the
conditions set forth in Sections 1.10 and 1.11, respectively. Series B Notes in
respect of which such notice has been given by the holder thereof may not be
converted pursuant to this Article 1 on or after the date of the delivery of
such notice unless such notice has first been validly withdrawn.

            An redemption election notice or Repurchase Notice may be withdrawn
by means of a written notice of withdrawal delivered to the Company's designated
representative in accordance with the provisions of, respectively, Section 1.10
and 1.11 at any time prior to the close of business on the Designated Event
Redemption Date or the Repurchase Date, as applicable, specifying:

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

                                      -22-
<PAGE>

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

            (c) the principal amount, if any, of such Series B Note which
      remains subject to the original redemption election notice or Repurchase
      Notice, as applicable, and which has been or will be delivered for
      redemption or purchase by the Company.

            If the Trustee or other paying agent appointed by the Company, or
the Company or a subsidiary or Affiliate of either of them if such entity is
acting as the paying agent, holds cash sufficient to pay the aggregate
redemption or purchase price of all the Series B Notes, or portions thereof that
are to be redeemed or purchased as of the Designated Event Redemption Date or
the Repurchase Date in accordance with Sections 1.10 and 1.11, as applicable, on
the Business Day following such date (i) the Series B Notes will cease to be
outstanding, (ii) interest on the Series B Notes will cease to accrue, and (iii)
all other rights of the holders of such Series B Notes will terminate, whether
or not book-entry transfer of the Series B Notes has been made or the Series B
Notes have been delivered to the Trustee or other paying agent, other than the
right to receive the redemption or purchase price upon delivery of the Series B
Notes.

            Section 1.17. Right to Convert

            (a) Subject to and upon compliance with the provisions of the
Indenture, the holder of any Series B Note shall have the right to convert the
principal amount of the Series B Note, or any portion of such principal amount
which is a multiple of $1,000, into cash or a combination of cash and fully paid
and non-assessable shares of Common Stock (as such shares shall then be
constituted) by surrender of the Series B Note so to be converted in whole or in
part, together with any required funds under the circumstances described in this
Section 1.17, in the manner provided in Section 1.18. Each $1,000 of principal
amount of Series B Notes shall be convertible for cash equal to the Principal
Return and, if the aggregate Conversion Value of the Series B Notes being
converted exceeds the aggregate principle amount of Series B Notes being
converted (such difference, the "NET SHARE AMOUNT"), the number of whole shares
of Common Stock equal to the Net Share Amount divided by the Average Market
Price, as determined by the Company and confirmed in writing to the Trustee and
the Conversion Agent, all payable as set forth in Section 1.20. The Series B
Notes shall be convertible only upon the occurrence of one of the following
events:

                  (i) during any fiscal quarter commencing after March 31, 2005,
      if the Closing Sale Price exceeds 120% of the Conversion Price for at
      least 20 Trading Days in the 30 consecutive Trading Day period ending on
      the last Trading Day of the immediately preceding fiscal quarter (it being
      understood for purposes of this Section 1.17(a)(i) that the Conversion
      Price in effect at the close of business on each of the 30 consecutive
      Trading Days should be used and such calculation shall give effect to any
      event referred to in Section 1.21 or 1.22 occurring during such 30 Trading
      Day period);

                  (ii) during the five Business Day period immediately after any
      five consecutive Trading Day period in which the Trading Price per $1,000
      principal amount of the Series B Notes for each day of such five Trading
      Day period was less than 98% of

                                      -23-
<PAGE>

      the product of the Closing Sale Price on the applicable date and the
      Conversion Rate; provided, however, the Series B Notes shall not be
      convertible pursuant to this Section 1.17(a)(ii) after December 31, 2028
      if on any Trading Day during such five Trading Day period the Closing Sale
      Price was between 100% and 120% of the then current Conversion Price (it
      being understood for purposes of this Section 1.17(a)(ii) that the
      Conversion Rate in effect at the close of business on each of the five
      consecutive Trading Days should be used and such calculation shall give
      effect to any event referred to in Section 1.21 or 1.22 occurring during
      such five Trading Day period);

                  (iii) if such Series B Note has been called for redemption, at
      any time on or after the date the notice of redemption has been given
      until the close of business on the Business Day immediately preceding the
      redemption date; or

                  (iv) as provided in Section (b) of this Section 1.17.

            Upon receipt by the Conversion Agent of a demand for conversion from
a Noteholder pursuant to clause (i) of this Section 1.17, the Conversion Agent
shall inform the Company of such request and the Company shall thereupon furnish
to the Conversion Agent an Officer's Certificate stating whether the Series B
Notes are then convertible pursuant to clause (i) of this Section and setting
forth in reasonable detail the Company's basis for such determination. Upon
receipt of such Officer's Certificate, then the Conversion Agent shall promptly
deliver written notice thereof to the Company (and, if the Conversion Agent is
other than the Trustee, to the Trustee). In any event, the Company shall be
obligated at all times to determine whether the Series B Notes shall be
convertible as a result of the occurrence of an event specified in clause (i) of
this Section 1.17. Whenever the Series B Notes shall become convertible pursuant
to this Section 1.17, the Company or, at the Company's written request, the
Trustee in the name and at the expense of the Company, shall notify the holders
of the event triggering such convertibility in the manner provided in Section
16.03 of the Original Indenture, and the Company shall also publicly announce
such information and publish it on the Company's web site. Any notice so given
shall be conclusively presumed to have been duly given, whether or not the
holder receives such notice.

            The Trustee (or other Conversion Agent appointed by the Company)
shall have no obligation to determine the Trading Price under clause (a)(ii) of
this Section 1.17 unless the Company has requested in writing such a
determination; and the Company shall have no obligation to make such request
unless a holder provides it with reasonable evidence that the Trading Price per
$1,000 principal amount of Notes would be less than 98% of the product of the
Closing Sale Price and the Conversion Rate. If such evidence is provided, the
Company shall request in writing that the Trustee (or other Conversion Agent)
determine the Trading Price of the Series B Notes beginning on the next Trading
Day and on each successive Trading Day until the Trading Price per $1,000
principal amount of Notes is greater than or equal to 98% of the product of the
Closing Sale Price and the Conversion Rate. The Trustee shall not be liable for
its determination of the Trading Price in compliance with the methodology set
forth in this Section 1.17, except for any negligence or willful misconduct of
the Trustee in making such determination.

                                      -24-
<PAGE>

            (b) In addition, if:

                  (i) (A) the Company distributes to all holders of its Common
            Stock rights or warrants entitling them (for a period expiring
            within 45 days of the record date for the determination of the
            stockholders entitled to receive such distribution) to subscribe for
            or purchase shares of Common Stock, at a price per share less than
            the average of the Closing Sale Price for the ten Trading Days
            immediately preceding, but not including, the date such distribution
            is first publicly announced by the Company, or

                        (B) the Company distributes to all holders of its Common
            Stock, assets (including cash), debt securities or rights to
            purchase its securities, where the Fair Market Value of such
            distribution per share of Common Stock exceeds 5% of the Closing
            Sale Price on the Trading Day immediately preceding the date such
            distribution is first publicly announced by the Company,

      then, in either case, the Series B Notes may be surrendered for conversion
      at any time on and after the date that the Company gives notice to the
      holders of such distribution, which shall be not less than ten days prior
      to the Ex-Dividend Time for such distribution, until the earlier of the
      close of business on the Business Day immediately preceding, but not
      including, the Ex-Dividend Time or the date the Company publicly announces
      that such distribution will not take place; provided that no adjustment to
      the Conversion Rate or the ability of a holder of a Series B Note to
      convert will be made if the holder will otherwise participate in such
      distribution without conversion; or

                  (ii) the Company consolidates with, or merges with or into,
      another Person or is a party to a binding share exchange or conveys,
      transfers, sells, leases or otherwise disposes of all or substantially all
      of its properties and assets, in each case, pursuant to which the Common
      Stock would be converted into cash, securities or other property, then the
      Series B Notes may be surrendered for conversion at any time from and
      after the date 15 days prior to the anticipated effective date of the
      transaction and ending on and including the date 15 days after the
      consummation of the transaction. The Board of Directors shall determine
      the anticipated effective date of the transaction, and such determination
      shall be conclusive and binding on the holders and shall be publicly
      announced by the Company and posted on its web site not later than two
      Business Days prior to such 15th day.

            "EX-DIVIDEND TIME" means, with respect to any distribution on shares
of Common Stock, the first date on which the Common Stock trades, regular way,
on the principal securities market on which the Common Stock are then traded
without the right to receive such distribution.

            (c) A Series B Note in respect of which a holder is electing to
exercise its option to require redemption upon a Designated Event pursuant to
Section 1.10(a) or repurchase pursuant to Section 1.11 may be converted only if
such holder withdraws its election in accordance with Section 1.16. A holder of
Series B Notes is not entitled to any rights of a holder of Common Stock until
such holder has converted its, his or her Series B Notes to Common

                                      -25-
<PAGE>

Stock, and only to the extent such Series B Notes are deemed to have been
converted to Common Stock under this Article 1.

            Section 1.18. Conversion Procedures. To convert a Series B Note, a
holder must (a) furnish appropriate endorsements and transfer documents if
required by the Note registrar or the Conversion Agent, (b) pay any transfer or
similar tax, if required, (c) except as set forth in the final paragraph of this
Section 1.18, pay funds equal to the interest payable on the next interest
payment date, and (d) comply with DTC's procedures for converting a beneficial
interest in a Global Note. The date, within the time periods set forth in
Section 1.17, on which the holder satisfies all of those requirements is the
"CONVERSION DATE." Except as provided in Section 1.21(j), the Company shall
deliver to the holder through the Conversion Agent, as promptly as practicable
following the Conversion Date, but in no event later than the third Business Day
following the Company's determination of the Average Market Price, cash or a
combination of cash and certificates for the number of whole shares of Common
Stock issued pursuant to the settlement provisions in Section 1.20.

            In the event that the Company calls the Series B Notes for
redemption under Section 1.06, holders may convert their Series B Notes only
until the close of business on the Business Day immediately preceding the
Redemption Date; provided that in the event that the Company does not pay the
consideration for such redemption in accordance with the Indenture, such Series
B Notes shall remain convertible in accordance with Section 1.08. Any holder who
has delivered its Series B Notes for redemption or repurchase may only convert
such Series B Notes, or portions thereof, after withdrawing its redemption
election or Repurchase Notice in accordance with Section 1.16.

            The Conversion Notice shall be completed by a Depositary participant
on behalf of the beneficial holder. Conversion Notices may be delivered and such
Series B Notes may be surrendered for conversion in accordance with the
applicable procedures of the Depositary as in effect from time to time. In order
to cause a Depositary participant to complete a Conversion Notice, a beneficial
holder must complete, or cause to be completed, the appropriate instruction form
for conversion pursuant to the Depositary's book-entry conversion program. The
Person in whose name the Common Stock certificate, if any, is registered shall
be deemed to be a shareholder of record at the close of business on the
applicable Conversion Date; provided, however, that if any such date is a date
when the stock transfer books of the Company are closed, such Person shall be
deemed a shareholder of record as of the next Business Day on which the stock
transfer books of the Company are open.

            The Company's delivery to holders of the Conversion Value will be
deemed to satisfy its obligation to pay thereto the principal amount of the
Series B Notes and any accrued but unpaid interest attributable to the period
from the most recent interest payment date to the Conversion Date.

            No payment or adjustment shall be made for dividends on, or other
distributions with respect to, any Common Stock except as provided in this
Article 1. Notwithstanding any provision to the contrary in the Indenture,
Holders converting Series B Shares will not receive any cash payment of interest
unless such conversion occurs between the applicable record date and the
interest payment date to which it relates. On conversion of a Series B Note,
except for

                                      -26-
<PAGE>

conversion during the period from the close of business on any record date
immediately preceding any interest payment date to the close of business on the
Business Day immediately preceding such interest payment date, in which case the
holder on such record date shall receive the interest payable on such interest
payment date, that portion of accrued and unpaid interest on the converted
Series B Note attributable to the period from the most recent interest payment
date (or, if no interest payment date has occurred, from the date of original
issuance of the Series B Notes) through the Conversion Date shall not be
cancelled, extinguished or forfeited, but rather shall be deemed to be paid in
full to the holder thereof through delivery of the cash or Common Stock in
settlement of the Series B Note being converted pursuant to Section 1.20, and
the Fair Market Value of such shares of Common Stock, if any (together with the
cash portion of such settlement), shall be treated as issued, to the extent
thereof, first in exchange for accrued and unpaid interest accrued through the
Conversion Date and the balance, if any, of such Fair Market Value of such
Common Stock (and such cash payment) shall be treated as issued in exchange for
the principal amount of the Series B Note being converted pursuant to the
provisions hereof.

            If a holder converts more than one Series B Note at the same time,
the cash paid and the number of shares of Common Stock issuable, if any, upon
the conversion shall be based on the aggregate principal amount of Series B
Notes converted.

            Upon surrender of a Series B Note that is converted in part, the
Company shall execute, and the Trustee shall authenticate and deliver to the
holder, a new Series B Note equal in principal amount to the principal amount of
the unconverted portion of the Series B Note surrendered.

            Series B Notes or portions thereof surrendered for conversion during
the period from the close of business on any record date immediately preceding
any interest payment date to the close of business on the Business Day
immediately preceding such interest payment date shall be accompanied by payment
to the Company or its order, in immediately available funds or other funds
acceptable to the Company, of an amount equal to the interest payable on such
interest payment date with respect to the principal amount of Series B Notes or
portions thereof being surrendered for conversion; provided that no such payment
need be made if (1) the Company has specified a redemption date that occurs
during the period from the close of business on a record date to the close of
business on the Business Day immediately preceding the interest payment date to
which such record date relates, (2) the Company has specified a Designated Event
Redemption Date during such period or (3) any overdue interest exists on the
Conversion Date with respect to the Series B Notes converted, but only to the
extent of overdue interest.

            Section 1.19. Cash Payments in Lieu of Fractional Shares. No
fractional shares of Common Stock or scrip certificates representing fractional
shares shall be issued upon conversion of Series B Notes. If more than one
Series B Note shall be surrendered for conversion at one time by the same
holder, the number of full shares that shall be issuable, if any, upon
conversion shall be computed in the manner set forth in Section 1.20. If any
fractional share of Common Stock would be issuable upon such conversion, the
Company shall make an adjustment and payment therefor in cash at the Average
Market Price thereof to the holder of Series B Notes.

