Document:

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EXHIBIT 4.5

FORM OF INDENTURE TO BE ENTERED INTO BETWEEN THE COMPANY AND A

TRUSTEE TO BE NAMED

 

 

SOMAXON PHARMACEUTICALS, INC.

 

INDENTURE

Dated as of ___, 200_

 

[Name of Trustee]

Trustee

 

 

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page	 
	 
	ARTICLE I. DEFINITIONS AND INCORPORATION BY REFERENCE 
	 	 	2	 
	Section 1.1. Definitions
	 	 	2	 
	Section 1.2. Other Definitions
	 	 	6	 
	Section 1.3. Incorporation by Reference of Trust Indenture Act
	 	 	6	 
	Section 1.4. Rules of Construction
	 	 	7	 
	ARTICLE II. THE SECURITIES 
	 	 	7	 
	Section 2.1. Issuable in Series
	 	 	7	 
	Section 2.2. Establishment of Terms of Series of Securities
	 	 	7	 
	Section 2.3. Execution and Authentication
	 	 	10	 
	Section 2.4. Registrar and Paying Agent
	 	 	11	 
	Section 2.5. Paying Agent to Hold Money in Trust
	 	 	11	 
	Section 2.6. Securityholder Lists
	 	 	12	 
	Section 2.7. Transfer and Exchange
	 	 	12	 
	Section 2.8. Mutilated, Destroyed, Lost and Stolen Securities
	 	 	12	 
	Section 2.9. Outstanding Securities
	 	 	13	 
	Section 2.10. Treasury Securities
	 	 	14	 
	Section 2.11. Temporary Securities
	 	 	14	 
	Section 2.12. Cancellation
	 	 	14	 
	Section 2.13. Defaulted Interest
	 	 	14	 
	Section 2.14. Global Securities
	 	 	14	 
	Section 2.15. CUSIP Numbers
	 	 	16	 
	ARTICLE III. REDEMPTION 
	 	 	16	 
	Section 3.1. Notice to Trustee
	 	 	16	 
	Section 3.2. Selection of Securities to be Redeemed
	 	 	16	 
	Section 3.3. Notice of Redemption
	 	 	16	 
	Section 3.4. Effect of Notice of Redemption
	 	 	17	 
	Section 3.5. Deposit of Redemption Price
	 	 	17	 
	Section 3.6. Securities Redeemed in Part
	 	 	17	 
	ARTICLE IV. COVENANTS 
	 	 	18	 
	Section 4.1. Payment of Principal and Interest
	 	 	18	 
	Section 4.2. SEC Reports
	 	 	18	 
	Section 4.3. Compliance Certificate
	 	 	18	 
	Section 4.4. Stay, Extension and Usury Laws
	 	 	18	 
	Section 4.5. Corporate Existence
	 	 	19	 
	Section 4.6. Taxes
	 	 	19	 
	ARTICLE V. SUCCESSORS 
	 	 	19	 
	Section 5.1. When Company May Merge, Etc.
	 	 	19	 
	Section 5.2. Successor Corporation Substituted
	 	 	19	 
	ARTICLE VI. DEFAULTS AND REMEDIES 
	 	 	20	 
	Section 6.1. Events of Default
	 	 	20	 
	Section 6.2. Acceleration of Maturity; Rescission and Annulment
	 	 	21	 
	Section 6.3. Collection of Indebtedness and Suits for Enforcement by Trustee
	 	 	22	 
	Section 6.4. Trustee May File Proofs of Claim
	 	 	23	 

i

 

	 	 	 	 	 
	 	 	Page	 
	 
	Section 6.5. Trustee May Enforce Claims Without Possession of Securities
	 	 	23	 
	Section 6.6. Application of Money Collected
	 	 	24	 
	Section 6.7. Limitation on Suits
	 	 	24	 
	Section 6.8. Unconditional Right of Holders to Receive Principal and Interest
	 	 	25	 
	Section 6.9. Restoration of Rights and Remedies
	 	 	25	 
	Section 6.10. Rights and Remedies Cumulative
	 	 	25	 
	Section 6.11. Delay or Omission Not Waiver
	 	 	25	 
	Section 6.12. Control by Holders
	 	 	25	 
	Section 6.13. Waiver of Past Defaults
	 	 	26	 
	Section 6.14. Undertaking for Costs
	 	 	26	 
	ARTICLE VII. TRUSTEE 
	 	 	26	 
	Section 7.1. Duties of Trustee
	 	 	26	 
	Section 7.2. Rights of Trustee
	 	 	28	 
	Section 7.3. Individual Rights of Trustee
	 	 	28	 
	Section 7.4. Trustee’s Disclaimer
	 	 	28	 
	Section 7.5. Notice of Defaults
	 	 	29	 
	Section 7.6. Reports by Trustee to Holders
	 	 	29	 
	Section 7.7. Compensation and Indemnity
	 	 	29	 
	Section 7.8. Replacement of Trustee
	 	 	30	 
	Section 7.9. Successor Trustee by Merger, Etc.
	 	 	31	 
	Section 7.10. Eligibility; Disqualification
	 	 	31	 
	Section 7.11. Preferential Collection of Claims Against Company
	 	 	31	 
	ARTICLE VIII. SATISFACTION AND DISCHARGE; DEFEASANCE 
	 	 	31	 
	Section 8.1. Satisfaction and Discharge of Indenture
	 	 	31	 
	Section 8.2. Application of Trust Funds; Indemnification
	 	 	32	 
	Section 8.3. Legal Defeasance of Securities of any Series
	 	 	33	 
	Section 8.4. Covenant Defeasance
	 	 	35	 
	Section 8.5. Repayment to Company
	 	 	36	 
	Section 8.6. Reinstatement
	 	 	36	 
	ARTICLE IX. AMENDMENTS AND WAIVERS 
	 	 	36	 
	Section 9.1. Without Consent of Holders
	 	 	36	 
	Section 9.2. With Consent of Holders
	 	 	37	 
	Section 9.3. Limitations
	 	 	37	 
	Section 9.4. Compliance with Trust Indenture Act
	 	 	38	 
	Section 9.5. Revocation and Effect of Consents
	 	 	38	 
	Section 9.6. Notation on or Exchange of Securities
	 	 	39	 
	Section 9.7. Trustee Protected
	 	 	39	 
	ARTICLE X. MISCELLANEOUS 
	 	 	39	 
	Section 10.1. Trust Indenture Act Controls
	 	 	39	 
	Section 10.2. Notices
	 	 	39	 
	Section 10.3. Communication by Holders with Other Holders
	 	 	40	 
	Section 10.4. Certificate and Opinion as to Conditions Precedent
	 	 	40	 
	Section 10.5. Statements Required in Certificate or Opinion
	 	 	40	 
	Section 10.6. Rules by Trustee and Agents
	 	 	41	 
	Section 10.7. Legal Holidays
	 	 	41	 
	Section 10.8. No Recourse Against Others
	 	 	41	 

ii

 

	 	 	 	 	 
	 	 	Page	 
	 
	Section 10.9. Counterparts
	 	 	41	 
	Section 10.10. Governing Laws
	 	 	41	 
	Section 10.11. No Adverse Interpretation of Other Agreements
	 	 	41	 
	Section 10.12. Successors
	 	 	42	 
	Section 10.13. Severability
	 	 	42	 
	Section 10.14. Table of Contents, Headings, Etc
	 	 	42	 
	Section 10.15. Securities in a Foreign Currency or in ECU
	 	 	42	 
	Section 10.16. Judgment Currency
	 	 	43	 
	ARTICLE XI. SINKING FUNDS 
	 	 	43	 
	Section 11.1. Applicability of Article
	 	 	43	 
	Section 11.2. Satisfaction of Sinking Fund Payments with Securities
	 	 	43	 
	Section 11.3. Redemption of Securities for Sinking Fund
	 	 	44	 

iii

 

SOMAXON PHARMACEUTICALS, INC.

Reconciliation and tie between Trust Indenture Act of 1939 and

Indenture, dated as of ___, 200_

	 	 	 
	Section 310(a)(1)
	 	7.10
	(a)(2)
	 	7.10
	(a)(3)
	 	Not Applicable
	(a)(4)
	 	Not Applicable
	(a)(5)
	 	7.10
	(b)
	 	7.10
	Section 311(a)
	 	7.11
	(b)
	 	7.11
	(c)
	 	Not Applicable
	Section 312(a)
	 	2.6
	(b)
	 	10.3
	(c)
	 	10.3
	Section 313(a)
	 	7.6
	(b)(1)
	 	7.6
	(b)(2)
	 	7.6
	(c)(1)
	 	7.6
	(d)
	 	7.6
	Section 314(a)
	 	4.2, 10.5
	(b)
	 	Not Applicable
	(c)(1)
	 	10.4
	(c)(2)
	 	10.4
	(c)(3)
	 	Not Applicable
	(d)
	 	Not Applicable
	(e)
	 	10.5
	(f)
	 	Not Applicable
	Section 315(a)
	 	7.1
	(b)
	 	7.5
	(c)
	 	7.1
	(d)
	 	7.1
	(e)
	 	6.14
	Section 316(a)
	 	2.10
	(a)(1)(A)
	 	6.12
	(a)(1)(B)
	 	6.13
	(b)
	 	6.8
	Section 317(a)(1)
	 	6.3
	(a)(2)
	 	6.4
	(b)
	 	2.5
	Section 318(a)
	 	10.1

 

			
	Note: This reconciliation and tie
shall not, for any purpose, be
deemed to be part of the Indenture.

 

 

          Indenture dated as of ___, 200___between Somaxon Pharmaceuticals, Inc., a Delaware
corporation (“Company”), and [Name of Trustee], a
______ (“Trustee”).

          Each party agrees as follows for the benefit of the other party and for the equal and ratable
benefit of the Holders of the Securities issued under this Indenture.

ARTICLE I.

DEFINITIONS AND INCORPORATION BY REFERENCE

     Section 1.1.  Definitions.

          “Additional Amounts” means any additional amounts that are required hereby or by any Security,
under circumstances specified herein or therein, to be paid by the Company in respect of certain
taxes imposed on Holders specified therein and that are owing to such Holders.

          “Affiliate” of any specified person means any other person directly or indirectly controlling
or controlled by or under direct or indirect common control with such specified person. For the
purposes of this definition, “control” (including, with correlative meanings, the terms “controlled
by” and “under common control with”), as used with respect to any person, shall mean the
possession, directly or indirectly, of the power to direct or cause the direction of the management
or policies of such person, whether through the ownership of voting securities or by agreement or
otherwise.

          “Agent” means any Registrar, Paying Agent, Service Agent or authenticating agent.

          “Authorized Newspaper” means a newspaper in an official language of the country of publication
customarily published at least once a day for at least five days in each calendar week and of
general circulation in the place in connection with which the term is used. If it shall be
impractical to make any publication of any notice required hereby in an Authorized Newspaper, any
publication or other notice in lieu thereof that is made or given by the Trustee shall constitute a
sufficient publication of such notice.

          “Bearer” means anyone in possession from time to time of a Bearer Security.

          “Bearer Security” means any Security, including any interest coupon appertaining thereto, that
does not provide for the identification of the Holder thereof.

          “Board of Directors” means the Board of Directors of the Company or any duly authorized
committee thereof.

          “Board Resolution” means a copy of a resolution certified by the Secretary or an Assistant
Secretary of the Company to have been adopted by the Board of Directors or pursuant to
authorization by the Board of Directors and to be in full force and effect on the date of the
certificate and delivered to the Trustee.

2

 

          “Business Day” means, unless otherwise provided by Board Resolution, Officers’ Certificate or
supplemental indenture hereto for a particular Series, any day except a Saturday, Sunday or a legal
holiday in The City of New York, New York or The City of San Francisco, California on which banking
institutions are authorized or required by law, regulation or executive order to close.

          “Company” means the party named as such above until a successor replaces it and thereafter
means the successor.

          “Company Order” means a written order signed in the name of the Company by two Officers, one
of whom must be the Company’s chief executive officer, chief financial officer or principal
accounting officer.

          “Company Request” means a written request signed in the name of the Company by its Chairman of
the Board, a President or a Vice President, and by its Treasurer, an Assistant Treasurer, its
Secretary or an Assistant Secretary, and delivered to the Trustee.

          “Corporate Trust Office” means the office of the Trustee at which at any particular time its
corporate trust business shall be principally administered.

          “Debt” of any person as of any date means, without duplication, all indebtedness of such
person in respect of borrowed money, including all interest, fees and expenses owed in respect
thereto (whether or not the recourse of the lender is to the whole of the assets of such person or
only to a portion thereof), or evidenced by bonds, notes, debentures or similar instruments.

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

          “Depository” means, with respect to the Securities of any Series issuable or issued in whole
or in part in the form of one or more Global Securities, the person designated as Depository for
such Series by the Company, which Depository shall be a clearing agency registered under the
Exchange Act; and if at any time there is more than one such person, “Depository” as used with
respect to the Securities of any Series shall mean the Depository with respect to the Securities of
such Series.

          “Discount Security” means any Security that provides for an amount less than the stated
principal amount thereof to be due and payable upon declaration of acceleration of the maturity
thereof pursuant to Section 6.2.

          “Dollars” means the currency of The United States of America.

          “ECU” means the European Currency Unit as determined by the Commission of the European Union.

          “Exchange Act” means the Securities Exchange Act of 1934, as amended.

3

 

          “Foreign Currency” means any currency or currency unit issued by a government other than the
government of The United States of America.

          “Foreign Government Obligations” means with respect to Securities of any Series that are
denominated in a Foreign Currency, (i) direct obligations of the government that issued or caused
to be issued such currency for the payment of which obligations its full faith and credit is
pledged or (ii) obligations of a person controlled or supervised by or acting as an agency or
instrumentality of such government the timely payment of which is unconditionally guaranteed as a
full faith and credit obligation by such government, which, in either case under clauses (i) or
(ii), are not callable or redeemable at the option of the issuer thereof.

          “Global Security” or “Global Securities” means a Security or Securities, as the case may be,
in the form established pursuant to Section 2.2 evidencing all or part of a Series of Securities,
issued to the Depository for such Series or its nominee, and registered in the name of such
Depository or nominee.

          “Holder” or “Securityholder” means a person in whose name a Security is registered or the
holder of a Bearer Security.

          “Indenture” means this Indenture as amended from time to time and shall include the form and
terms of particular Series of Securities established as contemplated hereunder.

          “interest” with respect to any Discount Security which by its terms bears interest only after
Maturity, means interest payable after Maturity.

