Document:

Exhibit 10.15

SECOND
AMENDMENT TO

AGREEMENT TO AMEND/EXTEND

WATER SERVICE AGREEMENT

for the

SKY RANCH PUD

March 5, 2004

RE:                              Water Service Agreement dated
October 31, 2003 by and between AIRPARK METROPOLITAN DISTRICT (“AMD”);
ICON INVESTORS I LLC (“DEVELOPER”); PURE CYCLE CORPORATION (“PURECYCLE”); and
RANGEVIEW METROPOLITAN DISTRICT (“RANGEVIEW”) relating to the provisions
of water services to the Sky Ranch PUD (Arapahoe County case No. Z01-010).

This
Amendment, dated March 5, 2004, shall amend the aforesaid water service
agreement as follows:

Section 10.2, Termination Contingency,
Subsection (c) shall be amended to read as follows:

(c)                                  Water Rights.  If
AMD or the DEVELOPER are unsatisfied with the opinion of water counsel provided
pursuant to Section 6.03(e), AMD or the DEVELOPER shall have the right to
terminate this Agreement by giving written notice to RANGEVIEW and
PURECYCLE.  In no event shall AMD or
DEVELOPER have the right to terminate this Agreement pursuant to this Section
after the Board of County Commissioners of Arapahoe County has approved the
PDP, or March 20, 2004, whichever is latest.

AIRPARK METROPOLITAN DISTRICT

	
  By:

  	
   

  	
  [signature not legible]

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  

 

ICON INVESTORS I
LLC, a Colorado Limited Liability Company

	
  By:

  	
   

  	
  AIRWAY PARK MANAGER LLC, A COLORADO LIMITED
  LIABILITY COMPANY

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
  [signature not legible]

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  

 

PURE CYCLE
CORPORATION, a Delaware Corporation

	
  By:

  	
   

  	
  /s/ Mark Harding

  	
   

  	
   

  
	
   

  	
   

  	
  Mark Harding, President

  	
   

  	
   

  

 

RANGEVIEW
METROPOLITAN DISTRICT

	
  By:

  	
   

  	
  /s/ Thomas P. Clark

  	
   

  	
   

  
	
   

  	
   

  	
  Thomas P. Clark, DirectorExhibit
4.1

 

 

 

MILLENNIUM
PHARMACEUTICALS, INC.

as Issuer

and

U.S. BANK NATIONAL
ASSOCIATION

as Trustee

Indenture

Dated
as of November 15, 2006

 

$250,000,000

2.25% Convertible Senior Notes due November 15, 2011

 

 

RECITALS

	
  ARTICLE 1

  DEFINITIONS AND INCORPORATION BY REFERENCE

  
	
   

  
	
  Section 1.01.

  	
  Definitions

  	
   

  	
  1

  
	
  Section 1.02.

  	
  Other Definitions

  	
   

  	
  8

  
	
  Section 1.03.

  	
  Incorporation by Reference of Trust Indenture Act

  	
   

  	
  9

  
	
  Section 1.04.

  	
  Rules of Construction

  	
   

  	
  9

  
	
  Section 1.05.

  	
  Acts of Holders

  	
   

  	
  10

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE 2

  
	
  THE NOTES

  
	
   

  	
   

  	
   

  	
   

  
	
  Section 2.01.

  	
  Form, Dating and Denominations; Legends

  	
   

  	
  10

  
	
  Section 2.02.

  	
  Execution And Authentication

  	
   

  	
  11

  
	
  Section 2.03.

  	
  Registrar, Paying Agent and Conversion Agent

  	
   

  	
  12

  
	
  Section 2.04.

  	
  Paying Agent to Hold Money in Trust

  	
   

  	
  13

  
	
  Section 2.05.

  	
  Noteholder Lists

  	
   

  	
  13

  
	
  Section 2.06.

  	
  Transfer and Exchange

  	
   

  	
  13

  
	
  Section 2.07.

  	
  Replacement Notes

  	
   

  	
  14

  
	
  Section 2.08.

  	
  Outstanding Notes

  	
   

  	
  15

  
	
  Section 2.09.

  	
  Treasury Notes

  	
   

  	
  16

  
	
  Section 2.10.

  	
  Temporary Notes

  	
   

  	
  16

  
	
  Section 2.11.

  	
  Cancellation

  	
   

  	
  16

  
	
  Section 2.12.

  	
  CUSIP Numbers

  	
   

  	
  16

  
	
  Section 2.13.

  	
  Book-Entry Provisions for Global Notes

  	
   

  	
  17

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE 3

  
	
  REPURCHASES

  
	
   

  	
   

  	
   

  	
   

  
	
  Section 3.01.

  	
  Repurchase at the Option of the Holders Upon
  Change in Control

  	
   

  	
  17

  
	
  Section 3.02.

  	
  Effect of Change in Control Repurchase Notice

  	
   

  	
  21

  
	
  Section 3.03.

  	
  Deposit of Change In Control Repurchase Price

  	
   

  	
  22

  
	
  Section 3.04.

  	
  Notes Repurchased in Part

  	
   

  	
  22

  
	
  Section 3.05.

  	
  Covenant to Comply with Securities Laws upon
  Repurchase of Notes

  	
   

  	
  23

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE 4

  
	
  COVENANTS

  
	
   

  	
   

  	
   

  	
   

  
	
  Section 4.01.

  	
  Payment of Notes

  	
   

  	
  23

  
	
  Section 4.02.

  	
  Maintenance of Office or Agency

  	
   

  	
  24

  
	
  Section 4.03.

  	
  Existence

  	
   

  	
  24

  

 

 

 

	
  Section 4.04.

  	
  Annual Reports

  	
   

  	
  24

  
	
  Section 4.05.

  	
  Reports to Trustee

  	
   

  	
  25

  
	
  Section 4.06.

  	
  Stay, Extension and Usury Laws

  	
   

  	
  25

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE 5

  
	
  CONSOLIDATION,
  MERGER, SALE OR LEASE OF ASSETS

  
	
   

  	
   

  	
   

  	
   

  
	
  Section 5.01.

  	
  Consolidation, Merger, Sale or Lease of Assets by
  the Company

  	
   

  	
  25

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE 6

  
	
  DEFAULT AND
  REMEDIES

  
	
   

  	
   

  	
   

  	
   

  
	
  Section 6.01.

  	
  Events of Default

  	
   

  	
  26

  
	
  Section 6.02.

  	
  Acceleration

  	
   

  	
  28

  
	
  Section 6.03.

  	
  Other Remedies

  	
   

  	
  28

  
	
  Section 6.04.

  	
  Waiver of Past Defaults

  	
   

  	
  28

  
	
  Section 6.05.

  	
  Control by Majority

  	
   

  	
  29

  
	
  Section 6.06.

  	
  Limitation on Suits

  	
   

  	
  29

  
	
  Section 6.07.

  	
  Rights of Holders to Receive Payment

  	
   

  	
  29

  
	
  Section 6.08.

  	
  Collection Suit by Trustee

  	
   

  	
  30

  
	
  Section 6.09.

  	
  Trustee May File Proofs of Claim

  	
   

  	
  30

  
	
  Section 6.10.

  	
  Priorities

  	
   

  	
  30

  
	
  Section 6.11.

  	
  Restoration of Rights and Remedies

  	
   

  	
  31

  
	
  Section 6.12.

  	
  Undertaking for Costs

  	
   

  	
  31

  
	
  Section 6.13.

  	
  Rights and Remedies Cumulative

  	
   

  	
  31

  
	
  Section 6.14.

  	
  Delay or Omission Not Waiver

  	
   

  	
  32

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE 7

  
	
  THE TRUSTEE

  
	
   

  	
   

  	
   

  	
   

  
	
  Section 7.01.

  	
  General

  	
   

  	
  32

  
	
  Section 7.02.

  	
  Certain Rights of Trustee

  	
   

  	
  32

  
	
  Section 7.03.

  	
  Individual Rights of Trustee

  	
   

  	
  33

  
	
  Section 7.04.

  	
  Trustee’s Disclaimer

  	
   

  	
  34

  
	
  Section 7.05.

  	
  Notice of Default

  	
   

  	
  34

  
	
  Section 7.06.

  	
  Reports by Trustee to Holders

  	
   

  	
  34

  
	
  Section 7.07.

  	
  Compensation and Indemnity

  	
   

  	
  34

  
	
  Section 7.08.

  	
  Replacement of Trustee

  	
   

  	
  35

  
	
  Section 7.09.

  	
  Successor Trustee by Merger

  	
   

  	
  36

  
	
  Section 7.10.

  	
  Eligibility

  	
   

  	
  36

  
	
  Section 7.11.

  	
  Money Held in Trust

  	
   

  	
  36

  

 

 ii
 

 

 

	
  ARTICLE 8

  
	
  DISCHARGE

  
	
   

  	
   

  	
   

  	
   

  
	
  Section 8.01.

  	
  Satisfaction and Discharge of this Indenture

  	
   

  	
  36

  
	
  Section 8.02.

  	
  Application of Trust Money

  	
   

  	
  37

  
	
  Section 8.03.

  	
  Repayment to Company

  	
   

  	
  38

  
	
  Section 8.04.

  	
  Reinstatement

  	
   

  	
  38

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE 9

  
	
  AMENDMENTS,
  SUPPLEMENTS AND WAIVERS

  
	
   

  	
   

  	
   

  	
   

  
	
  Section 9.01.

  	
  Amendments Without Consent of Holders

  	
   

  	
  39

  
	
  Section 9.02.

  	
  Amendments With Consent of Holders

  	
   

  	
  39

  
	
  Section 9.03.

  	
  Effect of Consent

  	
   

  	
  41

  
	
  Section 9.04.

  	
  Trustee’s Rights and Obligations

  	
   

  	
  41

  
	
  Section 9.05.

  	
  Conformity With Trust Indenture Act

  	
   

  	
  41

  
	
  Section 9.06.

  	
  Payments for Consents

  	
   

  	
  41

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE 10

  
	
  CONVERSION

  
	
   

  	
   

  	
   

  	
   

  
	
  Section 10.01.

  	
  Conversion Privilege

  	
   

  	
  42

  
	
  Section 10.02.

  	
  Conversion Procedures; Conversion Settlement

  	
   

  	
  45

  
	
  Section 10.03.

  	
  Fractional Shares

  	
   

  	
  49

  
	
  Section 10.04.

  	
  Taxes on Conversion

  	
   

  	
  49

  
	
  Section 10.05.

  	
  Company to Provide Common Stock

  	
   

  	
  49

  
	
  Section 10.06.

  	
  Adjustment for Change in Capital Stock

  	
   

  	
  50

  
	
  Section 10.07.

  	
  Adjustment for Rights, Options or Warrants Issue

  	
   

  	
  51

  
	
  Section 10.08.

  	
  Adjustment for Other Distributions

  	
   

  	
  52

  
	
  Section 10.09.

  	
  Adjustment for Cash Dividends

  	
   

  	
  54

  
	
  Section 10.10.

  	
  Adjustment for Tender Offer

  	
   

  	
  55

  
	
  Section 10.11.

  	
  Provisions Governing Adjustment to Conversion
  Rate

  	
   

  	
  56

  
	
  Section 10.12.

  	
  Disposition Events

  	
   

  	
  57

  
	
  Section 10.13.

  	
  Adjustment to Conversion Rate Upon a Make-Whole
  Change in Control; Discretionary Adjustment

  	
   

  	
  58

  
	
  Section 10.14.

  	
  When Adjustment May Be Deferred

  	
   

  	
  61

  
	
  Section 10.15.

  	
  When No Adjustment Required

  	
   

  	
  61

  
	
  Section 10.16.

  	
  Notice of Adjustment

  	
   

  	
  62

  
	
  Section 10.17.

  	
  Notice of Certain Transactions

  	
   

  	
  62

  
	
  Section 10.18.

  	
  Right of Holders to Convert

  	
   

  	
  62

  
	
  Section 10.19.

  	
  Company Determination Final

  	
   

  	
  62

  
	
  Section 10.20.

  	
  Trustee’s Adjustment Disclaimer

  	
   

  	
  63

  
	
  Section 10.21.

  	
  Simultaneous Adjustments

  	
   

  	
  63

  
	
  Section 10.22.

  	
  Successive Adjustments

  	
   

  	
  64

  
	
  Section 10.23.

  	
  Rights Issued in Respect of Common Stock Issued
  Upon Conversion

  	
   

  	
  64

  

 

 iii
 

 

 

	
  Section 10.24.

  	
  Withholding Taxes for Adjustments in Conversion
  Rate

  	
   

  	
  64

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE 11

  
	
  PAYMENT OF
  INTEREST

  
	
   

  	
   

  	
   

  	
   

  
	
  Section 11.01.

  	
  Interest Payments

  	
   

  	
  64

  
	
  Section 11.02.

  	
  Defaulted Interest

  	
   

  	
  65

  
	
  Section 11.03.

  	
  Interest Rights Preserved

  	
   

  	
  66

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE 12

  
	
  MISCELLANEOUS

  
	
   

  	
   

  	
   

  	
   

  
	
  Section 12.01.

  	
  Trust Indenture Act of 1939

  	
   

  	
  66

  
	
  Section 12.02.

  	
  Noteholder Communications; Noteholder Actions

  	
   

  	
  66

  
	
  Section 12.03.

  	
  Notices

  	
   

  	
  67

  
	
  Section 12.04.

  	
  Communication by Holders with Other Holders

  	
   

  	
  68

  
	
  Section 12.05.

  	
  Certificate and Opinion as to Conditions
  Precedent

  	
   

  	
  68

  
	
  Section 12.06.

  	
  Statements Required in Certificate or Opinion

  	
   

  	
  69

  
	
  Section 12.07.

  	
  Legal Holiday

  	
   

  	
  69

  
	
  Section 12.08.

  	
  Rules by Trustee, Paying Agent, Conversion Agent
  and Registrar

  	
   

  	
  69

  
	
  Section 12.09.

  	
  Governing Law

  	
   

  	
  69

  
	
  Section 12.10.

  	
  No Adverse Interpretation of Other Agreements

  	
   

  	
  70

  
	
  Section 12.11.

  	
  Successors

  	
   

  	
  70

  
	
  Section 12.12.

  	
  Counterparts

  	
   

  	
  70

  
	
  Section 12.13.

  	
  Severability

  	
   

  	
  70

  
	
  Section 12.14.

  	
  Table of Contents and Headings

  	
   

  	
  70

  
	
  Section 12.15.

  	
  No Liability of Directors, Officers, Employees,
  Incorporators, Members and Stockholders

  	
   

  	
  70

  
	
   

  	
   

  	
   

  
	
  EXHIBITS

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  EXHIBIT A

  	
  Form of Note

  	
   

  	
   

  
	
  EXHIBIT B

  	
  DTC Legend

  	
   

  	
   

  
					

 

 iv

 

INDENTURE
dated as of November 15, 2006 between Millennium Pharmaceuticals, Inc., a
Delaware corporation (the “Company”) and
U.S. Bank National Association, a national banking association, as Trustee.

RECITALS

The
Company has duly authorized the execution and delivery of this Indenture to
provide for the issuance of $250,000,000 aggregate principal amount of the
Company’s 2.25% Convertible Senior Notes due November 15, 2011 (the “Notes”). 
All things necessary to make this Indenture a valid agreement of the
Company, in accordance with its terms, have been done, and the Company has done
all things necessary to make the Notes, when executed by the Company and
authenticated and delivered by the Trustee and duly issued by the Company, the
valid obligations of the Company as hereinafter provided.

This
Indenture is subject to, and will be governed by, the provisions of the Trust
Indenture Act that are required to be a part of and govern indentures qualified
under the Trust Indenture Act.

THIS INDENTURE WITNESSETH

For
and in consideration of the premises and the purchase of the Notes by the
Holders thereof, the parties hereto covenant and agree, for the equal and
proportionate benefit of all Holders, as follows:

ARTICLE 1

DEFINITIONS AND INCORPORATION BY REFERENCE

Section 1.01.  Definitions.

“Additional Notes” means the $25,000,000 aggregate principal
amount of Notes issued under this Indenture as a result of the Underwriters
exercise of their over-allotment option under the Underwriting Agreement.  The Additional Notes shall have the same
terms as the Initial Notes.

“Affiliate” means, with respect to any
Person, any other Person directly or indirectly controlling, controlled by, or
under direct or indirect common control with, such Person. For purposes of this
definition, “control” (including, with correlative meanings, the terms “controlling,”
“controlled by” and “under common control with”) with respect to any Person,
means the possession, directly or indirectly, of the power to direct or cause
the direction of the management and policies of such Person, whether through
the ownership of Voting Securities, by contract or otherwise.

 

“Agent” means any Registrar, Paying Agent or
Conversion Agent.

“Agent Member” means a member of, or a
participant in, the Depositary.

“Applicable Conversion Rate” means the Conversion Rate on any
day.

“Applicable Procedures” means, with respect to any transfer
or exchange of beneficial ownership interests in a Global Note, the rules and
procedures of the Depositary, in each case to the extent applicable to such
transfer or exchange.

“Bankruptcy Law” means Title 11 of the United States Code (or
any successor thereto) or any similar federal or state law for the relief of
debtors.

“Board of Directors” means the board of
directors or comparable governing body of the Company, or any committee thereof
duly authorized to act on its behalf.

“Board Resolution” means a resolution duly
adopted by the Board of Directors which is certified by the Secretary or an
Assistant Secretary of the Company and remains in full force and effect as of
the date of its certification.

“Business Day” means any weekday that is not
a day on which banking institutions in The City of New York are authorized or
obligated to close.

“Capital Stock” means, with respect to any
Person, any and all shares of stock of a corporation, partnership interests or
other equivalent interests (however designated, whether voting or non-voting)
in such Person’s equity, entitling the holder to receive a share of the profits
and losses, and a distribution of assets, after liabilities, of such Person.

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

“Cash Settlement Averaging Period” means (a) with respect to
any Conversion Date occurring on or after the 20th Business Day immediately
preceding the Maturity Date, the twenty (20) consecutive Trading Day period
beginning on, and including, the third Trading Day immediately following the
Maturity Date and (b) in all other cases, the twenty (20) consecutive Trading
Day period beginning on, and including, the third Trading Day immediately
following the relevant Conversion Date.

“Certificated Note” means a Note in
registered individual form without interest coupons.

“Close of Business” means 5:00 p.m. (New York City time).

 2
 

 

“Closing Price” of Common Stock or any other security on any
date means the closing sale price per share (or, if no closing sale price is
reported, the average of the last bid and last ask prices or, if more than one
in either case, the average of the average bid and the average ask prices) on
that date as reported in composite transactions for the principal U.S.
securities exchange on which Common Stock or such other security is traded. If
Common Stock or such other security is not listed for trading on a U.S.
national or regional securities exchange on the relevant date, the Closing
Price will be the last quoted bid price for Common Stock or such other security
in the over-the-counter market on the relevant date as reported by the National
Quotation Bureau or similar organization. If Common Stock or such other
security is not so quoted, the Closing Price will be the average of the
mid-point of the last bid and ask prices for Common Stock or such other
security on the relevant date from each of at least three nationally recognized
independent investment banking firms selected by the Company for this purpose.
The Closing Price will be determined without reference to extended or after
hours trading.

“Common Stock” means Common Stock of the Company, $0.001 par
value, as it exists on the date of this Indenture and any shares of any class
or classes of Capital Stock of the Company 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 of Notes 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 party named as such in
the first paragraph of this Indenture or any successor obligor under this
Indenture and the Notes pursuant to Section 5.01.

“Conversion Price” per share of Common Stock as of any day
means $1,000 divided by the Conversion Rate on
such day.

“Conversion Value” means the product of (a) the Conversion
Rate on the first Trading Day of the Cash Settlement Averaging Period multiplied by (b) the average of the Volume Weighted Average
Prices per share of Common Stock on each of the Trading Days during the
applicable Cash Settlement Averaging Period. 
The “Conversion Rate on the first Trading Day of the Cash Settlement
Averaging Period,” as such term is used in the immediately preceding sentence,
shall be appropriately adjusted to take into account the occurrence on or
before

 3
 

 

the relevant Trading Day in the applicable Cash
Settlement Averaging Period of any event that would require an adjustment to
the applicable Conversion Rate pursuant to Sections 10.06 to 10.10 of this
Indenture.

“Corporate Trust Office” means the office of
the Trustee at which the corporate trust business of the Trustee is principally
administered, which at the date of this Indenture is located at 60 Livingston
Avenue, St. Paul, Minnesota 55107-1419.

“Current Market Price” of Common Stock on any day means the
average of the Closing Prices of Common Stock for each of the five consecutive
Trading Days ending on the earlier of the day in question and the day before
the Ex-Date with respect to the issuance or distribution requiring such
computation.

“Daily Share Amount”
means, for each Trading Day of the Cash Settlement Averaging Period and each
$1,000 principal amount of Notes surrendered for conversion, a number of shares
of Common Stock (but in no event less than zero) determined pursuant to the
following formula:

(Volume Weighted Average
Price per share of Common 

Stock on such Trading Day x Conversion Rate in effect on the Conversion
Date) - Specified Cash Amount

Volume Weighted Average
Price per share of Common Stock on such Trading Day x 20

The “Conversion Rate in effect on the Conversion Date,”
as such term is used in the formula set forth above, shall be appropriately
adjusted to take into account the occurrence on or before the relevant Trading
Day of any event that would require an adjustment to the applicable Conversion
Rate pursuant to Sections 10.06 to 10.10 of this Indenture.

“Debt” means, with respect to any Person, without
duplication, (a) all indebtedness of such Person for borrowed money (other than
non-recourse obligations); and (b) all obligations of such Person evidenced by
bonds, debentures, notes or other similar instruments.

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

“Depositary” means DTC or the nominee
thereof, or any successor thereto.

“DTC” means The Depository Trust Company, a
New York corporation, and its successors.

“DTC Legend” means the legend set forth in
Exhibit B.

 4
 

 

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

“Ex-Date” means, with respect to any distribution on Common
Stock, the first date on which the shares of Common Stock trade on the
applicable exchange or in the applicable market, regular way, without the right
to receive such distribution.

“GAAP” means generally accepted accounting
principles in the United States of America as in effect from time to time.

“Global Note” means a Note in registered
global form without interest coupons.