                                      -27-
<PAGE>

            Section 1.20. Conversion Rate; Settlement Upon Conversion. The
initial Conversion Rate is 44.7193 shares of Common Stock for each $1,000
principal amount of Series B Notes, subject to adjustment as herein set forth
(the "CONVERSION RATE"). The Company shall pay to holders of converting Series B
Notes as follows:

            (a) an amount in cash (the "PRINCIPAL RETURN") equal to the lesser
of (A) the aggregate Conversion Value of the Series B Notes to be converted, and
(B) the aggregate principal amount of the Series B Notes to be converted;

            (b) if the aggregate Conversion Value of the Series B Notes to be
converted is greater than the aggregate principal amount of the Series B Notes
to be converted, the number of whole shares of Common Stock (the "NET SHARES")
equal to the Net Share Amount divided by the Average Market Price; and

            (c) an amount in cash in lieu of any fractional shares which would
otherwise be payable as a result of the calculation in paragraph (b) of this
Section 1.20, calculated as provided in Section 1.19.

            The Company shall determine the Conversion Value, the Principal
Return, the Average Market Price and the Net Shares promptly after the end of
the applicable Conversion Settlement Reference Period. In no event shall the
Company be required to issue a number of Net Shares in excess of 58.5823 shares
of Common Stock (as adjusted for stock splits, stock dividends,
recapitalizations or similar events) per $1,000 principal amount of Series B
Notes; provided that the Company shall pay to holders converting Series B Notes
an aggregate amount of cash in lieu of any number of the Net Shares in excess of
such maximum number of Common Stock, calculated at the Average Market Price
thereof.

            Section 1.21. Adjustment of Conversion Rate. The Conversion Rate
shall be adjusted from time to time by the Company as follows:

            (a) In case the Company shall hereafter pay a dividend or make a
distribution to all holders of the outstanding Common Stock in shares of Common
Stock, the Conversion Rate shall be increased so that the same shall equal the
rate determined by multiplying the Conversion Rate in effect at the opening of
business on the date following the date fixed for the determination of
stockholders entitled to receive such dividend or other distribution by a
fraction:

                  (i) the numerator of which shall be the sum of the number of
            shares of Common Stock outstanding at the close of business on the
            date fixed for the determination of stockholders entitled to receive
            such dividend or other distribution plus the total number of shares
            of Common Stock constituting such dividend or other distribution;
            and

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

such increase to become effective immediately after the opening of business on
the day following the date fixed for such determination. If any dividend or
distribution of the type

                                      -28-
<PAGE>

described in this Section 1.21(a) is declared but not so paid or made, the
Conversion Rate shall again be adjusted to the Conversion Rate that would then
be in effect if such dividend or distribution had not been declared.

      (b) Except for such adjustments in respect of rights and warrants subject
to Triggering Events in paragraph (d) of this Section 1.21, in case the Company
shall issue rights or warrants to all holders of its outstanding shares of
Common Stock entitling them (for a period expiring within 45 days after the date
fixed for determination of stockholders entitled to receive such rights or
warrants) to subscribe for or purchase shares of Common Stock at a price per
share less than the Average Market Price on the date such issuance is first
publicly announced by the Company, the Conversion Rate shall be increased so
that the same shall equal the rate determined by multiplying the Conversion Rate
in effect immediately prior to the date fixed for determination of stockholders
entitled to receive such rights or warrants by a fraction:

            (i) the numerator of which shall be the number of shares of Common
      Stock outstanding at the close of business on the date fixed for
      determination of stockholders entitled to receive such rights or warrants
      plus the total number of additional shares of Common Stock offered for
      subscription or purchase; and

            (ii) the denominator of which shall be the sum of the number of
      shares of Common Stock outstanding at the close of business on the date
      fixed for determination of stockholders entitled to receive such rights or
      warrants plus the number of shares that the aggregate offering price of
      the total number of shares so offered would purchase at such Average
      Market Price.

      Such adjustment shall be successively made whenever any such rights or
warrants are issued, and shall become effective immediately after the opening of
business on the day following the date fixed for determination of the
stockholders entitled to receive such rights or warrants. To the extent that
shares of Common Stock are not delivered after the expiration of such rights or
warrants, the Conversion Rate shall be readjusted to the Conversion Rate that
would then be in effect had the adjustments made upon the issuance of such
rights or warrants been made on the basis of delivery of only the number of
shares of Common Stock actually delivered. If such rights or warrants are not so
issued, the Conversion Rate shall again be adjusted to be the Conversion Rate
that would then be in effect if such date fixed for determination of
stockholders entitled to receive such rights or warrants had not been so fixed.
In determining whether any rights or warrants entitle the holders to subscribe
for or purchase shares of Common Stock at less than such Average Market Price,
and in determining the aggregate offering price of such shares of Common Stock,
there shall be taken into account any consideration received by the Company for
such rights or warrants and any amount payable on exercise or conversion
thereof, the value of such consideration, if other than cash, to be determined
by the Board of Directors.

      (c) In case outstanding shares of Common Stock shall be subdivided into a
greater number of shares of Common Stock, the Conversion Rate in effect at the
opening of business on the day following the day upon which such subdivision
becomes effective shall be proportionately increased, and conversely, in case
outstanding shares of Common Stock shall be combined into a smaller number of
shares of Common Stock, the Conversion Rate in effect at

                                      -29-
<PAGE>

the opening of business on the day following the day upon which such combination
becomes effective shall be proportionately reduced, such increase or reduction,
as the case may be, to become effective immediately after the opening of
business on the Business Day following the day upon which such subdivision or
combination becomes effective.

      (d) In case the Company shall, by dividend or otherwise, distribute to all
holders of its Common Stock shares of any class of capital stock of the Company
or evidences of its indebtedness or assets (including cash and securities, but
excluding any rights or warrants referred to in Section 1.21(b), and excluding
any dividend or distribution referred to in Section 1.21(a) (any of the
foregoing hereinafter in this Section 1.21(d)) called the "DISTRIBUTION")),
then, in each such case (unless the Company elects to reserve such Distribution
for distribution to the Noteholders upon the conversion of the Series B Notes so
that any such holder converting Series B Notes will receive upon such
conversion, in addition to the shares of Common Stock, if any, and cash to which
such holder is entitled, the amount and kind of such Distribution which such
holder would have received if such holder had converted its Series B Notes into
Common Stock immediately prior to the Record Date), the Conversion Rate shall be
increased so that the same shall be equal to the rate determined by multiplying
the Conversion Rate in effect at the close of business on the Record Date with
respect to such distribution by a fraction:

            (i) the numerator of which shall be the Average Market Price on such
      Record Date; and

            (ii) the denominator of which shall be the Average Market Price on
      such Record Date less (A) in the case of Distributions other than cash,
      the Fair Market Value (as determined by the Board of Directors, whose
      determination shall be conclusive, and described in a resolution of the
      Board of Directors) on the Record Date of the portion of such
      Distributions applicable to one share of Common Stock and (B) in the case
      of Distributions of cash, the amount of such Distributions applicable to
      one share of Common Stock,

such adjustment to become effective immediately prior to the opening of business
on the Business Day following such Record Date; provided that if the then Fair
Market Value (as so determined) of the portion of the Distribution so
distributed applicable to one share of Common Stock is equal to or greater than
the Average Market Price on the Record Date, in lieu of the foregoing
adjustment, adequate provision shall be made so that each Noteholder shall have
the right to receive upon conversion the amount of Distribution such holder
would have received had such holder converted each Series B Note on the Record
Date. A holder who converts a Series B Note pursuant to Section 1.17(b) shall
not be entitled to any adjustment to the Conversion Rate with respect to such
Series B Note so converted. If such Distribution is not so paid or made, the
Conversion Rate shall again be adjusted to be the Conversion Rate that would
then be in effect if such dividend or distribution had not been declared. If the
Board of Directors determines the Fair Market Value of any distribution for
purposes of this Section 1.21(d) by reference to the actual or when issued
trading market for any securities, it must in doing so consider the prices in
such market over the same period used in computing the Average Market Price on
the applicable Record Date. Notwithstanding the foregoing, if the Distribution
distributed by the Company to all holders of its Common Stock consists of
capital stock of, or similar equity interests in, a

                                      -30-
<PAGE>

Subsidiary or other business unit, the Conversion Rate shall be increased so
that the same shall be equal to the rate determined by multiplying the
Conversion Rate in effect on the Record Date with respect to such distribution
by a fraction:

            (w) the numerator of which shall be the sum of (A) the average
      Closing Sale Price over the five consecutive Trading Day period (the
      "SPINOFF VALUATION PERIOD") commencing on and including the fifth Trading
      Day after the date on which "ex-dividend trading" commences on the Common
      Stock on the Nasdaq National Market System or such other national or
      regional exchange or market on which the Common Stock is then listed or
      quoted and (B) the average Fair Market Value (as determined by the Board
      of Directors, whose determination shall be conclusive, and described in a
      resolution of the Board of Directors) over the Spinoff Valuation Period of
      the portion of the Distribution so distributed applicable to one share of
      Common Stock; and

            (x) the denominator of which shall be the average Closing Sale Price
      over the Spinoff Valuation Period,

such adjustment to become effective immediately prior to the opening of business
on the Business Day following such Record Date; provided that the Company may in
lieu of the foregoing adjustment make adequate provision so that each Noteholder
shall have the right to receive upon conversion the amount of Distribution, or,
if such Distribution consists of shares of Common Stock, cash in lieu thereof,
such holder would have received had such holder converted each Series B Note on
the Record Date with respect to such Distribution.

      Rights or warrants distributed by the Company to all holders of Common
Stock entitling the holders thereof to subscribe for or purchase shares of the
Company's Common Stock (either initially or under certain circumstances), which
rights or warrants, until the occurrence of a specified event or events
("TRIGGER EVENT"): (i) are deemed to be transferred with such shares of Common
Stock; (ii) are not exercisable; and (iii) are also issued in respect of future
issuances of Common Stock, shall be deemed not to have been distributed for
purposes of this Section 1.21 (and no adjustment to the Conversion Rate under
this Section 1.21 will be required) until the occurrence of the earliest Trigger
Event, whereupon such rights and warrants shall be deemed to have been
distributed and an appropriate adjustment (if any is required) to the Conversion
Rate shall be made under this Section 1.21(d). If any such right or warrant,
including any such existing rights or warrants distributed prior to the date of
this Indenture, are subject to events, upon the occurrence of which such rights
or warrants become exercisable to purchase different securities, evidences of
indebtedness or other assets, then the date of the occurrence of any and each
such event shall be deemed to be the date of distribution and record date with
respect to new rights or warrants with such rights (and a termination or
expiration of the existing rights or warrants without exercise by any of the
holders 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 was counted
for purposes of calculating a distribution amount for which an adjustment to the
Conversion Rate under this Section 1.21 was made, (1) 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 Rate shall be readjusted upon
such final redemption or repurchase to give effect to

                                      -31-
<PAGE>

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 or holders of Common Stock with respect to such rights or warrants
(assuming such holder had retained such rights or warrants), made to all holders
of Common Stock as of the date of such redemption or repurchase, and (2) in the
case of such rights or warrants that shall have expired or been terminated
without exercise by any holders thereof, the Conversion Rate shall be readjusted
as if such rights and warrants had not been issued.

      No adjustment of the Conversion Rate shall be made pursuant to this
Section 1.21(d) in respect of rights or warrants distributed or deemed
distributed on any Trigger Event to the extent that such rights or warrants are
actually distributed or reserved by the Company for distribution to holders of
Series B Notes upon conversion by such holders of Series B Notes to Common
Stock.

      For purposes of this Section 1.21(d) and Sections 1.21(a) and (b), any
dividend or distribution to which this Section 1.21(d) is applicable that also
includes shares of Common Stock, or rights or warrants to subscribe for or
purchase shares of Common Stock (or both), shall be deemed instead to be (y) a
dividend or distribution of the evidences of indebtedness, assets or shares of
capital stock other than such shares of Common Stock or rights or warrants (and
any Conversion Rate adjustment required by this Section 1.21(d) with respect to
such dividend or distribution shall then be made) immediately followed by (z) a
dividend or distribution of such shares of Common Stock or such rights or
warrants (and any further Conversion Rate adjustment required by Sections
1.21(a) and (b) 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 "the date fixed for the determination of stockholders
      entitled to receive such dividend or other distribution", "the date fixed
      for the determination of stockholders entitled to receive such rights or
      warrants" and "the date fixed for such determination" within the meaning
      of Section 1.21(a) and (b); and

            (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
      1.21(a).

      (e) (A) In case a tender or exchange offer made by the Company or any
      Subsidiary for all or any portion of the Common Stock (excluding any
      transactions solely involving odd lots of shares of Common Stock) shall
      expire and such tender or exchange offer (as amended upon the expiration
      thereof) shall require the payment to stockholders of consideration per
      share of Common Stock having a Fair Market Value (as determined by the
      Board of Directors, whose determination shall be conclusive and described
      in a resolution of the Board of Directors) that as of the last time (the
      "EXPIRATION TIME") tenders or exchanges may be made pursuant to such
      tender or exchange offer (as it may be amended) exceeds the Closing Sale
      Price on the Trading Day next succeeding the Expiration Time, the
      Conversion Rate shall be increased so that the same shall equal the rate

                                      -32-
<PAGE>

      determined by multiplying the Conversion Rate in effect immediately prior
      to the Expiration Time by a fraction:

                  (i) the numerator of which shall be the sum of (w) the Fair
            Market Value (determined as aforesaid) of the aggregate
            consideration payable to stockholders based on the acceptance (up to
            any maximum specified in the terms of the tender 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 (x) the
            product of the number of shares of Common Stock outstanding (less
            any Purchased Shares) at the Expiration Time and the Closing Sale
            Price on the Trading Day next succeeding the Expiration Time; and

                  (ii) the denominator of which shall be the number of shares of
            Common Stock outstanding (including any tendered or exchanged shares
            (including Purchased Shares)) at the Expiration Time multiplied by
            the Closing Sale Price on the Trading Day next succeeding the
            Expiration Time,

      such adjustment to become effective immediately prior to the opening of
      business on the Business Day following the Expiration Time. If 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 Rate shall again be adjusted to be the Conversion Rate that
      would then be in effect if such tender or exchange offer had not been
      made.