          “Maturity,” when used with respect to any Security or installment of principal thereof, means
the date on which the principal of such Security or such installment of principal becomes due and
payable as therein or herein provided, whether at the Stated Maturity or by declaration of
acceleration, call for redemption, notice of option to elect repayment or otherwise.

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

          “Officers’ Certificate” means a certificate signed by two Officers, one of whom must be the
Company’s principal executive officer, principal financial officer or principal accounting officer.

          “Opinion of Counsel” means a written opinion of legal counsel who is acceptable to the
Trustee. The counsel may be an employee of or counsel to the Company.

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

          “principal” of a Security means the principal of the Security plus, when appropriate, the
premium, if any, on, and any Additional Amounts in respect of, the Security.

4

 

          “Responsible Officer” means any officer of the Trustee with direct responsibility for the
administration of the indenture and also means, with respect to a particular corporate trust
matter, any other officer to whom any corporate trust matter is referred because of his or her
knowledge of and familiarity with a particular subject.

          “SEC” means the Securities and Exchange Commission.

          “Securities” means the debentures, notes or other debt instruments of the Company of any
Series authenticated and delivered under this Indenture.

          “Series” or “Series of Securities” means each series of debentures, notes or other debt
instruments of the Company created pursuant to Sections 2.1 and 2.2 hereof.

          “Significant Subsidiary” means (i) any direct or indirect Subsidiary of the Company that would
be a “significant subsidiary” as defined in Article 1, Rule 1-02 of Regulation S-X, promulgated
pursuant to the Securities Act of 1933, as amended, as such regulation is in effect on the date
hereof, or (ii) any group of direct or indirect Subsidiaries of the Company that, taken together as
a group, would be a “significant subsidiary” as defined in Article 1, Rule 1-02 of Regulation S-X,
promulgated pursuant to the Securities Act of 1933, as amended, as such regulation is in effect on
the date hereof.

          “Stated Maturity” when used with respect to any Security or any installment of principal
thereof or interest thereon, means the date specified in such Security as the fixed date on which
the principal of such Security or such installment of principal or interest is due and payable.

          “Subsidiary” of any specified person means any corporation of which at least a majority of the
outstanding stock having by the terms thereof ordinary voting power for the election of directors
of such corporation (irrespective of whether or not at the time stock of any other class or classes
of such corporation shall have or might have voting power by reason of the happening of any
contingency) is at the time directly or indirectly owned by such person, or by one or more other
Subsidiaries, or by such person and one or more other Subsidiaries.

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

          “Trustee” means the person named as the “Trustee” in the first paragraph of this instrument
until a successor Trustee shall have become such pursuant to the applicable provisions of this
Indenture, and thereafter “Trustee” shall mean or include each person who is then a Trustee
hereunder, and if at any time there is more than one such person, “Trustee” as used with respect to
the Securities of any Series shall mean the Trustee with respect to Securities of that Series.

          “U.S. Government Obligations” means securities that are (i) direct obligations of The United
States of America for the payment of which its full faith and credit is pledged or (ii) obligations
of a person controlled or supervised by and acting as an agency or instrumentality of

5

 

The United States of America the payment of which is unconditionally guaranteed as a full
faith and credit obligation by The United States of America, and which in the case of (i) and (ii)
are not callable or redeemable at the option of the issuer thereof, and shall also include a
depository receipt issued by a bank or trust company as custodian with respect to any such U.S.
Government Obligation or a specific payment of interest on or principal of any such U.S. Government
Obligation held by such custodian for the account of the holder of a depository receipt, provided
that (except as required by law) such custodian is not authorized to make any deduction from the
amount payable to the holder of such depository receipt from any amount received by the custodian
in respect of the U.S. Government Obligation evidenced by such depository receipt.

     Section 1.2.  Other Definitions.

	 	 	 	 	 
	 	 	DEFINED IN	 
	
TERM
	 	SECTION	 
	 
	“Bankruptcy Law”
	 	 	6.1	 
	“Custodian”
	 	 	6.1	 
	“Event of Default”
	 	 	6.1	 
	“Journal”
	 	 	10.15	 
	“Judgment Currency”
	 	 	10.16	 
	“Legal Holiday”
	 	 	10.7	 
	“mandatory sinking fund payment”
	 	 	11.1	 
	“Market Exchange Rate”
	 	 	10.15	 
	“New York Banking Day”
	 	 	10.16	 
	“optional sinking fund payment”
	 	 	11.1	 
	“Paying Agent”
	 	 	2.4	 
	“Registrar”
	 	 	2.4	 
	“Required Currency”
	 	 	10.16	 
	“Service Agent”
	 	 	2.4	 
	“successor person”
	 	 	5.1	 

     Section 1.3.  Incorporation by Reference of Trust Indenture Act.

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

          “Commission” means the SEC.

          “indenture securities” means the Securities.

          “indenture security holder” means a Securityholder.

          “indenture to be qualified” means this Indenture.

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

6

 

          “obligor” on the indenture securities means the Company and any successor
obligor upon the Securities.

          All other terms used in this Indenture that are defined by the TIA, defined by TIA reference
to another statute or defined by SEC rule under the TIA and not otherwise defined herein are used
herein as so defined.

     Section 1.4.  Rules of Construction.

          Unless the context otherwise requires:

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

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

     (c)    references to “generally accepted accounting principles” shall mean generally
accepted accounting principles in effect as of the time when and for the period as to which
such accounting principles are to be applied;

     (d)    “or” is not exclusive;

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

     (f)    provisions apply to successive events and transactions.

ARTICLE II.

THE SECURITIES

     Section 2.1.  Issuable in Series.

          The aggregate principal amount of Securities that may be authenticated and delivered under
this Indenture is unlimited. The Securities may be issued in one or more Series. All Securities of
a Series shall be identical except as may be set forth in a Board Resolution, a supplemental
indenture or an Officers’ Certificate detailing the adoption of the terms thereof pursuant to the
authority granted under a Board Resolution. In the case of Securities of a Series to be issued from
time to time, the Board Resolution, Officers’ Certificate or supplemental indenture may provide for
the method by which specified terms (such as interest rate, maturity date, record date or date from
which interest shall accrue) are to be determined. Securities may differ between Series in respect
of any matters, provided that all Series of Securities shall be equally and ratably entitled to the
benefits of the Indenture.

     Section 2.2.  Establishment of Terms of Series of Securities.

          At or prior to the issuance of any Securities within a Series, the following shall be
established (as to the Series generally, in the case of Subsection 2.2.1 and either as to such
Securities within the Series or as to the Series generally in the
case of Subsections 2.2.2 through 2.2.22) by a Board Resolution, a supplemental indenture or an Officers’ Certificate pursuant
to authority granted under a Board Resolution:

7

 

          2.2.1.     the title of the Series (which shall distinguish the Securities of that particular
Series from the Securities of any other Series);

          2.2.2.     the price or prices (expressed as a percentage of the principal amount thereof) at
which the Securities of the Series will be issued;

          2.2.3.     any limit upon the aggregate principal amount of the Securities of the Series which
may be authenticated and delivered under this Indenture (except for Securities authenticated and
delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities of
the Series pursuant to Section 2.7, 2.8, 2.11, 3.6 or 9.6);

          2.2.4.     the date or dates on which the principal of the Securities of the Series is
payable;

          2.2.5.     the rate or rates (which may be fixed or variable) per annum or, if applicable, the
method used to determine such rate or rates (including, but not limited to, any commodity,
commodity index, stock exchange index or financial index) at which the Securities of the Series
shall bear interest, if any, the date or dates from which such interest, if any, shall accrue, the
date or dates on which such interest, if any, shall commence and be payable and any regular record
date for the interest payable on any interest payment date;

          2.2.6.     the place or places where the principal of and interest, if any, on the Securities
of the Series shall be payable, or the method of such payment, if by wire transfer, mail or other
means;

          2.2.7.     if applicable, the period or periods within which, the price or prices at which and
the terms and conditions upon which the Securities of the Series may be redeemed, in whole or in
part, at the option of the Company;

          2.2.8.     the obligation, if any, of the Company to redeem or purchase the Securities of the
Series pursuant to any sinking fund or analogous provisions or at the option of a Holder thereof
and the period or periods within which, the price or prices at which and the terms and conditions
upon which Securities of the Series shall be redeemed or purchased, in whole or in part, pursuant
to such obligation;

          2.2.9.     the dates, if any, on which and the price or prices at which the Securities of the
Series will be repurchased by the Company at the option of the Holders thereof and other detailed
terms and provisions of such repurchase obligations;

          2.2.10.     if other than denominations of $2,000 and any integral multiple thereof, the
denominations in which the Securities of the Series shall be issuable;

          2.2.11.     the forms of the Securities of the Series in bearer or fully registered form (and,
if in fully registered form, whether the Securities will be issuable as Global Securities);

8

 

          2.2.12.     if other than the principal amount thereof, the portion of the principal amount of
the Securities of the Series that shall be payable upon declaration of acceleration of the maturity
thereof pursuant to Section 6.2;

          2.2.13.     the currency of denomination of the Securities of the Series, which may be Dollars
or any Foreign Currency, including, but not limited to, the ECU, and if such currency of
denomination is a composite currency other than the ECU, the agency or organization, if any,
responsible for overseeing such composite currency;

          2.2.14.     the designation of the currency, currencies or currency units in which payment of
the principal of and interest, if any, on the Securities of the Series will be made;

          2.2.15.     if payments of principal of or interest, if any, on the Securities of the Series
are to be made in one or more currencies or currency units other than that or those in which such
Securities are denominated, the manner in which the exchange rate with respect to such payments
will be determined;

          2.2.16.     the manner in which the amounts of payment of principal of or interest, if any, on
the Securities of the Series will be determined, if such amounts may be determined by reference to
an index based on a currency or currencies or by reference to a commodity, commodity index, stock
exchange index or financial index;

          2.2.17.     the provisions, if any, relating to any security provided for the Securities of
the Series;

          2.2.18.     if the holders of Securities of the Series may convert or exchange the Securities
into or for securities of the Issuer or of other entities or other property, the period or periods
within which, the rate or rates at which and the terms and conditions upon which Securities of the
Series may be converted or exchanged, in whole or in part;

          2.2.19.     any addition to or change in the Events of Default which applies to any Securities
of the Series and any change in the right of the Trustee or the requisite Holders of such
Securities to declare the principal amount thereof due and payable pursuant to Section 6.2;

          2.2.20.     any addition to or change in the covenants set forth in Articles IV or V which
applies to Securities of the Series;

          2.2.21.     any other terms of the Securities of the Series (which terms shall not be
inconsistent with the provisions of this Indenture, except as permitted by Section 9.1, but which
may modify or delete any provision of this Indenture insofar as it applies to such Series); and

          2.2.22.     any depositories, interest rate calculation agents, exchange rate calculation
agents or other agents with respect to Securities of such Series if other than those appointed
herein.

          All Securities of any one Series need not be issued at the same time and may be issued from
time to time, consistent with the terms of this Indenture, if so provided by or

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pursuant to the Board Resolution, supplemental indenture or Officers’ Certificate referred to
above, and the authorized principal amount of any Series may not be increased to provide for
issuances of additional Securities of such Series, unless otherwise provided in such Board
Resolution, supplemental indenture or Officers’ Certificate.

     Section 2.3.  Execution and Authentication.

          Two Officers shall sign the Securities for the Company by manual or facsimile signature.

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

          A Security shall not be valid until authenticated by the manual signature of the Trustee or an
authenticating agent. The signature shall be conclusive evidence that the Security has been
authenticated under this Indenture.

          The Trustee shall at any time, and from time to time, authenticate Securities for original
issue in the principal amount provided in the Board Resolution, supplemental indenture hereto or
Officers’ Certificate, upon receipt by the Trustee of a Company Order. Such Company Order may
authorize authentication and delivery pursuant to oral or electronic instructions from the Company
or its duly authorized agent or agents, which oral instructions shall be promptly confirmed in
writing. Each Security shall be dated the date of its authentication unless otherwise provided by
a Board Resolution, a supplemental indenture hereto or an Officers’ Certificate.

          The aggregate principal amount of Securities of any Series outstanding at any time may not
exceed any limit upon the maximum principal amount for such Series set forth in the Board
Resolution, supplemental indenture hereto or Officers’ Certificate delivered pursuant to Section
2.2, except as provided in Section 2.8.

          Prior to the issuance of Securities of any Series, the Trustee shall have received and
(subject to Section 7.2) shall be fully protected in relying on: (a) the Board Resolution,
supplemental indenture hereto or Officers’ Certificate establishing the form of the Securities of
that Series or of Securities within that Series and the terms of the Securities of that Series or
of Securities within that Series, (b) an Officers’ Certificate complying with Section 10.4, and (c)
an Opinion of Counsel complying with Section 10.4.

          The Trustee shall have the right to decline to authenticate and deliver any Securities of such
Series: (a) if the Trustee, being advised by counsel, determines that such action may not lawfully
be taken; or (b) if the Trustee in good faith by its board of directors or trustees, executive
committee or a trust committee of directors and/or vice-presidents shall determine that such action
would expose the Trustee to personal liability to Holders of any then outstanding Series of
Securities.

          The Trustee may appoint an authenticating agent acceptable to the Company to authenticate
Securities. An authenticating agent may authenticate Securities whenever the Trustee may do so.
Each reference in this Indenture to authentication by the Trustee
includes authentication by such agent. An authenticating agent has the same rights as an Agent to deal
with the Company or an Affiliate.

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     Section 2.4.  Registrar and Paying Agent.

          The Company shall maintain, with respect to each Series of Securities, at the place or places
specified with respect to such Series pursuant to Section 2.2, an office or agency where Securities
of such Series may be presented or surrendered for payment (“Paying Agent”), where Securities of
such Series may be surrendered for registration of transfer or exchange (“Registrar”) and where
notices and demands to or upon the Company in respect of the Securities of such Series and this
Indenture may be served (“Service Agent”). The Registrar shall keep a register with respect to
each Series of Securities and to their transfer and exchange. The Company will give prompt written
notice to the Trustee of the name and address, and any change in the name or address, of each
Registrar, Paying Agent or Service Agent. If at any time the Company shall fail to maintain any
such required Registrar, Paying Agent or Service Agent or shall fail to furnish the Trustee with
the name and address thereof, such presentations, surrenders, notices and demands may be made or
served at the Corporate Trust Office of the Trustee, and the Company hereby appoints the Trustee as
its agent to receive all such presentations, surrenders, notices and demands.