“Holder” or “Noteholder” means the registered holder of any Note.

“Indenture” means this indenture, as amended
or supplemented from time to time.

“Initial Notes” means the Notes, other than
any Additional Notes, issued on the date hereof and any Notes issued in
replacement thereof.

“interest”,
in respect of the Notes, unless the context otherwise requires, refers to
interest.

“Interest Payment Date” means each May 15
and November 15 of each year, commencing May 15, 2007.

“Market Disruption Event” means, with respect to Common Stock
or any other security, the occurrence or existence for more than one-half hour
period in the aggregate on any scheduled Trading Day for Common Stock or such
other security of any suspension or limitation imposed on trading (by reason of
movements in price exceeding limits permitted by the stock exchange or
otherwise) in Common Stock or such other security or in any options, contracts
or future contracts relating to Common Stock or such other security, and such
suspension or limitation occurs or exists at any time before 1:00 p.m. (New
York City time) on such day.

“Maturity Date” means November 15, 2011.

“Notes” has the meaning assigned to such term
in the Recitals.

“Officer” means the chairman of the Board of
Directors, the president or chief executive officer, any vice president, the
chief financial officer, the treasurer

 5
 

 

or any assistant treasurer, or the secretary or any
assistant secretary, of the Company.

“Officers’ Certificate” means a certificate
signed in the name of the Company (a) by the chairman of the Board of
Directors, the president or chief executive officer or a vice president and (b)
by the chief financial officer, the treasurer or any assistant treasurer or the
secretary or any assistant secretary.

“Opinion of Counsel” means a written opinion
signed by legal counsel, who may be an employee of or counsel to the Company,
satisfactory to the Trustee.

“Paying Agent” refers to a Person engaged to
perform the obligations of the Trustee in respect of payments made or funds
held hereunder in respect of the Notes.

“Person” means an individual, a corporation,
a partnership, a limited liability company, an association, a trust or any
other entity, including a government or political subdivision or an agency or
instrumentality thereof.

“principal” of any Debt (including the
Notes) means the principal amount of such Debt (or if such Debt was issued with
original issue discount, the face amount of such Debt less the remaining
unamortized portion of the original issue discount of such Debt), together
with, unless the context otherwise indicates, any premium then payable on such
Debt.

“Prospectus”
means the final prospectus dated November 9, 2006 relating to the offering and
sale of the Notes.

“Regular Record Date” for the interest
payable on any Interest Payment Date means the May 1 or November 1 next
preceding such Interest Payment Date.

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

“Subsidiary” means with respect to any
Person, any corporation, association or other business entity of which more
than 50% of the outstanding Voting Securities is owned, directly or indirectly,
by, or, in the case of a partnership, the sole general partner or the managing
partner or the only general partners of which are, such Person and one or more
Subsidiaries of such Person (or a combination thereof).

“Trading Day” means, with respect to Common Stock or any
other security, a day during which (a) trading in Common Stock or such other
security generally occurs, (b) there is no Market Disruption Event and (iii) a
Closing Price

 6
 

 

for Common Stock or such other security (other than a
Closing Price referred to in the next to last sentence of such definition) is
available for such day; provided that
if Common Stock or such other security is not admitted for trading or quotation
on or by any exchange, bureau or other organization, Trading Day will mean any
business day.

“Trading Price” means, on any date of determination, the
average of the secondary market bid quotations obtained by the Trustee for $5.0
million principal amount of the Notes, at approximately 3:30 p.m., New York
City time, on such determination date from three independent U.S. nationally
recognized securities dealers selected by the Company; provided
that if three such bids cannot reasonably be obtained by the Trustee, but two
such 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, that one bid shall
be used.  If the Trustee cannot
reasonably obtain at least one bid for $5.0 million principal amount of the
Notes from a U.S. nationally recognized securities dealer, then the Trading
Price per $1,000 principal amount of the Notes will be deemed to be less than
98% of the product of the Closing Price of Common Stock on such date of
determination and the then Applicable Conversion Rate for the Notes.

“Trustee” means the party named as such in
the first paragraph of this Indenture or any successor trustee under this
Indenture pursuant to Article 7.

“Trust Indenture Act” means the Trust
Indenture Act of 1939.

“Underwriters” means Morgan Stanley &
Co. Incorporated and J.P. Morgan Securities Inc.

“Underwriting Agreement”
means the Underwriting Agreement dated as of November 9, 2006 among the Company
and the Underwriters relating to the purchase of the Notes by the Underwriters.

“Volume Weighted Average Price” per share of Common Stock on
any Trading Day means such price as displayed on Bloomberg (or any successor
service) page MLNM <equity> VAP in respect of the period from 9:30 a.m.
to 4:00 p.m., New York City time, on such Trading Day.  If such price is not available, the Volume
Weighted Average Price means the market value per share of Common Stock on such
day as determined by a nationally recognized independent investment banking
firm retained for this purpose by the Company.

“Voting Securities” means, with respect to
any Person, securities of any class or kind ordinarily having the power to vote
for the election of directors, managers or other voting members of the
governing body of such Person.

 7
 

 

Section 1.02.  Other Definitions.  

	
  Term

  	
   

  	
  Defined in Section

  
	
   

  	
   

  	
   

  
	
  “act”

  	
   

  	
  12.02(b)

  
	
  “Act”

  	
   

  	
  1.05

  
	
  “Bankruptcy
  Default”

  	
   

  	
  6.01(k)

  
	
  “beneficial
  owner”

  	
   

  	
  3.01(a)

  
	
  “Change in
  Control”

  	
   

  	
  3.01(a)

  
	
  “Change in
  Control Repurchase Date”

  	
   

  	
  3.01(a)

  
	
  “Change in
  Control Repurchase Notice”

  	
   

  	
  3.01(c)

  
	
  “Change in
  Control Repurchase Price”

  	
   

  	
  3.01(a)

  
	
  “Company Order”

  	
   

  	
  2.02

  
	
  “Conversion
  Agent”

  	
   

  	
  2.03

  
	
  “Conversion
  Date”

  	
   

  	
  10.02(a)

  
	
  “Conversion
  Obligation”

  	
   

  	
  10.01(a)

  
	
  “Conversion
  Rate”

  	
   

  	
  10.01(a)

  
	
  “Conversion
  Trigger Price”

  	
   

  	
  10.01(c)

  
	
  “Defaulted
  Interest”

  	
   

  	
  11.02

  
	
  “Disposition
  Event”

  	
   

  	
  10.12

  
	
  “Distributed
  Assets”

  	
   

  	
  10.08(a)

  
	
  “Effective Date”

  	
   

  	
  10.13(b)

  
	
  “Event of
  Default”

  	
   

  	
  6.01

  
	
  “Expiration
  Date”

  	
   

  	
  10.10

  
	
  “group”

  	
   

  	
  3.01(a)

  
	
  “Legal Holiday”

  	
   

  	
  12.07

  
	
  “Make-Whole
  Change in Control”

  	
   

  	
  10.13(a)

  
	
  “Make-Whole
  Shares”

  	
   

  	
  10.13(a)

  
	
  “Net Share
  Settlement”

  	
   

  	
  10.02(c)

  
	
  “Paying Agent”

  	
   

  	
  2.03

  
	
  “Primary
  Registrar”

  	
   

  	
  2.03

  
	
  “Purchased
  Shares”

  	
   

  	
  10.10

  
	
  “Reference
  Period”

  	
   

  	
  10.08(a)

  
	
  “Reference
  Property”

  	
   

  	
  10.12

  
	
  “Register”

  	
   

  	
  2.03

  
	
  “Registrar”

  	
   

  	
  2.03

  
	
  “Rights”

  	
   

  	
  10.23

  
	
  “Shareholders
  Rights Plan”

  	
   

  	
  10.23

  
	
  “Special Record
  Date”

  	
   

  	
  11.02(a)

  
	
  “Specified Cash
  Amount”

  	
   

  	
  10.02(b)

  
	
  “Spin-Off”

  	
   

  	
  10.08(b)

  
	
  “Stock Price”

  	
   

  	
  10.13(b)

  

 

 8
 

 

 

	
  Term

  	
   

  	
  Defined in Section

  
	
   

  	
   

  	
   

  
	
  “Trading Price
  Condition”

  	
   

  	
  10.01(b)(ii)

  
	
  “Trigger Event”

  	
   

  	
  10.11

  
	
  “Underwriters”

  	
   

  	
  1.01

  

 

Section 1.03.  Incorporation by Reference of Trust Indenture
Act.  Whenever this Indenture
refers to a provision of the Trust Indenture Act, the provision is incorporated
by reference in and made a part of this Indenture. The following Trust
Indenture Act terms used in this Indenture have the following meanings:

“Commission” means the Securities and Exchange Commission.

“indenture securities” means the Notes.

“indenture security holder” means a Noteholder.

“indenture to be qualified” means this Indenture.

“indenture trustee” or “institutional trustee”
means the Trustee.

“obligor” on this Indenture securities means the Company.

All
other Trust Indenture Act terms used in this Indenture that are defined by the
Trust Indenture Act, defined by Trust Indenture Act reference to another
statute or defined by Securities Exchange Commission rule have the meanings
assigned to them by such definitions.

Section 1.04.  Rules of Construction.  Unless the context otherwise
requires or except as otherwise expressly provided,

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

(b)        an accounting term not otherwise defined
has the meaning assigned to it in accordance with GAAP;

(c)        “herein,” “hereof” and other words of
similar import refer to this Indenture as a whole and not to any particular
Section, Article or other subdivision;

(d)        all references to Sections or Articles
or Exhibits refer to Sections or Articles or Exhibits of or to this Indenture
unless otherwise indicated;

 9
 

 

(e)        references to agreements or instruments,
or to statutes or regulations, are to such agreements or instruments, or
statutes or regulations, as amended from time to time (or to successor statutes
and regulations);

(f)         in the event that a transaction meets
the criteria of more than one category of permitted transactions or listed exceptions
the Company may classify such transaction as it, in its sole discretion,
determines;

(g)        “or” is not exclusive;

(h)         “including” means including, without
limitation; and

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

Section 1.05.  Acts of Holders.  Any request, demand,
authorization, direction, notice, consent, waiver or other action provided by
this Indenture to be given or taken by Holders may be embodied in and evidenced
by one or more instruments (which may take the form of an electronic writing or
messaging or otherwise be in accordance with the Applicable Procedures or
customary procedures of the Trustee) of substantially similar tenor signed by
such Holders in person or by agent duly appointed in writing (which may be in
electronic form); and, except as herein otherwise expressly provided, such
action shall become effective when such instrument or instruments are delivered
to the Trustee and, where it is hereby expressly required, to the Company. Such
instrument or instruments (and the action embodied therein and evidenced
thereby) are herein sometimes referred to as the “Act”
of Holders signing such instrument or instruments. Proof of execution of any
such instrument or of a writing appointing any such agent (either of which may
be in electronic form) shall be sufficient for any purpose of this Indenture
and conclusive in favor of the Trustee and the Company, if made in the manner
provided in this Section.

ARTICLE 2

THE NOTES

Section 2.01.  Form, Dating and
Denominations; Legends.

(a)        The Notes and the
Trustee’s certificate of authentication will be substantially in the form
attached as Exhibit A.  The terms and
provisions contained in the form of the Note annexed as Exhibit A constitute
and are hereby expressly made a part of this Indenture.  The Notes may have notations, legends or
endorsements required by law, rules of or agreements with national securities
exchanges to which the Company is subject, or usage.  Each Note will be dated

 10
 

 

the date of its authentication. 
The Notes will be issuable only in denominations of $1,000 in principal
amount and any integral multiple thereof.

(b)        Global Notes in General.  Each Global Note shall represent such of the
outstanding Notes as shall be specified therein and each shall provide that it
shall represent the aggregate amount of outstanding Notes from time to time
endorsed thereon and that the aggregate amount of outstanding Notes represented
thereby may from time to time be reduced or increased, as appropriate, to
reflect exchanges, purchases, conversions or issuances of such Notes.  Any adjustment of the aggregate principal
amount of a Global Note to reflect the amount of any increase or decrease in
the amount of outstanding Notes represented thereby shall be made by the
Trustee in accordance with instructions given by the Holder thereof as required
by Section 2.06 and shall be made on the records of the Trustee and the
Depositary.

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

(c)        Book-Entry Provisions.  The Company shall execute and the Trustee
shall, in accordance with this Section 2.01(c), authenticate and deliver
initially one or more Global Notes that (i) shall be registered in the name of
the Depositary, (ii) shall be delivered by the Trustee to the Depositary or
pursuant to the Depositary’s instructions and (iii) shall bear a legend
substantially to the effect set forth in Exhibit B.

Section 2.02.  Execution And Authentication.  An Officer shall sign the Notes
for the Company by manual or facsimile signature.  Typographic and other minor errors or defects
in any such facsimile signature shall not affect the validity or enforceability
of any Note which has been authenticated and delivered by the Trustee.

If
an Officer whose signature is on a Note no longer holds that office at the time
the Trustee authenticates the Note, the Note shall be valid nevertheless.

A
Note shall not be valid until an authorized signatory of the Trustee signs
manually or by facsimile the certificate of authentication on the Note.  The

 11
 

 

signature shall be conclusive evidence that the Note
has been authenticated under this Indenture.

The
Trustee shall authenticate and make available for delivery Notes for original
issue in the aggregate principal amount of $225,000,000 (or up to $250,000,000
to the extent the Underwriters exercise their over-allotment option under the
Underwriting Agreement in full) upon receipt of a written order or orders of
the Company signed by an Officer of the Company (a “Company
Order”).  The Company Order
shall specify the amount of Notes to be authenticated, shall provide that all
such Notes will be represented by a Global Note and the date on which each
original issue of Notes is to be authenticated. 
The initial aggregate principal amount of Notes outstanding at any time
may not exceed $225,000,000 (or $250,000,000 to the extent the Underwriters
exercise their over-allotment option under the Underwriting Agreement in full)
except as provided in Section 2.07.

The
Trustee shall act as the initial authenticating agent.  Thereafter, the Trustee may appoint an
authenticating agent acceptable to the Company to authenticate Notes.  An authenticating agent may authenticate
Notes whenever the Trustee may do so. 
Each reference in this Indenture to authentication by the Trustee
includes authentication by such agent. 
An authenticating agent shall have the same rights as an Agent to deal
with the Company or an Affiliate of the Company.

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

Section 2.03.  Registrar, Paying Agent and Conversion
Agent.  The Company shall
maintain one or more offices or agencies where Notes may be presented for
registration of transfer or for exchange (each, a “Registrar”),
one or more offices or agencies where Notes may be presented for payment (each,
a “Paying Agent”), one or more offices or
agencies where Notes may be presented for conversion (each, a “Conversion Agent”) and one or more offices or agencies where
notices and demands to or upon the Company in respect of the Notes and this
Indenture may be served.  The Company
will at all times maintain a Paying Agent, Conversion Agent, Registrar and an
office or agency where notices and demands to or upon the Company in respect of
the Notes and this Indenture may be served in the United States.  One of the Registrars (the “Primary Registrar”) shall keep a register of the Notes and
of their transfer and exchange (the “Register”).

The
Company shall enter into an appropriate agency agreement with any Agent not a
party to this Indenture.  The agreement
shall implement the

 12
 

 

provisions of this Indenture that relate to such
Agent.  The Company shall notify the
Trustee of the name and address of any Agent not a party to this Indenture.  If the Company fails to maintain a Registrar,
Paying Agent, Conversion Agent or agent for service of notices and demands in
any place required by this Indenture, or fails to give the foregoing notice,
the Trustee shall act as such.  The
Company or any Affiliate of the Company may act as Paying Agent (except for the
purposes of Article 8).

The
Company hereby initially designates the Trustee as Paying Agent, Registrar, and
Conversion Agent, and each of the Corporate Trust Office of the Trustee and the
office or agency of the Trustee in the United States (located at 60 Livingston
Avenue, St. Paul, Minnesota 55107-1419, Attention: Raymond S. Haverstock,
Corporate Trust Services), one such office or agency of the Company for each of
the aforesaid purposes.

Section 2.04.  Paying Agent to Hold Money in Trust.  Prior to 12:00 p.m., New York City
time, on each date on which the principal amount of or interest, if any, on any
Notes is due and payable, the Company shall deposit with a Paying Agent a sum
sufficient to pay such principal amount or interest, if any, so becoming
due.  A Paying Agent shall hold in trust
for the benefit of Noteholders or the Trustee all money held by the Paying
Agent for the payment of principal amount of or interest, if any, on the Notes,
and shall notify the Trustee of any default by the Company (or any other
obligor on the Notes) in making any such payment.  If the Company or an Affiliate of the Company
acts as Paying Agent, it shall, before 12:00 p.m., New York City time, on each
date on which a payment of the principal amount of or interest on any Notes is
due and payable, segregate the money and hold it as a separate trust fund.  The Company at any time may require a Paying
Agent to pay all money held by it to the Trustee, and the Trustee may at any
time during the continuance of any default, upon written request to a Paying
Agent, require such Paying Agent to pay forthwith to the Trustee all sums so
held in trust by such Paying Agent.  Upon
doing so, the Paying Agent (other than the Company) shall have no further
liability for the money.

Section 2.05.  Noteholder Lists.  The Trustee shall preserve in as
current a form as is reasonably practicable the most recent list available to
it of the names and addresses of Noteholders. 
If the Trustee is not the Primary Registrar, the Company shall furnish
to the Trustee on or before each semiannual interest payment date, and at such
other times as the Trustee may request in writing, a list in such form and as
of such date as the Trustee may reasonably require of the names and addresses
of Noteholders.

Section 2.06.  Transfer and Exchange.  Subject to compliance with any
applicable additional requirements contained in Section 2.13, when a Note is
presented to a Registrar with a request to register a transfer thereof or to
exchange

 13
 

 

such Note for an equal
principal amount of Notes of other authorized denominations, the Registrar
shall register the transfer or make the exchange as requested if its
requirements for such transactions are met; provided that
every Note presented or surrendered for registration of transfer or exchange
shall be duly endorsed or accompanied by an assignment form in the form
included in Exhibit A, and in form satisfactory to the Registrar duly executed
by the Holder thereof or its attorney duly authorized in writing.  To permit registration of transfers and
exchanges, upon surrender of any Note for registration of transfer or exchange
at an office or agency maintained pursuant to Section 2.03, the Company shall
execute and the Trustee shall authenticate Notes of a like aggregate principal
amount at the Registrar’s request.  Any
exchange or transfer shall be without service charge, except that the Company
or the Registrar may require payment of a sum sufficient to cover any tax, assessment
or other governmental charge that may be imposed in relation thereto; provided that this sentence shall not apply to any exchange
pursuant to Section 2.10, Section 3.04, Section 9.03(b) or Section 10.02(h) not
involving any transfer.

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

Any
Registrar appointed pursuant to Section 2.03 shall provide to the Trustee such
information as the Trustee may reasonably require in connection with the
delivery by such Registrar of Notes upon transfer or exchange of Notes.

The
Trustee shall have no obligation or duty to monitor, determine or inquire as to
compliance with any restrictions on transfer imposed under this Indenture or
under applicable law with respect to any transfer of any interest in any Note
(including any transfers between or among Agent Members or other beneficial owners
of interests in any Global Note) other than to require delivery of such
certificates and other documentation or evidence as are expressly required by,
and to do so if and when expressly required by the terms of, this Indenture,
and to examine the same to determine substantial compliance as to form with the
express requirements hereof.

Section 2.07.  Replacement Notes.  If any mutilated Note is
surrendered to the Company, a Registrar or the Trustee, or the Company, a
Registrar and the Trustee receive evidence to their satisfaction of the
destruction, loss or theft of any Note, and there is delivered to the Company,
the applicable Registrar and the Trustee such security or indemnity as will be
required by them to save each of them harmless, then, in the absence of notice
to the Company, such Registrar or the Trustee that such Note has been acquired
by a protected purchaser, the Company shall execute, and upon its written
request the Trustee shall authenticate

 14
 

 

and deliver, in exchange
for any such mutilated Note or in lieu of any such destroyed, lost or stolen
Note, a new Note of like tenor and principal amount, bearing a number not
contemporaneously outstanding.

In
case any such mutilated, destroyed, lost or stolen Note has become or is about
to become due and payable, or is about to be purchased by the Company pursuant
to Article 3, the Company in its discretion may, instead of issuing a new Note,
pay or purchase such Note, as the case may be.

Upon
the issuance of any new Notes under this Section 2.07, the Company may require
the payment of a sum sufficient to cover any tax or other governmental charge
that may be imposed in relation thereto and any other reasonable expenses
(including the reasonable fees and expenses of the Trustee or the Registrar) in
connection therewith.

Every
new Note issued pursuant to this Section 2.07 in lieu of any mutilated,
destroyed, lost or stolen Note shall constitute an original additional
contractual obligation of the Company, whether or not the mutilated, destroyed,
lost or stolen Note shall be at any time enforceable by anyone, and shall be
entitled to all benefits of this Indenture equally and proportionately with any
and all other Notes duly issued hereunder.

The
provisions of this Section 2.07 are (to the extent lawful) exclusive and shall
preclude (to the extent lawful) all other rights and remedies with respect to
the replacement or payment of mutilated, destroyed, lost or stolen Notes.

Section 2.08.  Outstanding Notes.  Notes outstanding at any time are
all Notes authenticated by the Trustee, except for those canceled by it, those
converted pursuant to Article 10, those delivered to it for cancellation or
surrendered for transfer or exchange and those described in this Section 2.08
as not outstanding.

If
a Note is replaced pursuant to Section 2.07, it ceases to be outstanding unless
the Company receives proof satisfactory to it that the replaced Note is held by
a protected purchaser.

If
a Paying Agent holds at 12:00 p.m., New York City time, on the Maturity Date
Cash sufficient to pay the principal amount of the Notes payable on that date,
then on and after the Maturity Date, such Notes shall cease to be outstanding
and the principal amount thereof shall cease to bear interest.

Subject
to the restrictions contained in Section 2.09, a Note does not cease to be
outstanding because the Company or an Affiliate of the Company holds the Note.