            (B) In case of a tender or exchange offer made by a Person other
      than the Company or any Subsidiary for an amount that increases the
      offeror's ownership of Common Stock to more than 25% of the Common Stock
      outstanding and shall involve the payment by such Person of consideration
      per share of Common Stock having a Fair Market Value (as determined by the
      Board of Directors, whose determination shall be conclusive, and described
      in a resolution of the Board of Directors) that as of the last time (the
      "OFFER EXPIRATION TIME") tenders or exchanges may be made pursuant to such
      tender or exchange offer (as it shall have been amended) exceeds the
      Closing Sale Price of a share of Common Stock on the Trading Day next
      succeeding the Offer Expiration Time, and in which, as of the Offer
      Expiration Time, the Board of Directors is not recommending rejection of
      the offer, the Conversion Rate shall be increased so that the same shall
      equal the rate determined by multiplying the Conversion Rate in effect
      immediately prior to the Offer Expiration Time by a fraction:

                  (y) the numerator of which shall be the sum of (x) the Fair
            Market Value (determined as aforesaid) of the aggregate
            consideration payable to the stockholders based on the acceptance
            (up to any maximum

                                      -33-
<PAGE>

            specified in the terms of the tender or exchange offer) of all
            shares validly tendered or exchanged and not withdrawn as of the
            Offer Expiration Time (the shares deemed so accepted, up to any such
            maximum, being referred to as the "ACCEPTED PURCHASED SHARES") and
            (y) the product of the number of shares of Common Stock outstanding
            (less any Accepted Purchased Shares) at the Offer Expiration Time
            and the Closing Sale Price on the Trading Day next succeeding the
            Offer Expiration Time; and

                  (z) the denominator of which shall be the number of shares of
            Common Stock outstanding (including any tendered or exchanged shares
            (including Accepted Purchased Shares)) at the Offer Expiration Time
            multiplied by the Closing Sale Price on the Trading Day next
            succeeding the Offer Expiration Time,

      such adjustment to become effective immediately prior to the opening of
      business on the Business Day following the Offer Expiration Time. If such
      Person is obligated to purchase shares pursuant to any such tender or
      exchange offer, but such Person is permanently prevented by applicable law
      from effecting any such purchases or all such purchases are rescinded, the
      Conversion Rate shall again be adjusted to be the Conversion Rate that
      would then be in effect if such tender or exchange offer had not been
      made. Notwithstanding the foregoing, the adjustment described in this
      Section 1.21(e)(B) shall not be made if, as of the Offer Expiration Time,
      the offering documents with respect to such offer disclose a plan or
      intention to cause the Company to engage in a consolidation or merger or a
      sale of all or substantially all of the Company's assets.

      (f)   For purposes hereof, the following terms shall have the meaning
indicated:

            (1) "AVERAGE MARKET PRICE," as of any date of determination, shall
      mean the average of the daily Closing Sale Prices of Common Stock for each
      of: (A) in the case of a determinations pursuant to Sections 1.17, 1.19
      and 1.20, the five consecutive Trading Days during the applicable
      Conversion Settlement Reference Period; (B) in the case of a determination
      pursuant to Section 1.21(b), the ten consecutive Trading Days immediately
      preceding the date such issuance or distribution is publicly announced;
      and (C) otherwise, the ten consecutive Trading Days immediately preceding
      the earlier of such date of determination and the day before the "ex" date
      with respect to the issuance, distribution, subdivision or combination
      requiring such computation immediately prior to the date in question. For
      purpose of this paragraph, the term "EX" DATE, (i) when used with respect
      to any issuance or distribution, means the first date on which the Common
      Stock trades, regular way, on the relevant exchange or in the relevant
      market from which the Closing Sale Price was obtained without the right to
      receive such issuance or distribution, and (ii) when used with respect to
      any subdivision or combination of shares of Common Stock, means the first
      date on which the Common Stock trades, regular way, on such exchange or in
      such market after the time at which such subdivision or combination
      becomes effective.

                                      -34-
<PAGE>

                        If another issuance, distribution, subdivision or
            combination to which Section 1.21 applies occurs during the period
            applicable for calculating "Average Market Price" pursuant to the
            definition in the preceding paragraph, "Average Market Price" shall
            be calculated for such period in a manner determined by the Board of
            Directors to reflect the impact of such issuance, distribution,
            subdivision or combination on the Closing Sale Price during such
            period.

                  (2)   "FAIR MARKET VALUE" shall mean the amount that a willing
            buyer would pay a willing seller in an arm's-length transaction.

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

            (g)   The Company may make such increases in the Conversion Rate, in
addition to those required by Sections 1.21(a), (b), (c), (d) or (e) or Section
1.22(a), as the Board of Directors considers to be advisable to avoid or
diminish any income tax to any holders of Common Stock or rights to purchase
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 increase the Conversion Rate by any amount for any period of time if
the increase is irrevocable during the period and the Board of Directors shall
have made a determination that such increase would be in the best interests of
the Company, which determination shall be conclusive. Whenever the Conversion
Rate is increased pursuant to the preceding sentence, the Company shall mail to
holders of record of the Series B Notes a notice of the increase prior to the
date the increased Conversion Rate takes effect, and such notice shall state the
increased Conversion Rate and the period during which it will be in effect.

            (h)   No adjustment in the Conversion Rate shall be required unless
such adjustment would require an increase or decrease of at least one percent
(1%) in such rate; provided that any adjustments that by reason of this Section
1.21(h) are not required to be made shall be carried forward and taken into
account in any subsequent adjustment. All adjustment calculations under this
Article 1 shall be made by the Company and shall be made to the nearest cent or
to the nearest one-ten thousandth (1/10,000) of a share, as the case may be. No
adjustment need be made for rights to purchase Common Stock pursuant to a
Company plan for reinvestment of dividends or interest or for any issuance of
Common Stock or convertible or exchangeable securities or rights to purchase
Common Stock or convertible or exchangeable securities.

                                      -35-
<PAGE>

            (i)   Whenever the Conversion Rate is adjusted as herein provided,
the Company shall promptly file with the Trustee and any Conversion Agent other
than the Trustee an Officers' Certificate setting forth the Conversion Rate
after such adjustment and setting forth a brief statement of the facts requiring
such adjustment. Unless and until a Officer of the Trustee shall have received
such Officers' Certificate, the Trustee shall not be deemed to have knowledge of
any adjustment of the Conversion Rate and may assume that the last Conversion
Rate of which it has knowledge is still in effect. Promptly after delivery of
such certificate, the Company shall prepare a notice of such adjustment of the
Conversion Rate setting forth the adjusted Conversion Rate and the date on which
each adjustment becomes effective and shall mail such notice of such adjustment
of the Conversion Rate to the holder of each Series B Note at its, his or her
last address appearing on the Note register provided for in Section 1.05 of this
Indenture, within 20 days after execution thereof. Failure to deliver such
notice shall not affect the legality or validity of any such adjustment.

            (j)   In any case in which this Section 1.21 provides that an
adjustment shall become effective immediately after (1) a record date or Record
Date for an event (including without limitation, any event described in Section
1.21(d)), (2) the date fixed for the determination of stockholders entitled to
receive a dividend or distribution pursuant to Section 1.21(a), (3) a date fixed
for the determination of stockholders entitled to receive rights or warrants
pursuant to Section 1.21(b), or (4) the Expiration Time for any tender or
exchange offer pursuant to Section 1.21(e), (each a "DETERMINATION DATE"), the
Company may elect to defer until the occurrence of the applicable Adjustment
Event (as hereinafter defined) (x) issuing to the holder of any Series B Note
converted after such Determination Date and before the occurrence of such
Adjustment Event, any cash, additional shares of Common Stock or other
securities issuable upon such conversion by reason of the adjustment required by
such Adjustment Event over and above that issuable upon such conversion before
giving effect to such adjustment and (y) paying to such holder any amount in
cash in lieu of any fraction pursuant to Section 1.19. For purposes of this
Section 1.21(j), the term "ADJUSTMENT EVENT" shall mean:

                  (i)   in any case referred to in clause (1) hereof, the
            occurrence of such event,

                  (ii)  in any case referred to in clause (2) hereof, the date
            any such dividend or distribution is paid or made,

                  (iii) in any case referred to in clause (3) hereof, the date
            of expiration of such rights or warrants, and

                  (iv)  in any case referred to in clause (4) hereof, the date a
            sale or exchange of Common Stock pursuant to such tender or exchange
            offer is consummated and becomes irrevocable.

            (k)   For purposes of this Section 1.21, 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.

                                      -36-
<PAGE>

            Section 1.22. Effect of Fundamental Change, Reclassification,
Consolidation, Merger or Sale.

            (a)   If a Fundamental Change occurs on or prior to December 31,
2010, and except as provided in Section 1.22(b) below, for any conversion of the
Series B Notes in connection with the Fundamental Change, the Company will
increase the Conversion Rate by a number of additional shares determined with
reference to the effective date of the Fundamental Change and the applicable
stock price (adjusted as set forth below) of each share of Common Stock, all as
set forth on the table contained in Exhibit C attached hereto and incorporated
herein by this reference. The applicable stock price shall be the Average Market
Price calculated over the five Trading Days up to but not including the
effective date of such transaction; provided that if holders of Common Stock
receive only cash in such transaction, the applicable stock price shall be the
cash amount paid per share. The stock prices set forth on the table set forth on
said Exhibit C will be adjusted as of any date on which the Conversion Rate is
adjusted. On such date, the stock prices shall be adjusted by multiplying: the
stock prices applicable immediately prior to such adjustment, by a fraction, of
which (i) the numerator is the Conversion Rate immediately prior to the
adjustment giving rise to the stock price adjustment, and (ii) the denominator
of which is the Conversion Rate so adjusted. No adjustment pursuant to this
paragraph (a) shall be made if the stock price per share is below $17.07 (as so
adjusted) or above $110.00 (as so adjusted).

            (b)   In the event of a Fundamental Change which is also a Public
Acquirer Change of Control, the Company may, in lieu of increasing the
Conversion Rate pursuant to Section 1.22(a) above, elect to adjust the
Conversion Rate such that from and after the effective date of such Public
Acquirer Change of Control, holders of the Series B Notes will be entitled to
convert their Series B Notes for an amount equal to the product of the
Conversion Rate in effect immediately before the Public Acquirer Change of
Control and a fraction:

                  (i) the numerator of which will be (A) in the case of a share
            exchange, consolidation, merger, or sale of all or substantially all
            of the assets pursuant to which the outstanding shares of Common
            Stock are converted into cash, securities or other property, the
            fair market value of all cash and any other consideration (as
            determined by the Board of Directors) paid or payable with respect
            to each share of Common Stock, or (B) in the case of any other
            Public Acquirer Change of Control, the average of the Closing Sale
            Price of the Common Stock for the five consecutive Trading Days
            immediately preceding but excluding the effective date of such
            Public Acquirer Change of Control; and

                  (ii) the denominator of which will be the average of the
            Closing Sale Price of the Public Acquirer Common Stock for the five
            consecutive Trading Days prior to but not including the effective
            date of such Public Acquirer Change of Control.

The Company shall notify Noteholders and the Trustee of its election between (a)
and (b) of this Section 1.22 in the Designated Event Notice. The amount payable
upon conversion of Series B Notes upon an election by the Company under this
Section 1.22(b) shall be settled as provided in Section 1.20 provided that in
lieu of the Common Stock payable, if any, under

                                      -37-
<PAGE>

Section 1.20(b) there shall be paid that number of whole shares of Public
Acquirer Common Stock, calculated in the same manner.

            (c)   If any of the following events occur, namely (i) any
reclassification or change of the outstanding shares of Common Stock (other than
a subdivision or combination to which Section 1.21(c) applies), (ii) any
consolidation, merger or combination of the Company with another Person as a
result of which holders of Common Stock shall be entitled to receive stock,
other securities or other property or assets (including cash) with respect to or
in exchange for such Common Stock, (iii) the Company is a party to a binding
share exchange, or (iv) 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 Common Stock shall be entitled to receive stock, other
securities or other property or assets (including cash) with respect to or in
exchange for such Common Stock, then the Conversion Rate will not be adjusted,
but the Company or the successor or purchasing Person, as the case may be, shall
execute with the Trustee (provided, however, the Trustee is under no obligation
to execute any such supplemental indenture if it adversely affects the Trustee's
own rights, duties, liabilities or immunities) a supplemental indenture
providing that each Series B Note shall be convertible into the kind and amount
of shares of stock, other securities or other property or assets (including
cash) receivable upon such reclassification, change, consolidation, merger,
combination, binding share exchange, sale or conveyance by a holder of a number
of shares of Common Stock issuable upon conversion of such Series B Notes
(assuming, for such purposes, a sufficient number of authorized shares of Common
Stock are available to convert all such Series B Notes) immediately prior to
such reclassification, change, consolidation, merger, combination, binding share
exchange, sale or conveyance assuming such holder of Common Stock did not
exercise his rights of election, if any, as to the kind or amount of stock,
other securities or other property or assets (including cash) receivable upon
such reclassification, change, consolidation, merger, combination, binding share
exchange, sale or conveyance; provided that, if the kind or amount of stock,
other securities or other property or assets (including cash) receivable upon
such reclassification, change, consolidation, merger, combination, 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 1.22 the kind and
amount of stock, other securities or other property or assets (including cash)
receivable upon such reclassification, change, consolidation, merger,
combination, 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. Such supplemental indenture shall provide
for adjustments, which shall be as nearly equivalent as may be practicable to
the adjustments provided for in this Article 1.

            The Company shall cause notice of the execution of such supplemental
indenture to be mailed to each holder of Series B Notes, at its address
appearing on the Note register provided for in Section 1.05 of this Indenture,
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 1.22(c) shall similarly apply
to successive reclassifications, changes, consolidations, mergers, combinations,
sales and conveyances.

            Interest will not accrue on any cash into which the Series B Notes
are convertible.

                                      -38-
<PAGE>

            Except in the event that any of the transactions described in this
Section 1.22(c) is a fundamental change, the Conversion Rate will not be
adjusted upon any occurrence thereof.

            Section 1.23. Taxes on Shares Issued. The issue of stock
certificates on conversions of Series B Notes shall be made without charge to
the converting Noteholder for any documentary, stamp or similar issue or
transfer tax in respect of the issue thereof. The Company shall not, however, be
required to pay any such tax which may be payable in respect of any transfer
involved in the issue and delivery of stock in any name other than that of the
holder of any Series B Note converted, and the Company shall not be required to
issue or deliver any such stock certificate unless and until the Person or
Persons requesting the issue thereof shall have paid to the Company the amount
of such tax or shall have established to the satisfaction of the Company that
such tax has been paid. Nothing herein shall preclude the Company's withholding
any tax required by law.

            Section 1.24. Notes Subordinated to Senior Indebtedness. The Company
and the Trustee each covenants and agrees, and each Noteholder, by its
acceptance of a Series B Note, likewise covenant and agree that all Series B
Notes shall be issued subject to the subordination provisions of this Article 1;
and each Person holding any Series B Note, whether upon original issue or upon
transfer, assignment or exchange thereof, accepts and agrees that the payment of
principal, premium and interest on the Series B Notes shall, to the extent and
in the manner set forth in this Article 1, be subordinated in right of payment
to the prior payment in full, in cash or cash equivalents, of all amounts
payable under Senior Indebtedness, including, without limitation, the Company's
obligations under the Bank Credit Agreement (including any interest accruing
subsequent to an event specified in Sections 2.01(g) and 2.01(h), whether or not
such interest is an allowed claim enforceable against the debtor under the
United States Bankruptcy Code).

            Section 1.25. No Payment on Notes in Certain Circumstances.

            (a) No direct or indirect payment by or on behalf of the Company of
principal, premium and interest on the Series B Notes, whether pursuant to the
terms of the Series B Notes or upon acceleration or otherwise, shall be made if,
at the time of such payment, there exists a default in the payment of all or any
portion of the obligations of any Senior Indebtedness, and such default shall
not have been cured or waived or the benefits of this sentence waived by or on
behalf of the holders of such Senior Indebtedness.