          The Company may also from time to time designate one or more co-registrars, additional paying
agents or additional service agents and may from time to time rescind such designations;
provided, however, that no such designation or rescission shall in any manner
relieve the Company of its obligations to maintain a Registrar, Paying Agent and Service Agent in
each place so specified pursuant to Section 2.2 for Securities of any Series for such purposes.
The Company will give prompt written notice to the Trustee of any such designation or rescission
and of any change in the name or address of any such co-registrar, additional paying agent or
additional service agent. The term “Registrar” includes any co-registrar; the term “Paying Agent”
includes any additional paying agent; and the term “Service Agent” includes any additional service
agent.

          The Company hereby appoints the Trustee the initial Registrar, Paying Agent and Service Agent
for each Series unless another Registrar, Paying Agent or Service Agent, as the case may be, is
appointed prior to the time Securities of that Series are first issued.

     Section 2.5.  Paying Agent to Hold Money in Trust.

          The Company shall require each Paying Agent other than the Trustee to agree in writing that
the Paying Agent will hold in trust, for the benefit of Securityholders of any Series of
Securities, or the Trustee, all money held by the Paying Agent for the payment of principal of or
interest on the Series of Securities, and will notify the Trustee of any default by the Company in
making any such payment. While any such default continues, the Trustee may require a Paying Agent
to pay all money held by it to the Trustee. The Company at any time may require a Paying Agent to
pay all money held by it to the Trustee. Upon payment over to the Trustee, the Paying Agent (if
other than the Company or a Subsidiary) shall have no further liability for the money. If the
Company or a Subsidiary acts as Paying Agent, it shall segregate and
hold in a separate trust fund for the benefit of Securityholders of any Series of Securities all money
held by it as Paying Agent.

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     Section 2.6.  Securityholder Lists.

          The Trustee shall preserve in as current a form as is reasonably practicable the most recent
list available to it of the names and addresses of Securityholders of each Series of Securities and
shall otherwise comply with TIA Section 312(a). If the Trustee is not the Registrar, the Company
shall furnish to the Trustee at least ten days before each 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 Securityholders of each Series of Securities.

     Section 2.7.  Transfer and Exchange.

          Where Securities of a Series are presented to the Registrar or a co-registrar with a request
to register a transfer or to exchange them for an equal principal amount of Securities of the same
Series, the Registrar shall register the transfer or make the exchange if its requirements for such
transactions are met. To permit registrations of transfers and exchanges, the Trustee shall
authenticate Securities at the Registrar’s request. No service charge shall be made for any
registration of transfer or exchange (except as otherwise expressly permitted herein), but the
Company may require payment of a sum sufficient to cover any transfer tax or similar governmental
charge payable in connection therewith (other than any such transfer tax or similar governmental
charge payable upon exchanges pursuant to Sections 2.11, 3.6 or 9.6).

          Neither the Company nor the Registrar shall be required (a) to issue, register the transfer
of, or exchange Securities of any Series for the period beginning at the opening of business
fifteen days immediately preceding the mailing of a notice of redemption of Securities of that
Series selected for redemption and ending at the close of business on the day of such mailing, or
(b) to register the transfer of or exchange Securities of any Series selected, called or being
called for redemption as a whole or the portion being redeemed of any such Securities selected,
called or being called for redemption in part.

     Section 2.8.  Mutilated, Destroyed, Lost and Stolen Securities.

          If any mutilated Security is surrendered to the Trustee, the Company shall execute and the
Trustee shall authenticate and deliver in exchange therefor a new Security of the same Series and
of like tenor and principal amount and bearing a number not contemporaneously outstanding.

          If there shall be delivered to the Company and the Trustee (i) evidence to their satisfaction
of the destruction, loss or theft of any Security and (ii) such security or indemnity as may be
required by them to save each of them and any agent of either of them harmless, then, in the
absence of notice to the Company or the Trustee that such Security has been acquired by a bona fide
purchaser, the Company shall execute and upon its request the Trustee shall authenticate and make
available for delivery, in lieu of any such destroyed, lost or stolen Security, a new Security of
the same Series and of like tenor and principal amount and bearing a number not contemporaneously
outstanding.

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

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

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

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

     Section 2.9.  Outstanding Securities.

          The Securities outstanding at any time are all the Securities authenticated by the Trustee
except for those canceled by it, those delivered to it for cancellation, those reductions in the
interest on a Global Security effected by the Trustee in accordance with the provisions hereof and
those described in this Section as not outstanding.

          If a Security is replaced pursuant to Section 2.8, it ceases to be outstanding until the
Trustee receives proof satisfactory to it that the replaced Security is held by a bona fide
purchaser.

          If the Paying Agent (other than the Company, a Subsidiary or an Affiliate of any thereof)
holds on the Maturity of Securities of a Series money sufficient to pay such Securities payable on
that date, then on and after that date such Securities of the Series cease to be outstanding and
interest on them ceases to accrue.

          A Security does not cease to be outstanding because the Company or an Affiliate holds the
Security.

          In determining whether the Holders of the requisite principal amount of outstanding Securities
have given any request, demand, authorization, direction, notice, consent or waiver hereunder, the
principal amount of a Discount Security that shall be deemed to be outstanding for such purposes
shall be the amount of the principal thereof that would be due and payable as of the date of such
determination upon a declaration of acceleration of the Maturity thereof pursuant to Section 6.2.

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     Section 2.10.  Treasury Securities.

          In determining whether the Holders of the required principal amount of Securities of a Series
have concurred in any request, demand, authorization, direction, notice, consent or waiver
Securities of a Series owned by the Company or an Affiliate shall be disregarded, except that for
the purposes of determining whether the Trustee shall be protected in relying on any such request,
demand, authorization, direction, notice, consent or waiver only Securities of a Series that the
Trustee knows are so owned shall be so disregarded.

     Section 2.11.  Temporary Securities.

          Until definitive Securities are ready for delivery, the Company may prepare and the Trustee
shall authenticate temporary Securities upon a Company Order. Temporary Securities shall be
substantially in the form of definitive Securities but may have variations that the Company
considers appropriate for temporary Securities. Without unreasonable delay, the Company shall
prepare and the Trustee upon request shall authenticate definitive Securities of the same Series
and date of maturity in exchange for temporary Securities. Until so exchanged, temporary
Securities shall have the same rights under this Indenture as the definitive Securities.

     Section 2.12.  Cancellation.

          The Company at any time may deliver Securities to the Trustee for cancellation. The Registrar
and the Paying Agent shall forward to the Trustee any Securities surrendered to them for
registration of transfer, exchange or payment. The Trustee shall cancel all Securities surrendered
for transfer, exchange, payment, replacement or cancellation and shall destroy such canceled
Securities (subject to the record retention requirement of the Exchange Act) and deliver a
certificate of such destruction to the Company, unless the Company otherwise directs. The Company
may not issue new Securities to replace Securities that it has paid or delivered to the Trustee for
cancellation.

     Section 2.13.  Defaulted Interest.

          If the Company defaults in a payment of interest on a Series of Securities, it shall pay the
defaulted interest, plus, to the extent permitted by law, any interest payable on the defaulted
interest, to the persons who are Securityholders of the Series on a subsequent special record date.
The Company shall fix the record date and payment date. At least 30 days before the record date,
the Company shall mail to the Trustee and to each Securityholder of the Series a notice that states
the record date, the payment date and the amount of interest to be paid. The Company may pay
defaulted interest in any other lawful manner.

     Section 2.14.  Global Securities.

          2.14.1.     Terms of Securities. A Board Resolution, a supplemental indenture hereto
or an Officers’ Certificate shall establish whether the Securities of a Series shall be issued in
whole or in part in the form of one or more Global Securities and the Depository for such Global
Security or Securities.

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          2.14.2.     Transfer and Exchange. Notwithstanding any provisions to the contrary
contained in Section 2.7 of the Indenture and in addition thereto, any Global Security shall be
exchangeable pursuant to Section 2.7 of the Indenture for Securities registered in the names of
Holders other than the Depository for such Security or its nominee only if (i) such Depository
notifies the Company that it is unwilling or unable to continue as Depository for such Global
Security or if at any time such Depository ceases to be a clearing agency registered under the
Exchange Act, and, in either case, the Company fails to appoint a successor Depository within 90
days of such event, (ii) the Company executes and delivers to the Trustee an Officers’ Certificate
to the effect that such Global Security shall be so exchangeable or (iii) an Event of Default with
respect to the Securities represented by such Global Security shall have happened and be
continuing. Any Global Security that is exchangeable pursuant to the preceding sentence shall be
exchangeable for Securities registered in such names as the Depository shall direct in writing in
an aggregate principal amount equal to the principal amount of the Global Security with like tenor
and terms.

          Except as provided in this Section 2.14.2, a Global Security may not be transferred except as
a whole by the Depository with respect to such Global Security to a nominee of such Depository, by
a nominee of such Depository to such Depository or another nominee of such Depository or by the
Depository or any such nominee to a successor Depository or a nominee of such a successor
Depository.

          2.14.3.     Legend. Unless otherwise provided pursuant to Section 2.2, any Global
Security issued hereunder shall bear a legend in substantially the following form:

          “This Security is a Global Security within the meaning of the Indenture hereinafter referred
to and is registered in the name of the Depository or a nominee of the Depository. This Security
is exchangeable for Securities registered in the name of a person other than the Depository or its
nominee only in the limited circumstances described in the Indenture, and may not be transferred
except as a whole by the Depository to a nominee of the Depository, by a nominee of the Depository
to the Depository or another nominee of the Depository or by the Depository or any such nominee to
a successor Depository or a nominee of such a successor Depository.”

          2.14.4.     Acts of Holders. The Depository, as a Holder, may appoint agents and
otherwise authorize participants to give or take any request, demand, authorization, direction,
notice, consent, waiver or other action which a Holder is entitled to give or take under the
Indenture.

          2.14.5.     Payments. Notwithstanding the other provisions of this Indenture, unless
otherwise specified as contemplated by Section 2.2, payment of the principal of, premium, if any,
and interest, if any, on any Global Security shall be made to the Holder thereof.

          2.14.6.     Consents, Declaration and Directions. Except as provided in Section
2.14.5, the Company, the Trustee and any Agent shall treat a person as the Holder of such principal
amount of outstanding Securities of such Series represented by a Global Security as shall be
specified in a written statement of the Depository with respect to
such Global Security, for purposes of obtaining any consents, declarations, waivers or directions required to be
given by the Holders pursuant to this Indenture.

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     Section 2.15.  CUSIP Numbers.

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

ARTICLE III.

REDEMPTION

     Section 3.1.  Notice to Trustee.

          The Company may, with respect to any Series of Securities, reserve the right to redeem and pay
the Series of Securities or may covenant to redeem and pay the Series of Securities or any part
thereof prior to the Stated Maturity thereof at such time and on such terms as provided for in such
Securities. If a Series of Securities is redeemable and the Company wants or is obligated to
redeem prior to the Stated Maturity thereof all or part of the Series of Securities pursuant to the
terms of such Securities, it shall notify the Trustee of the redemption date and the principal
amount of Series of Securities to be redeemed. The Company shall give the notice at least 45 days
before the redemption date (or such shorter notice as may be acceptable to the Trustee).

     Section 3.2.  Selection of Securities to be Redeemed.

          Unless otherwise indicated for a particular Series by a Board Resolution, a supplemental
indenture or an Officers’ Certificate, if less than all the Securities of a Series are to be
redeemed, the Trustee shall select the Securities of the Series to be redeemed in any manner that
the Trustee deems fair and appropriate. The Trustee shall make the selection from Securities of
the Series outstanding not previously called for redemption. The Trustee may select for redemption
portions of the principal of Securities of the Series that have denominations larger than $2,000.
Securities of the Series and portions of them it selects shall be in amounts of $2,000 or whole
multiples of $2,000 or, with respect to Securities of any Series issuable in other denominations
pursuant to Section 2.2.10, the minimum principal denomination for each Series and integral
multiples thereof. Provisions of this Indenture that apply to Securities of a Series called for
redemption also apply to portions of Securities of that Series called for redemption.

     Section 3.3.  Notice of Redemption.

          Unless otherwise indicated for a particular Series by a Board Resolution, a supplemental
indenture hereto or an Officers’ Certificate, at least 30 days but not more than 60 days before a
redemption date, the Company shall mail a notice of redemption by
first-class mail to each Holder whose Securities are to be redeemed and if any Bearer Securities are
outstanding, publish on one occasion a notice in an Authorized Newspaper.

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          The notice shall identify the Securities of the Series to be redeemed and shall state:

     (a)    the redemption date;

     (b)    the redemption price;

     (c)    the name and address of the Paying Agent;

     (d)    that Securities of the Series called for redemption must be surrendered to the
Paying Agent to collect the redemption price;

     (e)    that interest on Securities of the Series called for redemption ceases to accrue
on and after the redemption date; and

     (f)    any other information as may be required by the terms of the particular Series
or the Securities of a Series being redeemed.

          At the Company’s request, the Trustee shall give the notice of redemption in the Company’s
name and at its expense.

     Section 3.4.  Effect of Notice of Redemption.

          Once notice of redemption is mailed or published as provided in Section 3.3, Securities of a
Series called for redemption become due and payable on the redemption date and at the redemption
price. A notice of redemption may not be conditional. Upon surrender to the Paying Agent, such
Securities shall be paid at the redemption price plus accrued interest to the redemption date.

     Section 3.5.  Deposit of Redemption Price.

          On or before the redemption date, the Company shall deposit with the Paying Agent money
sufficient to pay the redemption price of and accrued interest, if any, on all Securities to be
redeemed on that date.

     Section 3.6.  Securities Redeemed in Part.

          Upon surrender of a Security that is redeemed in part, the Trustee shall authenticate for the
Holder a new Security of the same Series and the same Maturity equal in principal amount to the
unredeemed portion of the Security surrendered.

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ARTICLE IV.

COVENANTS

     Section 4.1.  Payment of Principal and Interest.

          The Company covenants and agrees for the benefit of the Holders of each Series of Securities
that it will duly and punctually pay the principal of and interest, if any, on the Securities of
that Series in accordance with the terms of such Securities and this Indenture.

     Section 4.2.  SEC Reports.

          The Company shall deliver to the Trustee within 15 days after it files them with the SEC
copies of the annual reports and of the information, documents, and other reports (or copies of
such portions of any of the foregoing as the SEC may by rules and regulations prescribe) which the
Company is required to file with the SEC pursuant to Section 13 or 15(d) of the Exchange Act. The
Company also shall comply with the other provisions of TIA Section 314(a).

     Section 4.3.  Compliance Certificate.