 15

 

Section 2.09.  Treasury Notes.  (a) In
determining whether the Holders of the required principal amount of Notes have
concurred in any notice, direction, waiver or consent, Notes owned by the
Company or any other obligor on the Notes or by any Affiliate of the Company or
of such other obligor shall be disregarded, except that, for purposes of
determining whether the Trustee shall be protected in relying on any such
notice, direction, waiver or consent, only Notes which a Trust Officer of the
Trustee actually knows are so owned shall be so disregarded.  Notes so owned which have been pledged in
good faith shall not be disregarded if the pledgee establishes to the
satisfaction of the Trustee the pledgee’s right so to act with respect to the
Notes and that the pledgee is not the Company or any other obligor on the Notes
or any Affiliate of the Company or of such other obligor.

(b)        Any Notes or shares of Common Stock
issued upon the conversion of Notes that are purchased or owned by the Company
or any Affiliate thereof may not be resold by the Company or such Affiliate
unless registered under the Securities Act or resold pursuant to an exemption
from the registration requirements of the Securities Act in a transaction that
results in such Notes or shares of Common Stock, as the case may be, no longer
being “restricted securities” (as defined under Rule 144).

Section 2.10.  Temporary Notes.  Until definitive Notes are ready
for delivery, the Company may prepare and execute, and, upon receipt of a
Company Order, the Trustee shall authenticate and deliver, temporary
Notes.  Temporary Notes shall be
substantially in the form of definitive Notes but may have variations that the
Company with the consent of the Trustee considers appropriate for temporary
Notes.  Without unreasonable delay, the
Company shall prepare and the Trustee shall authenticate and deliver definitive
Notes in exchange for temporary Notes.

Section 2.11.  Cancellation. 
The Company at any time may deliver Notes to the Trustee for
cancellation.  The Registrar, the Paying
Agent and the Conversion Agent shall forward to the Trustee or its agent any
Notes surrendered to them for transfer, exchange, payment or conversion.  The Trustee and no one else shall cancel, in
accordance with its standard procedures, all Notes surrendered for transfer,
exchange, payment, conversion or cancellation and upon written request of the
Company shall deliver the canceled Notes to the Company.

Section 2.12.  CUSIP Numbers.  The Company in issuing the Notes
may use one or more “CUSIP” numbers (if then generally in use), and, if so, the
Trustee shall use “CUSIP” numbers in notices of purchase as a convenience to
Holders; provided that any such notice may state
that no representation is made as to the correctness of such numbers either as
printed on the Notes or as contained in any notice of a purchase and that
reliance may be placed only on the other

 16
 

 

identification numbers
printed on the Notes, and any such purchase shall not be affected by any defect
in or omission of such numbers.  The
Company will promptly notify the Trustee of any change in the “CUSIP” numbers.

Section 2.13.  Book-Entry Provisions for Global Notes.  (a) Transfers of Global Notes
shall be limited to transfers in whole, but not in part, to the Depositary, its
successors or their respective nominees. 
In addition, Certificated Notes shall be transferred to all beneficial
owners, as identified by the Depositary, in exchange for their beneficial
interests in Global Notes only if (i) the Depositary notifies the Company that
the Depositary is unwilling or unable to continue as depositary for any Global
Note (or the Depositary ceases to be a “clearing agency” registered under
Section 17A of the Exchange Act) and a successor Depositary is not appointed by
the Company within 90 days of such notice or cessation or (ii) an Event of
Default has occurred and is continuing and the Registrar has received a written
request from the Depositary to issue Certificated Notes.

(b)        In connection with the transfer of a
Global Note in its entirety to beneficial owners pursuant to Section 2.13(a),
such Global Note shall be deemed to be surrendered to the Trustee for
cancellation, and the Company shall execute, and the Trustee shall upon written
instructions from the Company authenticate and deliver, to each beneficial
owner identified by the Depositary in exchange for its beneficial interest in
such Global Note, an equal aggregate principal amount of Certificated Notes of
authorized denominations.

(c)        The Holder of any Global Note may grant
proxies and otherwise authorize any Person to take any action that a Holder is
entitled to take under this Indenture or the Notes.

ARTICLE 3

REPURCHASES

Section 3.01.  Repurchase at the Option of the Holders Upon
Change in Control.  (a) Upon
the occurrence of a Change in Control, each Holder shall have the right, at
such Holder’s option, subject to the terms and conditions of Article 3 of this
Indenture, to require the Company to repurchase for Cash all or any portion of
such Holder’s Notes in integral multiples of $1,000 principal amount at a price
(the “Change in Control Repurchase Price”)
equal to 100% of the principal amount of the Notes to be repurchased, plus
accrued and unpaid interest to, but excluding, the Change in Control Repurchase
Date; provided that if the Change in Control
Repurchase Date is after a Regular Record Date and on or prior to the Interest
Payment Date to which it relates, the interest accrued to the Interest Payment
Date will be paid to Holders of the Notes as of the preceding

 17
 

 

Regular Record Date, and
the Change in Control Repurchase Price shall be equal to the principal amount
of Notes subject to repurchase.  Upon a
valid exercise of such an option, the Company will be required to repurchase
the Notes on a date selected by the Company (the “Change in
Control Repurchase Date”), which shall be no earlier than 20 days or
later than 35 days after the date on which the Company mails the notice
contemplated by Section 3.01(b)(i), subject to satisfaction by or on behalf of
the Holder of the requirements set forth in Section 3.01(c).

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

(i)            any person or group, other than the
Company, its Subsidiaries or any employee benefit plan of the Company or its
Subsidiaries, files a Schedule 13D or Schedule TO (or any successor schedule,
form or report) pursuant to the Exchange Act disclosing that such person has
become the beneficial owner of shares with a majority of the total voting power
of all of the Company’s outstanding Voting Securities, unless such beneficial
ownership (a) arises solely as a result of a revocable proxy delivered in
response to a proxy or consent solicitation made pursuant to the applicable
rules and regulations under the Exchange Act, and (b) is not also then
reportable on Schedule 13D (or any successor schedule) under the Exchange Act;

(ii)           the Company consolidates with or
merges with or into another person (other than a Subsidiary of the Company) and
the outstanding Voting Securities of the Company are reclassified into,
converted for or converted into the right to receive any other property or
security, or the Company sells, conveys, transfers or leases all or
substantially all of its properties and assets to any Person (other than a
Subsidiary of the Company); provided that
none of these circumstances will be a Change in Control if persons that
beneficially own the Voting Securities of the Company immediately prior to the
transaction own, directly or indirectly, a majority of the Voting Securities of
the surviving or transferee person immediately after the transaction in
substantially the same proportion as their ownership of the Company’s Voting
Securities immediately prior to the transaction; or

(iii)          the holders of Common Stock approve
any plan or proposal for the liquidation or dissolution of the Company.

For
purposes of defining a Change in Control:

 18
 

 

(A)       the term “person” and the term “group” have the
meanings given by Section 13(d) and 14(d) of the Exchange Act or any successor
provisions;

(B)       the term “group” includes any group acting for the purpose of
acquiring, holding or disposing of securities within the meaning of Rule
13d-5(b)(1) under the Exchange Act or any successor provision; and

(C)       the term “beneficial owner” is determined in accordance with Rules
13d-3 and 13d-5 under the Exchange Act or any successor provisions, except that
a person will be deemed to have beneficial ownership of all shares that person
has the right to acquire irrespective of whether that right is exercisable
immediately or only after the passage of time.

Notwithstanding
the foregoing, it will not constitute a Change in Control if at least 90% of
the consideration for Common Stock (excluding Cash payments for fractional
shares and Cash payments made in respect of dissenter’s appraisal rights) in
the transaction or transactions constituting the Change in Control consists of
common stock traded on a United States national securities exchange, or which
will be so traded when issued or exchanged in connection with the Change in
Control, and as a result of such transaction or transactions the Notes become
convertible solely into the consideration that holders of Common Stock receive
in such transaction, other than any Cash in lieu of fractional shares, subject
to the provisions set forth in Section 10.02.

(b)   On or before the 15th day after the
occurrence of a Change in Control, the Company will mail a written notice of
Change in Control by first-class mail to the Trustee and to each Holder at their
addresses shown in the register of the Registrar (and to beneficial owners as
required by applicable law). The notice shall include a form of Change in
Control Repurchase Notice to be completed by the Noteholder and shall state:

(i)            the events causing
a Change in Control;

(ii)           the date of such
Change in Control;

(iii)          the last date on
which the repurchase right may be exercised;

(iv)          the Change in
Control Repurchase Price;

(v)           the Change in
Control Repurchase Date;

 19
 

 

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

(vii)         the then current
Applicable Conversion Rate and any adjustments thereto;

(viii)        that Notes with respect to which a
Change in Control Repurchase Notice is given by the Holder may be converted
pursuant to Article 10 hereof only if the Change in Control Repurchase Notice
has been withdrawn in accordance with the terms of this Indenture; and

(ix)           the procedures a Holder must follow
to exercise rights under this Section 3.01.

(c)        A Holder may exercise its rights
specified in Section 3.01 by delivery of a written notice (a “Change in Control Repurchase Notice”) to the Paying Agent at
any time prior to the Close of Business on the Business Day immediately
preceding the Change in Control Repurchase Date.  The Change in Control Repurchase Notice shall
state:

(i)            if Certificated Notes have been
issued, the certificate number of the Notes (or if the Holder’s Notes are
Global Notes, such Holder’s notice must comply with the Applicable Procedures);

(ii)           the portion of the principal amount
of Notes to be repurchased, which portion must be $1,000 or an integral
multiple of $1,000; and

(iii)          that such Notes shall be repurchased
by the Company pursuant to the terms and conditions specified in this Article
3.

The
delivery of such Note to the Paying Agent prior to, on or after the Change in
Control Repurchase Date (together with all necessary endorsements and
compliance by the Holder with the Applicable Procedures) at the offices of the
Paying Agent shall be a condition to the receipt by the Holder of the Change in
Control Repurchase Price therefor; provided, however, that such Change in Control Repurchase Price shall
be so paid pursuant to this Section 3.01 only if the Note so delivered to the
Paying Agent shall conform in all respects to the description thereof set forth
in the related Change in Control Repurchase Notice.

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

 20
 

 

Any
repurchase by the Company contemplated pursuant to the provisions of this
Section 3.01 shall be consummated by the delivery of the consideration to be
received by the Holder (together with accrued and unpaid interest) on or prior
to the later of the Change in Control Repurchase Date and the time of delivery
of the Note to the Paying Agent in accordance with this Section 3.01.

Notwithstanding
anything herein to the contrary, any Holder delivering to the Paying Agent the
Change in Control Repurchase Notice contemplated by this Section 3.01(c) shall
have the right to withdraw such Change in Control Repurchase Notice at any time
prior to the Close of Business on the Business Day immediately preceding the
Change in Control Repurchase Date by delivery of a written notice of withdrawal
to the Paying Agent in accordance with Section 3.02.

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

No
Notes may be repurchased by the Company at the option of Holders upon a Change
in Control if the principal amount of the Notes has been accelerated (other
than as a result of a default in the payment of the Change in Control
Repurchase Price with respect to the Notes), and such acceleration has not been
rescinded, on or prior to the date on which such repurchase is to be
consummated.  The Paying Agent will
promptly return to the respective Holders thereof any Notes (x) with respect to
which a Change in Control Repurchase Notice has been withdrawn in compliance
with this Indenture, or (y) held by it during the continuance of acceleration
described in the immediately preceding sentence in which case, upon such
return, the Change in Control Repurchase Notice with respect thereto shall be
deemed to have been withdrawn.

Section 3.02.  Effect of Change in Control Repurchase
Notice.  (a) Upon receipt by
the Paying Agent of the Change in Control Repurchase Notice specified in
Section 3.01(c), the Holder of the Note in respect of which such Change in
Control Repurchase Notice was given shall (unless such Change in Control
Repurchase Notice is withdrawn as specified in this Section 3.02) thereafter be
entitled to receive solely the Change in Control Repurchase Price and any
accrued and unpaid interest, with respect to such Note.  Such Change in Control Repurchase Price shall
be paid to such Holder, subject to receipt of funds by the Paying Agent, on or
prior to the later of (x) the Change in Control Repurchase Date, with respect
to such Note (provided the conditions in Section 3.01(c) have been satisfied)
and (y) the time of delivery of such Note to the Paying Agent by the Holder
thereof in the manner required by Section 3.01(c).  Notes in respect of which a Change in Control
Repurchase Notice has been given by the Holder thereof may not be converted
pursuant to Article 10 hereof on or after the date of the delivery of such
Change in Control Repurchase Notice unless

 21
 

 

such Change in Control
Repurchase Notice has first been validly withdrawn as specified in this Section
3.02.

(b)        A Change in Control Repurchase Notice
may be withdrawn by means of a written notice of withdrawal delivered to the
office of the Paying Agent at any time prior to the Close of Business on the
Business Day immediately preceding the Change in Control Repurchase Date.  Such notice of withdrawal shall state:

(i)    the principal amount being withdrawn;

(ii)   if Certificated Notes are to be withdrawn,
the certificate numbers of the Notes being withdrawn (or, if Global Notes or a
portion thereof are to be withdrawn, such Holder’s notice must comply with the
Applicable Procedures);

(iii)  the principal amount, if any, of the Notes
that remain subject to a Change in Control Repurchase Notice.

Section 3.03.  Deposit of Change In Control Repurchase
Price.  Prior to 12:00 p.m.
(New York City time) on or prior to the Change in Control Repurchase Date, the
Company shall deposit with the Trustee or with the Paying Agent (or, if the
Company or a Subsidiary of the Company or an Affiliate of either of them is
acting as the Paying Agent, shall segregate and hold in trust as provided in
Section 2.04) an amount of money (in immediately available funds if deposited
on such Trading Day) sufficient to pay the aggregate Change in Control
Repurchase Price of all the Notes or portions thereof which are to be
repurchased as of the Change in Control Repurchase Date.

If
the Paying Agent holds money sufficient to pay the Change in Control Repurchase
Price with respect to the Notes to be repurchased on the Change in Control
Repurchase Date in accordance with the terms of this Indenture, then,
immediately after the Change in Control Repurchase Date, interest on such Notes
shall cease to accrue, whether or not the Notes are delivered to the Paying
Agent, and all other rights of the Holders of such Notes shall terminate, other
than the right to receive the Change in Control Repurchase Price upon delivery
of such Notes.

Section 3.04.  Notes Repurchased in Part.  Any Note which is to be
repurchased only in part shall be surrendered at the office of the Paying Agent
(with, if the Company or the Trustee so requires, due endorsement by, or a
written instrument of transfer in form satisfactory to the Company and the
Trustee duly executed by, the Holder thereof or such Holder’s attorney duly
authorized in writing) and the Company shall execute and the Trustee shall
authenticate and

 22
 

 

deliver to the Holder of
such Note, without service charge, a new Note or Note, of any authorized
denomination as requested by such Holder in aggregate principal amount equal
to, and in exchange for, the portion of the principal amount of the Note so surrendered
that is not repurchased.

Section 3.05.  Covenant to Comply with Securities Laws upon
Repurchase of Notes.  In
connection with any repurchase upon the occurrence of a Change in Control, to
the extent required by applicable law, the Company shall:

(a)        comply with the provisions of Rule
13e-4, Rule 14e-1 and any other tender offer rules under the Exchange Act that
may then be applicable; and

(b)        otherwise comply with all federal and
state securities laws as necessary to effect a Change in Control repurchase of
Notes by the Company at the option of Holder.

ARTICLE 4

COVENANTS

Section 4.01.  Payment of Notes.  (a) The Company agrees to pay
the principal of and interest on the Notes on the dates and in the manner
provided in the Notes and this Indenture.  Not later than 12:00 p.m. New York City time,
on the due date of any principal of or interest on any Notes, or any Change in
Control Repurchase Date, as the case may be, the Company will deposit with the
Trustee (or Paying Agent) money in immediately available funds sufficient to
pay the amounts then due; provided
that if the Company or any Affiliate of the Company is acting as Paying Agent,
it will, on or before each due date, segregate and hold in a separate trust
fund for the benefit of the Holders a sum of money sufficient to pay such
amounts until paid to such Holders or otherwise disposed of as provided in this
Indenture.  In each case the Company will
promptly notify the Trustee of its compliance with this paragraph.

(b)        An installment of principal or interest
will be considered paid on the date due if the Trustee (or Paying Agent, other
than the Company or any Affiliate of the Company) holds on that date money
designated for and sufficient to pay the installment.  If the Company or any Affiliate of the
Company acts as Paying Agent, an installment of principal or interest will be
considered paid on the due date only if paid to the Holders.

(c)        The Company agrees to pay interest on
overdue principal, and, to the extent lawful, overdue installments of interest
at the rate per annum specified in the Notes.

 23
 

 

(d)        Payments in respect of the Notes
represented by the Global Notes are to be made by wire transfer of same-day
funds to the Depositary for the purpose of permitting such party to credit the
payments received by it in respect of such Global Note to the accounts of the
beneficial owners thereof. With respect to Certificated Notes, the Company will
make all payments in same-day funds by transfer to an account maintained by the
payee located inside the United States, if the Trustee shall have received
proper wire transfer instructions from such payee not later than the related
Regular Record Date or, if no such instructions have been received by check
drawn on a bank in the United States mailed to the payee at its address set
forth on the Registrar’s books.

Section 4.02.  Maintenance of Office or Agency.  The Company will maintain in the
United States, an office or agency where Notes may be surrendered for
registration of transfer or exchange or for presentation for payment and where
notices and demands to or upon the Company in respect of the Notes and this
Indenture may be served.  The Company
hereby initially designates the Corporate Trust Office of the Trustee as such
office of the Company.  The Company will
give prompt written notice to the Trustee of the location, and any change in
the location, of such office or agency. 
If at any time the Company fails to maintain any such required office or
agency or fails to furnish the Trustee with the address thereof, such
presentations, surrenders, notices and demands may be made or served to the
Trustee.

The
Company may also from time to time designate one or more other offices or
agencies where the Notes may be surrendered or presented for any of such
purposes and may from time to time rescind such designations.  The Company will give prompt written notice
to the Trustee of any such designation or rescission and of any change in the
location of any such other office or agency.

Section 4.03.  Existence. 
The Company will do or cause to be done all things necessary
to preserve and keep in full force and effect its existence and the existence,
rights and franchises of the Company; provided
that the Company is not required to preserve any such right or franchise if the
preservation thereof is no longer desirable in the conduct of the business of
the Company; provided  further that this Section does not
prohibit any transaction otherwise permitted by Section 5.01.

Section 4.04.  Annual Reports.  The Company shall deliver to the
Trustee, within fifteen days after the Company files the same with the
Commission, copies of the Company’s annual reports and of the information,
documents and other reports (or copies of such portions of any of the foregoing
as the Commission may by rules and regulations prescribe) that the Company is
required to file with the Commission pursuant to Section 13 or Section 15(d) of
the Exchange Act.

 24
 

 

Section 4.05.  Reports to Trustee.  (a)
The Company will deliver to the Trustee within 120 days after the end of each
fiscal year a certificate from the principal executive, financial or accounting
officer of the Company stating that the officer has conducted or supervised a
review of the activities of the Company and its Subsidiaries and their
performance under this Indenture and that, based upon such review, the Company
has fulfilled its obligations hereunder or, if there has been a Default,
specifying the Default and its nature and status.

(b)        The Company will deliver to the Trustee,
as soon as possible and in any event within 30 days after the Company becomes
aware or should reasonably become aware of the occurrence of a Default, an
Officers’ Certificate setting forth the details of the Default, and the action
which the Company proposes to take with respect thereto.

Section 4.06.  Stay, Extension and Usury Laws.  The Company covenants (to the
extent that it may lawfully do so) that it will not at any time insist upon,
plead, or in any manner whatsoever claim or take the benefit or advantage of,
any stay, extension or usury law wherever enacted, now or at any time hereafter
in force, which may affect the covenants or the performance of this Indenture,
and the Company (in each case, to the extent that it may lawfully do so) hereby
covenants that it will not, by resort to any such law to the extent it would
hinder, delay or impede the execution of any power herein granted to the Trustee,
but will suffer and permit the execution of every such power as though no such
law had been enacted.

ARTICLE 5

CONSOLIDATION, MERGER, SALE OR LEASE OF ASSETS

Section 5.01.  Consolidation, Merger, Sale or Lease of Assets by the Company.  (a) The Company, without the
consent of the Holders of any of the outstanding Notes, may consolidate with or
merge into any Person or convey, transfer or lease its properties and assets
substantially as an entirety to another Person only if:

(i)            the resulting, surviving or
transferee Person (if other than the Company) is a corporation organized and
existing under the laws of the United States of America, any State thereof or
the District of Columbia;

(ii)           such corporation (if other than the
Company) assumes all of the obligations of the Company under the Notes and this
Indenture;

 

 25

(iii)          immediately after giving effect to the
transaction, no Event of Default and no Default has occurred and is continuing;
and

(iv)          the Company delivers to the Trustee an
Officers’ Certificate and an Opinion of Counsel, each stating that such
consolidation, merger, conveyance, transfer or lease and the supplemental
indenture (if any) comply with this Indenture.

(b)        Upon the consummation of any transaction
effected in accordance with these provisions, if the Company is not the
resulting, surviving or transferee Person, the resulting, surviving or
transferee Person shall succeed to, and be substituted for, and may exercise
every right and power of, the Company under this Indenture and the Notes with
the same effect as if such successor Person had been named as the Company in
this Indenture.  Upon such substitution,
except in the case of a lease, unless the successor is one or more of the
Company’s Subsidiaries, the Company will be released from its obligations under
the Notes and this Indenture.