            (b) During the continuance of any other event of default with
respect to (i) the Bank Credit Agreement pursuant to which the maturity thereof
may be accelerated and (A) upon receipt by the Trustee of written notice from
the administrative agent under the Bank Credit Agreement (the "ADMINISTRATIVE
AGENT") or (B) if such event of default under the Bank Credit Agreement results
from the acceleration of the Series B Notes, from and after the date of such
acceleration, no payment of principal, premium and interest on the Series B
Notes may be made by or on behalf of the Company upon or in respect of the
Series B Notes for a period (a "PAYMENT BLOCKAGE PERIOD") commencing on the
earlier of the date of receipt of such notice or the date of such acceleration
and ending 179 days thereafter (unless such Payment Blockage Period shall be
terminated by written notice to the Trustee from the Administrative Agent or
such event of default has been cured or waived or by repayment in full in cash
or cash

                                      -39-
<PAGE>

equivalents of such Senior Indebtedness) or (ii) any other Designated Senior
Indebtedness pursuant to which the maturity thereof may be accelerated, upon
receipt by the Trustee of written notice from the trustee or other
representative for the holders of such other Designated Senior Indebtedness (or
the holders of at least a majority in principal amount of such other Designated
Senior Indebtedness then outstanding), no payment of principal, premium and
interest on the Series B Notes may be made by or on behalf of the Company upon
or in respect of the Series B Notes for a Payment Blockage Period commencing on
the date of receipt of such notice and ending 119 days thereafter (unless, in
each case, such Payment Blockage Period shall be terminated by written notice to
the Trustee from such trustee of, or other representatives for, such holders or
by repayment in full in cash or cash-equivalents of such Designated Senior
Indebtedness or such event of default has been cured or waived). Notwithstanding
anything in the Indenture to the contrary, there must be 180 consecutive days in
any 360-day period in which no Payment Blockage Period is in effect. For all
purposes of this Section 1.25(b), no event of default (other than an event of
default pursuant to the financial maintenance covenants under the Bank Credit
Agreement) that existed or was continuing (it being acknowledged that any
subsequent action that would give rise to an event of default pursuant to any
provision under which an event of default previously existed or was continuing
shall constitute a new event of default for this purpose) on the date of the
commencement of any Payment Blockage Period with respect to the Designated
Senior Indebtedness initiating such Payment Blockage Period shall be, or shall
be made, the basis for the commencement of a second Payment Blockage Period by
the representative for, or the holders of, such Designated Senior Indebtedness,
whether or not within a period of 360 consecutive days, unless such event of
default shall have been cured or waived for a period of not less than 45
consecutive days.

            (c) In the event that, notwithstanding the foregoing, any payment
shall be received by the Trustee or any holder when such payment is prohibited
by Section 1.25(a) or 1.25(b) hereof of which the Trustee has actual knowledge,
the Trustee shall promptly notify the holders of Senior Indebtedness of such
prohibited payment and such payment shall be held in trust for the benefit of,
and shall be paid over or delivered to, the holders of Senior Indebtedness or
their respective representatives, or to the trustee or trustees under any
indenture pursuant to which any of such Senior Indebtedness may have been
issued, as their respective interests may appear, but only to the extent that,
upon notice from the Trustee to the holders of Senior Indebtedness that such
prohibited payment has been made, the holders of the Senior Indebtedness (or
their representative or representatives of a trustee) within 30 days of receipt
of such notice from the Trustee notify the Trustee of the amounts then due and
owing on the Senior Indebtedness, if any, and only the amounts specified in such
notice to the Trustee shall be paid to the holders of Senior Indebtedness and
any excess above such amounts due and owing on Senior Indebtedness shall be paid
to the Company.

            Section 1.26. Payment over Proceeds upon Dissolution Etc.

            (a) Upon any payment or distribution of assets or securities of the
Company of any kind or character, whether in cash, property or securities, in
connection with any dissolution or winding up or total or partial liquidation or
reorganization of the Company, whether voluntary or involuntary, or in
bankruptcy, insolvency, receivership or other proceedings or other marshalling
of assets for the benefit of creditors, all amounts due or to become due upon
all Senior Indebtedness (including any interest accruing subsequent to an event

                                      -40-

<PAGE>

specified in Sections 2.01(g) and 2.01(h), whether or not such interest is an
allowed claim enforceable against the debtor under the United States Bankruptcy
Code) shall first be paid in full, in cash or cash equivalents, before the
holders or the Trustee on their behalf shall be entitled to receive any payment
by the Company on account of principal, premium and interest on the Series B
Notes, or any payment to acquire any of the Series B Notes for cash, property or
securities, or any distribution with respect to the Series B Notes of any cash,
property or securities. Before any payment may be made by, or on behalf of, the
Company on any principal, premium and interest on the Series B Notes in
connection with any such dissolution, winding up, liquidation or reorganization,
any payment or distribution of assets or securities for the Company of any kind
or character, whether in cash, property or securities, to which the holders or
the Trustee on their behalf would be entitled, but for the subordination
provisions of this Article 1, shall be made by the Company or by any receiver,
trustee in bankruptcy, liquidating trustee, agent or other similar Person making
such payment or distribution, or by the holders or the Trustee if received by
them or it, directly to the holders of Senior Indebtedness (pro rata to such
holders on the basis of the respective amounts of Senior Indebtedness held by
such holders) or their representatives or to any trustee or trustees under any
other indenture pursuant to which any such Senior Indebtedness may have been
issued, as their respective interests appear, to the extent necessary to pay all
such Senior Indebtedness in full, in cash or cash equivalents after giving
effect to any concurrent payment, distribution or provision therefor to or for
the holders of such Senior Indebtedness.

            (b) To the extent any payment of Senior Indebtedness (whether by or
on behalf of the Company, as proceeds of security or enforcement of any right of
setoff or otherwise) is declared to be fraudulent or preferential, set aside or
required to be paid to any receiver, trustee in bankruptcy, liquidating trustee,
agent or other similar Person under any bankruptcy, insolvency, receivership,
fraudulent conveyance or similar law, then if such payment is recovered by, or
paid over to such receiver, trustee in bankruptcy, liquidating trustee, agent or
other similar Person, the Senior Indebtedness or part thereof originally
intended to be satisfied shall be deemed to be reinstated and outstanding as if
such payment had not occurred. To the extent the obligation to repay any Senior
Indebtedness is declared to be fraudulent, invalid, or otherwise set aside under
any bankruptcy, insolvency, receivership, fraudulent conveyance or similar law,
then the obligations so declared fraudulent, invalid or otherwise set aside (and
all other amounts that would come due with respect thereto had such obligation
not been affected) shall be deemed to be reinstated and outstanding as Senior
Indebtedness for all purposes hereof as if such declaration, invalidity or
setting aside had not occurred.

            (c) In the event that, notwithstanding the foregoing provision
prohibiting such payment or distribution, any payment or distribution of assets
or securities of the Company of any kind or character, whether in cash, property
or securities, shall be received by the Trustee or any holder at a time when
such payment or distribution is prohibited by Section 1.26(a) hereof and before
all obligations in respect of Senior Indebtedness are paid in full, in cash or
cash equivalents, such payment or distribution shall be received and held in
trust for the benefit of, and shall be paid over or delivered to, the holders of
Senior Indebtedness (pro rata to such holders on the basis of such respective
amount of Senior Indebtedness held by such holders) or their representatives, or
to the trustee or trustees under any indenture pursuant to which any such Senior
Indebtedness may have been issued, as their respective interests appear, for
application to the payment of Senior Indebtedness remaining unpaid until all
such Senior Indebtedness has

                                      -41-
<PAGE>

been paid in full, in cash or cash equivalents, after giving effect to any
concurrent payment, distribution or provision therefor to or for the holders of
such Senior Indebtedness.

            (d) For purposes of this Section 1.26, the words "cash, property or
securities" shall not be deemed to include, so long as the effect of this clause
is not to cause the Series B Notes to be treated in any case or proceeding or
similar event described in this Section 1.26, as part of the same class of
claims as the Senior Indebtedness or any class of claims pari passu with, or
senior to, the Senior Indebtedness for any payment or distribution, securities
of the Company or any other corporation provided for by a plan of reorganization
or readjustment that are subordinated, at least to the extent that the Series B
Notes are subordinated, to the payment of all Senior Indebtedness then
outstanding; provided that (i) if a new corporation results from such
reorganization or readjustment, such corporation assumes the Senior Indebtedness
and (ii) the rights of the holders of the Senior Indebtedness are not, without
the consent of such holders, altered by such reorganization or readjustment. The
consolidation of the Company with, or the merger of the Company with or into,
another corporation or the liquidation or dissolution of the Company following
the sale, conveyance, transfer, lease or other disposition of all or
substantially all of its property and assets to another corporation upon the
terms and conditions provided in Article 11 of the Indenture shall not be deemed
a dissolution, winding up, liquidation or reorganization for the purposes of
this Section 1.26 if such other corporation shall, as a part of such
consolidation, merger, sale, conveyance, transfer, lease or other disposition,
comply (to the extent required) with the conditions stated in Article 11 of the
Indenture.

            Section 1.27. Subrogation.

            (a) Upon the payment in full of all Senior Indebtedness in cash or
cash equivalents, the holders of Series B Notes shall be subrogated to the
rights of the holders of Senior Indebtedness to receive payments or
distributions of cash, property or securities of the Company made on such Senior
Indebtedness until the principal or premium, if any, and interest on the Series
B Notes shall be paid in full; and, for the purposes of such subrogation, no
payments or distributions to the holders of the Senior Indebtedness of any cash,
property or securities to which the holders or the Trustee on their behalf would
be entitled except for the subordination provisions of this Article 1, and no
payment pursuant to the provisions of this Article 1 to the holders of Senior
Indebtedness by holders or the Trustee on their behalf shall, as between the
Company, its creditors other than holders of Senior Indebtedness, and the
holders of Series B Notes, be deemed to be a payment by the Company to or on
account of the Senior Indebtedness. It is understood that the subordination
provisions of this Article 1 are intended solely for the purpose of defining the
relative rights of the holders of Series B Notes, on the one hand, and the
holders of the Senior Indebtedness, on the other hand.

            (b) If any payment or distribution to which the holders of Series B
Notes would otherwise have been entitled but for the subordination provisions of
this Article 1 shall have been applied, pursuant to such provisions of this
Article 1, to the payment of all amounts payable under Senior Indebtedness,
then, and in such case, the holders of Series B Notes shall be entitled to
receive from the holders of such Senior Indebtedness any payments or
distributions received by such holders of Senior Indebtedness in excess of the
amount required to make payment in full, in cash or cash equivalents, of such
Senior Indebtedness.

                                      -42-
<PAGE>

            Section 1.28. Obligations of Company Unconditional.

            (a) Nothing contained in this Article 1 or elsewhere in the
Indenture or in the Series B Notes is intended to or shall impair; as among the
Company and the holders of the Series B Notes, the obligation of the Company,
which is absolute and unconditional, to pay to such holders the principal of,
premium, if any, and interest on the Series B 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 such holders and creditors of the Company
other than the holders of the Senior Indebtedness, nor shall anything herein or
therein prevent the holders of Series B Notes or the Trustee on their behalf
from exercising all remedies otherwise permitted by applicable law upon default
under the Indenture, subject to the subordination rights, if any, under this
Article 1 of the holders of the Senior Indebtedness.

            (b) Without limiting the generality of the foregoing; nothing
contained herein will restrict the right of the Trustee or the holders to take
any action to declare the Series B Notes to be due and payable prior to their
Stated Maturity pursuant to Section 2.01 or to pursue any rights or remedies
hereunder; provided, however, that all Senior Indebtedness then due and payable
or thereafter declared to be due and payable shall first be paid in full, in
cash or cash equivalents, before the holders or the Trustee are entitled to
receive any direct or indirect payment from the Company of principal, premium
and interest on the Series B Notes.

            Section 1.29. Notice to Trustee.

            (a) The Company shall give prompt written notice to the Trustee of
any fact known to the Company that would prohibit the making of any payment to
or by the Trustee in respect of the Notes pursuant to the subordination
provisions of this Article 1. The Trustee shall not be charged with the
knowledge of the existence of any default or event of default with respect to
any Senior Indebtedness or of any other facts that would prohibit the making of
any payment to or by the Trustee unless and until the Trustee shall have
received notice in writing at its Principal Corporate Trust Office to that
effect signed by an Officer of the Company, or by a holder of Senior
Indebtedness or trustee or agent thereof; and prior to the receipt of any such
written notice, the Trustee shall, subject to Article 7 of the Indenture, be
entitled to assume that no such facts exist; provided that, if the Trustee shall
not have received the notice provided for in this Section 1.29 at least two
Business Days prior to the date upon which, by the terms hereof, any monies
shall become payable for any purpose (including, without limitation, the payment
of the principal of, premium, if any, or interest on any Series B Note), then,
notwithstanding anything herein to the contrary, the Trustee shall have full
power and authority to receive any monies from the Company and to apply the same
to the purpose for which they were received, and shall not be affected by any
notice to the contrary that may be received by it on or after such prior date,
except for an acceleration of the Series B Notes prior to such application.
Nothing contained in this Section 1.29 shall limit the right of the holders of
Senior Indebtedness to recover payments as contemplated by this Article 1. The
foregoing shall not apply if the Payment Agent is the Company. The Trustee shall
be entitled to rely on the delivery to it of a written notice by a Person
representing himself or itself to be a holder of any Senior Indebtedness (or a
trustee on behalf of, or other representative of, such holder) to establish that
such notice has been given by a holder of such Senior Indebtedness or a trustee
or representative on behalf of any such holder.

                                      -43-
<PAGE>

            (b) In the event that the Trustee determines in good faith that any
evidence is required with respect to the right of any Person as a holder of
Senior Indebtedness to participate in any payment or distribution pursuant to
this Article 1, the Trustee may request such Person to furnish evidence to the
reasonable satisfaction of the Trustee as to the amount of Senior Indebtedness
held by such Person, the extent to which such Person is entitled to participate
in such payment or distribution and any other facts pertinent to the rights of
such Person under this Article 1 and, if such evidence is not furnished to the
Trustee, the Trustee may defer any payment to such Person pending judicial
determination as to the right of such Person to receive such payment.

            Section 1.30. Reliance on Judicial Order or Certificate of
Liquidating Agent. Upon any payment or distribution of assets or securities
referred to in this Article 1, the Trustee and the holders of Series B Notes
shall be entitled to rely upon any order or decree made by any court of
competent jurisdiction in which bankruptcy, dissolution, winding up, liquidation
or reorganization proceedings are pending, or upon a certificate of the
receiver; trustee in bankruptcy, liquidating trustee, agent or other similar
Person making such payment or distribution, delivered to the Trustee or to such
holders for the purpose of ascertaining the persons entitled to participate in
such distribution, the holders of the Senior Indebtedness and other Indebtedness
of the Company, the amount thereof or payable thereon, the amount or amounts
paid or distributed thereon and all other facts pertinent thereto or to this
Article 1.