          The Company shall deliver to the Trustee, within 90 days after the end of each fiscal year of
the Company, an Officers’ Certificate stating that a review of the activities of the Company and
its Subsidiaries during the preceding fiscal year has been made under the supervision of the
signing Officers with a view to determining whether the Company has kept, observed, performed and
fulfilled its obligations under this Indenture, and further stating, as to each such Officer
signing such certificate, that to the best of his knowledge the Company has kept, observed,
performed and fulfilled each and every covenant contained in this Indenture and is not in default
in the performance or observance of any of the terms, provisions and conditions hereof (or, if a
Default or Event of Default shall have occurred, describing all such Defaults or Events of Default
of which he may have knowledge).

          The Company will, so long as any of the Securities are outstanding, deliver to the Trustee,
forthwith upon becoming aware of any Default or Event of Default, an Officers’ Certificate
specifying such Default or Event of Default and what action the Company is taking or proposes to
take with respect thereto.

     Section 4.4.  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 or the Securities; and the Company (to
the extent it may lawfully do so) hereby expressly waives all benefit or advantage of any such law
and covenants that it will not, by resort to any such law, hinder, delay or impede the execution of
any power herein granted to the Trustee, but will suffer and permit the execution of every such
power as though no such law has been enacted.

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     Section 4.5.  Corporate Existence.

          Subject to Article V, the Company will do or cause to be done all things necessary to preserve
and keep in full force and effect its corporate existence and the corporate, partnership or other
existence of each Significant Subsidiary in accordance with the respective organizational documents
of each Significant Subsidiary and the rights (charter and statutory), licenses and franchises of
the Company and its Significant Subsidiaries; provided, however, that the Company
shall not be required to preserve any such right, license or franchise, or the corporate,
partnership or other existence of any Significant Subsidiary, if the Board of Directors shall
determine that the preservation thereof is no longer desirable in the conduct of the business of
the Company and its Subsidiaries taken as a whole and that the loss thereof is not adverse in any
material respect to the Holders.

     Section 4.6.  Taxes.

          The Company shall, and shall cause each of its Significant Subsidiaries to, pay prior to
delinquency all taxes, assessments and governmental levies, except as contested in good faith and
by appropriate proceedings.

ARTICLE V.

SUCCESSORS

     Section 5.1.  When Company May Merge, Etc.

          The Company shall not consolidate with or merge into, or convey, transfer or lease all or
substantially all of its properties and assets to, any person (a “successor person”), and may not
permit any person to merge into, or convey, transfer or lease its properties and assets
substantially as an entirety to, the Company, unless:

     (a)    the successor person (if any) is a corporation, partnership, trust or other
entity organized and validly existing under the laws of any U.S. domestic jurisdiction and
expressly assumes the Company’s obligations on the Securities and under this Indenture and

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

          The Company shall deliver to the Trustee prior to the consummation of the proposed transaction
an Officers’ Certificate to the foregoing effect and an Opinion of Counsel stating that the
proposed transaction and such supplemental indenture comply with this Indenture.

     Section 5.2.  Successor Corporation Substituted.

          Upon any consolidation or merger, or any sale, lease, conveyance or other disposition of all
or substantially all of the assets of the Company in accordance with Section 5.1, the successor
corporation formed by such consolidation or into or with which the Company is merged or to which
such sale, lease, conveyance or other disposition is made shall succeed to,

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and be substituted for, and may exercise every right and power of, the Company under this
Indenture with the same effect as if such successor person has been named as the Company herein;
provided, however, that the predecessor Company in the case of a sale, lease,
conveyance or other disposition shall not be released from the obligation to pay the principal of
and interest, if any, on the Securities.

ARTICLE VI.

DEFAULTS AND REMEDIES

     Section 6.1.  Events of Default.

          “Event of Default,” wherever used herein with respect to Securities of any Series, means any
one of the following events, unless in the establishing Board Resolution, supplemental indenture or
Officers’ Certificate, it is provided that such Series shall not have the benefit of said Event of
Default:

     (a)    default in the payment of any interest on any Security of that Series when it
becomes due and payable, and continuance of such default for a period of 30 days (unless the
entire amount of such payment is deposited by the Company with the Trustee or with a Paying
Agent prior to the expiration of such period of 30 days); or

     (b)    default in the payment of the principal of any Security of that Series at its
Maturity; or

     (c)    default in the deposit of any sinking fund payment, within 30 days when and as
due in respect of any Security of that Series; or

     (d)    default in the performance or breach of any covenant or warranty of the Company
in this Indenture (other than a covenant or warranty that has been included in this
Indenture solely for the benefit of Series of Securities other than that Series), which
default continues uncured for a period of 90 days after there has been given, by registered
or certified mail, to the Company by the Trustee or to the Company and the Trustee by the
Holders of at least 25% in principal amount of the outstanding Securities of that Series a
written notice specifying such default or breach and requiring it to be remedied and stating
that such notice is a “Notice of Default” hereunder; or

     (e)    the Company or any of its Significant Subsidiaries pursuant to or within the
meaning of any Bankruptcy Law:

     (i) commences a voluntary case,

     (ii) consents to the entry of an order for relief against it in an involuntary
case,

     (iii) consents to the appointment of a Custodian of it or for all or
substantially all of its property,

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

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     (v) generally is unable to pay its debts as the same become due; or

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

     (i) is for relief against the Company or any of its Significant Subsidiaries in
an involuntary case,

     (ii) appoints a Custodian of the Company or any of its Significant Subsidiaries
or for all or substantially all of its property, or

     (iii) orders the liquidation of the Company or any of its Significant
Subsidiaries,

and the order or decree remains unstayed and in effect for 60 days; or

     (g)    any other Event of Default provided with respect to Securities of that Series,
which is specified in a Board Resolution, a supplemental indenture hereto or an Officers’
Certificate, in accordance with Section 2.2.19.

          The term “Bankruptcy Law” means title 11, U.S. Code or any similar Federal or State law for
the relief of debtors. The term “Custodian” means any receiver, trustee, assignee, liquidator or
similar official under any Bankruptcy Law.

     Section 6.2.  Acceleration of Maturity; Rescission and Annulment.

          If an Event of Default with respect to Securities of any Series at the time outstanding occurs
and is continuing (other than an Event of Default referred to in Section 6.1(e) or (f)) then in
every such case the Trustee or the Holders of not less than 25% in principal amount of the
outstanding Securities of that Series may declare the principal amount (or, if any Securities of
that Series are Discount Securities, such portion of the principal amount as may be specified in
the terms of such Securities) of and accrued and unpaid interest, if any, on all of the Securities
of that Series to be due and payable immediately, by a notice in writing to the Company (and to the
Trustee if given by Holders), and upon any such declaration such principal amount (or specified
amount) and accrued and unpaid interest, if any, shall become immediately due and payable. If an
Event of Default specified in Section 6.1(e) or (f) shall occur, the principal amount (or specified
amount) of and accrued and unpaid interest, if any, on all outstanding Securities shall ipso facto
become and be immediately due and payable without any declaration or other act on the part of the
Trustee or any Holder.

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

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

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     (i) all overdue interest, if any, on all Securities of that Series,

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

     (iii) to the extent that payment of such interest is lawful, interest upon any
overdue principal and overdue interest at the rate or rates prescribed therefor in
such Securities, and

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

and

     (b)    all Events of Default with respect to Securities of that Series, other than the
non-payment of the principal of Securities of that Series which have become due solely by
such declaration of acceleration, have been cured or waived as provided in Section 6.13.

          No such rescission shall affect any subsequent Default or impair any right consequent thereon.

     Section 6.3.  Collection of Indebtedness and Suits for Enforcement by Trustee.

          The Company covenants that if

     (a)    default is made in the payment of any interest on any Security when such
interest becomes due and payable and such default continues for a period of 30 days, or

     (b)    default is made in the payment of principal of any Security at the Maturity
thereof, or

     (c)    default is made in the deposit of any sinking fund payment when and as due by
the terms of a Security,

then, the Company will, upon demand of the Trustee, pay to it, for the benefit of the Holders of
such Securities, the whole amount then due and payable on such Securities for principal and
interest and, to the extent that payment of such interest shall be legally enforceable, interest on
any overdue principal or any overdue interest, at the rate or rates prescribed therefor in such
Securities, and, in addition thereto, such further amount as shall be sufficient to cover the costs
and expenses of collection, including the reasonable compensation, expenses, disbursements and
advances of the Trustee, its agents and counsel.

          If the Company fails to pay such amounts forthwith upon such demand, the Trustee, in its own
name and as trustee of an express trust, may institute a judicial proceeding for the collection of
the sums so due and unpaid, may prosecute such proceeding to judgment or

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final decree and may enforce the same against the Company or any other obligor upon such
Securities and collect the moneys adjudged or deemed to be payable in the manner provided by law
out of the property of the Company or any other obligor upon such Securities, wherever situated.

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

     Section 6.4.  Trustee May File Proofs of Claim.

          In case of the pendency of any receivership, insolvency, liquidation, bankruptcy,
reorganization, arrangement, adjustment, composition or other judicial proceeding relative to the
Company or any other obligor upon the Securities or the property of the Company or of such other
obligor or their creditors, the Trustee (irrespective of whether the principal of the Securities
shall then be due and payable as therein expressed or by declaration or otherwise and irrespective
of whether the Trustee shall have made any demand on the Company for the payment of overdue
principal or interest) shall be entitled and empowered, by intervention in such proceeding or
otherwise,

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

     (b)    to collect and receive any moneys or other property payable or deliverable on
any such claims and to distribute the same, and any custodian, receiver, assignee, trustee,
liquidator, sequestrator or other similar official in any such judicial proceeding is hereby
authorized by each Holder to make such payments to the Trustee and, in the event that the
Trustee shall consent to the making of such payments directly to the Holders, to pay to the
Trustee any amount due it for the reasonable compensation, expenses, disbursements and
advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under
Section 7.7.

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

     Section 6.5.  Trustee May Enforce Claims Without Possession of Securities.

          All rights of action and claims under this Indenture or the Securities may be prosecuted and
enforced by the Trustee without the possession of any of the Securities or the

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production thereof in any proceeding relating thereto, and any such proceeding instituted by
the Trustee shall be brought in its own name as trustee of an express trust, and any recovery of
judgment shall, after provision for the payment of the reasonable compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel, be for the ratable benefit of
the Holders of the Securities in respect of which such judgment has been recovered.

Section 6.6.  Application of Money Collected.

          Any money collected by the Trustee pursuant to this Article shall be applied in the following
order, at the date or dates fixed by the Trustee and, in case of the distribution of such money on
account of principal or interest, upon presentation of the Securities and the notation thereon of
the payment if only partially paid and upon surrender thereof if fully paid:

          First: To the payment of all amounts due the Trustee under Section 7.7; and

          Second: To the payment of the amounts then due and unpaid for principal of and interest on the
Securities in respect of which or for the benefit of which such money has been collected, ratably,
without preference or priority of any kind, according to the amounts due and payable on such
Securities for principal and interest, respectively; and

          Third: To the Company.

     Section 6.7.  Limitation on Suits.

          No Holder of any Security of any Series shall have any right to institute any proceeding,
judicial or otherwise, with respect to this Indenture, or for the appointment of a receiver or
trustee, or for any other remedy hereunder, unless

     (a)    such Holder has previously given written notice to the Trustee of a continuing
Event of Default with respect to the Securities of that Series;

     (b)    the Holders of not less than 25% in principal amount of the outstanding
Securities of that Series shall have made written request to the Trustee to institute
proceedings in respect of such Event of Default in its own name as Trustee hereunder;

     (c)    such Holder or Holders have offered to the Trustee reasonable indemnity against
the costs, expenses and liabilities to be incurred in compliance with such request;

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

     (e)    no direction inconsistent with such written request has been given to the
Trustee during such 60-day period by the Holders of a majority in principal amount of the
outstanding Securities of that Series;

it being understood and intended that no one or more of such Holders shall have any right in any
manner whatever by virtue of, or by availing of, any provision of this Indenture to affect, disturb
or prejudice the rights of any other of such Holders, or to obtain or
to seek to obtain priority or preference over any other of such Holders or to enforce any right under this Indenture, except in
the manner herein provided and for the equal and ratable benefit of all such Holders.

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     Section 6.8.  Unconditional Right of Holders to Receive Principal and Interest.

          Notwithstanding any other provision in this Indenture, the Holder of any Security shall have
the right, which is absolute and unconditional, to receive payment of the principal of and
interest, if any, on such Security on the Stated Maturity or Stated Maturities expressed in such
Security (or, in the case of redemption, on the redemption date) and to institute suit for the
enforcement of any such payment, and such rights shall not be impaired without the consent of such
Holder.

     Section 6.9.  Restoration of Rights and Remedies.

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

     Section 6.10.  Rights and Remedies Cumulative.

          Except as otherwise provided with respect to the replacement or payment of mutilated,
destroyed, lost or stolen Securities in Section 2.8, no right or remedy herein conferred upon or
reserved to the Trustee or to the Holders is intended to be exclusive of any other right or remedy,
and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to
every other right and remedy given hereunder or now or hereafter existing at law or in equity or
otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not
prevent the concurrent assertion or employment of any other appropriate right or remedy.

     Section 6.11.  Delay or Omission Not Waiver.

          No delay or omission of the Trustee or of any Holder of any Securities to exercise any right
or remedy accruing upon any Event of Default shall impair any such right or remedy or constitute a
waiver of any such Event of Default or an acquiescence therein. Every right and remedy given by
this Article or by law to the Trustee or to the Holders may be exercised from time to time, and as
often as may be deemed expedient, by the Trustee or by the Holders, as the case may be.

     Section 6.12.  Control by Holders.

          The Holders of a majority in principal amount of the outstanding Securities of any Series
shall have the right to direct the time, method and place of conducting any proceeding for any
remedy available to the Trustee, or exercising any trust or power conferred on the Trustee, with
respect to the Securities of such Series, provided that

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

     (b)    the Trustee may take any other action deemed proper by the Trustee which is not
inconsistent with such direction, and

     (c)    subject to the provisions of Section 6.1, the Trustee shall have the right to
decline to follow any such direction if the Trustee in good faith shall, by a Responsible
Officer of the Trustee, determine that the proceeding so directed would involve the Trustee
in personal liability.

     Section 6.13.  Waiver of Past Defaults.

          Subject to Section 6.2, the Holders of not less than a majority in principal amount of the
outstanding Securities of any Series may on behalf of the Holders of all the Securities of such
Series waive any past Default hereunder with respect to such Series and its consequences, except a
Default in the payment of the principal of or interest on any Security of such Series (provided,
however, that the Holders of a majority in principal amount of the outstanding Securities of any
Series may rescind an acceleration and its consequences, including any related payment default that
resulted from such acceleration). Upon any such waiver, such Default shall cease to exist, and any
Event of Default arising therefrom shall be deemed to have been cured, for every purpose of this
Indenture; but no such waiver shall extend to any subsequent or other Default or impair any right
consequent thereon.