ARTICLE 6

DEFAULT AND REMEDIES

Section 6.01.  Events of Default.   An “Event of Default” occurs with respect
to the Notes if:

(a)        the Company defaults in payment of the
principal or any Change in Control Repurchase Price with respect to any Note,
when such becomes due and payable;

(b)        the Company defaults in payment of any
interest due on any Note when the same becomes due and payable, and such
default continues for a period of 30 days;

(c)        the Company fails to issue any notice of
a Change in Control as required under Section 3.01(b) of this Indenture or a
Make-Whole Change in Control that does not constitute a Change in Control as
required under Section 10.13(a) of this Indenture;

(d)        the Company fails to issue any notice of
a distribution as required under Section 10.01(e) of this Indenture;

(e)        the Company fails to comply with its
obligation to convert the Notes into Common Stock, Cash or a combination of
Cash and Common Stock, as

 26
 

 

applicable, upon
exercise of a Holder’s right to convert its Notes pursuant to Article 10;

(f)         the Company fails to comply with its
obligations under Article 5;

(g)        the Company fails to comply with any of
its other covenants or agreements in the Notes or this Indenture upon receipt
by the Company of a notice of such default by the Trustee or by Holders of not
less than 25% in aggregate principal amount of the Notes then outstanding and
the failure by the Company to cure (or obtain a waiver of) such default within
60 days after receipt of such notice;

(h)        (1) the Company fails to make any payment
by the end of any applicable grace period after maturity of any Debt in an
amount in excess of $50,000,000 and continuance of such failure, or (2) the
acceleration of Debt in an amount in excess of $50,000,000 because of a default
with respect to such Debt without such Debt having been discharged or such
acceleration having been cured, waived, rescinded or annulled within a period
of 30 days after written notice to the Company by the Trustee or to the Company
and the Trustee by the Holders of not less than 25% in aggregate principal
amount of the Notes then outstanding; provided that
if any such failure or acceleration referred to in (1) or (2) above shall cease
or be cured, waived, rescinded or annulled, then the resulting Event of Default
shall be deemed not to have occurred;

(i)         a final judgment for the payment of
$50,000,000 or more is rendered against the Company or any Subsidiaries of the
Company and such amount is not (i) covered by insurance or an indemnity or (ii)
discharged when due or stayed within 30 days after (A) the date on which the
right to appeal thereof has expired if no such appeal has commenced, or (B) the
date on which all rights to appeal have been extinguished;

(j)         the Company, pursuant to or under or
within the meaning of any Bankruptcy Law, (i) commences a voluntary case or
proceeding; (ii) consents to the entry of an order for relief against it in an
involuntary case or proceeding or the commencement of any case against it;
(iii) consents to the appointment of any receiver, trustee, assignee,
liquidator, custodian or similar official of it or for any substantial part of
its property; (iv) makes a general assignment for the benefit of its creditors;
(v) files a petition in bankruptcy or answer or consent seeking reorganization
or relief; or (vi) consents to the filing of such petition or the appointment
of or taking possession by any receiver, trustee, assignee, liquidator,
custodian or similar official; or

(k)        a court of competent jurisdiction enters
an order or decree under any Bankruptcy Law that (i) is for relief against the
Company in an involuntary case

 27
 

 

or proceeding, or
adjudicates the Company insolvent or bankrupt; (ii) appoints any receiver,
trustee, assignee, liquidator, custodian or similar official of the Company or
for any substantial part of its property; or (iii) orders the winding up or
liquidation of the Company, and the order or decree remains unstayed and in
effect for 30 days (an event of default specified in clause (j) or (k) a “Bankruptcy Default”).

Section 6.02.  Acceleration.  If an Event of Default, other than a
Bankruptcy Default, occurs and is continuing under this Indenture, the Trustee
or the Holders of at least 25% in aggregate of the outstanding principal amount
of the Notes, by written notice to the Company (and to the Trustee if the
notice is given by the Holders), may, and the Trustee at the request of such
Holders shall, declare the principal of and accrued and unpaid interest on the
Notes to be immediately due and payable. 
Upon a declaration of acceleration, such principal and interest will
become immediately due and payable.  If a
Bankruptcy Default occurs, the principal of and accrued interest on the Notes
then outstanding will become immediately due and payable automatically without
any declaration or other act on the part of the Trustee or any Holder.

Section 6.03.  Other Remedies.  If an Event of Default occurs and
is continuing, the Trustee may pursue, in its own name or as trustee of an
express trust, any available remedy by proceeding at law or in equity to
collect the payment of principal of and interest on the Notes or to enforce the
performance of any provision of the Notes or this Indenture.  The Trustee may maintain a proceeding even if
it does not possess any of the Notes or does not produce any of them in the
proceeding.

Section 6.04.  Waiver of Past Defaults.  Except as otherwise provided in
Section 6.07 and Section 9.02(b), Holders of a majority in principal amount of
the outstanding Notes by written notice to the Company and to the Trustee may
waive any past Default and rescind and annul a declaration of acceleration with
respect to such Default and its consequences (other than an uncured default (x)
in the payment of the principal amount with respect to any Note, accrued and
unpaid interest with respect to any Note or the Change in Control Repurchase
Price with respect to any Note, (b) in the payment or delivery of the
consideration due upon conversion of the Notes or (c) in respect of any
provision that under this Indenture cannot be modified or amended without the
consent of the Holder of each outstanding Note affected) if:

(i)                                     all
existing Events of Default, other than the nonpayment of the principal of and
interest on the Notes that have become due solely by the declaration of
acceleration, have been cured or waived, and

 28
 

 

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

Upon such waiver, the Default will cease to exist, and
any Event of Default arising therefrom will be deemed to have been cured, but
no such waiver will extend to any subsequent or other Default or impair any
right consequent thereon.

Section 6.05.  Control by Majority.  The Holders of a majority in
aggregate principal amount of the outstanding Notes may direct the time, method
and place of conducting any proceeding for any remedy available to the Trustee
or exercising any trust or power conferred on the Trustee. However, the Trustee
may refuse to follow any direction that conflicts with law or this Indenture,
that may involve the Trustee in personal liability, or that the Trustee
determines in good faith may be unduly prejudicial to the rights of Holders of
Notes not joining in the giving of such direction, and may take any other
action it deems proper that is not inconsistent with any such direction
received from Holders of Notes.

Section 6.06.  Limitation on Suits.  A Holder may not institute any
proceeding, judicial or otherwise, with respect to this Indenture or the Notes,
or for the appointment of a receiver or trustee, or for any other remedy under
this Indenture or the Notes, unless:

(i)            the Holder has previously given to
the Trustee written notice of a continuing Event of Default;

(ii)           Holders of at least 25% in aggregate
principal amount of outstanding Notes have made written request to the Trustee
to institute proceedings in respect of the Event of Default in its own name as
Trustee under this Indenture;

(iii)          Holders have offered to the Trustee
indemnity reasonably satisfactory to the Trustee against any costs, liabilities
or expenses to be incurred in compliance with such request;

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

(v)           during such 60-day period, the Holders
of a majority in aggregate principal amount of the outstanding Notes have not
given the Trustee a direction that is inconsistent with such written request.

Section 6.07.  Rights of Holders to Receive Payment.  Notwithstanding anything to the
contrary, the right of a Holder of a Note to receive (x) payment of

 29
 

 

principal of or interest
on its Note on the Maturity Date or the relevant Interest Payment Date, as the
case may be, (y) payment of the Change in Control Repurchase Price on the
Change in Control Repurchase Date and (z) payment or delivery, as the case may
be, of Cash, Common Stock or a combination thereof upon conversion of such Note
on the date specified in the third paragraph of Section 10.02(b), or to bring
suit for the enforcement of any such payment or delivery, as the case may be,
on or after such respective dates, may not be impaired or affected without the
consent of that Holder.

Section 6.08.  Collection Suit by Trustee.  If an Event of Default in payment
of principal or interest specified in clause (a) or (b) of Section 6.01 occurs
and is continuing, the Trustee may recover judgment in its own name and as
trustee of an express trust for the whole amount of principal and accrued
interest remaining unpaid, together with interest on overdue principal and, to
the extent lawful, overdue installments of interest, in each case at the rate
specified in the Notes, and such further amount as is sufficient to cover the
costs and expenses of collection, including the reasonable compensation,
expenses, disbursements and advances of the Trustee, its agents and counsel and
any other amounts due the Trustee hereunder.

Section 6.09.  Trustee May File Proofs of Claim.  The Trustee may file proofs of
claim and other papers or documents as may be necessary or advisable in order
to have the claims of the Trustee (including any claim for the compensation,
expenses, disbursements and advances of the Trustee, its agents and counsel,
and any other amounts due the Trustee hereunder) and the Holders allowed in any
judicial proceedings relating to the Company or its creditors or property, and
is entitled and empowered to collect, receive and distribute any money,
securities or other property payable or deliverable upon conversion or exchange
of the Notes or upon any such claims. 
Any custodian, receiver, assignee, trustee, liquidator, sequestrator or
other similar official in any such judicial proceeding is hereby authorized by
each Holder to make such payments to the Trustee and, if the Trustee consents
to the making of such payments directly to the Holders, to pay to the Trustee
any amount due to it for the reasonable compensation, expenses, disbursements
and advances of the Trustee, its agent and counsel, and any other amounts due
the Trustee hereunder.  Nothing in this Indenture
will be deemed to empower the Trustee to authorize or consent to, or accept or
adopt on behalf of any Holder, any plan of reorganization, arrangement,
adjustment or composition affecting the Notes or the rights of any Holder
thereof, or to authorize the Trustee to vote in respect of the claim of any
Holder in any such proceeding.

Section 6.10.  Priorities. 
If the Trustee collects any money pursuant to this Article,
it shall pay out the money in the following order:

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First:  to the Trustee for all
amounts due hereunder;

Second:  to Holders for amounts
then due and unpaid for principal of and interest on the Notes, ratably,
without preference or priority of any kind, according to the amounts due and
payable on the Notes for principal and interest;

Third:  to Holders for other
amounts then due and unpaid in respect of the Notes, ratably, without
preference or priority of any kind, according to the amounts due and payable in
respect of the Notes; and

Fourth:  to the Company or as a
court of competent jurisdiction may direct.

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

Section 6.11.  Restoration of Rights and Remedies.  If the Trustee or any Holder has
instituted a proceeding to enforce any right or remedy under this Indenture and
the proceeding has been discontinued or abandoned for any reason, or has been
determined adversely to the Trustee or to the Holder, then, subject to any
determination in the proceeding, the Company, the Trustee and the Holders will
be restored severally and respectively to their former positions hereunder and
thereafter all rights and remedies of the Company, the Trustee and the Holders
will continue as though no such proceeding had been instituted.

Section 6.12.  Undertaking for Costs.  In any suit for the enforcement of
any right or remedy under this Indenture or in any suit against the Trustee for
any action taken or omitted by it as Trustee, a court may require any party
litigant in such suit (other than the Trustee) to file an undertaking to pay
the costs of the suit, and the court may assess reasonable costs, including
reasonable attorneys fees, against any party litigant (other than the Trustee)
in the suit having due regard to the merits and good faith of the claims or
defenses made by the party litigant. 
This Section does not apply to a suit by a Holder to enforce payment of
(a) principal of or interest on any Note on the respective due dates, (b) the
Change of Control Purchase on the Change of Control Repurchase Date, (c) the
Cash, Common Stock, or a combination thereof due upon conversion of a Note or
(d) a suit by Holders of more than 10% in principal amount of the outstanding
Notes.

Section 6.13.  Rights and Remedies Cumulative.  No right or remedy conferred or
reserved to the Trustee or to the Holders under this Indenture is

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intended to be exclusive
of any other right or remedy, and all such rights and remedies are, to the
extent permitted by law, cumulative and in addition to every other right and
remedy hereunder or now or hereafter existing at law or in equity or
otherwise.  The assertion or exercise of
any right or remedy hereunder, or otherwise, will not prevent the concurrent
assertion or exercise of any other right or remedy.

Section 6.14.  Delay or Omission Not Waiver.  No delay or omission of the
Trustee or of any Holder to exercise any right or remedy accruing upon any
Event of Default will impair any such right or remedy or constitute a waiver of
any such Event of Default or an acquiescence therein.  Every right and remedy given by this Article
or by law to the Trustee or to the Holders may be exercised from time to time,
and as often as may be deemed expedient, by the Trustee or by the Holders, as
the case may be.

ARTICLE 7

THE TRUSTEE

Section 7.01.  General. 
(a) The duties and responsibilities of the Trustee are as
provided by the Trust Indenture Act and as set forth herein.  Whether or not expressly so provided, every
provision of this Indenture relating to the conduct or affecting the liability
of or affording protection to the Trustee is subject to this Article.

(b)        Except during the continuance of an
Event of Default, the Trustee need perform only those duties that are
specifically set forth in this Indenture and no others, and no implied
covenants or obligations will be read into this Indenture against the
Trustee.  In case an Event of Default has
occurred and is continuing, the Trustee shall exercise those rights and powers
vested in it by this Indenture, and use the same degree of care and skill in
their exercise, as a prudent man would exercise or use under the circumstances
in the conduct of his own affairs.

(c)        No provision of this Indenture shall be
construed to relieve the Trustee from liability for its own negligent action,
its own negligent failure to act or its own willful misconduct.

Section 7.02.  Certain Rights of Trustee.  Subject to Trust Indenture Act
Sections 315(a) through (d):

(a)        In the absence of bad faith on its part,
the Trustee may rely, and will be protected in acting or refraining from
acting, upon any resolution, certificate, statement, instrument, opinion,
report, notice, request, direction, consent, order, bond, debenture, note,
other evidence of indebtedness or other paper or document

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believed by it to
be genuine and to have been signed or presented by the proper Person.  The Trustee need not investigate any fact or
matter stated in the document, but, in the case of any document which is
specifically required to be furnished to the Trustee pursuant to any provision
hereof, the Trustee shall examine the document to determine whether it conforms
to the requirements of this Indenture (but need not confirm or investigate the
accuracy of mathematical calculations or other facts stated therein).  The Trustee, in its discretion, may make
further inquiry or investigation into such facts or matters as it sees fit.

(b)        Before the Trustee acts or refrains from
acting, it may require an Officers’ Certificate or an Opinion of Counsel
conforming to Section 12.06 and the Trustee will not be liable for any action
it takes or omits to take in good faith in reliance on the certificate or
opinion.

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

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

(e)        The Trustee will not be liable for any
action it takes or omits to take in good faith that it believes to be
authorized or within its rights or powers or for any action it takes or omits
to take in accordance with the direction of the Holders in accordance with
Section 6.05 relating to the time, method and place of conducting any
proceeding for any remedy available to the Trustee, or exercising any trust or
power conferred upon the Trustee, under this Indenture.

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

(g)        No provision of this Indenture will
require the Trustee to expend or risk its own funds or otherwise incur any
financial liability in the performance of its duties hereunder, or in the
exercise of its rights or powers, unless it receives indemnity satisfactory to
it against any loss, liability or expense.

Section 7.03.  Individual Rights of Trustee.  The Trustee, in its individual or
any other capacity, may become the owner or pledgee of Notes and may otherwise
deal with the Company or its Affiliates with the same rights it would

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have if it were not the
Trustee.  Any Agent may do the same with
like rights.  However, the Trustee is
subject to Trust Indenture Act Sections 310(b) and 311.

Section 7.04.  Trustee’s Disclaimer.  The Trustee (a) makes no
representation as to the validity or adequacy of this Indenture or the Notes,
(b) is not accountable for the Company’s use or application of the proceeds
from the Notes and (c) is not responsible for any statement in the Notes other
than its certificate of authentication.

Section 7.05.  Notice of Default.  If any Default occurs and is
continuing and is known to the Trustee, the Trustee will send notice of the
Default to each Holder within 90 days after it occurs, unless the Default has
been cured; provided that, except
in the case of a default (x) in the payment of the principal of or interest on
any Note (y) in the payment of the Change in Control Repurchase Price on the
Change in Control Repurchase Date or (z) in the payment or delivery, as the
case may be, of Cash, Common Stock or a combination thereof upon conversion of
such Note on the date specified in the third paragraph of Section 10.02(b), the
Trustee may withhold the notice if and so long as the board of directors, the
executive committee or a trust committee of directors of the Trustee in good
faith determines that withholding the notice is in the interest of the
Holders.  Notice to Holders under this
Section will be given in the manner and to the extent provided in Trust
Indenture Act Section 313(c).

Section 7.06.  Reports by Trustee to Holders.  Within 60 days after each May 15,
beginning with May 15, 2007, the Trustee will mail to each Holder, as provided
in Trust Indenture Act Section 313(c), a brief report dated as of such May 15,
if required by Trust Indenture Act Section 313(a), and file such reports with
each stock exchange upon which its Notes are listed and with the Commission as
required by Trust Indenture Act Section 313(d).

Section 7.07.  Compensation and Indemnity.  (a) The Company will pay the
Trustee compensation as agreed upon in writing for its services.  The compensation of the Trustee is not
limited by any law on compensation of a Trustee of an express trust.  The Company will reimburse the Trustee upon
request for all reasonable out-of-pocket expenses, disbursements and advances
incurred or made by the Trustee, including the reasonable compensation and
expenses of the Trustee’s agents and counsel.

(b)        The Company will indemnify the Trustee
for, and hold it harmless against, any loss or liability or expense incurred by
it without negligence or bad faith on its part arising out of or in connection
with the acceptance or administration of this Indenture and its duties under
this Indenture and the Notes, including the costs and expenses of defending
itself against any claim or liability and of complying with any process served
upon it or any of its officers in

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connection with
the exercise or performance of any of its powers or duties under this Indenture
and the Notes.

(c)        To secure the Company’s payment
obligations in this Section, the Trustee will have a lien prior to the Notes on
all money or property held or collected by the Trustee, in its capacity as
Trustee, except money or property held in trust to pay principal of, and
interest on particular Notes.

Section 7.08.  Replacement of Trustee.  (a) (i) The Trustee may resign at
any time by written notice to the Company.

(ii)           The Holders of a majority in
principal amount of the outstanding Notes may remove the Trustee by written
notice to the Trustee.

(iii)          If the Trustee is no longer eligible
under Section 7.10 or in the circumstances described in Trust Indenture Act
Section 310(b), any Holder that satisfies the requirements of Trust Indenture
Act Section 310(b) may petition any court of competent jurisdiction for the
removal of the Trustee and the appointment of a successor Trustee.

(iv)          The Company may remove the Trustee if
(A) the Trustee is no longer eligible under Section 7.10; (B) the Trustee is
adjudged a bankrupt or an insolvent; (C) a receiver or other public officer
takes charge of the Trustee or its property; or (D) the Trustee becomes
incapable of acting.

A resignation or removal of the Trustee and
appointment of a successor Trustee will become effective only upon the
successor Trustee’s acceptance of appointment as provided in this Section.

(b)        If the Trustee has been removed by the
Holders, Holders of a majority in principal amount of the Notes may appoint a
successor Trustee with the consent of the Company.  Otherwise, if the Trustee resigns or is
removed, or if a vacancy exists in the office of Trustee for any reason, the
Company will promptly appoint a successor Trustee.  If the successor Trustee does not deliver its
written acceptance within 30 days after the retiring Trustee resigns or is
removed, the retiring Trustee, the Company or the Holders of a majority in
principal amount of the outstanding Notes may petition any court of competent
jurisdiction for the appointment of a successor Trustee.

(c)        Upon delivery by the successor Trustee
of a written acceptance of its appointment to the retiring Trustee and to the
Company, (i) the retiring Trustee will transfer all property held by it as
Trustee to the successor Trustee, subject to

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the lien provided
for in Section 7.07(c), (ii) the resignation or removal of the retiring Trustee
will become effective, and (iii) the successor Trustee will have all the
rights, powers and duties of the Trustee under this Indenture.  Upon request of any successor Trustee, the
Company will execute any and all reasonable instruments for fully and vesting
in and confirming to the successor Trustee all such rights, powers and
trusts.  The Company will give notice of
any resignation and any removal of the Trustee and each appointment of a
successor Trustee to all Holders, and include in the notice the name of the
successor Trustee and the address of its Corporate Trust Office.

(d)        Notwithstanding replacement of the
Trustee pursuant to this Section, the Company’s obligations under Section 7.07
will continue for the benefit of the retiring Trustee.

(e)        The Trustee agrees to give the notices
provided for in, and otherwise comply with, Trust Indenture

Act Section 310(b).

Section 7.09.  Successor Trustee by Merger.  If the Trustee consolidates with,
merges or converts into, or transfers all or substantially all of its corporate
trust business to, another corporation or national banking association, the
resulting, surviving or transferee corporation or national banking association
without any further act will be the successor Trustee with the same effect as
if the successor Trustee had been named as the Trustee in this Indenture.

Section 7.10.  Eligibility. 
This Indenture must always have a Trustee that satisfies the
requirements of Trust Indenture Act Section 310(a) and has a combined capital
and surplus of at least $25,000,000 as set forth in its most recent published
annual report of condition.

Section 7.11.  Money Held in Trust.  The Trustee will not be liable for
interest on any money received by it except as it may agree with the
Company.  Money held in trust by the
Trustee need not be segregated from other funds except to the extent required
by law and except for money held in trust under Article 8.

ARTICLE 8

DISCHARGE

Section 8.01.  Satisfaction and Discharge of this
Indenture.  (a) This Indenture
shall cease to be of further effect if either: (i) all outstanding Notes (other
than Notes replaced pursuant to Section 2.07) have been delivered to the
Trustee for cancellation, (ii) all outstanding Notes have become due and
payable on the Maturity Date or on any Change in Control Repurchase Date in
connection

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with any repurchase upon
the occurrence of a Change in Control or (iii) all outstanding Notes have been
delivered for conversion pursuant to Article 10, and the Company irrevocably
deposits or delivers, as the case may be, prior to the applicable date on which
such payment is due and payable, or such conversion is to be settled, with the
Trustee, the Paying Agent (if the Paying Agent is not the Company or any of its
Affiliates) or the Conversion Agent Cash in respect of such payment or Cash and
Common Stock, if any, in respect of any such conversion on the Maturity Date,
the Change in Control Repurchase Date or the date such conversion is to be
setteled, as the case may be; provided that,
in all cases, the Company shall pay to the Trustee all other sums payable
hereunder by the Company.

(b)        The Company may exercise its
satisfaction and discharge option with respect to the Notes only if:

(i)            no Default or Event of Default with
respect to the Notes shall exist on the date of such deposit;

(ii)           such deposit or delivery, as the case
may be, shall not result in a breach or violation of, or constitute a Default
or Event of Default under, this Indenture or any other agreement or instrument
to which the Company is a party or by which it is bound; and

(iii)          the Company has delivered to the
Trustee an Officers’ Certificate and an Opinion of Counsel (which may rely upon
such Officers’ Certificate as to the absence of Defaults and Events of Default
and as to any factual matters), each stating that all conditions precedent
provided for herein relating to the satisfaction and discharge of this
Indenture have been complied with.