            Section 1.31. Trustee's Relation to Senior Indebtedness.

            (a) The Trustee and any Paying Agent shall be entitled to all the
subordination rights set forth in this Article 1 with respect to any Senior
Indebtedness that may at any time be held by it in its individual or any other
capacity to the same extent as any other holder of Senior Indebtedness and
nothing in the Indenture shall deprive the Trustee or any Paying Agent of any of
its rights as such holder.

            (b) With respect to the holders of Senior Indebtedness, the Trustee
undertakes to perform or to observe only such of its covenants and obligations
as are specifically set forth in this Article 1, and no implied covenants or
obligations with respect to the holders of Senior Indebtedness shall be read
into the Indenture against the Trustee. The Trustee shall not be deemed to owe
any fiduciary duty to the holders of Senior Indebtedness (except as provided in
Sections 1.25(c) and 1.26(c) of this Indenture) and shall not be liable to any
such holders if the Trustee shall in good faith mistakenly pay over or
distribute to holders of Series B Notes or to the Company or to any other person
cash, property or securities to which any holders of Senior Indebtedness shall
be entitled by virtue of this Article 1 or otherwise.

            Section 1.32. Subordination Rights Not Impaired by Acts or Omissions
of the Company or Holders of Senior Indebtedness. No right of any present or
future holders of any Senior Indebtedness to enforce subordination as provided
in this Article 1 will at any time in any way be prejudiced or impaired by any
act or failure to act on the part of the Company or by any act or failure to
act, in good faith, by any such holder, or by any noncompliance by the Company
with the terms of the Indenture, regardless of any knowledge thereof that any
such holder may have or otherwise be charged with. The subordination provisions
of this Article 1 are intended to be for the benefit of, and shall be
enforceable directly by, the holders of Senior Indebtedness.

                                      -44-
<PAGE>

            Section 1.33. Holders Authorize Trustee to Effectuate Subordination
of Notes. Each holder of Series B Notes by his acceptance of any Series B Notes
authorizes and expressly directs the Trustee on its, his or her behalf to take
such action as may be necessary or appropriate to effectuate the subordination
provided in this Article 15, and appoints the Trustee its, his or her
attorney-in-fact for such purposes, including, in the event of any dissolution,
winding up, liquidation or reorganization of the Company (whether in bankruptcy,
insolvency, receivership, reorganization or similar proceedings or upon an
assignment for the benefit of creditors or otherwise) tending towards
liquidation of the property and assets of the Company, the filing of a claim for
the unpaid balance of its, his or her Series B Notes in the form required in
those proceedings. If the Trustee does not file a proper claim or proof in
indebtedness in the form required in such proceeding at least 30 days before the
expiration of the time to file such claim or claims, each holder of Senior
Indebtedness is hereby authorized to file an appropriate claim for and on behalf
of the holders.

            Section 1.34. Not to Prevent Events of Default. The failure to make
a payment on account of principal of, premium, if any, or interest on the Series
B Notes by reason of any subordination provision of this Article 1 will not be
construed as preventing the occurrence of an Event of Default.

            Section 1.35. Trustee's Compensation Not Prejudiced. Nothing in this
Article 1 will apply to amounts due to the Trustee pursuant to other sections of
the Indenture, including Section 7.07 of the Indenture.

            Section 1.36. No Waiver of Subordination Provisions. Without in any
way limiting the generality of Section 1.32, the holders of Senior Indebtedness
may, at any time and from time to time, without the consent of or notice to the
Trustee or the holders of Series B Notes, without incurring responsibility to
the holders of Series B Notes and without impairing or releasing the
subordination provided in this Article 1 or the obligations hereunder of the
holders of Series B Notes to the holders of Senior Indebtedness, do any one or
more of the following: (a) change the manner, place or terms of payment or
extend the time of payment of, or renew or alter, Senior Indebtedness or any
instrument evidencing the same or any agreement under which Senior Indebtedness
is outstanding or secured; (b) sell, exchange, release or otherwise deal with
any property pledged, mortgaged or otherwise securing Senior Indebtedness; (c)
release any Person liable in any manner for the collection of Senior
Indebtedness; and (d) exercise or refrain from exercising any rights against the
Company and any other Person.

            Section 1.37. Payments May Be Paid Prior to Dissolution. Nothing
contained in this Article 1 or elsewhere in the Indenture shall prevent (i) the
Company except under the conditions described in Section 1.25 or 1.26, from
making payments of principal of, premium, if any, and interest on the Series B
Notes, or from depositing with the Trustee any money for such payments, or (ii)
the application by the Trustee of any money deposited with it for the purpose of
making such payments of principal of, premium, if any, and interest on the
Series B Notes to the holders of such Notes entitled thereto unless, at least
two Business Days prior to the date upon which such payment becomes due and
payable, the Trustee shall have received the written notice provided for in
Section 1.25(b) hereof (or there shall have been an acceleration of the Notes
prior to such application) or in Section 1.29 hereof. The Company shall give
prompt written notice to the Trustee of any dissolution, winding up, liquidation
or reorganization of the Company.

                                      -45-
<PAGE>

            Section 1.38. Consent of Holders of Senior Indebtedness Under the
Bank Credit Agreement. The subordination provisions of this Article 1 (including
related definitions and references to such provisions contained herein) shall
not be amended in a manner that would adversely affect the rights of the holders
of Senior Indebtedness under the Bank Credit Agreement, and no such amendment
shall become effective unless the holders of Senior Indebtedness under the Bank
Credit Agreement shall have consented (in accordance with the provisions of the
Bank Credit Agreement) to such amendment. The Trustee shall be entitled to
receive and rely on an Officer's Certificate stating that such consent has been
given.

            Section 1.39. Trust Moneys Not Subordinated. Notwithstanding
anything contained herein to the contrary, payments from money or the proceeds
of United States Government Obligations held in trust under Article 8 of the
Indenture by the Trustee for the payment of principal of, premium, if any, and
interest on the Series B Notes shall not be subordinated to the prior payment of
any Senior Indebtedness (provided that at the time deposited, such deposit did
not violate any then outstanding Senior Indebtedness), and none of the holders
of Series B Notes shall be obligated to pay over any such amount to any holder
of Senior Indebtedness.

            Section 1.40. Supplemental Indenture with the Consent of
Noteholders. With the consent (evidenced as provided in Article 8 of the
Original Indenture) of the holders of not less than a majority in aggregate
principal amount of the Series B Notes at the time outstanding, the Company,
when authorized by the resolutions of the Board of Directors, and the Trustee
may, from time to time and at any time, enter into an indenture or indentures
supplemental to the Indenture for the purpose of adding any provisions to or
changing in any manner or eliminating any of the provisions of the Indenture or
any supplemental indenture or of modifying in any manner the rights of the
holders of the Series B Notes; provided that no such supplemental indenture
shall (i) extend the fixed maturity of any Series B Note or reduce the rate or
extend the time of payment of interest thereon or reduce the principal amount
thereof or premium, if any, thereon or reduce any amount payable on redemption
or repurchase thereof or impair the right of any Noteholder to institute suit
for the payment thereof or make the principal thereof or interest or premium, if
any, thereon payable in any coin or currency or payable at any place other than
that provided in this First Supplemental Indenture or the Series B Notes, or
change the obligation of the Company to redeem any Series B Note on a redemption
date in a manner adverse to the holders of Series B Notes or change the
obligation of the Company to redeem any Series B Note upon the happening of a
Designated Event in a manner adverse to the holders of Series B Notes or change
the obligation of the Company to repurchase any Series B Note on a Repurchase
Date in a manner adverse to the holders of Series B Notes or reduce the
Conversion Rate, otherwise than in accordance with the terms of this First
Supplemental Indenture, or impair the right to convert the Series B Notes into
cash or Common Stock subject to the terms set forth herein, or adversely modify,
in any material respect, the provisions of Article 15 of the Original Indenture,
or reduce the quorum or the voting requirements under the Indenture, or modify
any of the provisions of this Section 1.40 or Section 2.07, except to increase
any such percentage or to provide that certain other provisions of the Indenture
cannot be modified or waived without the consent of the holder of each Series B
Note so affected, or change any obligation of the Company to maintain an office
or agency in the places and for the purposes set forth in Section 4.01 of the
Original Indenture, in each case, without the consent of the holder of each
Series B Note so affected or (ii) reduce the aforesaid percentage of Series B
Notes, the holders of

                                      -46-
<PAGE>

which are required to consent to any such supplemental indenture or to waive any
past Event of Default, without the consent of the holders of all Series B Notes
affected thereby.

            Subject to Section 10.05 of the Original Indenture, upon the written
request of the Company, accompanied by a copy of the resolutions of the Board of
Directors certified by its Secretary or Assistant Secretary authorizing the
execution of any such supplemental indenture, and upon the filing with the
Trustee of evidence of the consent of Noteholders as aforesaid, the Trustee
shall join with the Company in the execution of such supplemental indenture
unless such supplemental indenture affects the Trustee's own rights, duties,
liabilities or immunities under the Indenture or otherwise, in which case the
Trustee may in its discretion, but shall not be obligated to, enter into such
supplemental indenture.

            It shall not be necessary for the consent of the Noteholders under
this Section 1.40 to approve the particular form of any proposed supplemental
indenture, but it shall be sufficient if such consent shall approve the
substance thereof.

            Section 1.41. Supplemental Indentures Without Consent of
Noteholders. The Company, when authorized by the resolutions of the Board of
Directors, and the Trustee may, from time to time, and at any time enter into an
indenture or indentures supplemental hereto for one or more of the following
purposes:

            (a) to evidence the succession of another Person to the Company and
      the assumption by any such successor of the covenants of the Company in
      the Indenture and in the Series B Notes; or

            (b) to add to the covenants of the Company for the benefit of the
      Noteholders, or to surrender any right or power conferred upon the Company
      in the Indenture; or

            (c) to evidence or provide for the acceptance of appointment
      hereunder by a successor Trustee with respect to the Series B Notes; or

            (d) to cure any ambiguity, to correct or supplement any provision in
      the Indenture which may be inconsistent with any other provision in the
      Indenture, or to make any other provisions with respect to matters or
      questions arising under the Indenture, which shall not be inconsistent
      with the provisions of the Indenture; or

            (e) to add to, change or eliminate any of the provisions of the
      Indenture to permit or facilitate the issuance of Global Notes and matters
      related thereto, provided that such action pursuant to this clause (e)
      shall not adversely affect the interests of the Noteholders in any
      material respect; or

            (f) make provision with respect to the conversion rights of the
      holders of Series B Notes pursuant to the requirements of Section 1.22(c)
      and the redemption obligations of the Company pursuant to the requirements
      of Section 1.10(e); or

            (g) to provide for the issuance of Additional Notes in accordance
      with the provisions of the Indenture; or

                                      -47-
<PAGE>

            (h) to modify or amend any of the provisions of the Indenture to
      permit the qualification of the Indenture under the Trust Indenture Act.

            Upon the written request of the Company, accompanied by a copy of
the resolutions of the Board of Directors certified by its Secretary or
Assistant Secretary authorizing the execution of any supplemental indenture, the
Trustee is hereby authorized to join with the Company in the execution of any
such supplemental indenture, to make any further appropriate agreements and
stipulations that may be therein contained and to accept the conveyance,
transfer and assignment of any property thereunder, but the Trustee shall not be
obligated to, but may in its discretion, enter into any supplemental indenture
that affects the Trustee's own rights, duties, liabilities or immunities under
the Indenture or otherwise.

            Any supplemental indenture authorized by the provisions of this
Section 1.41 may be executed by the Company and the Trustee without the consent
of the holders of any of the Series B Notes at the time outstanding,
notwithstanding any of the provisions of Section 1.40.

                                   ARTICLE II
           REMEDIES OF THE TRUSTEE AND NOTEHOLDERS ON EVENT OF DEFAULT

            Section 2.01. Events of Default; Acceleration. In case one or more
of the following "EVENTS OF DEFAULT" (whatever the reason for such Event of
Default and whether it shall be voluntary or involuntary or be effected by
operation of law or pursuant to any judgment, decree or order of any court or
any order, rule or regulation of any administrative or governmental body) shall
have occurred and be continuing:

            (a) default in the payment of any installment of interest with
      respect to any of the Series B Notes as and when the same shall become due
      and payable, and continuance of such default for a period of thirty (30)
      days, whether or not such payment is prohibited by the subordination
      provisions of Article 1 above; or

            (b) default in the payment of the principal of or premium, if any,
      on any of the Series B Notes as and when the same shall become due and
      payable either at maturity or in connection with any redemption or
      repurchase, in each case pursuant to Article 1 hereof, by acceleration or
      otherwise, whether or not such payment is prohibited by the subordination
      provisions of Article 1 above; or

            (c) failure on the part of the Company duly to observe or perform
      the covenants in Section 1.10 and Section 1.11 hereof or Article 11 of the
      Original Indenture, whether or not such payment is prohibited by the
      subordination provisions of Article 1 above; or

            (d) failure on the part of the Company duly to observe or perform
      any other of the covenants or agreements on the part of the Company in the
      Series B Notes or in the Indenture (other than a covenant or agreement a
      default in whose performance or whose breach is elsewhere in this Section
      2.01 specifically dealt with) continued for a period of thirty (30) days
      after the date on which written notice of such failure, requiring the
      Company to remedy the same, shall have been given to the Company by the
      Trustee, or

                                      -48-
<PAGE>

      the Company and an Officer of the Trustee by the holders of at least
      twenty-five percent (25%) in aggregate principal amount of the Series B
      Notes at the time outstanding determined in accordance with Section 8.04
      of the Original Indenture; or

            (e) a default or defaults under the terms of any bond(s),
      debenture(s), note(s) or other evidence(s) of, or under any mortgage(s),
      indenture(s), agreement(s) or instrument(s) under which there may be
      issued or by which there may be secured or evidenced, any Indebtedness of
      the Company or any of its Subsidiaries with a principal amount then
      outstanding, individually or in the aggregate, of at least $10 million,
      whether such Indebtedness now exists or is hereafter incurred, which
      default or defaults (i) shall have resulted in such indebtedness becoming
      or being declared due and payable prior to the date on which it would
      otherwise have become due and payable or (ii) shall constitute the failure
      to pay such Indebtedness at the final stated maturity thereof (after
      expiration of any applicable grace period) and such default shall not have
      been rescinded or such Indebtedness shall not have been discharged within
      30 days; or