     Section 6.14.  Undertaking for Costs.

          All parties to this Indenture agree, and each Holder of any Security by his acceptance thereof
shall be deemed to have agreed, that any court may in its discretion require, in any suit for the
enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any
action taken, suffered or omitted by it as Trustee, the filing by any party litigant in such suit
of an undertaking to pay the costs of such suit, and that such court may in its discretion assess
reasonable costs, including reasonable attorneys’ fees, against any party litigant in such suit,
having due regard to the merits and good faith of the claims or defenses made by such party
litigant; but the provisions of this Section shall not apply to any suit instituted by the Company,
to any suit instituted by the Trustee, to any suit instituted by any Holder, or group of Holders,
holding in the aggregate more than 10% in principal amount of the outstanding Securities of any
Series, or to any suit instituted by any Holder for the enforcement of the payment of the principal
of or interest on any Security on or after the Stated Maturity or Stated Maturities expressed in
such Security (or, in the case of redemption, on the redemption date).

ARTICLE VII.

TRUSTEE

     Section 7.1.  Duties of Trustee.

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

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

     (i) The Trustee need perform only those duties that are specifically set forth
in this Indenture and no others.

     (ii) In the absence of bad faith on its part, the Trustee may conclusively
rely, as to the truth of the statements and the correctness of the opinions
expressed therein, upon Officers’ Certificates or Opinions of Counsel furnished to
the Trustee and conforming to the requirements of this Indenture; however,
in the case of any such Officers’ Certificates or Opinions of Counsel which by any
provisions hereof are specifically required to be furnished to the Trustee, the
Trustee shall examine such Officers’ Certificates and Opinions of Counsel to
determine whether or not they conform to the requirements of this Indenture.

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

     (i) This paragraph does not limit the effect of paragraph (b) of this Section.

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

     (iii) The Trustee shall not be liable with respect to any action taken,
suffered or omitted to be taken by it with respect to Securities of any Series in
good faith in accordance with the direction of the Holders of a majority in
principal amount of the outstanding Securities of such Series 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 with respect to the Securities of such Series.

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

     (e)    The Trustee may refuse to perform any duty or exercise any right or power unless
it receives indemnity satisfactory to it against any loss, liability or expense.

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

     (g)    No provision of this Indenture shall require the Trustee to risk its own funds
or otherwise incur any financial liability in the performance of any of its duties, or

27

 

in the exercise of any of its rights or powers, if it shall have reasonable grounds for
believing that repayment of such funds or adequate indemnity against such risk is not
reasonably assured to it.

     (h)    The Paying Agent, the Registrar and any authenticating agent shall be entitled
to the protections and immunities as are set forth in paragraphs (a), (b) and (c) of this
Section with respect to the Trustee.

     Section 7.2.  Rights of Trustee.

     (a)    The Trustee may rely on and shall be protected in acting or refraining from
acting upon any document believed by it to be genuine and to have been signed or presented
by the proper person. The Trustee need not investigate any fact or matter stated in the
document.

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

     (c)    The Trustee may act through agents and shall not be responsible for the
misconduct or negligence of any agent appointed with due care. No Depository shall be
deemed an agent of the Trustee and the Trustee shall not be responsible for any act or
omission by any Depository.

     (d)    The Trustee shall not be liable for any action it takes or omits to take in good
faith which it believes to be authorized or within its rights or powers.

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

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

     Section 7.3.  Individual Rights of Trustee.

          The Trustee in its individual or any other capacity may become the owner or pledgee of
Securities and may otherwise deal with the Company or an Affiliate with the same rights it would
have if it were not Trustee. Any Agent may do the same with like rights. The Trustee is also
subject to Sections 7.10 and 7.11.

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     Section 7.4.  Trustee’s Disclaimer.

          The Trustee makes no representation as to the validity or adequacy of this Indenture or the
Securities, it shall not be accountable for the Company’s use of the proceeds from the Securities,
and it shall not be responsible for any statement in the Securities other than its authentication.

     Section 7.5.  Notice of Defaults.

          If a Default or Event of Default occurs and is continuing with respect to the Securities of
any Series and if it is known to a Responsible Officer of the Trustee, the Trustee shall mail to
each Securityholder of the Securities of that Series and, if any Bearer Securities are outstanding,
publish on one occasion in an Authorized Newspaper, notice of a Default or Event of Default within
90 days after it occurs or, if later, after a Responsible Officer of the Trustee has knowledge of
such Default or Event of Default. Except in the case of a Default or Event of Default in payment
of principal of or interest on any Security of any Series, the Trustee may withhold the notice if
and so long as its corporate trust committee or a committee of its Responsible Officers in good
faith determines that withholding the notice is in the interests of Securityholders of that Series.

     Section 7.6.  Reports by Trustee to Holders.

          Within 60 days after May 15 in each year, the Trustee shall transmit by mail to all
Securityholders, as their names and addresses appear on the register kept by the Registrar and, if
any Bearer Securities are outstanding, publish in an Authorized Newspaper, a brief report dated as
of such May 15, in accordance with, and to the extent required under, TIA Section 313.

          A copy of each report at the time of its mailing to Securityholders of any Series shall be
filed with the SEC and each stock exchange on which the Securities of that Series are listed. The
Company shall promptly notify the Trustee when Securities of any Series are listed on any stock
exchange.

     Section 7.7.  Compensation and Indemnity.

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

          The Company shall indemnify the Trustee (including the cost of defending itself) against any
loss, liability or expense incurred by it except as set forth in the next paragraph in the
performance of its duties under this Indenture as Trustee or Agent. The Trustee shall notify the
Company promptly of any claim for which it may seek indemnity. The Company shall defend the claim
and the Trustee shall cooperate in the defense. The Trustee may have separate counsel and the
Company shall pay the reasonable fees and expenses of such counsel. The Company need not pay for
any settlement made without its consent, which consent shall not be unreasonably withheld. This
indemnification shall apply to officers, directors, employees, shareholders and agents of the
Trustee.

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          The Company need not reimburse any expense or indemnify against any loss or liability incurred
by the Trustee or by any officer, director, employee, shareholder or agent of the Trustee through
negligence or bad faith.

          To secure the Company’s payment obligations in this Section, the Trustee shall have a lien
prior to the Securities of any Series on all money or property held or collected by the Trustee,
except that held in trust to pay principal and interest on particular Securities of that Series.

          When the Trustee incurs expenses or renders services after an Event of Default specified in
Section 6.1(e) or (f) occurs, the expenses and the compensation for the services are intended to
constitute expenses of administration under any Bankruptcy Law.

     Section 7.8.  Replacement of Trustee.

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

          The Trustee may resign with respect to the Securities of one or more Series by so notifying
the Company. The Holders of a majority in principal amount of the Securities of any Series may
remove the Trustee with respect to that Series by so notifying the Trustee and the Company. The
Company may remove the Trustee with respect to Securities of one or more Series if:

     (a)    the Trustee fails to comply with Section 7.10;

     (b)    the Trustee is adjudged a bankrupt or an insolvent or an order for relief is
entered with respect to the Trustee under any Bankruptcy Law;

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

     (d)    the Trustee becomes incapable of acting.

          If the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any
reason, the Company shall promptly appoint a successor Trustee. Within one year after the
successor Trustee takes office, the Holders of a majority in principal amount of the then
outstanding Securities may appoint a successor Trustee to replace the successor Trustee appointed
by the Company.

          If a successor Trustee with respect to the Securities of any one or more Series does not take
office within 60 days after the retiring Trustee resigns or is removed, the retiring Trustee, the
Company or the Holders of at least 10% in principal amount of the Securities of the applicable
Series may petition any court of competent jurisdiction for the appointment of a successor Trustee.

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          If the Trustee with respect to the Securities of any one or more Series fails to comply with
Section 7.10, any Securityholder of the applicable Series may petition any court of competent
jurisdiction for the removal of the Trustee and the appointment of a successor Trustee.

          A successor Trustee shall deliver a written acceptance of its appointment to the retiring
Trustee and to the Company. Immediately after that, the retiring Trustee shall transfer all
property held by it as Trustee to the successor Trustee subject to the lien provided for in Section
7.7, the resignation or removal of the retiring Trustee shall become effective, and the successor
Trustee shall have all the rights, powers and duties of the Trustee with respect to each Series of
Securities for which it is acting as Trustee under this Indenture. A successor Trustee shall mail
a notice of its succession to each Securityholder of each such Series and, if any Bearer Securities
are outstanding, publish such notice on one occasion in an Authorized Newspaper. Notwithstanding
replacement of the Trustee pursuant to this Section 7.8, the Company’s obligations under Section
7.7 hereof shall continue for the benefit of the retiring trustee with respect to expenses and
liabilities incurred by it prior to such replacement.

     Section 7.9.  Successor Trustee by Merger, Etc.

          If the Trustee consolidates with, merges or converts into, or transfers all or substantially
all of its corporate trust business to, another corporation, the successor corporation without any
further act shall be the successor Trustee.

     Section 7.10.  Eligibility; Disqualification.

          This Indenture shall always have a Trustee who satisfies the requirements of TIA Section
310(a)(1), (2) and (5). The Trustee shall always have a combined capital and surplus of at least
$25,000,000 as set forth in its most recent published annual report of condition. The Trustee
shall comply with TIA Section 310(b).

     Section 7.11.  Preferential Collection of Claims Against Company.

          The Trustee is subject to TIA Section 311(a), excluding any creditor relationship listed in
TIA Section 311(b). A Trustee who has resigned or been removed shall be subject to TIA Section
311(a) to the extent indicated.

ARTICLE VIII.

SATISFACTION AND DISCHARGE; DEFEASANCE

     Section 8.1.  Satisfaction and Discharge of Indenture.

          This Indenture shall upon Company Order cease to be of further effect (except as hereinafter
provided in this Section 8.1), and the Trustee, at the expense of the Company, shall execute proper
instruments acknowledging satisfaction and discharge of this Indenture, when

     (a)    either

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     (i) all Securities theretofore authenticated and delivered (other than
Securities that have been destroyed, lost or stolen and that have been replaced or
paid) have been delivered to the Trustee for cancellation; or

     (ii) all such Securities not theretofore delivered to the Trustee for
cancellation

     (1) have become due and payable, or

     (2) will become due and payable at their Stated Maturity within one
year, or

     (3) are to be called for redemption within one year under arrangements
satisfactory to the Trustee for the giving of notice of redemption by the
Trustee in the name, and at the expense, of the Company, or

     (4) are deemed paid and discharged pursuant to Section 8.3, as
applicable;

and the Company, in the case of (1), (2) or (3) above, has deposited or caused to be deposited with
the Trustee as trust funds in trust an amount sufficient for the purpose of paying and discharging
the entire indebtedness on such Securities not theretofore delivered to the Trustee for
cancellation, for principal and interest to the date of such deposit (in the case of Securities
which have become due and payable on or prior to the date of such deposit) or to the Stated
Maturity or redemption date, as the case may be;

     (b)    the Company has paid or caused to be paid all other sums payable hereunder by
the Company; and

     (c)    the Company has delivered to the Trustee an Officers’ Certificate and an Opinion
of Counsel, each stating that all conditions precedent herein provided for 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 7.7, and, if money shall have been deposited with the Trustee
pursuant to clause (a) of this Section, the provisions of Sections 2.4, 2.7, 2.8, 8.1, 8.2 and 8.5
shall survive.

     Section 8.2.  Application of Trust Funds; Indemnification.

     (a)    Subject to the provisions of Section 8.5, all money deposited with the Trustee
pursuant to Section 8.1, all money and U.S. Government Obligations or Foreign Government
Obligations deposited with the Trustee pursuant to Section 8.3 or 8.4 and all money received
by the Trustee in respect of U.S. Government Obligations or Foreign Government Obligations
deposited with the Trustee pursuant to Section 8.3 or 8.4, shall be held in trust and
applied by it, in accordance with the provisions of the Securities and this Indenture, to
the payment, either directly or through any Paying Agent (including the

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Company acting as its own Paying Agent) as the Trustee may determine, to the persons
entitled thereto, of the principal and interest for whose payment such money has been
deposited with or received by the Trustee or to make mandatory sinking fund payments or
analogous payments as contemplated by Sections 8.3 or 8.4.

     (b)    The Company shall pay and shall indemnify the Trustee against any tax, fee or
other charge imposed on or assessed against U.S. Government Obligations or Foreign
Government Obligations deposited pursuant to Sections 8.3 or 8.4 or the interest and
principal received in respect of such obligations other than any payable by or on behalf of
Holders.

     (c)    The Trustee shall deliver or pay to the Company from time to time upon Company
Request any U.S. Government Obligations or Foreign Government Obligations or money held by
it as provided in Sections 8.3 or 8.4 which, in the opinion of a nationally recognized firm
of independent certified public accountants expressed in a written certification thereof
delivered to the Trustee, are then in excess of the amount thereof which then would have
been required to be deposited for the purpose for which such U.S. Government Obligations or
Foreign Government Obligations or money were deposited or received. This provision shall
not authorize the sale by the Trustee of any U.S. Government Obligations or Foreign
Government Obligations held under this Indenture.

     Section 8.3.  Legal Defeasance of Securities of any Series.