Notwithstanding
the satisfaction and discharge of this Indenture, the obligations of the
Company to the Trustee under Section 7.07 shall survive and, if money shall
have been deposited with the Trustee pursuant to clause (a) of this Section,
the provisions of Section 2.03, Section 2.04, Section 2.05, Section 2.06,
Section 2.07, Section 2.12, Section 3.01, Article 5, Article 10 and this
Article 8, shall survive and the Company shall be required to make all payments
and deliveries required by such Sections or Articles, as the case may be,
irrespective of any prior satisfaction and discharge until the Notes have been
paid in full.

Section 8.02.  Application of Trust Money.  Subject to the provisions of
Section 8.03, the Trustee or a Paying Agent shall hold in trust, for the
benefit of the Holders, all money, Common Stock or other consideration paid or
delivered to it, as the case may be, pursuant to Section 8.01 and shall apply
such money, Common Stock or other consideration in accordance with this
Indenture and the

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Notes to the payment of
the principal amount of (including the relevant Change in Control Repurchase
Price) and interest on the Notes or delivery of the Cash and Common Stock, if
applicable, payable or issuable, as the case may be, upon conversion of the
Notes.

Section 8.03.  Repayment to Company.  The Trustee and each Paying Agent
shall promptly pay or deliver, as the case may be, to the Company upon request
any excess money, Common Stock or other consideration (x) paid or delivered to
them pursuant to Section 8.01 and (y) held by them at any time.

The Trustee and each Paying Agent shall also pay or
deliver, as the case may be, to the Company upon request any money, Common
Stock or other consideration held by them for the payment of the principal amount
of (including the relevant Change in Control Repurchase Price) and interest on,
or the amount due in connection with any conversion of, the Notes that remains
unclaimed for two years after a right to such money, Common Stock or other
consideration has matured (which maturity shall occur, for the avoidance of
doubt, on the Maturity Date, the Change in Control Repurchase Date or the date
specified in the third paragraph of Section 10.02(b), as the case may be); provided that the Trustee or such Paying Agent, before being
required to make any such payment or delivery, may at the expense of the
Company cause to be mailed to each Holder entitled to such money, Common Stock
or other consideration or publish in a newspaper of general circulation in the
City of New York notice that such money, Common Stock or other consideration
remains unclaimed and that after a date specified therein, which shall be at
least 30 days from the date of such mailing or publication, any unclaimed
balance or portion of such money, Common Stock or other consideration then
remaining will be repaid or re-delivered to the Company.  After payment or delivery, as the case may
be, to the Company, Holders entitled to such money, Common Stock or other consideration
must look to the Company for payment or delivery as general creditors unless an
applicable abandoned property law designates another Person.

Section 8.04.  Reinstatement.  If the Trustee or any Paying Agent
is unable to apply any money, Common Stock or other consideration in accordance
with Section 8.02 by reason of any legal proceeding or by reason of any order
or judgment of any court or governmental authority enjoining, restraining or
otherwise prohibiting such application, then the Company’s obligations under
this Indenture and the Notes shall be revived and reinstated as though no
payment or delivery, as the case may be, had occurred pursuant to Section 8.01
until such time as the Trustee or such Paying Agent is permitted to apply all
such money in accordance with Section 8.02; provided that
if the Company has made any payment of the principal amount of (including the
relevant Change in Control Repurchase Price) or interest on, or the amount due
in connection with any conversion of, the Notes because of the reinstatement of
its obligations, the

 38
 

 

Company shall be
subrogated to the rights of the Holders of such Notes to receive any such
payment or delivery from the money, Common Stock or other consideration held by
the Trustee or such Paying Agent.

ARTICLE 9

AMENDMENTS, SUPPLEMENTS AND WAIVERS

Section 9.01.  Amendments Without Consent of Holders.  The Company and the Trustee may amend or
supplement this Indenture or the Notes without notice to or the consent of any
Noteholder:

(a)        to cure any ambiguity, omission, defect
or inconsistency in this Indenture or the Notes that does not adversely affect
the rights of any Holder of the Notes (provided that
no amendment to cure any ambiguity, defect or inconsistency in this Indenture
or the Notes made solely to conform this Indenture or the Notes to the “Description
of Notes” contained in the Prospectus will be deemed to adversely affect the
interests of the Holders of the Notes);

(b)        to evidence a successor to the Company
and the assumption by that successor of the obligations of the Company under
this Indenture in accordance with Article 5 or Section 10.12 of this Indenture;

(c)        to secure the obligations of the Company
in respect of the Notes and this Indenture;

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

(e)        to make any change to comply with the
Trust Indenture Act, or any amendment thereto; and

(f)         to make any change that does not
adversely affect the rights of any Holder of the Notes.

Section 9.02.  Amendments With Consent of Holders.  (a) Except as otherwise provided
in Section 6.07 or paragraph (b), the Company and the Trustee may amend this
Indenture and the Notes with the written consent of the Holders of at least a
majority in principal amount of the outstanding Notes, and the Holders of a
majority in principal amount of the outstanding Notes by written notice to the
Trustee may, on behalf of the Holders of such Notes waive any existing or past
default under this Indenture and its consequences, except an uncured default
(i) in the payment of the principal amount, or accrued and unpaid

 39
 

 

interest, with respect to
any Note, (ii) the Change in Control Repurchase Price with respect to any Note
(ii) in the payment or delivery of the consideration due upon conversion of the
Notes or (iii) in respect of any provision that under this Indenture cannot be
modified or amended without the consent of the Holder of each outstanding Note
affected.

(b)        Notwithstanding the provisions of
paragraph (a), without the consent of each Holder affected, an amendment or
waiver may not:

(i)            reduce the principal amount of, or
interest payment on any Note, or reduce the Change in Control Repurchase Price
on any Note;

(ii)           make any Note payable in any currency
or securities other than that stated in the Note;

(iii)          change the Maturity Date of any Note;

(iv)          change the ranking of the Notes;

(v)           make any change that adversely
affects the right of a Holder to convert any Note;

(vi)          make any change that adversely affects
the right of a Holder to require the Company to repurchase a Note upon the
occurrence of a Change in Control;

(vii)         impair the right to convert or receive
payment with respect to the Notes or the right to institute suit for the
enforcement of any payment with respect to, or conversion of, the Notes; or

(viii)        change the provisions in this Indenture
that relate to modifying or amending the provisions of this Indenture.

(c)        It is not necessary for Noteholders to
approve the particular form of any proposed amendment, supplement or waiver,
but is sufficient if their consent approves the substance thereof.

(d)        An amendment, supplement or waiver under
this Section will become effective on receipt by the Trustee of written
consents from the Holders of the requisite percentage in principal amount of
the outstanding Notes.  After an
amendment, supplement or waiver under this Section becomes effective, the
Company will send to the Holders affected thereby a notice briefly describing
the amendment, supplement or waiver.  The
Company will send supplemental indentures to Holders upon request.  Any failure of the Company to send such

 40
 

 

notice, or any
defect therein, will not, however, in any way impair or affect the validity of
any such supplemental indenture or waiver.

Section 9.03.  Effect of Consent.  (a) After an amendment, supplement
or waiver becomes effective, it will bind every Holder unless it is of the type
requiring the consent of each Holder affected. 
If the amendment, supplement or waiver is of the type requiring the
consent of each Holder affected, the amendment, supplement or waiver shall bind
each Holder that has consented to it and every subsequent Holder of a Note that
evidences the same debt as the Note of the consenting Holder.

(b)        If an amendment, supplement or waiver
changes the terms of a Note, the Trustee may require the Holder to deliver it
to the Trustee so that the Trustee may place an appropriate notation of the
changed terms on the Note and return it to the Holder, or exchange it for a new
Note that reflects the changed terms. 
The Trustee may also place an appropriate notation on any Note
thereafter authenticated.  However, the
effectiveness of the amendment, supplement or waiver is not affected by any
failure to annotate or exchange Notes in this fashion.

Section 9.04.  Trustee’s Rights and Obligations.  The Trustee is entitled to
receive, and will be fully protected in relying upon, an Opinion of Counsel
stating that the execution of any amendment, supplement or waiver authorized
pursuant to this Article is authorized or permitted by this Indenture.  If the Trustee has received such an Opinion
of Counsel, it shall sign the amendment, supplement or waiver so long as the
same does not adversely affect the rights of the Trustee.  The Trustee may, but is not obligated to,
execute any amendment, supplement or waiver that affects the Trustee’s own
rights, duties or immunities under this Indenture.

Section 9.05.  Conformity With Trust Indenture Act.  Every supplemental indenture
executed pursuant to this Article shall conform to the requirements of the
Trust Indenture Act.

Section 9.06.  Payments for Consents.  Neither the Company nor any of its
Subsidiaries or Affiliates may, directly or indirectly, pay or cause to be paid
any consideration, whether by way of interest, fee or otherwise, to any Holder
for or as an inducement to any consent, waiver or amendment of any of the terms
or provisions of this Indenture or the Notes unless such consideration is
offered to be paid or agreed to be paid to all Holders of the Notes that
consent, waive or agree to amend such term or provision within the time period
set forth in the solicitation documents relating to the consent, waiver or
amendment.

 41

ARTICLE 10

CONVERSION

Section 10.01.  Conversion Privilege.  (a) Subject to and upon compliance
with the provisions of this Article 10, a Noteholder shall have the right, at
such Noteholder’s option, to convert all or any portion (if the portion to be
converted is $1,000 principal amount or an integral multiple thereof) of such
Noteholder’s Notes (1) at any time prior to the Close of Business on August 14,
2011 upon the occurrence of any of the events set forth in clauses (i) through
(vi) of Section 10.01(b) and (2) at any time on or after August 15, 2011 until
the Close of Business on the Business Day immediately preceding the Maturity
Date without regard to the occurrence of any of the events set forth in clauses
(i) through (vi) of Section 10.01(b), in each case, at a conversion rate (the “Conversion Rate”) equivalent to 64.6465 shares of Common
Stock per $1,000 principal amount of Notes, subject to adjustment as set forth
in this Article 10.  Upon conversion of
any Notes, the Company shall pay or deliver to the converting Noteholder Cash,
shares of Common Stock, or a combination thereof, as described in Section 10.02
(the Company’s obligation to pay or deliver such consideration being herein
called the “Conversion Obligation”).

(b)        A Noteholder may convert its Note into
Cash, shares of Common Stock, or a combination thereof, as described in Section
10.02, prior to the Close of Business on August 14, 2011, upon the occurrence
of any of the events set forth below:

(i)            during any calendar quarter
commencing at any time after December 31, 2006, and only during such calendar
quarter, if the Closing Price of Common Stock for at least 20 Trading Days in
the period of 30 consecutive Trading Days ending on the last Trading Day of the
preceding calendar quarter exceeds the Conversion Trigger Price as defined in
Section 10.01(c);

(ii)           during the five Business Day period
after any five consecutive Trading Day period in which the Trading Price per
$1,000 principal amount of Notes for each Trading Day during that five-day period
was less than 98% of the product of the Closing Price of Common Stock and the
then Applicable Conversion Rate, subject to compliance with the procedures and
conditions described in Section 10.01(d) concerning the Trustee’s obligation to
make a Trading Price determination (the “Trading Price Condition”);

(iii)          if the Company elects to distribute to
all holders of Common Stock rights, options or warrants entitling all holders
of Common Stock to subscribe for or purchase Common Stock, for a period

 42
 

 

expiring within 60
days after the record date for such distribution, at less than the average of
the Closing Prices of Common Stock for the five consecutive Trading Days ending
on the date immediately preceding the first public announcement of such
distribution, during the period beginning on, and including, the date the
Company provides notice to Noteholders of such distribution as set forth in
Section 10.01(e) and ending on, and including, the earlier of (x) the Close of
Business on the Business Day prior to the Ex-Date for such distribution and (y)
the Company’s announcement that such distribution will not take place;

(iv)          if the Company elects to distribute to
all holders of Common Stock Cash, debt securities (or other evidence of Debt)
or other assets (excluding dividends or distributions described in Section
10.06), which distribution, together with all other such distributions within
the preceding twelve months, has a per share value exceeding 15% of the average
of the Closing Prices of Common Stock for the five consecutive Trading Days
ending on the date immediately preceding the first public announcement of such
distribution, during the period beginning on, and including, the date the
Company provides notice to Noteholders of such distribution as set forth in
Section 10.01(e) and ending on, and including, the earlier of (x) the Close of
Business on the Business Day prior to the Ex-Date for such distribution and (y)
the Company’s announcement that such distribution will not take place;

(v)           if a Change in Control or a
Make-Whole Change in Control that does not constitute a Change in Control
occurs, during the period from, and including, the date that is 35 Business
Days prior to the anticipated effective date of the transaction to, and
including, the date that is 35 Trading Days after the actual effective date of
such transaction (or, in the case of a Change in Control, until the related
Change in Control Repurchase Date); or

(vi)          if the Company is party to a
consolidation, merger, binding share exchange, or transfer or lease of all or
substantially all of the Company’s assets, pursuant to which Common Stock would
be converted into Cash, securities or other assets, during the period from, and
including, the date that is 35 Business Days prior to the anticipated effective
date of the transaction to, and including, the date that is 35 Trading Days
after the actual effective date of such transaction (or, if such transaction
also constitutes a Change in Control, until the related Change in Control
Repurchase Date).

(c)        The “Conversion
Trigger Price” shall equal 120% of the Conversion Price.  The Conversion Trigger Price will initially
equal $18.56 and

 43
 

 

shall be
automatically adjusted whenever the Conversion Price is adjusted as a result of
an adjustment in the Conversion Rate pursuant to this Article 10.  The Company will determine at the beginning
of each calendar quarter commencing at any time after December 31, 2006
(through the calendar quarter ending June 30, 2011) whether the Notes are
convertible as a result of the price of Common Stock exceeding the Conversion
Trigger Price in accordance with Section 10.01(b)(i) and will notify the
Company, the Conversion Agent and the Trustee.

(d)        In connection with any conversion upon
satisfaction of the Trading Price Condition as set forth in Section
10.01(b)(ii) above, the Trustee shall have no obligation to determine the
Trading Price of the Notes unless the Company has requested such determination,
and the Company shall have no obligation to make such request unless a Noteholder
provides the Company with reasonable evidence that the Trading Price per $1,000
principal amount of the Notes would be less than 98% of the product of the
Closing Price of Common Stock and the then Applicable Conversion Rate.  At such time, the Company shall instruct the
Trustee to determine the Trading Price of the Notes beginning on the next
Trading Day and on each successive Trading Day until the Trading Price per
$1,000 principal amount of the Notes is greater than or equal to 98% of the
product of the Closing Price of Common Stock and the then Applicable Conversion
Rate.  If the Company does not, when it
is obligated to, make a request to the Trustee to determine the Trading Price
per $1,000 principal amount of Notes, or if the Company makes such request to
the Trustee, but the Trustee does not make such determination, then the Trading
Price per $1,000 principal amount of Notes will be deemed to be less than 98%
of the product of the Closing Price of Common Stock and the then applicable
Conversion Rate.  If the Trading Price
Condition has been met, the Company shall so notify the Noteholders.  If, at any point after the Trading Price
Condition has been met, the Trading Price per $1,000 principal amount of Notes
is greater than 98% of the product of the Closing Price of Common Stock and the
then Applicable Conversion Rate, the Company shall so notify Noteholders.

(e)        Upon the first public announcement of
any distribution described in Section 10.01(b)(iii) or Section 10.01(b)(iv),
the Company shall notify the Noteholders at least 35 Business Days prior to the
Ex-Date for such distribution by (i) issuing a press release and using its
reasonable efforts to post such information on its website or otherwise
publicly disclose this information or (ii) providing written notice to
Noteholders by mailing such notice to Noteholders at their address in the
Register (in the case of a Certificated Note), or through the facilities of the
Depositary (in the case of a Global Note).

Following
the announcement of any public announcement of a transaction described in
Section 10.01(b)(v) or Section 10.01(b)(vi), the Company shall notify the
Noteholders and the Trustee as promptly as practicable, but at least 35

 44
 

 

Business Days prior to the anticipated effective date
of such transaction by (i) issuing a press release and using its reasonable
efforts to post such information on its website or otherwise publicly disclose
this information or (ii) providing written notice to Noteholders by mailing
such notice to Noteholders at their address in the Register (in the case of a
Certificated Note), or through the facilities of the Depositary (in the case of
a Global Note).

(f)         Upon determining that Noteholders are
entitled to convert their Notes in accordance with the provisions set forth in
Section 10.01(b), the Company shall promptly (i) issue a press release and use
its reasonable efforts to post such information on its website or otherwise
publicly disclose this information or (ii) provide written notice to
Noteholders by mailing such notice to Noteholders at their address in the
Register (in the case of a Certificated Note), or through the facilities of the
Depositary (in the case of a Global Note).

(g)        Noteholders shall not have the right to
convert their Notes pursuant to Section 10.01(b)(iii) or Section 10.01(b)(iv)
if in connection with the distribution described in Section 10.01(b)(iii) or
Section 10.01(b)(iv) that gives rise to a right to convert their Notes, such
Noteholders are entitled to participate (as a result of holding their Notes,
and at the same time as holders of Common Stock participate) in the
distribution described in such Section as if such Noteholders held a number of
shares of Common Stock equal to the applicable Conversion Rate on the Ex-Date
for such distribution, multiplied by the
principal amount (expressed in thousands) of Notes held by such Noteholder,
without having to convert their Notes.

Section 10.02.  Conversion Procedures; Conversion
Settlement.  (a) To convert a Note that is represented by a Certificated
Note, a Noteholder must (1) complete and manually sign a Conversion Notice, a
form of which is on the back of the Note, and deliver such Conversion Notice to
the Conversion Agent, (2) surrender the Note to the Conversion Agent, (3) if
required, furnish appropriate endorsement and transfer documents, (4) if
required, pay all transfer or similar taxes and (5) if required, pay Cash equal
to amount of interest due on the next Interest Payment Date for such Note.  If a Noteholder holds a beneficial interest in
a Global Note, to convert such beneficial interest, such Noteholder must comply
with the requirements (4) and (5) as set forth in the immediately preceding
sentence and comply with the applicable procedures of the Depositary for
converting a beneficial interest in a Global Note.  The date on which the requirement set forth
in the first sentence of this Section 10.02(a) (in the case of a Certificated
Note) or the second sentence of this Section 10.02(a) (in the case of a Global
Note or a beneficial interest therein) is referred to in this Indenture as the “Conversion Date.”  The
Conversion Agent shall, within one (1) Business Day of any Conversion Date,
provide notice to the Company, as set forth in Section 12.03, of the occurrence
of such Conversion Date.

 45
 

 

(b)        The Company may satisfy the Conversion
Obligation by delivering shares of Common Stock, Cash, or a combination thereof
as set forth in this Section 10.02(b). 
The Company shall inform Noteholders through the Trustee of the method
the Company chooses to satisfy the Conversion Obligation (and the Specified
Cash Amount, if applicable, as described in the immediately succeeding
paragraph) no later than the Maturity Date (in respect of Notes converted
during the period beginning 20 Business Days immediately preceding the Maturity
Date) and no later than two Trading Days following the applicable Conversion
Date (in all other cases), as the case may be. 
Except to the extent the Company has irrevocably elected Net Share
Settlement as described in Section 10.02(c), if the Company does not give
notice within the time periods described in the immediately preceding sentence
as to how it intends to settle any Conversion Obligation, the Company shall
satisfy the Conversion Obligation by delivering solely shares of Common Stock
(except for any Cash in lieu of fractional shares).

If
the Company chooses to satisfy any portion of the Conversion Obligation in Cash
(except for any Cash in lieu of fractional shares), or if the Company has
irrevocably elected Net Share Settlement as described in Section 10.02(c), the
Company shall notify holders during the periods set forth in the immediately
preceding paragraph of the amount to be satisfied in Cash as a fixed dollar
amount per $1,000 principal amount of Notes (the “Specified
Cash Amount”); provided that
if the Company has previously irrevocably elected Net Share Settlement as
described in Section 10.02(c), the Specified Cash Amount must be at least equal
to $1,000.  If, subsequent to the Company
electing Net Share Settlement, the Company fails to timely notify converting
Noteholders of the Specified Cash Amount, the Specified Cash Amount shall be
deemed to be $1,000.

The
Company shall treat all Holders with the same Cash Settlement Averaging Period
in the same manner. The Company shall not, however, have any obligation to
settle any Conversion Obligations arising with respect to different Cash
Settlement Averaging Periods in the same manner.

If
the Company elects to settle any conversion of Notes by delivering solely
shares of Common Stock, such settlement shall occur as soon as practicable
after the Company notifies Holders that is has chosen such method of
settlement, but in any event within three Business Days of the relevant
Conversion Date.  Any settlement of a
Conversion Obligation made entirely or partially in Cash (other than Cash in
lieu of fractional shares) shall occur on the third Business Day immediately
following the final Trading Day of the Cash Settlement Averaging Period.

The
amount of Cash and/or number of shares of Common Stock, as the case may be, due
upon conversion of Notes shall be determined as follows:

 46
 

 

(1)                                  If
the Company elects to satisfy the entire Conversion Obligation by delivering
Common Stock, the Company shall deliver to the converting Holder a number of
shares of Common Stock equal to (i) (A) the aggregate principal amount of Notes
to be converted divided by (B) 1,000 multiplied by (ii) the Applicable Conversion Rate in effect
on the relevant Conversion Date (provided that
the Company shall deliver Cash in lieu of fractional shares as described in
Section 10.03).

(2)                                  If
the Company elects to satisfy the entire Conversion Obligation by paying Cash,
the Company shall pay to the converting Holder, for each $1,000 principal
amount of Notes so converted, Cash in an amount equal to the Conversion Value.

(3)                                  If
the Company elects to satisfy the Conversion Obligation by delivering or
paying, as the case may be, a combination of Cash and Common Stock, or if the
Company has irrevocably elected Net Share Settlement pursuant to Section
10.02(c), the Company shall deliver to the converting holder, for each $1,000
principal amount of Notes so converted (x) Cash in an amount equal to the
lesser of (A) the Specified Cash Amount and (B) the Conversion Value; and (y) if
the Conversion Value is greater than the Specified Cash Amount, a number of
shares of Common Stock equal to the sum of the Daily Share Amounts for each of
the twenty Trading Days in the Cash Settlement Averaging Period (provided that the Company shall deliver Cash in lieu of
fractional shares as described in Section 10.03).