            (f) any final judgment or order (not covered by insurance) for the
      payment of money in excess of $10 million in the aggregate for all such
      final judgments or orders against all such Persons (treating any
      deductibles, self-insurance or retention as not so covered) shall be
      rendered against the Company or any Subsidiary and shall not be paid or
      discharged, and there shall be any period of 30 consecutive days following
      entry of the final judgment or order that causes the aggregate amount for
      all such final judgments or orders outstanding and not paid or discharged
      against all such Persons to exceed $10 million during which a stay of
      enforcement of such final judgment or order, by reason of a pending appeal
      or otherwise, shall not be in effect; or

            (g) the entry by a court having jurisdiction in the premises of (A)
      a decree or order for relief in respect of the Company or any Significant
      Subsidiary in an involuntary case or proceeding under any applicable
      Federal or State bankruptcy, insolvency, reorganization or other similar
      law or (B) a decree or order adjudging the Company or any Significant
      Subsidiary a bankrupt or insolvent, or approving as properly filed a
      petition seeking reorganization, arrangement, adjustment or composition of
      or in respect of the Company or any Significant Subsidiary under any
      applicable Federal or State law, or appointing a custodian, receiver,
      liquidator, assignee, trustee, sequestrator or other similar official of
      the Company or any Significant Subsidiary or of any substantial part of
      the property of the Company or any Significant Subsidiary, or ordering the
      winding up or liquidation of the affairs of the Company or any Significant
      Subsidiary, and the continuance of any such decree or order for relief or
      any such other decree or order unstayed and in effect for a period of 30
      consecutive days; or

            (h) the commencement by the Company or any Significant Subsidiary of
      a voluntary case or proceeding under any applicable Federal or State
      bankruptcy, insolvency, reorganization or other similar law or of any
      other case or proceeding to be adjudicated a bankrupt or insolvent, or the
      consent by the Company or any Significant Subsidiary to the entry of a
      decree or order for relief in respect of the Company or any Significant
      Subsidiary in an involuntary case or proceeding under any applicable
      Federal or State bankruptcy, insolvency, reorganization or other similar
      law or to the

                                      -49-
<PAGE>

      commencement of any bankruptcy or insolvency case or proceeding against
      the Company or any Significant Subsidiary or the filing by the Company or
      any Significant Subsidiary of a petition or answer or consent seeking
      reorganization or relief under any applicable Federal or State law, or the
      consent by the Company or any Significant Subsidiary to the filing of such
      a petition or to the appointment of or taking possession by a custodian,
      receiver, liquidator, assignee, trustee, sequestrator or similar official
      of the Company or any Significant Subsidiary or of any substantial part of
      the property of the Company or any Significant Subsidiary, or the making
      by the Company or any Significant Subsidiary of an assignment for the
      benefit of creditors, or the admission by the Company or any Significant
      Subsidiary in writing of its inability to pay its debts generally as they
      become due, or the taking of corporate action by the Company or any
      Significant Subsidiary in furtherance of any such action;

then, and in each and every such case (other than an Event of Default specified
in 2.01(g) or 2.01(h) above that occurs with respect to the Company), unless the
principal of all of the Series B Notes shall have already become due and
payable, either the Trustee or the holders of not less than twenty-five percent
(25%) in aggregate principal amount of the Series B Notes then outstanding
hereunder determined in accordance with Section 8.04 of the Original Indenture,
by notice in writing to the Company (and to the Trustee if given by Noteholders)
specifying the respective Event of Default and stating that it is a "notice of
acceleration," may declare the principal of and premium, if any, on all the
Series B Notes and the interest accrued thereon to be due and payable
immediately, and upon receipt of such notice the same shall become and shall be
immediately due and payable; provided that for so long as a Bank Credit
Agreement is in effect, such declaration shall not become effective until the
earlier of (i) five business days after receipt of the acceleration notice by
the agent(s) under any outstanding Bank Credit Agreement and the Company and
(ii) acceleration of the Indebtedness under the Bank Credit Agreement. If an
Event of Default specified in 2.01(g) or 2.01(h) above involving the Company
occurs, the principal of all the Series B Notes and the interest accrued, if
any, thereon shall be immediately and automatically due and payable without
necessity of further action. This provision, however, is subject to the
conditions that if, at any time after the principal of the Series B Notes shall
have been so declared due and payable, and before any judgment or decree for the
payment of the monies due shall have been obtained or entered as hereinafter
provided, the Company shall pay or shall deposit with the Trustee a sum
sufficient to pay all matured installments of interest upon all Series B Notes
and the principal of, and premium, if any, on any and all Series B Notes which
shall have become due otherwise than by acceleration (with interest on overdue
installments of interest (to the extent that payment of such interest is
enforceable under applicable law) and on such principal and premium, if any, at
the rate borne by the Series B Notes plus one percent (1%), to the date of such
payment or deposit) and amounts due to the Trustee pursuant to Section 7.07 of
the Original Indenture, and if any and all defaults under this First
Supplemental Indenture, other than the nonpayment of principal of, and premium,
if any, and accrued interest on, Series B Notes which shall have become due by
acceleration, shall have been cured or waived pursuant to Section 2.07, then and
in every such case the holders of a majority in aggregate principal amount of
the Series B Notes then outstanding, by written notice to the Company and to the
Trustee, may waive all defaults or Events of Default and rescind and annul such
declaration and its consequences; but no such waiver or rescission and annulment
shall extend to or shall affect any subsequent default or Event of Default, or
shall impair any right consequent thereon. In accordance with Section 4.10 of
the Original Indenture, the Company

                                      -50-
<PAGE>

shall notify in writing an Officer of the Trustee, promptly upon becoming aware
thereof, of any Event of Default or any event which, with notice or the lapse of
time or both, would constitute an Event of Default.

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

            Section 2.02. Payments of Notes on Default; Suit Therefor. The
Company covenants that (a) in case default shall be made in the payment of any
installment of interest upon any of the Series B Notes as and when the same
shall become due and payable, and such default shall have continued for a period
of 30 days, or (b) in case default shall be made in the payment of the principal
of or premium, if any, on any of the Series B Notes as and when the same shall
have become due and payable, whether at maturity of the Series B Notes or in
connection with any redemption or repurchase, by or under the Indenture or
otherwise, then, upon demand of the Trustee, the Company will pay to the
Trustee, for the benefit of the holders of the Series B Notes, the whole amount
that then shall have become due and payable on all such Series B Notes for
principal, premium, if any, or interest, as the case may be, with interest upon
the overdue principal and premium, if any, and (to the extent that payment of
such interest is enforceable under applicable law) upon the overdue installments
of interest at the rate borne by the Series B Notes, plus one percent (1%) and,
in addition thereto, such further amount as shall be sufficient to cover the
costs and expenses of collection, including reasonable compensation to the
Trustee, its agents, attorneys and counsel, and all other amounts due the
Trustee under Section 7.07 of the Original Indenture. Until such demand by the
Trustee, the Company may pay the principal of, and premium, if any, and interest
on, the Series B Notes to the registered holders, whether or not the Series B
Notes are overdue.

            In case the Company shall fail forthwith to pay such amounts upon
such demand, the Trustee, in its own name and as trustee of an express trust,
shall be entitled and empowered to institute any actions or proceedings at law
or in equity for the collection of the sums so due and unpaid, and may prosecute
any such action or proceeding to judgment or final decree, and may enforce any
such judgment or final decree against the Company or any other obligor on the
Series B Notes and collect in the manner provided by law out of the property of
the Company or any other obligor on the Series B Notes wherever situated the
monies adjudged or decreed to be payable.

            In case there shall be pending proceedings for the bankruptcy or for
the reorganization of the Company or any other obligor on the Series B Notes
under Title 11 of the United States Code, or any other applicable law, or in
case a receiver, assignee or trustee in bankruptcy or reorganization,
liquidator, sequestrator or similar official shall have been appointed for or
taken possession of the Company or such other obligor, the property of the
Company or such other obligor, or in the case of any other judicial proceedings
relative to the Company or such other obligor upon the Series B Notes, or to the
creditors or property of the

                                      -51-
<PAGE>

Company or such other obligor, the Trustee, irrespective of whether the
principal of the Series B 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 pursuant to the provisions of this Section 2.02,
shall be entitled and empowered, by intervention in such proceedings or
otherwise, to file and prove a claim or claims for the whole amount of
principal, premium, if any, and interest owing and unpaid in respect of the
Series B Notes, and, in case of any judicial proceedings, to file such proofs of
claim and other papers or documents as may be necessary or advisable in order to
have the claims of the Trustee, its agents and its counsel and of the
Noteholders allowed in such judicial proceedings relative to the Company or any
other obligor on the Series B Notes, its or their creditors, or its or their
property, and to collect and receive any monies or other property payable or
deliverable on any such claims, and to distribute the same after the deduction
of any amounts due the Trustee under Section 7.07 of the Original Indenture, and
any receiver, assignee or trustee in bankruptcy or reorganization, liquidator,
custodian or similar official is hereby authorized by each of the Noteholders 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 Noteholders, to pay to
the Trustee any amount due it for reasonable compensation, expenses, advances
and disbursements, including counsel fees and expenses incurred by it up to the
date of such distribution.

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

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

            Section 2.03. Application of Monies Collected by Trustee. Any monies
or other compensation collected by the Trustee pursuant to this Article 2 shall
be applied in the order following, at the date or dates fixed by the Trustee for
the distribution of such monies or other compensation, upon presentation of the
several Series B Notes, and stamping thereon 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 7.07 of the Original Indenture;

                  SECOND: To the holders of Senior Indebtedness, as and to the
            extent required by the subordination provisions of Article I hereof;

                  THIRD: In case the principal of the outstanding Series B Notes
            shall not have become due and be unpaid, to the payment of interest
            on the Series B Notes in default in the order of the maturity of the
            installments of such interest, with

                                      -52-
<PAGE>

            interest (to the extent that such interest has been collected by the
            Trustee) upon the overdue installments of interest at the rate borne
            by the Series B Notes plus one percent (1%), such payments to be
            made ratably to the Persons entitled thereto;

                  FOURTH: In case the principal of the outstanding Series B
            Notes shall have become due, by declaration or otherwise, and be
            unpaid to the payment of the whole amount then owing and unpaid upon
            the Series B Notes for principal and premium, if any, and interest,
            with interest on the overdue principal and premium, if any, and (to
            the extent that such interest has been collected by the Trustee)
            upon overdue installments of interest at the rate borne by the
            Series B Notes plus one percent (1%) to the Persons entitled
            thereto, and in case such monies shall be insufficient to pay in
            full the whole amounts so due and unpaid upon the Series B Notes,
            then to the payment of such principal, premium, if any, and interest
            without preference or priority of principal and premium, if any,
            over interest, or of interest over principal and premium, if any, or
            of any installment of interest over any other installment of
            interest, or of any Series B Note over any other Series B Note,
            ratably to the aggregate of such principal and premium, if any, and
            accrued and unpaid interest; and

                  FIFTH: To the payment of the remainder, if any, to the Company
            or any other Person lawfully entitled thereto.

            Section 2.04. Proceedings by Noteholder. No holder of any Series B
Note shall have any right by virtue of or by reference to any provision of the
Indenture to institute any suit, action or proceeding in equity or at law upon
or under or with respect to the Indenture, or for the appointment of a receiver,
trustee, liquidator, custodian or other similar official, or for any other
remedy hereunder, unless such holder previously shall have given to the Trustee
written notice of an Event of Default and of the continuance thereof, as
hereinbefore provided, and unless also the holders of not less than twenty-five
percent (25%) in aggregate principal amount of the Series B Notes then
outstanding shall have made written request upon the Trustee to institute such
action, suit or proceeding in its own name as Trustee hereunder and shall have
offered to the Trustee such reasonable indemnity as it may require against the
costs, expenses and liabilities to be incurred therein or thereby, and the
Trustee for sixty 60 days after its receipt of such notice, request and offer of
indemnity, shall have neglected or refused to institute any such action, suit or
proceeding and no direction inconsistent with such written request shall have
been given to the Trustee pursuant to Section 2.07 hereof; it being understood
and intended, and being expressly covenanted by the taker and holder of every
Series B Note with every other taker and holder and the Trustee, that no one or
more holders of Series B Notes shall have any right in any manner whatever by
virtue of or by reference to any provision of the Indenture to affect, disturb
or prejudice the rights of any other holder of Series B Notes, or to obtain or
seek to obtain priority over or preference to any other such holder, or to
enforce any right under the Indenture, except in the manner herein provided and
for the equal, ratable and common benefit of all holders of Series B Notes
(except as otherwise provided herein). For the protection and enforcement of
this Section 2.04, each and every Noteholder and the Trustee shall be entitled
to such relief as can be given either at law or in equity.

                                      -53-
<PAGE>

            Notwithstanding any other provision of the Indenture and any
provision of any Series B Note, the right of any holder of any Series B Note to
receive payment of the principal of, and premium, if any (including the
redemption or repurchase price upon redemption or repurchase pursuant to Article
1 hereof), and accrued interest on, such Series B Note, on or after the
respective due dates expressed in such Series B Note or in the case of a
redemption or repurchase, on the redemption date or Repurchase Date, as the case
may be, or to institute suit for the enforcement of any such payment on or after
such respective dates against the Company shall not be impaired or affected
without the consent of such holder.

            Anything in the Indenture or the Series B Notes to the contrary
notwithstanding, the holder of any Series B Note, without the consent of either
the Trustee or the holder of any other Series B Note, in its own behalf and for
its own benefit, may enforce, and may institute and maintain any proceeding
suitable to enforce, its rights of conversion as provided herein.

            Section 2.05. Proceedings by Trustee. In case of an Event of
Default, the Trustee may, in its discretion, but shall not be required to,
proceed to protect and enforce the rights vested in it by the Indenture by such
appropriate judicial proceedings as are necessary to protect and enforce any of
such rights, either by suit in equity or by action at law or by proceeding in
bankruptcy or otherwise, whether for the specific enforcement of any covenant or
agreement contained in the Indenture or in aid of the exercise of any power
granted in the Indenture, or to enforce any other legal or equitable right
vested in the Trustee by the Indenture or by law.

            Section 2.06. Remedies Cumulative and Continuing. Except as provided
in Section 2.06 of the Original Indenture, all powers and remedies given by this
Article 2 to the Trustee or to the Noteholders shall, to the extent permitted by
law, be deemed cumulative and not exclusive of any thereof or of any other
powers and remedies available to the Trustee or the holders of the Series B
Notes, by judicial proceedings or otherwise, to enforce the performance or
observance of the covenants and agreements contained in the Indenture, and no
delay or omission of the Trustee or of any holder of any of the Series B Notes
to exercise any right or power accruing upon any default or Event of Default
occurring and continuing as aforesaid shall impair any such right or power, or
shall be construed to be a waiver of any such default or any acquiescence
therein, and, subject to the provisions of Section 2.04 hereof, every power and
remedy given by this Article 2 or by law to the Trustee or to the Noteholders
may be exercised from time to time, and as often as shall be deemed expedient,
by the Trustee or by the Noteholders.