          Unless this Section 8.3 is otherwise specified pursuant to Section 2.2.21 to be inapplicable
to Securities of any Series, the Company shall be deemed to have paid and discharged the entire
indebtedness on all the outstanding Securities of such Series on the 91st day after the date of the
deposit referred to in subparagraph (d) hereof, and the provisions of this Indenture, as it relates
to such outstanding Securities of such Series, shall no longer be in effect (and the Trustee, at
the expense of the Company, shall, at Company Request, execute proper instruments acknowledging the
same), except as to:

     (a)    the rights of Holders of Securities of such Series to receive, from the trust
funds described in subparagraph (d) hereof, (i) payment of the principal of and each
installment of principal of and interest on the outstanding Securities of such Series on the
Stated Maturity of such principal or installment of principal or interest and (ii) the
benefit of any mandatory sinking fund payments applicable to the Securities of such Series
on the day on which such payments are due and payable in accordance with the terms of this
Indenture and the Securities of such Series;

     (b)    the provisions of Sections 2.4, 2.7, 2.8, 8.2, 8.3 and 8.5; and

     (c)    the rights, powers, trust and immunities of the Trustee hereunder;

provided that, the following conditions shall have been satisfied:

     (d)    the Company shall have deposited or caused to be deposited irrevocably with the
Trustee as trust funds in trust for the purpose of making the following payments,

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specifically pledged as security for and dedicated solely to the benefit of the Holders
of such Securities (i) in the case of Securities of such Series denominated in Dollars, cash
in Dollars (or such other money or currencies as shall then be legal tender in the United
States) and/or U.S. Government Obligations, or (ii) in the case of Securities of such Series
denominated in a Foreign Currency (other than a composite currency), money and/or Foreign
Government Obligations, which through the payment of interest and principal in respect
thereof, in accordance with their terms, will provide (and without reinvestment and assuming
no tax liability will be imposed on such Trustee), not later than one day before the due
date of any payment of money, an amount in cash, sufficient, in the opinion of a nationally
recognized firm of independent public accountants expressed in a written certification
thereof delivered to the Trustee, to pay and discharge each installment of principal
(including mandatory sinking fund or analogous payments) of and interest, if any, on all the
Securities of such Series on the dates such installments of interest or principal are due;

     (e)    such deposit will not result in a breach or violation of, or constitute a
default under, this Indenture or any other agreement or instrument to which the Company is a
party or by which it is bound;

     (f)    no Default or Event of Default with respect to the Securities of such Series
shall have occurred and be continuing on the date of such deposit or during the period
ending on the 91st day after such date;

     (g)    the Company shall have delivered to the Trustee an Officers’ Certificate and an
Opinion of Counsel to the effect that (i) the Company has received from, or there has been
published by, the Internal Revenue Service a ruling, or (ii) since the date of execution of
this Indenture, there has been a change in the applicable Federal income tax law, in either
case to the effect that, and based thereon such Opinion of Counsel shall confirm that, the
Holders of the Securities of such Series will not recognize income, gain or loss for Federal
income tax purposes as a result of such deposit, defeasance and discharge and will be
subject to Federal income tax on the same amount and in the same manner and at the same
times as would have been the case if such deposit, defeasance and discharge had not
occurred;

     (h)    the Company shall have delivered to the Trustee an Officers’ Certificate stating
that the deposit was not made by the Company with the intent of preferring the Holders of
the Securities of such Series over any other creditors of the company or with the intent of
defeating, hindering, delaying or defrauding any other creditors of the Company;

     (i)    such deposit shall not result in the trust arising from such deposit
constituting an investment company (as defined in the Investment Company Act of 1940, as
amended), or such trust shall be qualified under such Act or exempt from regulation
thereunder; and

34

 

     (j)    the Company shall have delivered to the Trustee an Officers’ Certificate and an
Opinion of Counsel, each stating that all conditions precedent provided for relating to the
defeasance contemplated by this Section have been complied with.

     Section 8.4.  Covenant Defeasance.

          Unless this Section 8.4 is otherwise specified pursuant to Section 2.2.21 to be inapplicable
to Securities of any Series, on and after the 91st day after the date of the deposit referred to in
subparagraph (a) hereof, the Company may omit to comply with any term, provision or condition set
forth under Sections 4.2, 4.3, 4.4, 4.5, 4.6, and 5.1 as well as any additional covenants contained
in a supplemental indenture hereto for a particular Series of Securities or a Board Resolution or
an Officers’ Certificate delivered pursuant to Section 2.2.21 (and the failure to comply with any
such covenants shall not constitute a Default or Event of Default under Section 6.1) and the
occurrence of any event described in clause (e) of Section 6.1 shall not constitute a Default or
Event of Default hereunder, with respect to the Securities of such Series, provided that the
following conditions shall have been satisfied:

     (a)    With reference to this Section 8.4, the Company has deposited or caused to be
irrevocably deposited (except as provided in Section 8.2(c)) with the Trustee as trust funds
in trust, specifically pledged as security for, and dedicated solely to, the benefit of the
Holders of such Securities (i) in the case of Securities of such Series denominated in
Dollars, cash in Dollars (or such other money or currencies as shall then be legal tender in
the United States) and/or U.S. Government Obligations, or (ii) in the case of Securities of
such Series denominated in a Foreign Currency (other than a composite currency), money
and/or Foreign Government Obligations, which through the payment of interest and principal
in respect thereof, in accordance with their terms, will provide (and without reinvestment
and assuming no tax liability will be imposed on such Trustee), not later than one day
before the due date of any payment of money, an amount in cash, sufficient, in the opinion
of a nationally recognized firm of independent certified public accountants expressed in a
written certification thereof delivered to the Trustee, to pay principal and interest, if
any, on and any mandatory sinking fund in respect of the Securities of such Series on the
dates such installments of interest or principal are due;

     (b)    Such deposit will not result in a breach or violation of, or constitute a
default under, this Indenture or any other agreement or instrument to which the Company is a
party or by which it is bound;

     (c)    No Default or Event of Default with respect to the Securities of such Series
shall have occurred and be continuing on the date of such deposit or during the period
ending on the 91st day after such date;

     (d)    the Company shall have delivered to the Trustee an Opinion of Counsel confirming
that Holders of the Securities of such Series will not recognize income, gain or loss for
federal income tax purposes as a result of such deposit and defeasance and will be subject
to federal income tax on the same amounts, in the same manner and at the same times as would
have been the case if such deposit and defeasance had not occurred;

35

 

     (e)    the Company shall have delivered to the Trustee an Officers’ Certificate stating
the deposit was not made by the Company with the intent of preferring the Holders of the
Securities of such Series over any other creditors of the Company or with the intent of
defeating, hindering, delaying or defrauding any other creditors of the Company; and

     (f)    The Company shall have delivered to the Trustee an Officers’ Certificate and an
Opinion of Counsel, each stating that all conditions precedent herein provided for relating
to the defeasance contemplated by this Section have been complied with.

     Section 8.5.  Repayment to Company.

          The Trustee and the Paying Agent shall pay to the Company upon request any money held by them
for the payment of principal and interest that remains unclaimed for two years. After that,
Securityholders entitled to the money must look to the Company for payment as general creditors
unless an applicable abandoned property law designates another person.

     Section 8.6.  Reinstatement.

          If the Trustee or Paying Agent is unable to apply any money or U.S. Government Obligations in
accordance with Sections 8.1, 8.3 or 8.4, as the case may be, 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, the Company’s obligations under this Indenture and the
Securities shall be revived and reinstated as though no deposit had occurred pursuant to Section
8.1, 8.3 or 8.4, as the case may be, until such time as the Trustee or Paying Agent is permitted to
apply all such money or U.S. Government Obligations in accordance with Section 8.1, 8.3 or 8.4, as
the case may be; provided, however, that if the Company makes any payment of
principal of, premium, if any, or interest on any Securities because of reinstatement of its
obligations, the Company shall be subrogated to the rights of the holders of such Securities to
receive such payment from the money or U.S. Government Obligations held by the Trustee or Paying
Agent.

ARTICLE IX.

AMENDMENTS AND WAIVERS

     Section 9.1.  Without Consent of Holders.

          The Company and the Trustee may amend or supplement this Indenture or the Securities of one or
more Series without the consent of any Securityholder:

     (a)    to cure any ambiguity, defect or inconsistency;

     (b)    to provide for uncertificated securities in addition to or in place of
certificated securities;

     (c)    to provide for the assumption of our obligations to holders of any debt security
in the case of a merger or consolidation or sale of all or substantially all of our assets;

36

 

     (d)    to make any change that would provide any additional rights or benefits to the
holders of securities or that does not adversely affect the legal rights under the Indenture
of any such holder;

     (e)    to comply with requirements of the SEC in order to effect or maintain the
qualification of an indenture under the Trust Indenture Act;

     (f)    to conform the text of the indentures to any provision of the Description of
Debt Securities to the extent that such provision in the Description of Debt Securities was
intended to be a verbatim recitation of a provision of the indentures;

     (g)    to provide for the issuance of additional securities in accordance with the
limitations set forth in the indenture as of the date of the indenture;

     (h)    to allow any guarantor to execute a supplemental indenture with respect to debt
securities and to release guarantors in accordance with the terms of the indenture; or

     (i)    to add additional obligors under the indenture and the securities.

          The consent of holders is not necessary under the indentures to approve the particular form of
any proposed amendment. It is sufficient if such consent approves the substance of the proposed
amendment.

     Section 9.2.  With Consent of Holders.

          The Company and the Trustee may enter into a supplemental indenture with the written consent
of the Holders of at least a majority in principal amount of the outstanding Securities of each
Series affected by such supplemental indenture (including consents obtained in connection with a
tender offer or exchange offer for the Securities of such Series), for the purpose of adding any
provisions to or changing in any manner or eliminating any of the provisions of this Indenture or
of any supplemental indenture or of modifying in any manner the rights of the Securityholders of
each such Series. Except as provided in Section 6.13, the Holders of at least a majority in
principal amount of the outstanding Securities of each Series affected by such waiver by notice to
the Trustee (including consents obtained in connection with a tender offer or exchange offer for
the Securities of such Series) may waive compliance by the Company with any provision of this
Indenture or the Securities with respect to such Series.

          It shall not be necessary for the consent of the Holders of Securities under this Section 9.2
to approve the particular form of any proposed supplemental indenture or waiver, but it shall be
sufficient if such consent approves the substance thereof. After a supplemental indenture or
waiver under this section becomes effective, the Company shall mail to the Holders of Securities
affected thereby and, if any Bearer Securities affected thereby are outstanding, publish on one
occasion in an Authorized Newspaper, a notice briefly describing the supplemental indenture or
waiver. Any failure by the Company to mail or publish such notice, or any defect therein, shall
not, however, in any way impair or affect the validity of any such supplemental indenture or
waiver.

37

 

     Section 9.3.  Limitations.

          Without the consent of each Securityholder affected, an amendment or waiver may not:

     (a)    change the amount of Securities whose Holders must consent to an amendment,
supplement or waiver;

     (b)    reduce the rate of or extend the time for payment of interest (including default
interest) on any Security;

     (c)    reduce the principal or change the Stated Maturity of any Security or reduce the
amount of, or postpone the date fixed for, the payment of any sinking fund or analogous
obligation;

     (d)    reduce the principal amount of Discount Securities payable upon acceleration of
the maturity thereof;

     (e)    waive a Default or Event of Default in the payment of the principal of or
interest, if any, on any Security (except a rescission of acceleration of the Securities of
any Series by the Holders of at least a majority in principal amount of the outstanding
Securities of such Series and a waiver of the payment default that resulted from such
acceleration);

     (f)    make the principal of or interest, if any, on any Security payable in any
currency other than that stated in the Security;

     (g)    make any change in Sections 6.8, 6.13, 9.3 (this sentence), 10.15 or 10.16; or

     (h)    waive a redemption payment with respect to any Security or change any of the
provisions with respect to the redemption of any Securities.

     Section 9.4.  Compliance with Trust Indenture Act.

          Every amendment to this Indenture or the Securities of one or more Series shall be set forth
in a supplemental indenture hereto that complies with the TIA as then in effect.

     Section 9.5.  Revocation and Effect of Consents.

          Until an amendment or waiver becomes effective, a consent to it by a Holder of a Security is a
continuing consent by the Holder and every subsequent Holder of a Security or portion of a Security
that evidences the same debt as the consenting Holder’s Security, even if notation of the consent
is not made on any Security. However, any such Holder or subsequent Holder may revoke the consent
as to his Security or portion of a Security if the Trustee receives the notice of revocation before
the date the amendment or waiver becomes effective.

          Any amendment or waiver once effective shall bind every Securityholder of each Series affected
by such amendment or waiver unless it is of the type described in any of clauses (a) through (g) of
Section 9.3. In that case, the amendment or waiver shall bind each Holder of a Security who has consented to it and every subsequent Holder of a Security or portion of a
Security that evidences the same debt as the consenting Holder’s Security.

38

 

     Section 9.6.  Notation on or Exchange of Securities.

          The Trustee may place an appropriate notation about an amendment or waiver on any Security of
any Series thereafter authenticated. The Company in exchange for Securities of that Series may
issue and the Trustee shall authenticate upon request new Securities of that Series that reflect
the amendment or waiver.

     Section 9.7.  Trustee Protected.

          In executing, or accepting the additional trusts created by, any supplemental indenture
permitted by this Article or the modifications thereby of the trusts created by this Indenture, the
Trustee shall be entitled to receive, and (subject to Section 7.1) shall be fully protected in
relying upon, an Opinion of Counsel stating that the execution of such supplemental indenture is
authorized or permitted by this Indenture. The Trustee shall sign all supplemental indentures,
except that the Trustee need not sign any supplemental indenture that adversely affects its rights.

ARTICLE X.

MISCELLANEOUS

     Section 10.1.  Trust Indenture Act Controls.

          If any provision of this Indenture limits, qualifies, or conflicts with another provision
which is required or deemed to be included in this Indenture by the TIA, such required or deemed
provision shall control.

     Section 10.2.  Notices.

          Any notice or communication by the Company or the Trustee to the other is duly given if in
writing and delivered in person or mailed by first-class mail:

if to the Company:

Somaxon Pharmaceuticals, Inc.

3721 Valley Centre Drive, Suite 500

San Diego, CA 92130

Attention: Chief Executive Officer

if to the Trustee:

[Name of Trustee]

[Address]

_______________________

_______________________

Attention: ______________

39

 

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

          Any notice or communication to a Securityholder shall be mailed by first-class mail to his
address shown on the register kept by the Registrar and, if any Bearer Securities are outstanding,
published in an Authorized Newspaper. Failure to mail a notice or communication to a
Securityholder of any Series or any defect in it shall not affect its sufficiency with respect to
other Securityholders of that or any other Series.

          If a notice or communication is mailed or published in the manner provided above, within the
time prescribed, it is duly given, whether or not the Securityholder receives it.

          If the Company mails a notice or communication to Securityholders, it shall mail a copy to the
Trustee and each Agent at the same time.

     Section 10.3.  Communication by Holders with Other Holders.

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

     Section 10.4.  Certificate and Opinion as to Conditions Precedent.

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

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

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

     Section 10.5.  Statements Required in Certificate or Opinion.

          Each certificate or opinion with respect to compliance with a condition or covenant provided
for in this Indenture (other than a certificate provided pursuant to TIA Section 314(a)(4)) shall
comply with the provisions of TIA Section 314(e) and shall include:

     (a)    a statement that the person making such certificate or opinion has read such
covenant or condition;

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

40

 

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

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

     Section 10.6.  Rules by Trustee and Agents.

          The Trustee may make reasonable rules for action by or a meeting of Securityholders of one or
more Series. Any Agent may make reasonable rules and set reasonable requirements for its
functions.

     Section 10.7.  Legal Holidays.

          Unless otherwise provided by Board Resolution, Officers’ Certificate or supplemental indenture
for a particular Series, a “Legal Holiday” is any day that is not a Business Day. If a payment
date is a Legal Holiday at a place of payment, payment may be made at that place on the next
succeeding day that is not a Legal Holiday, and no interest shall accrue for the intervening
period.