(c)        At any time on or prior to the Maturity
Date, the Company may irrevocably elect to satisfy the Conversion Obligation
with respect to any Notes converted after the date of such election by
delivering Cash up to the aggregate principal amount of Notes to be converted,
and shares of Common Stock, Cash or a combination thereof in respect of the
remainder, if any, of the Conversion Obligation.  Such election (a “Net Share
Settlement” election) shall be in the Company’s sole discretion and
shall not require the consent of Noteholders. 
Upon making a Net Share Settlement election, the Company shall promptly
(i) issue a press release and use its reasonable efforts to post such information
on its website or otherwise publicly disclose this information or (ii) provide
written notice to Noteholders by mailing such notice to Noteholders at their
address in the Register (in the case of a Certificated Note), or through the
facilities of the Depositary (in the case of a Global Note).

(d)        A Holder receiving Common Stock upon
conversion shall not be entitled to any rights as a holder of Common Stock,
including, among other

 47
 

 

things, the right
to vote and receive dividends and notices of stockholder meetings, until the
Close of Business on the Conversion Date (if the Company delivers solely Common
Stock in respect of the Conversion Obligation pursuant to clause (1) of Section
10.02(b), other than Cash in lieu of fractional shares delivered pursuant to Section
10.03) or the Close of Business on the last Trading Day of the Cash Settlement
Averaging Period (if the Company delivers cash in respect of any portion of the
Conversion Obligation pursuant to clause (2) or clause (3) of Section 10.02(b),
other than Cash in lieu of any fractional shares delivered pursuant to Section
10.03, or if the Company has irrevocably elected Net Share Settlement).

(e)        No payment or adjustment will be made
for dividends on, or other distributions with respect to, any Common Stock except
as provided in this Article 10. Upon conversion of a Note, a Noteholder will
not receive, except as described below, any Cash payment representing accrued
interest.  Instead, accrued interest will
be deemed paid by the Cash and/or shares of Common Stock, if any, received by
the Noteholder upon conversion. Delivery to the Noteholder of such Cash and/or
shares of Common Stock shall thus be deemed to satisfy (1) the Company’s
obligation to pay the principal amount of a Note, and (2) the Company’s obligation
to pay any accrued and unpaid interest on the Note.  As a result, upon conversion of a Note,
accrued and unpaid interest on such Note is deemed paid in full rather than
cancelled, extinguished or forfeited.

(f)         Notwithstanding Section 10.02(e), if
Notes are converted after a Record Date but prior to the next succeeding
Interest Payment Date, Holders of such notes at the Close of Business on such
Record Date will receive the interest payable on such Notes on the
corresponding Interest Payment Date notwithstanding the conversion.  Such Notes, upon surrender for conversion,
must be accompanied by Cash equal to the amount of interest payable on such
Interest Payment Date on the Notes so converted; provided that no such payment need be made (1) if the
Company has specified a Change in Control Repurchase Date that is after a
Record Date but on or prior to the next succeeding Interest Payment Date, (2)
with respect to any notes converted after the Record Date immediately preceding
the Maturity Date or (3) to the extent of any Defaulted Interest that exists at
the time of conversion with respect to such Note.

(g)        If a Noteholder converts more than one
Note at the same time, the number of shares of Common Stock and the amount of
Cash, if any, including Cash in lieu of fractional shares, due upon conversion
shall be determined based on the total principal amount of the Notes converted.

(h)        Upon surrender of a Note that is
converted in part, the Company shall execute, and the Trustee shall
authenticate and deliver to the Holder, a new

 48
 

 

Note in an
authorized denomination equal in principal amount to the unconverted portion of
the Note surrendered.

Section 10.03.  Fractional Shares.  The Company will not issue a
fractional share of Common Stock upon conversion of a Note. Instead, the
Company shall pay Cash in lieu of fractional shares based on the Closing Price
of Common Stock on the Trading Day prior to the applicable Conversion Date (if
the Company delivers solely shares of Common Stock to satisfy the Conversion
Obligation, other than such Cash in lieu of fractional shares) or the Closing
Price of Common Stock on the last Trading Day of the relevant Cash Settlement
Averaging Period (if the Company delivers Cash to satisfy a portion, but less
than all, of the Conversion Obligation, other than solely such Cash in lieu of
any fractional shares, or if the Company has irrevocably elected Net Share
Settlement upon conversion).

Section 10.04.  Taxes on Conversion.  If a Holder converts a Note, the
Company shall pay any documentary, stamp or similar issue or transfer tax due
on the issue of any shares of Common Stock upon the conversion. However, the
Holder shall pay any such tax which is due because the Holder requests the
shares to be issued in a name other than the Holder’s name. The Conversion
Agent may refuse to deliver the certificates representing Common Stock being
issued in a name other than the Holder’s name until the Conversion Agent
receives a sum sufficient to pay any tax which will be due because Common Stock
is to be delivered in a name other than the Holder’s name.

Section 10.05.  Company to Provide Common Stock.  The Company shall, from time to
time as may be necessary, reserve out of its authorized but unissued shares of
Common Stock a sufficient number of shares of Common Stock to permit the
delivery in respect of all outstanding Notes of the number of shares of Common
Stock due upon conversion (assuming, for purposes of this sentence, that the
Company elects to deliver solely shares of Common Stock in respect of the
Conversion Obligation).

Any
shares of Common Stock delivered upon conversion of the Notes shall be newly
issued shares or treasury shares, shall be duly and validly issued and fully
paid and nonassessable and shall be free from preemptive rights and free of any
lien or adverse claim.

The
Company will comply with all federal and state securities laws regulating the
offer and delivery of shares of Common Stock upon conversion of Notes, if any,
and shall list or cause to have quoted such shares of Common Stock on each
national securities exchange or in the over-the-counter market or such other
market on which Common Stock is then listed or quoted.

 49
 

 

In addition, if
any shares of Common Stock that would be issuable upon conversion of Notes
hereunder require registration with or approval of any governmental authority
before such shares of Common Stock may be issued upon such conversion, the
Company will cause such shares of Common Stock to be duly registered or
approved, as the case may be.

Section 10.06.  Adjustment for Change in Capital Stock.  (a) If
the Company shall, at any time and from time to time while any of the Notes are
outstanding, issue dividends or make distributions on Common Stock payable in
shares of Common Stock, then 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 Ex-Date for such dividend or
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 Business Day immediately preceding the Ex-Date for such
dividend or distribution, plus the total
number of shares of Common Stock constituting such dividend or distribution;
and

(ii)           the denominator of which shall be the
number of shares of Common Stock outstanding at the Close of Business on the
Business Day immediately preceding such Ex-Date.

If
any dividend or distribution of the type described in this Section 10.06 is
declared but not so paid or made, the Conversion Rate shall again be adjusted
to the Conversion Rate which would then be in effect if such dividend or
distribution had not been declared.  In
no event shall the Conversion Rate be decreased pursuant to this Section 10.06.

(b)        If the Company shall, at any time or
from time to time while any of the Notes are outstanding, subdivide or
reclassify outstanding shares of Common Stock into a greater number of shares
of Common Stock, then the Conversion Rate in effect at the opening of business
on the day upon which such subdivision or reclassification becomes effective
shall be proportionately increased, and conversely, if the Company shall, at
any time or from time to time while any of the Notes are outstanding, combine
or reclassify outstanding shares of Common Stock into a smaller number of
shares of Common Stock, then the Conversion Rate in effect at the opening of
business on the day upon which such combination or reclassification becomes
effective shall be proportionately decreased. 
In each such case, the Conversion Rate shall be adjusted by multiplying
such Conversion Rate by a fraction, the numerator of which shall be the number

 50
 

 

of shares of
Common Stock outstanding immediately after giving effect to such subdivision,
combination or reclassification and the denominator of which shall be the
number of shares of Common Stock outstanding immediately prior to such
subdivision, combination or reclassification. 
Such increase or reduction (solely in the case of any combination or reclassification
of outstanding shares of Common Stock into a smaller number of shares of Common
Stock), as the case may be, shall become effective immediately after the
opening of business on the day upon which such subdivision, combination or
reclassification becomes effective.

Section 10.07.  Adjustment for Rights, Options or Warrants
Issue.  If the Company shall,
at any time or from time to time while the Notes are outstanding, distribute to
all holders of Common Stock rights, options or warrants to purchase shares of
Common Stock for a period expiring within 60 days after the record date for
such distribution at less than the average of the Closing Prices of Common
Stock for the five consecutive Trading Days immediately preceding the first
public announcement of such distribution, then 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 Ex-Date for such
distribution by a fraction:

(x)            the numerator of which shall be the
number of shares of Common Stock outstanding at the Close of Business on the
Business Day immediately preceding the Ex-Date for such distribution, plus the total number of additional shares of Common Stock
so offered for purchase; and

(y)           the denominator of which shall be the
number of shares of Common Stock outstanding on the Close of Business on the
Business Day immediately preceding the Ex-Date for such distribution, plus the number of shares of Common Stock that the aggregate
offering price of the total number of shares of Common Stock so offered would
purchase at the Current Market Price of Common Stock on the first public
announcement date for such distribution (determined by multiplying such total
number of shares of Common Stock so offered by the exercise price of such
rights, options or warrants and dividing the product so obtained by such
Current Market Price).

Such adjustment shall become effective immediately
after the opening of business on the Ex-Date for such distribution.

To
the extent that shares of Common Stock are not delivered pursuant to such
rights or upon the expiration or termination of such rights, options 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, options or warrants been made on the basis of the delivery of only the
number of shares of Common Stock actually delivered.  In the event that such

 51
 

 

rights, options or warrants are not so distributed,
the Conversion Rate shall again be adjusted to be the Conversion Rate which
would then be in effect if the Ex-Date for such distribution had not
occurred.  In determining whether any
rights, options or warrants entitle the holders to purchase shares of Common
Stock at less than the average of the Closing Prices for the five consecutive
Trading Days immediately preceding the first public announcement of the
relevant distribution, and in determining the aggregate offering price of such
shares of Common Stock, there shall be taken into account any consideration
received for such rights, options or warrants and the value of such
consideration if other than Cash, to be determined in good faith by the Board
of Directors.  In no event shall the
Conversion Rate be decreased pursuant to this Section 10.07.

If
the Company elects to make a distribution described in this Section 10.07 that
has a per share of Common Stock value equal to more than 15% of the Closing
Price of Common Stock on the day preceding the declaration date for such
distribution, the Company will be required to give notice to Holders at least
35 Business Days prior to the Ex-Date for such distribution.

Section 10.08.  Adjustment for Other Distributions.

(a)        If the Company shall, at any time or from
time to time while the Notes are outstanding, distribute to all holders of
Common Stock any of its Capital Stock, assets (including shares of any
Subsidiary of the Company or business unit of the Company), or debt securities
or rights to purchase securities of the Company (excluding (x) any dividends or
distributions described in Section 10.06, (y) any rights, options or warrants
described in Section 10.07 and (z) any dividends or other distributions
described in Section 10.09 (such Capital Stock, assets, debt securities or
rights to purchase securities of the Company hereinafter in this Section 10.08
called the “Distributed Assets”)), then 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 Ex-Date for such distribution by a fraction:

(i)            the numerator of which will be the
Current Market Price of Common Stock on the Business Day immediately preceding
the Ex-Date for such distribution, and

(ii)           the denominator of which will be the
Current Market Price of Common Stock on the Business Day immediately preceding
the Ex-Date for such distribution, minus the fair
market value, as determined by the Board of Directors, of the portion of
Distributed Assets so distributed applicable to one share of Common Stock;

 52
 

 

Such increase shall become effective immediately after
the opening of business on the Ex-Date for such distribution; provided that if “the fair market value,
as determined by the Board of Directors, of the portion of Distributed Assets
so distributed applicable to one share of Common Stock” as set forth above is
equal to or greater than “the Current Market Price of Common Stock on the
Business Day immediately preceding the Ex-Date for such distribution” as set
forth above, in lieu of the foregoing adjustment, adequate provision shall be
made so that each Noteholder shall receive on the date on which the Distributed
Assets are distributed to holders of Common Stock, for each $1,000 principal
amount of Notes, the amount of Distributed Assets such Noteholder would have
received had such Noteholder owned a number of shares of Common Stock equal to
the Conversion Rate on the record date for such distribution.  In the event that such distribution is not so
made, the Conversion Rate shall again be adjusted to be the Conversion Rate
which would then be in effect if such distribution had not been declared.  In no event shall the Conversion Rate be
decreased pursuant to this Section 10.08(a).

If
the Board of Directors determines the fair market value of any distribution for
purposes of this Section 10.08(a) by reference to the actual or when issued
trading market for any Distributed Assets comprising all or part of such
distribution, it must in doing so consider the prices in such market over the
same period (the “Reference Period”)
used in computing the Current Market Price for purposes of clause (i) above,
unless the Board of Directors determines in good faith that determining the
fair market value during the Reference Period would not be in the best interest
of the Holders.

(b)        Notwithstanding anything to the contrary
in this Section 10.08, if the Company distributes Capital Stock of, or similar
equity interests in, a Subsidiary of the Company or other business unit of the
Company (a “Spin-Off”), then 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
fifteenth Trading Day immediately following the Ex-Date for such Spin-Off by a
fraction:

(x)                                   the
numerator of which will be the sum of (A) the average of the Closing Prices of
the Capital Stock or similar equity interest distributed to holders of Common
Stock applicable to one share of Common Stock over the ten consecutive Trading
Day period immediately following, and including, the fifth Trading Day after
the Ex-Date for the Spin-Off and (B) the average of the Closing Prices of
Common Stock over the ten consecutive Trading Day period immediately following,
and including, the fifth Trading Day after the Ex-Date for the Spin-Off; and

 53

(y)                                 the
denominator of which is the average of the Closing Prices of Common Stock over
the ten consecutive Trading Day period immediately following, and including,
the fifth Trading Day after the Ex-Date for the Spin-Off.

In
no event shall the Conversion Rate be decreased pursuant to this Section
10.08(b).

(c)        If the Company elects to make a
distribution described in Section 10.08(a) or Section 10.08(b) that has a per
share of Common Stock value equal to more than 15% of the Closing Price of
Common Stock on the day preceding the declaration date for such distribution,
the Company will be required to give notice to Holders at least 35 Business
Days prior to the Ex-Date for such distribution.

Section 10.09.  Adjustment for Cash Dividends.  If the Company shall, at any time
or from time to time while any of the Notes are outstanding, distribute
dividends or make other distributions paid entirely in Cash to all or
substantially all holders of Common Stock (other than (x) distributions
described in Section 10.10 below or (y) any dividend or distribution in
connection with the Company’s liquidation, dissolution or winding up), then 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 Ex-Date for such dividend or distribution by a fraction:

(x)            the numerator of which will be the
Current Market Price per share of Common Stock on the Business Day immediately
preceding the Ex-Date for such dividend or distribution; and

(y)           the denominator of which will be the
Current Market Price per share of Common Stock on the Business Day immediately
preceding the Ex-Date for such dividend or distribution, minus the
amount per share of such dividend or distribution.

Such
adjustment shall become effective immediately after the opening of business on
the Ex-Date for such distribution or dividend; provided
that if “the amount per share of such dividend or distribution” as set forth
above is equal to or greater than “the Current Market Price per share of Common
Stock on the Business Day immediately preceding the Ex-Date for such dividend
or distribution” as
set forth above, in lieu of the foregoing adjustment, adequate provision shall
be made so that each Noteholder shall have the right to receive on the date on
which the relevant Cash dividend or distribution is distributed to holders of
Common Stock, for each $1,000 principal amount of Notes upon conversion, the
amount of Cash such Noteholder would have received had such Noteholder owned a
number of shares equal to the Conversion Rate on the Record

 54
 

 

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

In
no event shall the Conversion Rate be decreased pursuant to this Section 10.09.

If
the Company elects to make a distribution described in this Section 10.09 that
has a per share of Common Stock value equal to more than 15% of the Closing
Price of Common Stock on the day preceding the declaration date for such
distribution, the Company will be required to give notice to Holders at least
35 Business Days prior to the Ex-Date for such distribution.

Section 10.10.  Adjustment for Tender Offer.  If the Company or any of its
Subsidiaries shall, at any time or from time to time, while any of the Notes
are outstanding, distribute Cash or other consideration in respect of a tender
offer or exchange offer for Common Stock, where such Cash and the value of any
such other consideration per share of Common Stock validly tendered or
exchanged exceeds the Closing Price of Common Stock on Trading Day immediately
following the last date (such last date, the “Expiration
Date”) on which tenders or exchanges may be made pursuant to the
tender or exchange offer, then 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 Business Day immediately following the
Trading Day immediately following the Expiration Date by a fraction:

(x)            the
numerator of which will be the sum of (A) the fair market value, as determined
by the Board of Directors, of the aggregate consideration payable for all
shares of Common Stock that the Company purchases in such tender or exchange
offer and (B) the product of the number of shares of Common Stock outstanding,
less the number of shares of Common Stock purchased in the relevant tender
offer or exchange offer (the “Purchased Shares”), and the Closing
Price of Common Stock on the Trading Day immediately following the Expiration
Date; and

(y)           the denominator of which will be the
product of the number of shares of Common Stock outstanding, including the
Purchased Shares, and the Closing Price of Common Stock on the Trading Day
immediately following the Expiration Date.

An adjustment, if any, to the Conversion Rate pursuant
to this Section 10.10 shall become effective immediately prior to the opening
of business on the second Trading Day immediately following the Expiration
Date.  In the event that the

 55
 

 

Company or a Subsidiary of the Company is obligated to
purchase shares of Common Stock pursuant to any such tender offer or exchange
offer, but the Company or such Subsidiary is permanently prevented by
applicable law from effecting any such purchases, or all such purchases are
rescinded, then the Conversion Rate shall again be adjusted to be the
Conversion Rate which would then be in effect if such tender offer or exchange
offer had not been made.  If the
application of this Section 10.10 to any tender offer or exchange offer would
result in a decrease in the Conversion Rate, no adjustment shall be made for
such tender offer or exchange offer under this Section 10.10.

Section 10.11.  Provisions Governing Adjustment to Conversion Rate.  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 Capital Stock (either
initially or under certain circumstances), which rights, options 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 Section 10.06, Section 10.07, Section 10.08, Section 10.09 or
Section 10.10 (and no adjustment to the Conversion Rate under Section 10.06,
Section 10.07, Section 10.08, Section 10.09 or Section 10.10 will be required)
until the occurrence of the earliest Trigger Event, whereupon such rights,
options 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 Section 10.08, and, if applicable, Section 10.23.  If any such right, option or warrant,
including any such existing rights, options or warrants distributed prior to
the date of this Indenture, are subject to events, upon the occurrence of which
such rights, options 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 Ex-Date with respect to new rights, options or warrants with
such rights (and a termination or expiration of the existing rights, options or
warrants without exercise by any of the holders thereof), except as set forth
in Section 10.23.  In addition, except as
set forth in Section 10.23, in the event of any distribution (or deemed
distribution) of rights, options 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 Section 10.06, Section 10.07, Section
10.08, Section 10.09 or Section 10.10 was made (including any adjustment
contemplated in Section 10.23), (1) in the case of any such rights, options 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 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

 56
 

 

holder or holders of
Common Stock with respect to such rights, options or warrants (assuming such
holder had retained such rights, options 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, options 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, options and warrants had not been issued.

Section 10.12.  Disposition Events.  If any of the following events (a “Disposition Event”) occurs:

(a)        any reclassification of Common Stock
(other than a change in par value, or from par value to no par value, or from
no par value to par value, or as a result of a subdivision or combination);

(b)        consolidation, merger, or other
combination involving the Company; or

(c)        sale or conveyance to another Person of
all or substantially all of the assets of the Company;

in each case, in which
holders of outstanding Common Stock would be entitled to receive Cash,
securities or other property for their shares of Common Stock, if a Holder
converts its Notes on or after the effective date of any such event, subject to
the right of the Company to settle all or a portion of the Conversion
Obligation with respect to such Notes in Cash (other than solely Cash in lieu
of any fractional shares), and the right of the Company to irrevocably elect
Net Share Settlement, Notes will be convertible into, in lieu of the shares of
Common Stock otherwise deliverable, the same type (in the same proportions) of
consideration received by holders of Common Stock in the relevant event
(collectively, “Reference Property”).

If
the Company elects to settle all or any portion of the Conversion Obligation in
Cash (other than solely Cash in lieu of any fractional shares) or if the Company
irrevocably elects Net Share Settlement, Holders shall receive in connection
with any conversion (1) Cash in an amount equal to the portion of the
Conversion Obligation that Company has elected to settle with Cash (which shall
be at least equal to the lesser of (x) the aggregate principal amount of Notes
to be converted and (y) the relevant Conversion Value, if the Company has
irrevocably elected Net Share Settlement); and (2) in lieu of the shares of
Common Stock otherwise deliverable, if any, Reference Property.  If the Company elects to settle any
conversion in whole or in part by delivering Cash in respect the Conversion
Obligation (other than solely Cash in lieu of any fractional shares) or if the
Company irrevocably elects Net Share Settlement, the amount of Cash and any

 57
 

 

Reference Property that the Holders will receive will
be based on the Daily Share Amounts of Reference Property and the Applicable
Conversion Rate as set forth in Section 10.02.

If
the Disposition Event provides the holders of Common Stock with the right to
receive more than a single type of consideration determined based in part upon
any form of stockholder election, the Reference Property shall be comprised of
the weighted average of the types and amounts of consideration received by the
holders of Common Stock upon the occurrence of such event.