            Section 2.07. Direction of Proceedings and Waiver of Defaults by
Majority of Noteholders. The holders of a majority in aggregate principal amount
of the Series B Notes at the time outstanding determined in accordance with
Section 8.04 of the Original 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; provided that
(a) such direction shall not be in conflict with any rule of law or with the
Indenture, (b) the Trustee may take any other action which is not inconsistent
with such direction and (c) the Trustee may decline to take any action that the
Trustee determines in its reasonable discretion would benefit some Noteholder to
the detriment of other Noteholders or of the Trustee. The holders of a majority
in aggregate principal amount of the Series B Notes at the time outstanding

                                      -54-

<PAGE>

determined in accordance with Section 8.04 of the Original Indenture may, on
behalf of the holders of all of the Series B Notes, waive any past or existing
default or Event of Default hereunder and its consequences except (i) a past or
existing default in the payment of interest or premium, if any, on, or the
principal of, the Series B Notes (including in connection with an offer to
purchase); provided however that holders of a majority in aggregate principal
amount of the then outstanding Series B Notes may rescind an acceleration and
its consequences, including any related payment default that resulted from such
acceleration in accordance with Section 2.01 hereof, (ii) a failure by the
Company to convert any Series B Notes into Common Stock, (iii) a default in the
payment of the redemption price or the purchase price pursuant to Article 1
hereof, or (iv) a default in respect of a covenant or any provision of the
Indenture which under Article 10 of the Indenture cannot be modified or amended
without the consent of the holders of each or all Series B Notes then
outstanding or affected thereby. Upon any such waiver, the Company, the Trustee
and the holders of the Series B Notes shall be restored to their former
positions and rights hereunder; but no such waiver shall extend to any
subsequent or other default or Event of Default or impair any right consequent
thereon. Whenever any default or Event of Default hereunder shall have been
cured or waived as permitted by this Section 2.07, said default or Event of
Default shall for all purposes of the Series B Notes and the Indenture be deemed
to have been cured and to be not continuing for every purpose of the Indenture;
but no such waiver shall extend to any subsequent or other default or Event of
Default or impair any right consequent thereon.

            Section 2.08. Undertaking to Pay Costs. All parties to the Indenture
agree, and each holder of any Series B Note by its, his or her 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 the
Indenture, or in any suit against the Trustee for any action taken or omitted by
it as Trustee, the filing by any party litigant in such suit of an undertaking
to pay the costs of such suit and that such court may in its discretion assess
reasonable costs, including reasonable attorneys' fees and expenses, against any
party litigant in such suit, having due regard to the merits and good faith of
the claims or defenses made by such party litigant; provided that the provisions
of this Section 2.08 (to the extent permitted by law) shall not apply to any
suit instituted by the Trustee, to any suit instituted by any Noteholder, or
group of Noteholders, holding in the aggregate more than 10% in principal amount
of the Series B Notes at the time outstanding determined in accordance with
Section 8.04 of the Original Indenture, or to any suit instituted by any
Noteholder for the enforcement of the payment of the principal of, or premium,
if any, or interest on, any Series B Note on or after the due date expressed in
such Series B Note or to any suit for the enforcement of the right to convert
any Series B Note in accordance with the provisions of Article 1 above.

                                  ARTICLE III
                                 MISCELLANEOUS

            Section 3.01. Governing Law. This Indenture and each Series B Note
shall be deemed to be a contract made under the laws of the State of New York,
and for all purposes shall be construed in accordance with the laws of the State
of New York without reference to its principles of conflict of laws that would
defer to the substantive laws of another jurisdiction.

                                      -55-
<PAGE>

            Section 3.02. Execution in Counterparts. This Indenture may be
executed in any number of counterparts, each of which shall be an original, but
such counterparts shall together constitute but one and the same instrument. Any
signature page of any such counterpart, or any electronic facsimile thereof, may
be attached or appended to any other counterpart to complete a fully executed
counterpart of this Agreement, and any telecopy or other facsimile transmission
of any signature shall be deemed an original and shall bind such party.

            Section 3.03. Compliance with Original Indenture. Except as modified
by this First Supplemental Indenture, the Series B Notes shall be governed by
and subject to all of the terms, conditions, rights, duties and obligations in
respect of the "Notes" under the Original Indenture and each of the Company and
the Trustee shall be bound by all such terms, conditions, rights, duties and
obligations applicable thereto, including, without limitation, the covenants of
the Company set forth in Article 4 thereof and the duties and responsibilities
of the Trustee in Article 7 thereof, such Original Indenture, as modified by
this First Supplemental Indenture, being hereby ratified by the parties hereto.

            SunTrust Bank hereby accepts the trusts in this Indenture declared
and provided, upon the terms and conditions hereinabove set forth.

                                      -56-
<PAGE>

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

                                  AGCO CORPORATION, as Company

                                  By: ________________________________
                                      Name:
                                      Title:

                                  SUNTRUST BANK, as Trustee

                                  By: ________________________________
                                      Name:
                                      Title:

                                      -57-
<PAGE>

                                    EXHIBIT A

                        [Include only for Global Notes:]

[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (THE
"DEPOSITARY", WHICH TERM INCLUDES ANY SUCCESSOR DEPOSITARY FOR THE CERTIFICATES)
TO THE 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 REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY (AND
ANY PAYMENT HEREIN IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED
BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY), ANY TRANSFER, PLEDGE, OR
OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH
AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]

                                      A-1

<PAGE>

                                AGCO CORPORATION

        1 3/4% CONVERTIBLE SENIOR SUBORDINATED NOTES, SERIES B, DUE 2033

                                                              CUSIP: 001084 AL 6

No.                                                                 $___________

            AGCO CORPORATION, a corporation duly organized and validly existing
under the laws of the State of Delaware (herein called the "COMPANY", which term
includes any successor corporation under the Indenture referred to on the
reverse hereof), for value received hereby promises to pay to
___________________ or its registered assigns, [the principal sum of
_________________________DOLLARS] [the principal sum set forth on Schedule I
hereto] on December 31, 2033 at the office or agency of the Company maintained
for that purpose in accordance with the terms of the Indenture, in such coin or
currency of the United States of America as at the time of payment shall be
legal tender for the payment of public and private debts, and to pay interest,
semiannually on June 30 and December 31 of each year, commencing December 31,
2005, on said principal sum at said office or agency, in like coin or currency,
at the rate per annum of 1 3/4%, from the June 30 or December 31, as the case
may be, next preceding the date of this Note to which interest has been paid or
duly provided for, unless the date hereof is a date to which interest has been
paid or duly provided for, in which case from the date of this Note, or unless
no interest has been paid or duly provided for on the Notes, in which case from
December 31, 2004, until payment of said principal sum has been made or duly
provided for. Notwithstanding the foregoing, if the date hereof is after any
June 15 or December 15, as the case may be, and before the following June 30 or
December 31, this Note shall bear interest from such June 30 or December 31;
provided that if the Company shall default in the payment of interest due on
such June 30 or December 31, then this Note shall bear interest from the next
preceding June 30 or December 31 to which interest has been paid or duly
provided for or, if no interest has been paid or duly provided for on such Note,
from December 31, 2004. Except as otherwise provided in the Indenture, the
interest payable on the Note pursuant to the Indenture on any June 30 or
December 31 will be paid to the Person entitled thereto as it appears in the
Note register at the close of business on the record date, which shall be the
June 15 or December 15 (whether or not a Business Day) next preceding such June
30 or December 31, as provided in the Indenture; provided that any such interest
not punctually paid or duly provided for shall be payable as provided in the
Indenture. Interest may, at the option of the Company, be paid either (i) by
check mailed to the registered address of such Person (provided that the holder
of Notes with an aggregate principal amount in excess of $2,000,000 shall, at
the written election (timely made and containing appropriate wire transfer
information) of such holder, be paid by wire transfer of immediately available
funds) or (ii) by transfer to an account maintained by such Person located in
the United States; provided that payments to the Depositary will be made by wire
transfer of immediately available funds to the account of the Depositary or its
nominee.

            The Company promises to pay interest on overdue principal and
premium, if any, (to the extent that payment of such interest is enforceable
under applicable law) at the rate of 2 3/4%, per annum.

                                      A-2

<PAGE>

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

            This Note shall be deemed to be a contract made under the laws of
the State of New York, and for all purposes shall be construed in accordance
with and governed by the laws of the State of New York without reference to its
principles of conflict of laws.

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

                                      A-3

<PAGE>

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

                                  AGCO CORPORATION

                                  By:  __________________________

TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

SUNTRUST BANK, as Trustee

By: ______________________________
    Authorized Officer

Dated: June 23, 2005

                                      A-4

<PAGE>

                             FORM OF REVERSE OF NOTE

                                AGCO CORPORATION

         1 3/4% CONVERTIBLE SENIOR SUBORDINATED NOTE, SERIES B, DUE 2033

            This Note is one of a duly authorized issue of Notes of the Company,
designated as its 1 3/4% Convertible Senior Subordinated Notes, Series B, Due
2033 (herein called the "NOTES"), limited in aggregate principal amount to
$201,250,000, issued and to be issued under and pursuant to an Indenture dated
as of December 23, 2003 and as supplemented by a First Supplemental Indenture
dated as of June 23, 2005 (herein, collectively, called the "INDENTURE"),
between the Company and SunTrust Bank, as trustee (herein called the "TRUSTEE"),
to which Indenture and all indentures supplemental thereto reference is hereby
made for a description of the rights, limitations of rights, obligations, duties
and immunities thereunder of the Trustee, the Company and the holders of the
Notes.

            In case an Event of Default shall have occurred and be continuing,
the principal of, and premium, if any, and accrued interest on, all Notes may be
declared by either the Trustee or the holders of not less than 25% in aggregate
principal amount of the Notes then outstanding, and upon said declaration shall
become, due and payable, in the manner, with the effect and subject to the
conditions provided in the Indenture.

            The Indenture contains provisions permitting the Company and the
Trustee, with the consent of the holders of at least a majority in aggregate
principal amount of the Notes at the time outstanding, to execute supplemental
indentures adding any provisions to or changing in any manner or eliminating any
of the provisions of the Indenture or of any supplemental indenture or modifying
in any manner the rights of the holders of the Notes; provided that no such
supplemental indenture shall (i) extend the fixed maturity of any Note, or
reduce the rate or change the time of payment of interest thereon, or reduce the
principal amount thereof or premium, if any, thereon or reduce any amount
payable on redemption or repurchase thereof, or impair the right of any
Noteholder to institute suit for the payment thereof, or make the principal
thereof or interest or premium, if any, thereon payable in any coin or currency
or payable at any place other than that provided in the Indenture or the Notes,
or change the obligation of the Company to redeem any Note on a redemption date
in a manner adverse to the holders of Notes, or change the obligation of the
Company to redeem any Note upon the happening of a Designated Event in a manner
adverse to the holders of Notes, or change the obligation of the Company to
repurchase any Note on a Repurchase Date in a manner adverse to the holders of
Notes, or reduce the Conversion Rate, otherwise than in accordance with the
terms of the Indenture, or impair the right to convert the Notes into cash or
Common Stock subject to the terms set forth therein, or adversely modify, in any
material respect, the provisions of Article 15 of the Indenture, or reduce the
quorum or the voting requirements under the Indenture, or modify any of the
provisions of Section 1.40 or Section 2.07 of the First Supplemental Indenture,
except to increase any such percentage or to provide that certain other
provisions of the Indenture cannot be modified or waived without the consent of
the holder of each Note so affected, or change any obligation of the Company to
maintain an office or agency in the places and for the purposes set forth in
Section 4.01 thereof, in each case, without the consent of the holder of each
Note so affected, or (ii) reduce the aforesaid percentage of Notes, the holders
of which are

                                      A-5

<PAGE>

required to consent to any such supplemental indenture or to waive any past
Event of Default, without the consent of the holders of all Notes affected
thereby. Subject to the provisions of the Indenture, the holders of a majority
in aggregate principal amount of the Notes at the time outstanding may on behalf
of the holders of all of the Notes waive any past default or Event of Default
under the Indenture and its consequences except a default in the payment of
interest, or any premium on or the principal of, any of the Notes, or a failure
by the Company to convert any Notes into Common Stock of the Company, or a
default in the payment of the redemption price, or a default in the payment of
the repurchase price on a Repurchase Date, or a default in respect of a covenant
or provisions of the Indenture which under Article 10 of the Indenture cannot be
modified or amended without the consent of the holders of each or all Notes then
outstanding or affected thereby. Any such consent or waiver by the holder of
this Note (unless revoked as provided in the Indenture) shall be conclusive and
binding upon such holder and upon all future holders and owners of this Note and
any Notes which may be issued in exchange or substitution hereof, irrespective
of whether or not any notation thereof is made upon this Note or such other
Notes.

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

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

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

            At any time on or after January 1, 2011, the Notes may be redeemed
at the option of the Company, in whole or in part, in cash, upon mailing a
notice of such redemption not less than 30 days but not more than 60 days before
the redemption date to the holders of Notes at their last registered addresses,
all as provided in the Indenture, at 100% of the principal amount of the Notes
to be redeemed, together with accrued and unpaid interest, if any, to, but
excluding the date fixed for redemption; provided that if the redemption date is
on a June 30 or December 31, then the interest payable on such date shall be
paid to the holder of record on the preceding June 15 or December 15,
respectively:

            The Company may not give notice of any redemption of the Notes if a
default in the payment of interest or premium, if any, on the Notes has occurred
and is continuing.

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

                                      A-6

<PAGE>

            If a Designated Event occurs at any time prior to maturity of the
Notes, this Note will be redeemable on a Designated Event Redemption Date, which
is not less than 30 nor more than 60 days after such Designated Event, at the
option of the holder of this Note at a redemption price equal to 100% of the
principal amount thereof, together with accrued interest to (but excluding) the
redemption date; provided that if such Designated Event Redemption Date is a
June 30 or December 31, the interest payable on such date shall be paid to the
holder of record of this Note on the preceding June 15 or December 15,
respectively. The Notes will be redeemable in multiples of $1,000 principal
amount. The Company shall mail to all holders of record of the Notes a notice of
the occurrence of a Designated Event and of the redemption right arising as a
result thereof on or before the 10th day after the occurrence of such Designated
Event. For a Note to be so redeemed at the option of the holder, the Company
must receive at the office or agency of the Company maintained for that purpose
in accordance with the terms of the Indenture, the form entitled "Option to
Elect Repayment Upon a Designated Event" attached below duly completed, together
with book-entry transfer of the Note, on or before the close of business on the
Designated Event Redemption Date.

            Subject to the terms and conditions of the Indenture, the Company
shall become obligated to purchase, at the option of the holder, all or any
portion of the Notes held by such holder, in cash, on December 31, 2010,
December 31, 2013, December 31, 2018, December 31, 2023 and December 31, 2028,
in whole multiples of $1,000 at a purchase price of 100% of the principal
amount, plus any accrued and unpaid interest, on the Note up to the Repurchase
Date. To exercise such right, a holder shall deliver to the Company the form
entitled "Repurchase Notice" attached below duly completed, together with
book-entry transfer of the Note to the Trustee, at any time from the opening of
business on the date that is 20 Business Days prior to such Repurchase Date
until the close of business on the Repurchase Date.