     Section 10.8.  No Recourse Against Others.

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

     Section 10.9.  Counterparts.

          This Indenture may be executed in any number of counterparts and by the parties hereto in
separate counterparts, each of which when so executed shall be deemed to be an original and all of
which taken together shall constitute one and the same agreement.

     Section 10.10.  Governing Laws.

          THIS INDENTURE AND THE SECURITIES SHALL BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK
APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED IN SUCH STATE, WITHOUT REGARD TO THE CONFLICT OF
LAWS PROVISIONS THEREOF.

     Section 10.11.  No Adverse Interpretation of Other Agreements.

          This Indenture may not be used to interpret another indenture, loan or debt agreement of the
Company or a Subsidiary. Any such indenture, loan or debt agreement may not be used to interpret
this Indenture.

41

 

     Section 10.12.  Successors.

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

     Section 10.13.  Severability.

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

     Section 10.14.  Table of Contents, Headings, Etc.

          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 hereof, and shall in no way modify or restrict any of the terms or provisions hereof.

     Section 10.15.  Securities in a Foreign Currency or in ECU.

          Unless otherwise specified in a Board Resolution, a supplemental indenture hereto or an
Officers’ Certificate delivered pursuant to Section 2.2 of this Indenture with respect to a
particular Series of Securities, whenever for purposes of this Indenture any action may be taken by
the Holders of a specified percentage in aggregate principal amount of Securities of all Series or
all Series affected by a particular action at the time outstanding and, at such time, there are
outstanding Securities of any Series which are denominated in a coin or currency other than Dollars
(including ECUs), then the principal amount of Securities of such Series which shall be deemed to
be outstanding for the purpose of taking such action shall be that amount of Dollars that could be
obtained for such amount at the Market Exchange Rate at such time. For purposes of this Section
10.15, “Market Exchange Rate” shall mean the noon Dollar buying rate in New York City for cable
transfers of that currency as published by the Federal Reserve Bank of New York; provided,
however, in the case of ECUs, Market Exchange Rate shall mean the rate of exchange
determined by the Commission of the European Union (or any successor thereto) as published in the
Official Journal of the European Union (such publication or any successor publication, the
“Journal”). If such Market Exchange Rate is not available for any reason with respect to such
currency, the Trustee shall use, in its sole discretion and without liability on its part, such
quotation of the Federal Reserve Bank of New York or, in the case of ECUs, the rate of exchange as
published in the Journal, as of the most recent available date, or quotations or, in the case of
ECUs, rates of exchange from one or more major banks in The City of New York or in the country of
issue of the currency in question or, in the case of ECUs, in Luxembourg or such other quotations
or, in the case of ECUs, rates of exchange as the Trustee, upon consultation with the Company,
shall deem appropriate. The provisions of this paragraph shall apply in determining the equivalent
principal amount in respect of Securities of a Series denominated in currency other than Dollars in
connection with any action taken by Holders of Securities pursuant to the terms of this Indenture.

          All decisions and determinations of the Trustee regarding the Market Exchange Rate or any
alternative determination provided for in the preceding paragraph
shall be in its sole discretion and shall, in the absence of manifest error, be conclusive to the extent permitted
by law for all purposes and irrevocably binding upon the Company and all Holders.

42

 

     Section 10.16.  Judgment Currency.

          The Company agrees, to the fullest extent that it may effectively do so under applicable law,
that (a) if for the purpose of obtaining judgment in any court it is necessary to convert the sum
due in respect of the principal of or interest or other amount on the Securities of any Series (the
“Required Currency”) into a currency in which a judgment will be rendered (the “Judgment
Currency”), the rate of exchange used shall be the rate at which in accordance with normal banking
procedures the Trustee could purchase in The City of New York the Required Currency with the
Judgment Currency on the day on which final unappealable judgment is entered, unless such day is
not a New York Banking Day, then, the rate of exchange used shall be the rate at which in
accordance with normal banking procedures the Trustee could purchase in The City of New York the
Required Currency with the Judgment Currency on the New York Banking Day preceding the day on which
final unappealable judgment is entered and (b) its obligations under this Indenture to make
payments in the Required Currency (i) shall not be discharged or satisfied by any tender, any
recovery pursuant to any judgment (whether or not entered in accordance with subsection (a)), in
any currency other than the Required Currency, except to the extent that such tender or recovery
shall result in the actual receipt, by the payee, of the full amount of the Required Currency
expressed to be payable in respect of such payments, (ii) shall be enforceable as an alternative or
additional cause of action for the purpose of recovering in the Required Currency the amount, if
any, by which such actual receipt shall fall short of the full amount of the Required Currency so
expressed to be payable, and (iii) shall not be affected by judgment being obtained for any other
sum due under this Indenture. For purposes of the foregoing, “New York Banking Day” means any day
except a Saturday, Sunday or a legal holiday in The City of New York on which banking institutions
are authorized or required by law, regulation or executive order to close.

ARTICLE XI.

SINKING FUNDS

     Section 11.1.  Applicability of Article.

          The provisions of this Article shall be applicable to any sinking fund for the retirement of
the Securities of a Series, except as otherwise permitted or required by any form of Security of
such Series issued pursuant to this Indenture.

          The minimum amount of any sinking fund payment provided for by the terms of the Securities of
any Series is herein referred to as a “mandatory sinking fund payment” and any other amount
provided for by the terms of Securities of such Series is herein referred to as an “optional
sinking fund payment.” If provided for by the terms of Securities of any Series, the cash amount
of any sinking fund payment may be subject to reduction as provided in Section 11.2. Each sinking
fund payment shall be applied to the redemption of Securities of any Series as provided for by the
terms of the Securities of such Series.

43

 

     Section 11.2.  Satisfaction of Sinking Fund Payments with Securities.

          The Company may, in satisfaction of all or any part of any sinking fund payment with respect
to the Securities of any Series to be made pursuant to the terms of such Securities (1) deliver
outstanding Securities of such Series to which such sinking fund payment is applicable (other than
any of such Securities previously called for mandatory sinking fund redemption) and (2) apply as
credit Securities of such Series to which such sinking fund payment is applicable and which have
been redeemed either at the election of the Company pursuant to the terms of such Series of
Securities (except pursuant to any mandatory sinking fund) or through the application of permitted
optional sinking fund payments or other optional redemptions pursuant to the terms of such
Securities, provided that such Securities have not been previously so credited. Such Securities
shall be received by the Trustee, together with an Officers’ Certificate with respect thereto, not
later than 15 days prior to the date on which the Trustee begins the process of selecting
Securities for redemption, and shall be credited for such purpose by the Trustee at the price
specified in such Securities for redemption through operation of the sinking fund and the amount of
such sinking fund payment shall be reduced accordingly. If as a result of the delivery or credit
of Securities in lieu of cash payments pursuant to this Section 11.2, the principal amount of
Securities of such Series to be redeemed in order to exhaust the aforesaid cash payment shall be
less than $100,000, the Trustee need not call Securities of such Series for redemption, except upon
receipt of a Company Order that such action be taken, and such cash payment shall be held by the
Trustee or a Paying Agent and applied to the next succeeding sinking fund payment,
provided, however, that the Trustee or such Paying Agent shall from time to time
upon receipt of a Company Order pay over and deliver to the Company any cash payment so being held
by the Trustee or such Paying Agent upon delivery by the Company to the Trustee of Securities of
that Series purchased by the Company having an unpaid principal amount equal to the cash payment
required to be released to the Company.

     Section 11.3.  Redemption of Securities for Sinking Fund.

          Not less than 45 days (unless otherwise indicated in the Board Resolution, supplemental
indenture hereto or Officers’ Certificate in respect of a particular Series of Securities) prior to
each sinking fund payment date for any Series of Securities, the Company will deliver to the
Trustee an Officers’ Certificate specifying the amount of the next ensuing mandatory sinking fund
payment for that Series pursuant to the terms of that Series, the portion thereof, if any, which is
to be satisfied by payment of cash and the portion thereof, if any, which is to be satisfied by
delivering and crediting of Securities of that Series pursuant to Section 11.2, and the optional
amount, if any, to be added in cash to the next ensuing mandatory sinking fund payment, and the
Company shall thereupon be obligated to pay the amount therein specified. Not less than 30 days
(unless otherwise indicated in the Board Resolution, Officers’ Certificate or supplemental
indenture in respect of a particular Series of Securities) before each such sinking fund payment
date the Trustee shall select the Securities to be redeemed upon such sinking fund payment date in
the manner specified in Section 3.2 and cause notice of the redemption thereof to be given in the
name of and at the expense of the Company in the manner provided in Section 3.3. Such notice
having been duly given, the redemption of such Securities shall be made upon the terms and in the
manner stated in Sections 3.4, 3.5 and 3.6.

44

 

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

	 	 	 	 	 
	 	SOMAXON PHARMACEUTICALS, INC.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Its: 	 
	 

	 	 	 	 	 
	 	[Name of Trustee]

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Its:<PAGE>

                                                                     Exhibit 4.1

                                                               EXECUTION VERSION

                          INTERNATIONAL GAME TECHNOLOGY
                      2.60% CONVERTIBLE DEBENTURES DUE 2036

                                   ----------

                                    INDENTURE
                          DATED AS OF DECEMBER 20, 2006

                                   ----------

                     WELLS FARGO BANK, NATIONAL ASSOCIATION
                                     TRUSTEE

<PAGE>

                            TIA CROSS-REFERENCE TABLE

<TABLE>
<CAPTION>
TIA SECTIONS                                                  INDENTURE SECTIONS
------------                                                  ------------------
<S>                                                           <C>
Section 310 (a)............................................        7.10
            (b)............................................        7.10
Section 311 (a)............................................        7.11
            (b)............................................        7.11
Section 312 (b)............................................       12.03
            (c)............................................       12.03
Section 313 (a)............................................        7.06
            (b)............................................        7.06
            (c)............................................        7.06
            (d)............................................        7.06
Section 314 (a)............................................        4.02; 4.03
Section 315 (a)............................................        7.01(b)
            (b)............................................        7.05
            (c)............................................        7.01(a)
            (d)............................................        7.01(c)
            (e)............................................        6.11
Section 316 (a)(1)(A)......................................        6.05
            (a)(1)(B)......................................        6.04
            (b)............................................        6.07
            (c)............................................        9.04
Section 317 (a)(1).........................................        6.08
            (a)(2).........................................        6.09
            (b)............................................        2.04
</TABLE>

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

                                        i

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                            PAGE
                                                                            ----
<S>                                                                         <C>
ARTICLE 1 DEFINITIONS AND INCORPORATION BY REFERENCE.....................     1
   Section 1.01.   Definitions...........................................     1
   Section 1.02.   Other Definitions.....................................     6
   Section 1.03.   Incorporation by Reference of Trust Indenture Act.....     8
   Section 1.04.   Rules of Construction.................................     8
   Section 1.05.   Acts of Holders.......................................     8

ARTICLE 2 THE SECURITIES.................................................    10
   Section 2.01.   Form and Dating.......................................    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 and Securities in Trust....    13
   Section 2.05.   Holder Lists..........................................    13
   Section 2.06.   Transfer and Exchange.................................    13
   Section 2.07.   Replacement Securities................................    15
   Section 2.08.   Outstanding Securities................................    15
   Section 2.09.   Temporary Securities..................................    16
   Section 2.10.   Cancellation..........................................    16
   Section 2.11.   Persons Deemed Owners.................................    16
   Section 2.12.   Global Securities.....................................    16
   Section 2.13.   CUSIP and ISIN Numbers................................    21
   Section 2.14.   Certain Tax Matters...................................    21
   Section 2.15.   Additional Interest Under Registration Rights
                   Agreements............................................    22

ARTICLE 3 REDEMPTION AND REPURCHASES.....................................    22
   Section 3.01.   Company's Right to Redeem; Notices to Trustee.........    22
   Section 3.02.   Selection of Securities To Be Redeemed................    22
   Section 3.03.   Notice of Redemption..................................    23
   Section 3.04.   Effect of Notice of Redemption........................    23
   Section 3.05.   Deposit of Redemption Price...........................    23
   Section 3.06.   Securities Redeemed in Part...........................    24
   Section 3.07.   Repurchase of Securities by the Company at Option of
                   the Holder............................................    24
   Section 3.08.   Repurchase of Securities at Option of the Holder Upon
                   a Fundamental Change..................................    26
   Section 3.09.   Effect of Repurchase Notice or Fundamental Change
                   Repurchase Notice.....................................    29
   Section 3.10.   Deposit of Repurchase Price or Fundamental Change
                   Repurchase Price......................................    30
   Section 3.11.   Securities Repurchased in Part........................    30
   Section 3.12.   Covenant to Comply with Securities Laws Upon
                   Repurchase of Securities..............................    31
</TABLE>

                                       ii

<PAGE>

<TABLE>
<S>                                                                         <C>
   Section 3.13.   Repayment to the Company..............................    31

ARTICLE 4 COVENANTS......................................................    31
   Section 4.01.   Payment of Securities.................................    31
   Section 4.02.   SEC and Other Reports.................................    31
   Section 4.03.   Compliance Certificate................................    32
   Section 4.04.   Further Instruments and Acts..........................    32
   Section 4.05.   Maintenance of Office or Agency.......................    32
   Section 4.06.   Notification of Contingent Interest...................    33
   Section 4.07.   Delivery of Certain Information.......................    33

ARTICLE 5 SUCCESSOR CORPORATION..........................................    33
   Section 5.01.   When Company May Merge or Transfer Assets.............    33

ARTICLE 6 DEFAULTS AND REMEDIES..........................................    34
   Section 6.01.   Events of Default.....................................    34
   Section 6.02.   Acceleration..........................................    36
   Section 6.03.   Other Remedies........................................    37
   Section 6.04.   Waiver of Past Defaults...............................    37
   Section 6.05.   Control by Majority...................................    37
   Section 6.06.   Limitation on Suits...................................    38
   Section 6.07.   Rights of Holders to Receive Payment..................    38
   Section 6.08.   Collection Suit by Trustee............................    38
   Section 6.09.   Trustee May File Proofs of Claim......................    38
   Section 6.10.   Priorities............................................    39
   Section 6.11.   Undertaking for Costs.................................    39
   Section 6.12.   Waiver of Stay, Extension or Usury Laws...............    39