Upon the occurrence of a
Disposition Event, the Company or the successor or purchasing Person, as the
case may be, shall execute with the Trustee a supplemental indenture (which
shall comply with the Trust Indenture Act as in force at the date of execution
of such supplemental indenture if such supplemental indenture is then required
to so comply) permitted under Section 9.02(b) providing for the conversion and
settlement of the Notes as set forth in this Indenture.  Such supplemental indenture shall provide for
adjustments that shall be as nearly equivalent as may be practicable to the
adjustments provided for in this Article 10. 
If, in the case of any Disposition Event, the Reference Property
includes shares of stock or other securities and assets of a Person other than
the successor or purchasing Person, as the case may be, in such
reclassification, consolidation, merger, combination, sale or conveyance, then
such supplemental indenture shall also be executed by such other Person and
shall contain such additional provisions to protect the interests of the
holders of the Notes as the Board of Directors shall reasonably consider
necessary by reason of the foregoing, including to the extent required by the
Board of Directors and practicable the provisions providing for the repurchase
rights set forth in Article 3 herein.

In
the event the Company shall execute a supplemental indenture pursuant to this
Section 10.12, the Company shall promptly file with the Trustee an Officers’
Certificate briefly stating the reasons therefore, the kind or amount of cash,
securities or property or asset that will comprise the Reference Property after
any such Disposition Event, any adjustment to be made with respect thereto and
that all conditions precedent have been complied with, and shall promptly mail
notice thereof to all Noteholders.  The
Company shall cause notice of the execution of such supplemental indenture to be
mailed to each Noteholder, at its address appearing on the Register provided
for in this Indenture, within twenty days after execution thereof.  Failure to deliver such notice shall not
affect the legality or validity of such supplemental indenture.

Section 10.13. Adjustment to Conversion
Rate Upon a Make-Whole Change in Control; Discretionary Adjustment.  (a) If, after the date hereof, a
Change in Control (determined after giving effect to any exceptions or
exclusions

 58
 

 

to such definition, but
without regard to the proviso in
clause (ii) of the definition thereof, a “Make-Whole Change in
Control”) occurs and a Holder elects to convert its Notes in
connection with such Make-Whole Change in Control, the Company will, under
certain circumstances, increase the Applicable Conversion Rate for the Notes so
surrendered for conversion by a number of additional shares of Common Stock
(the “Make-Whole Shares”), as described in
this Section 10.13.  A conversion of
Notes will be deemed for these purposes to be “in connection with” a Make-Whole
Change in Control if the notice of conversion of the Notes is received by the
Conversion Agent from, and including, the Effective Date of the Make-Whole
Change in Control up to, and including, the Business Day immediately prior to
the related Change in Control Repurchase Date (or, in the case of an event that
would have been a Change in Control but for the proviso
in clause (ii) of the definition thereof, the 35th Trading Day immediately
following the Effective Date of such Make-Whole Change in Control).  Upon surrender of Notes for conversion in
connection with a Make-Whole Change in Control, the Company will have the right
to deliver, in lieu of shares of Common Stock, including the Make-Whole Shares,
Cash or a combination of Cash and shares of Common Stock as described in
Section 10.02.

On
or before the 15th day after the occurrence of a
Make-Whole Change in Control that does not also constitute a Change in Control,
the Company will mail to the Trustee and to all Holders at their addresses
shown in the Register of the Registrar, and to beneficial owners as required by
applicable law, notice indicating that a Make-Whole Change in Control has
occurred.

(b)        The number of Make-Whole Shares will be
determined by reference to the table below and is based on the date which such
Make-Whole Change in Control transaction becomes effective (the “Effective Date”) and the price paid per share of Common
Stock in the Make-Whole Change in Control (in the case of a Make-Whole
Change in Control described in clause (ii) of the definition of Change in
Control in which holders of Common Stock receive only Cash), or in the case of
any other Make-Whole Change in Control, the average of the Closing Prices
per share of Common Stock over the five Trading-Day period ending on the
Trading Day immediately preceding the Effective Date of such Make-Whole
Change in Control (the “Stock Price”).

(c)        The Stock Prices set forth in the first
column of the table below will be adjusted as of any date on which the
Applicable Conversion Rate is adjusted. 
The adjusted Stock Prices will equal the Stock Prices immediately prior
to such adjustment, multiplied by a fraction, the numerator of which is the
Applicable Conversion Rate immediately prior to the adjustment giving rise to
the Stock Price adjustment, and the denominator of which is the Applicable
Conversion Rate as so adjusted.  In
addition, the number of Make-Whole Shares will be

 59
 

 

subject to adjustment in the same manner as the
Applicable Conversion Rate as set forth in Section 10.06 through Section 10.10.

 

	
   

  	
   

  	
  Effective Date

  	
   

  
	
  Stock Price

  	
   

  	
  November 15,

  2006

  	
   

  	
  November 15,

  2007

  	
   

  	
  November 15,

  2008

  	
   

  	
  November 15,

  2009

  	
   

  	
  November 15,

  2010

  	
   

  	
  November 15,

  2011

  	
   

  
	
  $11.25

  	
   

  	
   

  	
  24.2424

  	
   

  	
   

  	
   

  	
  24.2424

  	
   

  	
   

  	
   

  	
  24.2424

  	
   

  	
   

  	
   

  	
  24.2424

  	
   

  	
   

  	
   

  	
  24.2424

  	
   

  	
   

  	
   

  	
  24.2424

  	
   

  	
   

  
	
  $14.00

  	
   

  	
   

  	
  15.5813

  	
   

  	
   

  	
   

  	
  14.8709

  	
   

  	
   

  	
   

  	
  13.9069

  	
   

  	
   

  	
   

  	
  12.5409

  	
   

  	
   

  	
   

  	
  10.4733

  	
   

  	
   

  	
   

  	
  6.7821

  	
   

  	
   

  
	
  $16.00

  	
   

  	
   

  	
  11.7987

  	
   

  	
   

  	
   

  	
  10.9631

  	
   

  	
   

  	
   

  	
  9.8544

  	
   

  	
   

  	
   

  	
  8.3139

  	
   

  	
   

  	
   

  	
  5.9832

  	
   

  	
   

  	
   

  	
  0.0000

  	
   

  	
   

  
	
  $18.00

  	
   

  	
   

  	
  9.2068

  	
   

  	
   

  	
   

  	
  8.3439

  	
   

  	
   

  	
   

  	
  7.2225

  	
   

  	
   

  	
   

  	
  5.7068

  	
   

  	
   

  	
   

  	
  3.5131

  	
   

  	
   

  	
   

  	
  0.0000

  	
   

  	
   

  
	
  $20.00

  	
   

  	
   

  	
  7.3711

  	
   

  	
   

  	
   

  	
  6.5326

  	
   

  	
   

  	
   

  	
  5.4655

  	
   

  	
   

  	
   

  	
  4.0691

  	
   

  	
   

  	
   

  	
  2.1755

  	
   

  	
   

  	
   

  	
  0.0000

  	
   

  	
   

  
	
  $22.00

  	
   

  	
   

  	
  6.0350

  	
   

  	
   

  	
   

  	
  5.2463

  	
   

  	
   

  	
   

  	
  4.2634

  	
   

  	
   

  	
   

  	
  3.0207

  	
   

  	
   

  	
   

  	
  1.4532

  	
   

  	
   

  	
   

  	
  0.0000

  	
   

  	
   

  
	
  $24.00

  	
   

  	
   

  	
  5.0350

  	
   

  	
   

  	
   

  	
  4.3065

  	
   

  	
   

  	
   

  	
  3.4172

  	
   

  	
   

  	
   

  	
  2.3305

  	
   

  	
   

  	
   

  	
  1.0532

  	
   

  	
   

  	
   

  	
  0.0000

  	
   

  	
   

  
	
  $26.00

  	
   

  	
   

  	
  4.2722

  	
   

  	
   

  	
   

  	
  3.6064

  	
   

  	
   

  	
   

  	
  2.8094

  	
   

  	
   

  	
   

  	
  1.8665

  	
   

  	
   

  	
   

  	
  0.8254

  	
   

  	
   

  	
   

  	
  0.0000

  	
   

  	
   

  
	
  $28.00

  	
   

  	
   

  	
  3.6755

  	
   

  	
   

  	
   

  	
  3.0703

  	
   

  	
   

  	
   

  	
  2.3592

  	
   

  	
   

  	
   

  	
  1.5424

  	
   

  	
   

  	
   

  	
  0.6852

  	
   

  	
   

  	
   

  	
  0.0000

  	
   

  	
   

  
	
  $30.00

  	
   

  	
   

  	
  3.2033

  	
   

  	
   

  	
   

  	
  2.6549

  	
   

  	
   

  	
   

  	
  2.0212

  	
   

  	
   

  	
   

  	
  1.3120

  	
   

  	
   

  	
   

  	
  0.5952

  	
   

  	
   

  	
   

  	
  0.0000

  	
   

  	
   

  
	
  $32.00

  	
   

  	
   

  	
  2.8207

  	
   

  	
   

  	
   

  	
  2.3240

  	
   

  	
   

  	
   

  	
  1.7590

  	
   

  	
   

  	
   

  	
  1.1403

  	
   

  	
   

  	
   

  	
  0.5304

  	
   

  	
   

  	
   

  	
  0.0000

  	
   

  	
   

  
	
  $34.00

  	
   

  	
   

  	
  2.5053

  	
   

  	
   

  	
   

  	
  2.0555

  	
   

  	
   

  	
   

  	
  1.5505

  	
   

  	
   

  	
   

  	
  1.0075

  	
   

  	
   

  	
   

  	
  0.4796

  	
   

  	
   

  	
   

  	
  0.0000

  	
   

  	
   

  
	
  $36.00

  	
   

  	
   

  	
  2.2440

  	
   

  	
   

  	
   

  	
  1.8360

  	
   

  	
   

  	
   

  	
  1.3834

  	
   

  	
   

  	
   

  	
  0.9037

  	
   

  	
   

  	
   

  	
  0.4395

  	
   

  	
   

  	
   

  	
  0.0000

  	
   

  	
   

  
	
  $38.00

  	
   

  	
   

  	
  2.0237

  	
   

  	
   

  	
   

  	
  1.6530

  	
   

  	
   

  	
   

  	
  1.2461

  	
   

  	
   

  	
   

  	
  0.8193

  	
   

  	
   

  	
   

  	
  0.4056

  	
   

  	
   

  	
   

  	
  0.0000

  	
   

  	
   

  
	
  $40.00

  	
   

  	
   

  	
  1.8358

  	
   

  	
   

  	
   

  	
  1.4984

  	
   

  	
   

  	
   

  	
  1.1312

  	
   

  	
   

  	
   

  	
  0.7491

  	
   

  	
   

  	
   

  	
  0.3762

  	
   

  	
   

  	
   

  	
  0.0000

  	
   

  	
   

  
	
  $42.00

  	
   

  	
   

  	
  1.6739

  	
   

  	
   

  	
   

  	
  1.3661

  	
   

  	
   

  	
   

  	
  1.0335

  	
   

  	
   

  	
   

  	
  0.6892

  	
   

  	
   

  	
   

  	
  0.3500

  	
   

  	
   

  	
   

  	
  0.0000

  	
   

  	
   

  
	
  $44.00

  	
   

  	
   

  	
  1.5331

  	
   

  	
   

  	
   

  	
  1.2516

  	
   

  	
   

  	
   

  	
  0.9494

  	
   

  	
   

  	
   

  	
  0.6373

  	
   

  	
   

  	
   

  	
  0.3266

  	
   

  	
   

  	
   

  	
  0.0000

  	
   

  	
   

  

 

(d)        If the exact Stock Price and Effective
Date is not set forth in the table, then (i) if the Stock Price is between two
Stock Prices in the table or the Effective Date is between two Effective Dates
in the table, the Make-Whole Shares issued upon conversion of the Notes will be
determined by a straight-line interpolation between the number of Make-Whole
Shares set forth for the higher and lower Stock Prices and/or the earlier and
later Effective Dates in the table, as applicable, based on a 365-day year,
(ii) if the Stock Price is in excess of $44.00 per share of Common Stock
(subject to adjustment as set forth in Section 10.13(c)), no Make-Whole Shares
will be issued upon conversion of the Notes; and (iii) if the Stock Price is
less than $11.25 per share of Common Stock (subject to adjustment as set forth
in Section 10.13(c)), no Make-Whole Shares will be issued upon conversion of
the Notes.

(e)        The Company may make such increases in
the Conversion Rate, in addition to those required by Section 10.06, 10.07,
10.08, 10.09 and 10.10 as the Board of Directors considers to be advisable to
avoid or diminish any income tax to 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.

(f)         To the extent permitted by applicable
law, the Company from time to time may increase the Conversion Rate by any
amount for any period of time if the period is at least twenty (20) days, the
increase is irrevocable during 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

 60
 

 

be conclusive.
Whenever the Conversion Rate is increased pursuant to the preceding sentence,
the Company shall mail to holders of record of the Notes a notice of the
increase at least fifteen (15) days prior to the date the increased Conversion
Rate takes effect, and such notice shall state the increased Conversion Rate
and the period during which it will be in effect.

Section 10.14.  When Adjustment May Be Deferred.  No adjustment in the Conversion
Rate need be made unless the adjustment would require an increase or decrease
of at least 1% of the Conversion Rate. 
Any adjustments that are less than 1% of the Conversion Rate will be
carried forward and taken into account in determining any subsequent
adjustment.  In addition, the Company
shall make any carry forward adjustments not otherwise effected on each
anniversary of the date hereof, upon conversion of any Note, upon required
repurchases of the Notes pursuant to Section 3.01, and on the Maturity Date.

Section 10.15.  When No Adjustment Required.  (a) No adjustment need be made for
a transaction referred to in Section 10.06, 10.07, 10.08, 10.09 or 10.10 if
Noteholders participate, without conversion, in the transaction or event that
would otherwise give rise to an adjustment pursuant to such Section at the same
time as holders of Common Stock participate with respect to such transaction or
event and on the same terms as holders of Common Stock participate with respect
to such transaction or event as if Noteholders, at such time, held a number of
shares of Common Stock equal to the Applicable Conversion Rate, multiplied by the principal amount
(expressed in thousands) of Notes held by such Noteholder, without having to
convert their Notes.

(b)        No adjustment need be made for the
issuance of Common Stock or any securities convertible into or exchangeable for
Common Stock or carrying the right to purchase Common Stock or any such
security.

(c)        No adjustment need be made for rights to
purchase Common Stock pursuant to a Company plan for reinvestment of dividends
or interest.

(d)        No adjustment need be made for a change
in the par value or no par value of Common Stock.

(e)        To the extent the Notes become
convertible pursuant to this Article 10 into Cash, no adjustment need be made
thereafter as to the Cash.  Interest will
not accrue on the Cash.

(f)         Notwithstanding anything in this
Article 10 to the contrary, the Applicable Conversion Rate shall not exceed
88.8888 per $1,000 principal amount of Notes, other than on account of
adjustments to the Conversion Rate in the manner set forth in Sections 10.06,
10.07, 10.08, 10.09 and 10.10.

 61
 

 

Section 10.16.  Notice of Adjustment.  Whenever the Conversion Rate is
adjusted, the Company shall promptly mail to Noteholders a notice of the
adjustment. The Company shall file with the Trustee and the Conversion Agent
such notice and a certificate from the Company’s independent public accountants
briefly stating the facts requiring the adjustment and the manner of computing
it. The certificate shall be conclusive evidence that the adjustment is correct.
Neither the Trustee nor any Conversion Agent shall be under any duty or
responsibility with respect to any such certificate except to exhibit the same
to any Holder desiring inspection thereof.

Section 10.17.  Notice of Certain Transactions.  If (a) the Company takes any
action that would require an adjustment in the Conversion Rate pursuant to
Section 10.06, 10.07, 10.08, 10.09 or 10.10 (unless no adjustment is to occur
pursuant to Section 10.14 or Section 10.15), (b) the Company takes any action that
would require a supplemental indenture pursuant to Section 10.12, or (c) there
is a liquidation or dissolution of the Company, then the Company shall mail to
Noteholders and file with the Trustee and the Conversion Agent a notice stating
the proposed Ex-Date for a dividend or distribution or the proposed effective
date of a subdivision, combination, reclassification, consolidation, merger,
combination, sale or conveyance. The Company shall file and mail the notice at
least 15 days before such date; provided that
if the Company elects to make a distribution described in Section 10.07,
Section 10.08, or Section 10.09, and in the case of Section 10.08 or Section
10.09, that has a per share value equal to more than 15% of the Closing Price
per share of Common Stock on the day preceding the declaration date for such
distribution, the Company shall give notice to Holders at least 35 Business
Days prior to the Ex-Date for such distribution.  Failure to file or mail the notice or any
defect in it shall not affect the validity of the transaction.

Section 10.18.  Right of Holders to Convert.  Notwithstanding any other
provision in this Indenture, the Holder of any Note shall have the right to
convert its Note in accordance with this Article 10 and to bring an action for
the enforcement of any such right to convert, and such rights shall not be
impaired or affected without the consent of such Holder.

Section 10.19.  Company Determination Final.  The Company shall be responsible
for making all calculations called for hereunder and under the Notes. These
calculations include, but are not limited to, Conversion Value, the Conversion
Date, the Volume Weighted Average Price, the Cash Settlement Averaging Period,
the Trading Price of the Notes, the Closing Price, the Conversion Price, the
Applicable Conversion Rate and the number of shares of Common Stock, if any, to
be issued upon conversion of the Notes. 
The Company shall make all these calculations in good faith and, absent
manifest error, the Company’s calculations will be final and binding on
Noteholders.  The Company

 62
 

 

shall provide a schedule
of the Company’s calculations to the Trustee, and the Trustee is entitled to
rely upon the accuracy of the Company’s calculations without independent
verification.

Section 10.20.  Trustee’s Adjustment Disclaimer.  The Trustee has no duty to
determine when an adjustment under this Article 10 should be made, how it
should be made or what it should be. The Trustee has no duty to determine
whether a supplemental indenture under Section 10.12 need be entered into or
whether any provisions of any supplemental indenture are correct. The Trustee
shall not be accountable for and makes no representation as to the validity or
value of any securities or assets issued upon conversion of Notes.  The Trustee shall not be responsible for the
Company’s failure to comply with this Article 10.  Each Conversion Agent shall have the same
protection under this Section 10.20 as the Trustee.

Section 10.21.  Simultaneous Adjustments.  (a) For
purposes of Section 10.08, Section 10.06 and Section 10.07, any dividend or
distribution to which Section 10.08 is applicable that also includes shares of
Common Stock, or rights, options or warrants to subscribe for or purchase
shares of Common Stock (or both), shall be deemed instead to be (1) a dividend
or distribution of the debt securities, assets or shares of Capital Stock other
than such shares of Common Stock or rights (and any Conversion Rate adjustment
required by Section 10.08 with respect to such dividend or distribution shall
then be made) immediately followed by (2) a dividend or distribution of such
shares of Common Stock or such rights (and any further Conversion Rate
adjustment required by Section 10.06 and Section 10.07 with respect to such
dividend or distribution shall then be made), except any shares of Common Stock
included in such dividend or distribution shall not be deemed “outstanding at
the Close of Business on the Business Day immediately preceding such Ex-Date”
within the meaning of Section 10.06.

(b)        The reclassification of Common Stock
into securities including securities other than Common Stock (other than any
reclassification upon an event to which Section 10.12 applies) shall be deemed
to involve (a) a distribution of such securities other than Common Stock to all
holders of Common Stock (and the effective date of such reclassification shall
be deemed to be the “Ex-Date” within the meaning of this Section 10.08), and
(b) a subdivision or combination, as the case may be, of the number of shares of
Common Stock outstanding immediately prior to such reclassification into the
number of shares of Common Stock outstanding immediately thereafter (and the
effective date of such reclassification shall be deemed to be “the day upon
which such subdivision becomes effective” or “the day upon which such
combination becomes effective”, as the case may be, and “the day upon which
such subdivision or combination becomes effective” within the meaning of
Section 10.06(b)).

 63
 

 

Section 10.22.  Successive Adjustments.  After an adjustment to the
Conversion Rate under this Article 10, any subsequent event requiring an
adjustment under this Article 10 shall cause an adjustment to the Conversion
Rate as so adjusted.

Section 10.23.  Rights Issued in Respect of Common Stock Issued
Upon Conversion.  Each share
of Common Stock issued upon conversion of Notes pursuant to this Article 10
shall be entitled to receive the appropriate number of rights (“Rights”), if any, and the certificates representing Common
Stock issued upon such conversion shall bear such legends, if any, in each case
as may be provided by the terms of the rights agreement, dated as of April 5,
2001, between the Company and State Street Bank and Trust Company, N.A., or any
future rights plan (i.e., a poison pill) adopted by the Company, as the same
may be amended form time to time, is in effect, (in each case, a “Shareholders Rights Plan”). 
Upon conversion of the Notes a Holder will receive, in addition to any
Common Stock received in connection with such conversion, the Rights under the
Shareholders Rights Plan, unless prior to any conversion, the Rights have
separated from Common Stock, in which case the Applicable Conversion Rate will
be adjusted at the time of separation as if the Company distributed to all holders
of Common Stock, shares of Company Capital Stock, assets, debt securities or
certain rights to purchase securities of the Company as described in Section
10.08, subject to readjustment in the event of the expiration, termination or
redemption of such rights.  Any
distribution of Rights pursuant to the Shareholders Rights Plan that would
allow a Holder to receive upon conversion, in addition to shares of Common
Stock, the Rights described therein (unless such Rights have separated from
Common Stock) shall not constitute a distribution of Rights that would entitle
the Holder to an adjustment to the Conversion Rate.

Section 10.24.  Withholding Taxes for Adjustments in
Conversion Rate. The Company may, at its option, set-off withholding
taxes due with respect to Notes against payments of Cash and Common Stock on
the Notes.  In the case of any such
set-off against Common Stock delivered upon conversion of the Notes, such
Common Stock shall be valued based on the arithmetic average of the Volume
Weighted Average Prices for each Trading Day in the relevant Cash Settlement
Averaging Period.

ARTICLE 11

PAYMENT OF INTEREST

Section 11.01.  Interest Payments.  Interest on any Note that is
payable, and is punctually paid or duly provided for, on any applicable Interest
Payment Date shall be paid to the Person in whose name that Note is registered
at the Close of Business on the Regular Record Date for such interest at the
office or agency

 64
 

 

of the Company maintained
for such purpose. Each installment of interest payable in Cash on any Note
shall be paid in same-day funds by transfer to an account maintained by the
payee located inside the United States, if the Trustee shall have received
proper wire transfer instructions from such payee not later than the related
Regular Record Date or, if no such instructions have been received by check
drawn on a bank in the United States mailed to the payee at its address set
forth on the Registrar’s books. In the case of a Global Note, interest payable
on any applicable payment date will be paid by wire transfer of same-day funds
to the Depositary for the purpose of permitting such party to credit the
interest received by it in respect of such Global Note to the accounts of the
beneficial owners thereof.