            Holders have the right to withdraw any such redemption election or
Repurchase Notice by delivering to the designated Company representative a
written notice of withdrawal up to the close of business on the Designated Event
Redemption Date or the Repurchase Date, as applicable, all as provided in the
Indenture.

            If cash sufficient to pay the redemption or purchase price of all
Notes or portions thereof to be redeemed on the Designated Event Redemption Date
or purchased as of the Repurchase Date is deposited with the Trustee (or other
paying agent appointed by the Company), on the Business Day following such date,
as applicable, interest will cease to accrue on such Notes (or portions
thereof), and the holder thereof shall have no other rights as such other than
the right to receive the redemption price or purchase price upon surrender of
such Note.

            Subject to the occurrence of certain events and in compliance with
the provisions of the Indenture, the holder hereof has the right to convert the
principal amount hereof, or any portion of such principal amount which is a
multiple of $1,000, into cash or a combination of cash and fully paid and
non-assessable shares of Common Stock. Each $1,000 of principal amount of Notes
shall be convertible for cash equal to the Principal Return and an amount in
whole shares of Common Stock equal to the Net Share Amount divided by the
Average Market Price. The initial Conversion Rate of the Notes is 44.7193 shares
of Common Stock for each $1,000 principal amount of Notes, subject to adjustment
as set forth in the Indenture. A Note in

                                      A-7

<PAGE>

respect of which a holder is exercising its right to require redemption upon a
Designated Event or repurchase on a Repurchase Date may be converted only if
such holder withdraws its election to exercise either such right in accordance
with the terms of the Indenture.

            In no event shall the Company be required to issue a number of
shares of Common Stock upon conversion of the Notes in excess of 58.5823 shares
of Common Stock (as adjusted for stock splits, stock dividends,
recapitalizations or similar events) per $1,000 principal amount of Series B
Notes; provided that the Company shall pay to holders converting Notes an
aggregate amount of cash in lieu of any number of such excess shares calculated
at the Average Market Price thereof.

            The Company shall deliver to the holder through the Conversion
Agent, no later than the third Business Day following the Company's
determination of the Average Market Price, cash or a combination of cash and
certificates for the number of whole shares of Common Stock issuable pursuant to
the terms of the Indenture.

            A holder may convert a portion of a Note if the principal amount of
such portion is $1,000 or an integral multiple of $1,000. No payment or
adjustment shall be made for dividends on the Common Stock except as provided in
the Indenture. On conversion of a Note, except for conversion during the period
from the close of business on any record date immediately preceding any interest
payment date to the close of business on the Business Day immediately preceding
such interest payment date, in which case the holder on such record date shall
receive the interest payable on such interest payment date, that portion of
accrued and unpaid interest on the converted Note attributable to the period
from the most recent interest payment date (or, if no interest payment date has
occurred, from the date of original issuance of the Notes) through the
Conversion Date shall not be cancelled, extinguished or forfeited, but rather
shall be deemed to be paid in full to the holder thereof through delivery of the
Common Stock (together with the cash payment, if any, in lieu of fractional
shares), or cash in lieu thereof, in exchange for the Note being converted
pursuant to the provisions hereof.

            Notes or portions thereof surrendered for conversion during the
period from the close of business on any record date immediately preceding any
interest payment date to the close of business on the Business Day immediately
preceding such interest payment date shall be accompanied by payment to the
Company or its order, in immediately available funds or other funds acceptable
to the Company, of an amount equal to the interest payable on such interest
payment date with respect to the principal amount of Notes or portions thereof
being surrendered for conversion; provided that no such payment need be made if
(1) the Company has specified a Redemption Date that occurs during the period
from the close of business on a record date to the close of business on the
Business Day immediately preceding the interest payment date to which such
record date relates, (2) the Company has specified a Designated Event Redemption
Date during such period or (3) any overdue interest exists on the Conversion
Date with respect to the Notes converted, only to the extent of overdue
interest.

            No fractional shares will be issued upon conversion; in lieu
thereof, an amount will be paid in cash based upon the Average Market Price of
the Common Stock as provided in Section 1.19 of the First Supplemental
Indenture.

                                      A-8

<PAGE>

            To convert a Note, a holder must (a) furnish appropriate
endorsements and transfer documents if required by the Note registrar of the
Conversion Agent, (b) pay any transfer or similar tax, if required, (c) except
as set forth in Section 1.18 of the First Supplemental Indenture, pay funds
equal to the interest payable on the next interest payment date, and (d) comply
with DTC's procedures for converting a beneficial interest in a Global Note.

            The Conversion Rate will be adjusted as set forth in Sections 1.21
and 1.22 of the First Supplemental Indenture. In the event of a Fundamental
Change which is also a Public Acquirer Change of Control, the Company may, in
lieu of increasing the Conversion Rate, elect to adjust the Conversion Rate such
that from and after the effective date of such Public Acquirer Change of
Control, any shares of stock issued upon conversion of the Notes would be for
the publicly traded common stock of the acquirer, not the Company.

            Any Notes called for redemption, unless surrendered for conversion
by the holders thereof on or before the close of business on the Business Day
preceding the redemption date, may be deemed to be redeemed from the holders of
such Notes for an amount equal to the applicable redemption price, together with
accrued but unpaid interest to, but excluding, the date fixed for redemption, by
one or more investment banks or other purchasers who may agree with the Company
(i) to purchase such Notes from the holders thereof and convert them into shares
of the Company's Common Stock and (ii) to make payment for such Notes as
aforesaid to the Trustee in trust for the holders.

            Upon due presentment for registration of transfer of this Note at
the office or agency of the Company maintained for that purpose in accordance
with the terms of the Indenture, a new Note or Notes of authorized denominations
for an equal aggregate principal amount will be issued to the transferee in
exchange thereof, subject to the limitations provided in the Indenture, without
charge except for any tax, assessment or other governmental charge imposed in
connection therewith.

            The Company, the Trustee, any authenticating agent, any paying
agent, any Conversion Agent and any Note registrar may deem and treat the
registered holder hereof as the absolute owner of this Note (whether or not this
Note shall be overdue and notwithstanding any notation of ownership or other
writing hereon made by anyone other than the Company or any Note registrar) for
the purpose of receiving payment hereof, or on account hereof, for the
conversion hereof and for all other purposes, and neither the Company nor the
Trustee nor any other authenticating agent nor any paying agent nor other
Conversion Agent nor any Note registrar shall be affected by any notice to the
contrary. All payments made to or upon the order of such registered holder
shall, to the extent of the sum or sums paid, satisfy and discharge liability
for monies payable on this Note.

            No recourse for the payment of the principal of, or any premium or
interest on, this Note, or for any claim based hereon or otherwise in respect
hereof, and no recourse under or upon any obligation, covenant or agreement of
the Company in the Indenture or any supplemental indenture or in any Note, or
because of the creation of any indebtedness represented thereby, shall be had
against any incorporator, stockholder, employee, agent, officer or director or
subsidiary, as such, past, present or future, of the Company or of any successor

                                      A-9

<PAGE>

corporation, either directly or through the Company or any successor
corporation, whether by virtue of any constitution, statute or rule of law or by
the enforcement of any assessment or penalty or otherwise, all such liability
being, by acceptance hereof and as part of the consideration for the issue
hereof, expressly waived and released.

            Terms used in this Note and defined in the Indenture are used herein
as therein defined.

                                      A-10

<PAGE>

                                  ABBREVIATIONS

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

TEN COM - as tenants in common              UNIF GIFT MIN ACT -___ Custodian ___
TEN ENT - as tenant by the entireties       (Cust)               (Minor)
JT TEN -  as joint tenants with right of
          survivorship and not as           under Uniform Gifts to Minors Act
          tenants in common                 ____________________________
                                                          (State)

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

                                      A-11

<PAGE>

                                CONVERSION NOTICE

TO:         AGCO CORPORATION
            SUNTRUST BANK

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

Dated: ______________________

                                  ____________________________
                                  Name of Holder or underlying
                                  participant of Depository

                                  ____________________________

                                  ____________________________
                                  Signature(s)

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

                                 _____________________________
                                  Signature Guarantee

                                      A-12

<PAGE>

            Fill in the registration of shares of Common Stock if to be issued,
and Notes if to be delivered, other than to and in the name of the registered
holder:

____________________________
(Name)

____________________________
(Street Address)

____________________________
(City, State and Zip Code)

____________________________
Please print name and address

Principal amount to be converted
(if less than all):

$
____________________________

Social Security or Other Taxpayer
Identification Number:

____________________________

                                      A-13

<PAGE>

                            OPTION TO ELECT REPAYMENT
                             UPON A DESIGNATED EVENT

TO:         AGCO CORPORATION
            SUNTRUST BANK

            The undersigned registered owner of this Note hereby irrevocably
acknowledges receipt of a notice from AGCO Corporation (the "COMPANY") as to the
occurrence of a Designated Event with respect to the Company and requests and
instructs the Company to redeem the entire principal amount of this Note, or the
portion thereof (which is $1,000 or a multiple thereof) below designated, in
accordance with the terms of the Indenture referred to in this Note at the price
of 100% of such entire principal amount or portion thereof, together with
accrued interest to, but excluding, the Designated Event Redemption Date, to the
registered holder hereof. Capitalized terms used herein but not defined shall
have the meanings ascribed to such terms in the Indenture.

Dated: ______________________

                               ____________________________

                               ____________________________
                               Signature(s)

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

                               Principal amount to be repaid (if less than all):

                               ____________________________

                               ____________________________
                               Social Security or Other Taxpayer Identification
                               Number

                                      A-14

<PAGE>

                                REPURCHASE NOTICE

TO:         AGCO CORPORATION
            SUNTRUST BANK

The undersigned registered owner of this Note hereby irrevocably acknowledges
receipt of a notice from AGCO Corporation (the "COMPANY") regarding the right of
holders to elect to require the Company to repurchase the Notes and requests and
instructs the Company to repay the entire principal amount of this Note, or the
portion thereof (which is $1,000 or an integral multiple thereof) below
designated, in accordance with the terms of the Indenture at the price of 100%
of such entire principal amount or portion thereof, together with accrued
interest to, by excluding, the Repurchase Date, to the registered holder hereof.
Capitalized terms used herein but not defined shall have the meanings ascribed
to such terms in the Indenture. The Notes shall be repurchased by the Company as
of the Repurchase Date pursuant to the terms and conditions specified in the
Indenture.

            Dated:

            Signature(s):

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

            Note Certificate Number (if applicable):

            Principal amount to be repurchased (if less than all):

            Social Security or Other Taxpayer Identification Number:

                                      A-15

<PAGE>

                                   ASSIGNMENT

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

Dated: ______________________

                                  ____________________________

                                  ____________________________
                                  Signature(s)

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

                                  ____________________________
                                  Signature Guarantee

NOTICE: The signature on the Conversion Notice, the Option to Elect Redemption
Upon a Designated Event, the Repurchase Notice or the Assignment must correspond
with the name as written upon the face of the Note in every particular without
alteration or enlargement or any change whatever.

                                      A-16

<PAGE>

                                   Schedule I

                   [Include Schedule I only for a Global Note]

                                AGCO CORPORATION
         1 3/4% Convertible Senior Subordinated Note, Series B, Due 2033

No. _______

<TABLE>
<CAPTION>
                                                                                Authorized Signature
                                        Notation Explaining Principal               of Trustee or
Date           Principal Amount                 Amount Recorded                       Custodian
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<S>            <C>                      <C>                                     <C>
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</TABLE>

                                      A-17

<PAGE>

                                    EXHIBIT B

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

SUNTRUST BANK, as Trustee

By: ______________________________
    Authorized Officer

Dated: June 23, 2005

                                      B-1

<PAGE>

                                    EXHIBIT C

            TABLE OF ADDITIONAL SHARES IN EVENT OF FUNDAMENTAL CHANGE
                           PURSUANT TO SECTION 1.22(a)
                                       OF
                          FIRST SUPPLEMENTAL INDENTURE

      The following table sets forth the hypothetical stock price and number of
additional shares, subject to adjustment upon any adjustment to the Conversion
Rate, issuable per $1,000 aggregate principal amount of Series B Notes as
provided in Section 1.22(a) of the First Supplemental Indenture:

  ADDITIONAL SHARES (EXPRESSED AS SHARES PER $1,000 ORIGINAL PRINCIPAL AMOUNT)

<TABLE>
<CAPTION>
EFFECTIVE DATE                   STOCK PRICE ON EFFECTIVE DATE OF FUNDAMENTAL CHANGE
--------------    ----------------------------------------------------------------------------------------
<S>               <C>    <C>    <C>    <C>    <C>    <C>    <C>     <C>     <C>     <C>     <C>     <C>     <C>     <C>      <C>
                  $17.07 $18.00 $19.00 $20.00 $22.50 $25.00 $27.50  $32.50  $40.00  $45.00  $50.00  $60.00  $75.00  $100.00  $110.00
December 17, 2004   13.6   12.3   11.0   10.0    7.9    6.4    5.2     3.7     2.4     1.9     1.5     1.0     0.6      0.3      0.2
December 17, 2005   13.3   12.0   10.7    9.6    7.5    5.9    4.8     3.3     2.1     1.6     1.3     0.8     0.5      0.2      0.2
December 17, 2006   13.3   11.8   10.5    9.3    7.1    5.5    4.4     2.9     1.8     1.3     1.0     0.7     0.4      0.2      0.2
December 17, 2007   13.2   11.6   10.2    8.9    6.6    4.9    3.8     2.4     1.4     1.0     0.8     0.5     0.3      0.2      0.1
December 17, 2008   13.2   11.4    9.7    8.4    5.8    4.1    3.0     1.7     0.9     0.7     0.5     0.3     0.2      0.1      0.1
December 17, 2009   13.0   10.9    8.9    7.4    4.5    2.8    1.8     0.8     0.4     0.3     0.2     0.2     0.1      0.1      0.0
December 31, 2010   13.9   10.8    7.9    5.3    0.0    0.0    0.0     0.0     0.0     0.0     0.0     0.0     0.0      0.0      0.0
</TABLE>

Determination of additional shares if the stock price and effective date are not
set forth on the table above and the stock price is:

      (a) between two stock prices on the table or the effective date is between
      two dates on the table, the number of additional shares will be determined
      by straight-line interpolation between the number of additional shares set
      forth for the higher and lower stock price and the two effective dates, as
      applicable, based on a 365-day year;

      (b) in excess of $110.00 per share (subject to adjustment), no additional
      shares will be issued upon conversion; or

      (c) less than $17.07 per share (subject to adjustment), no additional
      shares will be issued upon conversion.

                                      C-1

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