Section 11.02.  Defaulted Interest.  Any interest on any Note that is
payable, but is not punctually paid or duly provided for, within 30 days
following any applicable payment date (herein called “Defaulted
Interest”, which term shall include any accrued and unpaid interest
that has accrued on such defaulted amount in accordance with paragraph 1 of the
Notes), shall forthwith cease to be payable to the registered Holder thereof on
the relevant Regular Record Date by virtue of having been such Holder, and such
Defaulted Interest may be paid by the Company, at its election in each case, as
provided in clause (a) or (b) below.

(a)        The Company may elect to make payment of
any Defaulted Interest to the persons in whose names the 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 notify the Trustee in writing of the amount of Defaulted Interest
proposed to be paid on each Note and the date of the proposed payment (which
shall not be less than 20 days after such notice is received by the Trustee),
and at the same time the Company shall deposit with the Trustee an amount of
money equal to the aggregate amount proposed to be paid in respect of such
Defaulted Interest or shall make arrangements satisfactory to the Trustee for
such deposit on or prior to the date of the proposed payment, such money when
deposited to be held in trust for the benefit of the persons entitled to such
Defaulted Interest as in this clause provided. Thereupon the Trustee shall fix
a special record date for the payment of such Defaulted Interest which shall be
not more than 20 days and not less than 15 days prior to the date of the
proposed payment and not less than 10 days after the receipt by the Trustee of
the notice of the proposed payment (the “Special Record Date”).
The Trustee shall promptly notify the Company of such Special Record Date and,
in the name and at the expense of the Company, shall cause notice of the
proposed payment of such Defaulted Interest and the Special Record Date
therefor to be mailed, first-class postage prepaid, to each Holder of Notes at
his address as it appears on the list of Noteholders maintained pursuant to
Section 2.05 not less than 25 days prior to such Special Record Date. Notice of
the proposed payment of such Defaulted Interest and the Special Record Date
therefor having been mailed as aforesaid,

 65
 

 

such Defaulted
Interest shall be paid to the persons in whose names the Notes are registered
at the Close of Business on such Special Record Date and shall no longer be
payable pursuant to the following clause (b).

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

Section 11.03.  Interest Rights Preserved.  Subject to the foregoing
provisions of this Article 11 and Section 2.06, each Note delivered under this
Indenture upon registration of transfer of or in exchange for or in lieu of any
other Note shall carry the rights to interest accrued and unpaid, and to
accrue, which were carried by such other Notes.

ARTICLE 12

MISCELLANEOUS

Section 12.01.  Trust Indenture Act of 1939.  This Indenture shall incorporate
and be governed by the provisions of the Trust Indenture Act that are required
to be part of and to govern indentures qualified under the Trust Indenture Act.

Section 12.02.  Noteholder Communications; Noteholder
Actions.  (a) The rights of
Holders to communicate with other Holders with respect to this Indenture or the
Notes are as provided by the Trust Indenture Act, and the Company and the
Trustee shall comply with the requirements of Trust Indenture Act Sections
312(a) and 312(b).  Neither the Company
nor the Trustee will be held accountable by reason of any disclosure of
information as to names and addresses of Holders made pursuant to the Trust
Indenture Act.

(b)        (i) Any request, demand, authorization,
direction, notice, consent to amendment, supplement or waiver or other action
provided by this Indenture to be given or taken by a Holder (an “act”) may be evidenced by an instrument
signed by the Holder delivered to the Trustee. 
The fact and date of the execution of the instrument, or the authority
of the person executing it, may be proved in any manner that the Trustee deems
sufficient.

(ii)           The Trustee may make reasonable rules
for action by or at a meeting of Holders, which will be binding on all the
Holders.

 66
 

 

(c)        Any act by the Holder of any Note binds
that Holder and every subsequent Holder of a Note that evidences the same debt
as the Note of the acting Holder, even if no notation thereof appears on the
Note.  Subject to paragraph (d), a Holder
may revoke an act as to its Notes, but only if the Trustee receives the notice
of revocation before the date the amendment or waiver or other consequence of
the act becomes effective.

(d)        The Company may, but is not obligated
to, fix a record date (which need not be within the time limits otherwise
prescribed by Trust Indenture Act Section 316(c)) for the purpose of
determining the Holders entitled to act with respect to any amendment or waiver
or in any other regard, except that during the continuance of an Event of
Default, only the Trustee may set a record date as to notices of Default, any
declaration or acceleration or any other remedies or other consequences of the
Event of Default.   If a record date is
fixed, those Persons that were Holders at such record date and only those
Persons will be entitled to act, or to revoke any previous act, whether or not
those Persons continue to be Holders after the record date.  No act will be valid or effective for more
than 90 days after the record date.

Section 12.03.  Notices. 
(a) Any notice or communication to the Company will be deemed
given if in writing (i) when delivered in person or (ii) five days after
mailing when mailed by first class mail, or (iii) when sent by facsimile
transmission, with transmission confirmed. 
Any notice to the Trustee will be effective only upon receipt.  In each case the notice or communication
should be addressed as follows:

if to the Company:

Millennium Pharmaceuticals, Inc.
40 Landsdowne Street
Cambridge, Massachusetts 02139

Attention:  General Counsel

Tel:  (617) 444-3282

Fax:  (617) 551-8820

with a copy to:

Wilmer Cutler Pickering Hale and Dorr LLP

60 State Street

Boston, Massachusetts 02109

Attention:  David E. Redlick

Tel:  (617) 526-6434

Fax:  (617) 526-5000

 67

if to
the Trustee:

U.S. Bank National Association

60 Livingston Avenue

St. Paul, Minnesota 55107-1419

Attention:  Raymond L. Haverstock

Corporate Trust Services

EP-MN-WS3C

Tel:  (651)
495-3909

Fax:  (651) 495-8097

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

(b)        Except as otherwise expressly provided
with respect to published notices, any notice or communication to a Holder will
be deemed given when mailed to the Holder at its address as it appears on the
Register by first class mail or, as to any Global Note registered in the name
of the Depository or its nominee, as agreed by the Company, the Trustee and the
Depository.  Copies of any notice or
communication to a Holder, if given by the Company, will be mailed to the
Trustee at the same time.  Any defect in
mailing a notice or communication to any particular Holder will not affect its
sufficiency with respect to other Holders.

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

Section 12.04.  Communication by Holders with Other
Holders.  Noteholders may
communicate pursuant to Section 312(b) of the Trust Indenture Act with other
Noteholders with respect to their rights under this Indenture or the Notes. The
Company, the Trustee, the Registrar, the Paying Agent, the Conversion Agent and
anyone else shall have the protection of Section 312(c) of the Trust Indenture
Act.

Section 12.05.  Certificate and Opinion as to Conditions
Precedent.  Upon any request
or application by the Company to the Trustee to take any action under this
Indenture, the Company will furnish to the Trustee:

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

 68
 

 

(2)        an Opinion of Counsel
stating that all such conditions precedent have been complied with.

Notwithstanding the foregoing, no such Opinion of
Counsel shall be required with respect to the authentication and delivery of
any Initial Notes or Additional Notes.

Section 12.06.  Statements Required in Certificate or
Opinion.  Each certificate or
opinion with respect to compliance with a condition or covenant provided for in
this Indenture must include:

(1)        a statement that each
person signing the certificate or opinion has read the covenant or condition
and the related definitions;

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

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

(4)        a statement as to
whether or not, in the opinion of each such person, such condition or covenant
has been complied with, provided
that an Opinion of Counsel may rely on an Officers’ Certificate or certificates
of public officials with respect to matters of fact.

Section 12.07.  Legal Holiday.  A “Legal
Holiday” is any day other than a Business Day. If any specified date
(including a date for giving notice) is a Legal Holiday, the action shall be
taken on the next succeeding day that is not a Legal Holiday, and, if the
action to be taken on such date is a payment in respect of the Notes, interest
shall accrue for the intervening period.

Section 12.08.  Rules by Trustee, Paying Agent, Conversion
Agent and Registrar.  The
Trustee may make reasonable rules for action by or a meeting of Noteholders.
The Registrar, Conversion Agent and the Paying Agent may make reasonable rules for
their functions.

Section 12.09.  Governing Law.  THIS INDENTURE AND EACH NOTE SHALL
BE DEEMED TO BE A CONTRACT MADE UNDER THE LAWS OF NEW YORK, AND FOR ALL
PURPOSES SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF NEW YORK (WITHOUT
REGARD TO THE CONFLICTS OF LAWS PROVISIONS THEREOF).

 69
 

 

Section 12.10.  No Adverse Interpretation of Other
Agreements.  This Indenture
may not be used to interpret another indenture or loan or debt agreement of the
Company or any Subsidiary of the Company, and no such indenture or loan or debt
agreement may be used to interpret this Indenture.

Section 12.11.  Successors. 
All agreements of the Company in this Indenture and the Notes
will bind its successors.  All agreements
of the Trustee in this Indenture will bind its successor.

Section 12.12.  Counterparts. 
The parties may sign any number of copies of this
Indenture.  Each signed copy shall be an
original, but all of them together represent the same agreement.

Section 12.13.  Severability. 
In case any provision in this Indenture or in the Notes is
invalid, illegal or unenforceable, the validity, legality and enforceability of
the remaining provisions will not in any way be affected or impaired thereby.

Section 12.14.  Table of Contents and Headings.  The Table of Contents, Cross-Reference
Table and headings of the Articles and Sections of this Indenture have been
inserted for convenience of reference only, are not to be considered a part of
this Indenture and in no way modify or restrict any of the terms and provisions
of this Indenture.

Section 12.15.  No Liability of Directors, Officers,
Employees, Incorporators, Members and Stockholders.  No director, officer, employee,
incorporator, member or stockholder of the Company, as such, will have any
liability for any obligations of the Company under the Notes or this Indenture
or for any claim based on, in respect of, or by reason of, such
obligations.  Each Holder of Notes by
accepting a Note waives and releases all such liability. The waiver and release
are part of the consideration for issuance of the Notes.

 70

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

	
  

  	
  MILLENNIUM PHARMACEUTICALS, INC.,

  as Issuer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
    /s/ Marsha H. Fanucci

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  	
  Marsha H. Fanucci

  
	
   

  	
   

  	
  Title:

  	
   

  	
  Senior Vice President and Chief

  Financial Officer

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  U.S. BANK NATIONAL ASSOCIATION,

  as Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
    /s/ Raymond S. Haverstock

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  	
  Raymond S. Haverstock

  
	
   

  	
   

  	
  Title:

  	
   

  	
  Vice President

  
						

 

 

EXHIBIT A

[FACE OF NOTE]

Millennium
Pharmaceuticals, Inc.

2.25% Convertible Senior Note due November 15, 2011

CUSIP  599902 AD 5

 

ISIN  US599902AD54

Millennium
Pharmaceuticals, Inc., a Delaware corporation (the “Company,” which term includes any successor under the
Indenture hereinafter referred to), for value received, promises to pay to Cede
& Co. or its registered assigns, the principal sum [of   ] [set forth on Schedule I hereto](1) on November 15, 2011.

Initial
Interest Rate:     2.25% per annum.

Interest
Payment Dates:  May 15 and November 15,
commencing May 15, 2007.

Regular
Record Dates:  May 1 and November 1.

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

 

(1)   This
schedule should be included only if the Note is a Global Note.

 A-1
 

 

IN
WITNESS WHEREOF, the Company has caused this Note to be signed manually or by
facsimile by its duly authorized officer.

	
  Date: November 15, 2006

  	
   

  	
  MILLENNIUM PHARMACEUTICALS, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
   

  	
  Title:

  

 

 A-2
 

 

(Form of Trustee’s
Certificate of Authentication)

This
is one of the 2.25% Convertible Senior Notes due November 15, 2011 described in
the Indenture referred to in this Note.

	
  

  	
  U.S. BANK NATIONAL ASSOCIATION,

  as Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Authorized Signatory

  

 

 A-3
 

 

[REVERSE SIDE OF
NOTE]

Millennium
Pharmaceuticals, Inc.

2.25% Convertible Senior Note due November 15, 2011

1.             Principal and Interest.

The
Company promises to pay the principal of this Note on November 15, 2011.

The
Company promises to pay interest on the principal amount of this Note on each
Interest Payment Date, as set forth on the face of this Note, at the rate of
2.25% per annum.

Interest
will be payable semiannually (to the holders of record of the Notes at the
Close of Business on the May 1 or November 1 immediately preceding the interest
payment date) on each interest payment date, commencing May 15, 2007.

Interest
on this Note will accrue from the most recent date to which interest has been
paid or provided for on this Note or the Note surrendered in exchange for this
Note or, if no interest has been paid, from November 15, 2006, through the day
before each Interest Payment Date. 
Interest will be computed in the basis of a 360-day year of twelve
30-day months.

The
Company will pay interest on overdue principal, premium, if any, and, to the
extent lawful, interest at a rate per annum that is 1% in excess of 2.25%.  Defaulted Interest shall be paid to the
Persons that are Holders on a Special Record Date, which will established as
set forth in the Indenture referred to below.

2.             Method of Payment.

Subject
to the terms and conditions of the Indenture, the Company shall pay interest on
this Note to the person who is the Holder of this Note at the Close of Business
on the Regular Record Date next preceding the related Interest Payment Date.
The Company will pay any Cash amounts in money of the United States that at the
time of payment is legal tender for payment of public and private debts.

3.             Paying Agent, Conversion
Agent and Registrar.

Initially,
the Trustee will act as Paying Agent, Conversion Agent and Registrar. The
Company may appoint and change any Paying Agent, Conversion Agent, Registrar or
co-registrar without notice, other than notice to the Trustee. The Company or
any of its Subsidiaries or any of their Affiliates may act as Paying Agent,
Conversion Agent, Registrar or co-registrar. 
The Company may maintain deposit accounts and conduct other banking
transactions with the Trustee in the normal course of business.

4.             Indenture.

 

 A-4
 

 

This
is one of the Notes issued under an Indenture dated as of November 15, 2006 (as
amended from time to time, the “Indenture”),
between the Company and U.S. Bank National Association, as Trustee.  Capitalized terms used herein are used as
defined in the Indenture unless otherwise indicated.  The terms of the Notes include those stated
in the Indenture and those made part of the Indenture by reference to the Trust
Indenture Act.  The Notes are subject to
all such terms, and Holders are referred to the Indenture and the Trust
Indenture Act for a statement of all such terms.  To the extent permitted by applicable law, in
the event of any inconsistency between the terms of this Note and the terms of
the Indenture, the terms of the Indenture will control.  The Notes are general unsecured obligations
of the Company.

5.             Repurchase at the Option of the Holders upon Change in Control.

Upon
the occurrence of a Change in Control, a Holder has the right, at such Holder’s
option, to require the Company to repurchase all of such Holder’s Notes or any
portion thereof (in principal amounts of $1,000 or integral multiples thereof)
on the Change in Control Repurchase Date at a price equal to the Change in
Control Repurchase Price.

6.             Conversion.

Subject to the provisions of the Indenture, the Holder
hereof has the right, at its option, during certain periods and upon the
occurrence of certain conditions specified in the Indenture, prior to the close
of business on the Business Day immediately preceding the Maturity Date, to
convert this Note or portion thereof that is $1,000 or an integral multiple
thereof, into Common Stock, Cash or a combination thereof, at the Company’s
election, at a Conversion Rate specified in the Indenture, as adjusted from
time to time as provided in the Indenture.

7.             Defaults and Remedies.

Subject
to certain exceptions, if an Event of Default, other than a Bankruptcy Default,
occurs and is continuing under the Indenture, the Trustee or the Holders of at
least 25% in aggregate of the outstanding principal amount of the Notes, by
written notice to the Company (and to the Trustee if the notice is given by the
Holders), may, and the Trustee at the request of such Holders shall, declare
the principal of and accrued interest on the Notes to be immediately due and
payable.  Upon a declaration of
acceleration, such principal and interest will become immediately due and
payable.  If a Bankruptcy Default occurs,
the principal of and accrued interest on the Notes then outstanding will become
immediately due and payable automatically without any declaration or other act
on the part of the Trustee or any Holder.

8.             Amendment and Waiver.

Subject
to certain exceptions set forth in the Indenture, the Indenture and the Notes
may be amended, or default may be waived, with the consent of the Holders of a
majority in principal amount of the outstanding Notes.  Without notice to or the consent of any
Holder, the Company and the Trustee may amend or supplement the Indenture or
this Note to, among other things, cure

 A-5
 

 

any ambiguity, omission, defect or inconsistency in
the Indenture or this Note that does not adversely affect the rights of any
Holder of the Notes.

9.             Registered Form; Denominations; Transfer; Exchange.

The
Notes are in registered form without coupons in denominations of $1,000
principal amount and integral multiples of $1,000.  A Holder may register the transfer or
exchange of Notes in accordance with the Indenture.  The Trustee may require a Holder to furnish
appropriate endorsements and transfer documents and to pay any taxes and fees
as set forth in the Indenture.  Pursuant
to the Indenture, there are certain periods during which the Trustee will not
be required to issue, register the transfer of or exchange any Note or certain
portions of a Note.

10.           Persons Deemed Owners.

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

11.           Unclaimed Money or Notes.

The
Trustee and each Paying Agent shall pay or deliver, as the case may be, to the
Company upon request any money, Common Stock or other consideration held by
them for the payment of the principal amount of (including the relevant Change
in Control Repurchase Price) and interest on, or the amount due in connection
with any conversion of, this Note that remains unclaimed for two years after a
right to such money, Common Stock or other consideration has matured.

12.           Trustee Dealings with the Company.

The
Trustee, in its individual or any other capacity, may become the owner or
pledgee of this Note and may otherwise deal with the Company or its Affiliates
with the same rights it would have if it were not the Trustee.  Any Agent may do the same with like
rights.  However, the Trustee is subject
to Trust Indenture Act Sections 310(b) and 311.

13.           No Recourse Against Others.

No
director, officer, employee, incorporator, member or stockholder of the
Company, as such, will have any liability for any obligations of the Company
under this Note or the Indenture or for any claim based on, in respect of, or
by reason of, such obligations.  Each
Holder of this Note by accepting this Note waives and releases all such
liability. The waiver and release are part of the consideration for issuance of
this Note.

14.           Authentication.

This
Note shall not be valid until an authorized officer of the Trustee signs
manually or by facsimile the Trustee’s Certificate of Authentication on the
other side of this Note.

 A-6
 

 

15.           Governing Law.

THE
INDENTURE AND THE NOTE SHALL BE DEEMED TO BE A CONTRACT MADE UNDER THE LAWS OF
NEW YORK, AND FOR ALL PURPOSES SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS
OF NEW YORK (WITHOUT REGARD TO THE CONFLICTS OF LAWS PROVISIONS THEREOF).

16.           Abbreviations.

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

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

 A-7
 

 

[FORM OF TRANSFER
NOTICE]

FOR
VALUE RECEIVED the undersigned registered holder hereby sell(s), assign(s) and
transfer(s) unto

	
  Insert Taxpayer Identification No.

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  Please print or
  typewrite name and address including zip code of assignee

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  the within Note
  and all rights thereunder, hereby irrevocably constituting and appointing

  	
   

  
	
   

  	
   

  

 

attorney to transfer said
Note on the books of the Company with full power of substitution in the
premises.

	
  

  	
   

  	
  Your Signature:

  
	
   

  	
   

  	
   

  
	
  Date:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (Sign exactly as your name appears on the

  other side of this Note)

  
	
   

  	
   

  	
   

  
	
  *Signature guaranteed by:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
   

  	
   

  
						

 

 

* The
signature must be guaranteed by an institution which is a member of one of the
following recognized signature guaranty programs:  (i) the Securities Transfer Agent Medallion
Program (STAMP); (ii) the New York Stock Exchange Medallion Program (MSP);
(iii) the Stock Exchange Medallion Program (SEMP); or (iv) such other guaranty
program acceptable to the Trustee.

 A-8
 

 

CONVERSION NOTICE

To
convert this Note, check the box:  o

To
convert only part of this Note, state the principal amount to be converted
(must be $1,000 principal amount or an integral multiple of $1,000 principal
amount):  $_________________.

If
you want the Cash paid to another person or the stock certificate, if any, made
out in another person’s name, fill in the form below:

	
  

  	
   

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

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

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

  	
   

  
	
   

  	
   

  
	
  and irrevocably appoint

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  agent to transfer this
  Note on the books of the Company. The agent may substitute another to act for
  him or her.

  	
   

  
	
   

  	
   

  
	
   

  	
  Your Signature:

  	
   

  
	
   

  	
   

  	
   

  
	
  Date:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  (Sign exactly as your
  name appears on the

  other side of this Note)

  	
   

  
	
   

  	
   

  	
   

  
	
  *Signature guaranteed
  by:

  	
   

  
	
   

  	
   

  
	
  By: 

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
					

 

* The signature must be
guaranteed by an institution which is a member of one of the following
recognized signature guaranty programs: 
(i) the Securities Transfer Agent Medallion Program (STAMP); (ii) the
New York Stock Exchange Medallion Program (MSP); (iii) the Stock Exchange Medallion
Program (SEMP); or (iv) such other guaranty program acceptable to the Trustee.

 A-9
 

 

 

Schedule I*

 

No. [   ]

The initial
principal amount of this Global Note is $250,000,000.

	
  Date

  	
   

  	
  Principal Amount of this

  Global Note

  	
   

  	
  Notation Explaining

  Change in Principal

  Amount

  	
   

  	
  Authorized Signature of

  Trustee

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

* This
schedule should be included only if the Note is a Global Note.

 A-10

 

EXHIBIT B

DTC LEGEND

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

TRANSFERS OF THIS
GLOBAL NOTE ARE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF
CEDE & CO. OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND
TRANSFERS OF PORTIONS OF THIS GLOBAL NOTE ARE LIMITED TO TRANSFERS MADE IN
ACCORDANCE WITH THE TRANSFER PROVISIONS OF THE INDENTURE.

 B-1

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