ARTICLE 7 TRUSTEE........................................................    39
   Section 7.01.   Duties of Trustee.....................................    39
   Section 7.02.   Rights of Trustee.....................................    40
   Section 7.03.   Individual Rights of Trustee..........................    41
   Section 7.04.   Trustee's Disclaimer..................................    42
   Section 7.05.   Notice of Defaults....................................    42
   Section 7.06.   Reports by Trustee to Holders.........................    42
   Section 7.07.   Compensation and Indemnity............................    42
   Section 7.08.   Replacement of Trustee................................    43
   Section 7.09.   Successor Trustee by Merger...........................    44
   Section 7.10.   Eligibility; Disqualification.........................    44
   Section 7.11.   Preferential Collection of Claims Against Company.....    45
   Section 7.12.   Trustee's Application for Instructions from the
                   Company...............................................    45
   Section 7.13.   Reports by Trustee to Gaming Authorities..............    45

ARTICLE 8 DISCHARGE OF INDENTURE.........................................    45
   Section 8.01.   Discharge of Liability on Securities..................    45
   Section 8.02.   Repayment to the Company..............................    46
</TABLE>

                                       iii

<PAGE>

<TABLE>
<S>                                                                         <C>
ARTICLE 9 AMENDMENTS.....................................................    46
   Section 9.01.   Without Consent of Holders............................    46
   Section 9.02.   With Consent of Holders...............................    47
   Section 9.03.   Compliance with Trust Indenture Act...................    48
   Section 9.04.   Revocation and Effect of Consents, Waivers and
                   Actions...............................................    48
   Section 9.05.   Notation on or Exchange of Securities.................    48
   Section 9.06.   Trustee to Sign Supplemental Indentures...............    48
   Section 9.07.   Effect of Supplemental Indentures.....................    48

ARTICLE 10 CONVERSIONS...................................................    49
   Section 10.01.  Conversion Privilege and Consideration................    49
   Section 10.02.  Conversion Procedure..................................    51
   Section 10.03.  Fractional Shares.....................................    51
   Section 10.04.  Taxes on Conversion...................................    52
   Section 10.05.  Company to Provide Stock..............................    52
   Section 10.06.  Adjustment for Change in Capital Stock................    52
   Section 10.07.  Adjustment for Rights Issue...........................    53
   Section 10.08.  Adjustment for Other Distributions....................    54
   Section 10.08A. Adjustment for Cash Dividends.........................    55
   Section 10.09.  Adjustment for Company Tender Offer...................    56
   Section 10.10.  When Adjustment May be Deferred.......................    56
   Section 10.11.  When No Adjustment Required...........................    57
   Section 10.12.  Notice of Adjustment..................................    58
   Section 10.13.  Voluntary Increase....................................    58
   Section 10.14.  Notice of Certain Transactions........................    58
   Section 10.15.  Reorganization of Company; Special Distributions......    59
   Section 10.16.  Company Determination Final...........................    60
   Section 10.17.  Trustee's Adjustment Disclaimer.......................    60
   Section 10.18.  Simultaneous Adjustments..............................    60
   Section 10.19.  Successive Adjustments................................    61
   Section 10.20.  Limitation on Adjustments.............................    61
   Section 10.21.  Adjustment to Conversion Rate Upon Certain Fundamental
                   Change Transactions...................................    61

ARTICLE 11 PAYMENT OF INTEREST...........................................    62
   Section 11.01.  Payment of Interest...................................    62
   Section 11.02.  Contingent Interest...................................    63
   Section 11.03.  Payment of Contingent Interest........................    63
   Section 11.04.  Notice of Contingent Interest.........................    63
   Section 11.05.  Defaulted Interest....................................    63
   Section 11.06.  Interest Rights Preserved.............................    64
</TABLE>

                                       iv

<PAGE>

<TABLE>
<S>                                                                         <C>
ARTICLE 12 MISCELLANEOUS.................................................    64
   Section 12.01.  Trust Indenture Act Controls..........................    64
   Section 12.02.  Notices...............................................    64
   Section 12.03.  Communication by Holders with Other Holders...........    65
   Section 12.04.  Certificate and Opinion as to Conditions Precedent....    65
   Section 12.05.  Statements Required in Certificate or Opinion.........    66
   Section 12.06.  Separability Clause...................................    66
   Section 12.07.  Rules by Trustee, Paying Agent, Conversion Agent, and
                   Registrar.............................................    66
   Section 12.08.  Legal Holidays........................................    66
   Section 12.09.  Governing Law.........................................    66
   Section 12.10.  No Recourse Against Others............................    66
   Section 12.11.  Successors............................................    67
   Section 12.12.  Multiple Originals....................................    67
   Section 12.13.  Table of Contents; Headings...........................    67

EXHIBIT A................................................................    A-1
EXHIBIT B................................................................    B-1
</TABLE>

                                        v
<PAGE>

     INDENTURE dated as of December 20, 2006 between INTERNATIONAL GAME
TECHNOLOGY, a Nevada corporation ("COMPANY") and WELLS FARGO BANK, NATIONAL
ASSOCIATION, a national banking association ("TRUSTEE").

     Each party agrees as follows for the benefit of the other party and for the
equal and ratable benefit of the Holders of the Company's 2.60% Convertible
Debentures due 2036:

                                    ARTICLE 1

                   DEFINITIONS AND INCORPORATION BY REFERENCE

     Section 1.01. Definitions.

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

     "ADDITIONAL INTEREST" means all additional interest then owing pursuant to
the Registration Rights Agreement.

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

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

     "BUSINESS DAY" means any calendar day that is not a Saturday, Sunday or
legal holiday in New York, New York and on which commercial banks are open for
business in New York, New York.

     "CAPITAL LEASE OBLIGATIONS" means any obligation under a lease that is
required to be capitalized for financial reporting purposes in accordance with
GAAP; and the amount of Indebtedness represented by such obligation shall be the
capitalized amount of such obligations determined in accordance with GAAP; and
the stated maturity thereof shall be the date of the last payment of rent or any
other amount due under such lease prior to the first date upon which such lease
may be terminated by the lessee without payment of a penalty.

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

     "CERTIFICATED SECURITIES" means securities that are in registered
definitive form.

<PAGE>

     "CLOSING SALE PRICE" of the Common Stock on any date means the closing per
share sale price (or if no closing sale price is reported, the average of the
bid and ask prices or, if more than one in either case, the average of the
average bid and the average ask prices) on such date as reported on the NYSE or,
if the shares of Common Stock are not listed on the NYSE, then as reported by
the Nasdaq Stock Market or the principal other national or regional securities
exchange on which the shares of the Common Stock are then traded or, if the
Common Stock is not listed or approved for trading on the Nasdaq Stock Market or
another national or regional securities exchange, on the principal market on
which shares of the Common Stock are then traded. If the Common Stock is not so
traded, the "Closing Sale Price" will be the average of the midpoint of the last
bid and ask prices for the Common Stock on the relevant date from each of at
least three nationally recognized independent investment banking firms selected
by the Company for this purpose.

     "COMMON STOCK" shall mean the shares of common stock, $0.00015625 par value
per share, of the Company existing on the date of this Indenture or any other
shares of Capital Stock of the Company into which such shares of common stock
shall be reclassified or changed.

     "COMPANY" means the party named as such in this Indenture until a successor
replaces it pursuant to the applicable provisions hereof and, thereafter, means
the successor.

     "COMPANY ORDER" means a written request or order signed in the name of the
Company by any two Officers.

     "CONTINGENT INTEREST" means the interest amounts payable pursuant to
Section 11.02.

     "CONTINUING DIRECTOR" means any individual who on the Issue Date of the
Securities was a member of the Board of Directors, together with any new
directors whose election, or, solely to fill the vacancy of a continuing
director, appointment by such Board of Directors or whose nomination for
election by the Company's stockholders is duly approved by the vote of a
majority of the directors on the Board of Directors then still in office who
were either directors on the Issue Date or whose election, appointment (in the
case of a vacancy of a continuing director), or nomination for election was
previously approved by a majority of the continuing directors, either by
specific vote or by approval of the proxy statement issued by the Company on
behalf of the Board of Directors in which such individual is named as a nominee
for director.

     "CORPORATE TRUST OFFICE" means the corporate trust office of the Trustee at
which at any time the trust created by this Indenture shall be administered,
which office at the date hereof is located at 100 West Washington Street, 22nd
Floor, Phoenix, Arizona 85003, Attention: Vice President - Brenda D. Black or
such other address as the Trustee may designate from time to time by notice to
the Holders and the Company, or the corporate trust office of any successor
Trustee at which such trust shall be administered (or such other address as a
successor Trustee may designate from time to time by notice to the Holders and
the Company).

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

     "DIVIDEND THRESHOLD AMOUNT" means any quarterly cash dividend on the Common
Stock to the extent that the aggregate cash dividend per share of Common Stock
in any fiscal

                                       2

<PAGE>

quarter does not exceed $0.13. The Dividend Threshold Amount is subject to
adjustment in a manner inversely proportional to adjustments to the conversion
rate, provided that no adjustment will be made to the Dividend Threshold Amount
for any adjustment made to the Conversion Rate under Section 10.08A.

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

     "EX-DIVIDEND DATE" means 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 the issuance, dividend or distribution in question.

     "GAAP" means generally accepted accounting principles in the United States
of America as in effect and, to the extent optional, adopted by the Company, on
the date of this Indenture, consistently applied.

     "GAMING AUTHORITY" means the United States federal government, any foreign
government, or any state, county municipality or other political subdivision or
any agency or other governmental authority thereof that now or hereafter has
jurisdiction over all or any portion of the gaming activities of the Company or
any of its Subsidiaries.

     "GAMING LAW" means any law, statute, ordinance, code, regulation,
constitutional provision, rule, order, directive or other enforcement
requirement now or hereafter in existence of any Gaming Authority.

     "GAMING LICENSE" means any license, qualification, finding of suitability,
approval, franchise, or other authorization of the Company and its Subsidiaries
on the date of this Indenture or thereafter required to own, lease, operate or
otherwise conduct the gaming business of the Company and its Subsidiaries,
including all licenses granted under any Gaming Laws.

     "GLOBAL SECURITY" means a permanent Global Security that is in the form of
the Security attached hereto as Exhibit A, and that is deposited with and
registered in the name of the Depositary.

     "HOLDER" or "HOLDERS" means a Person or Persons in whose name a Security is
registered on the Registrar's books.

     "INDEBTEDNESS" means (i) all obligations for borrowed money, (ii) all
obligations evidenced by debentures, notes or other similar instruments, (iii)
all obligations in respect of letters of credit or bankers acceptances or
similar instruments (or reimbursement obligations with respect thereto), (iv)
all obligations to pay the deferred purchase price of property or services,
except trade accounts payable arising in the ordinary course of business, (v)
Capital Lease Obligations and (vi) all Indebtedness of others guaranteed by the
Company or for which the Company or any of its property is legally responsible
or liable (whether by agreement to purchase indebtedness of, or to supply funds
or to invest in, others).

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

                                       3

<PAGE>

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

     "MARKET DISRUPTION EVENT" means the occurrence or existence for more than
one half hour period in the aggregate on any scheduled Trading Day of any
suspension or limitation imposed on trading (by reason of movements in price
exceeding limits permitted by the principal market on which shares of Common
Stock are listed or approved for trading) in shares of Common Stock or in any
options, contracts or future contracts relating to shares of Common Stock, and
such suspension or limitation occurs or exists at any time before 1:00 p.m. (New
York City time) on such day.

     "NYSE" means The New York Stock Exchange.

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

     "OFFICERS' CERTIFICATE" means a written certificate containing the
information specified in Sections 12.04 and 12.05, signed in the name of the
Company by any two Officers, and delivered to the Trustee. An Officers'
Certificate given pursuant to Section 4.03 shall be signed by a financial or
accounting Officer of the Company but need not contain the information specified
in Sections 12.04 and 12.05.

     "OPINION OF COUNSEL" means a written opinion containing the information
specified in Sections 12.04 and 12.05, from legal counsel. The counsel may be an
employee of, or counsel to, the Company.

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

     "PRINCIPAL" of any Indebtedness (including the Securities) means the
principal amount of such Indebtedness plus the premium, if any, on such
Indebtedness.

     "REDEMPTION DATE" or "REDEMPTION DATE" means the date specified in a notice
of redemption on which the Securities may be redeemed in accordance with the
terms of the Securities and this Indenture.

     "REGISTRATION RIGHTS AGREEMENT" means the Registration Rights Agreement,
dated as of December 20, 2006, between the Company and Bank of America
Securities LLC as representative of the initial purchasers.

     "REPAYMENT" means, in respect of any Indebtedness, the repayment,
prepayment, repurchase, redemption, legal defeasment or other retirement of such
Indebtedness.

     "RESTRICTED SECURITY" means a Security required to bear the restrictive
legend set forth in the form of Security set forth in Exhibit A of this
Indenture.

                                       4

<PAGE>

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

     "SEC" means the Securities and Exchange Commission.

     "SECURITIES" means any of the Company's 2.60% Convertible Debentures due
December 15, 2036, as amended or supplemented from time to time, issued under
this Indenture.

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

     "SIGNIFICANT SUBSIDIARY" means any Subsidiary that would be a "Significant
Subsidiary" of the Company within the meaning of Rule 1-02 of Regulation S-X
promulgated by the SEC.

     "STATED MATURITY", when used with respect to any Security, means December
15, 2036.

     "SUBSIDIARY" means a Person more than 50% of the outstanding Voting Stock
of which is owned, directly or indirectly, by the Company or by one or more
other Subsidiaries of the Company, or by the Company and one or more other
Subsidiaries of the Company.

     "TERMINATION OF TRADING" means the Common Stock (or other common stock into
which the Securities are then convertible) is neither listed or approved for
trading on a U.S. national securities exchange.

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

     "TRADING DAY" means a day on which (i) there is no Market Disruption Event
and (ii) trading in the Company's securities generally occurs on the NYSE, or if
shares of Common Stock are not listed on the NYSE, then as reported by the
Nasdaq Stock Market or the principal other national or regional securities
exchange on which the shares of the Common Stock are then traded or, if the
Common Stock is not listed or approved for trading on the Nasdaq Stock Market or
another national or regional securities exchange, on the principal market on
which shares of the Common Stock are then traded, provided that if the Common
Stock is not so listed or traded then a "Trading Day" shall have the same
meaning as Business Day.

     "TRADING PRICE" of the Securities on any date of determination means the
average of the secondary market bid quotations per Security obtained by the
Company or a financial institution engaged by the Company for this purpose for
$5,000,000 principal amount of the Securities at approximately 3:30 p.m., New
York City time, on such determination date from two independent nationally
recognized securities dealers selected by the Company, provided that if at least
two such bids cannot reasonably be obtained by the Company or such financial
institution, but one such bid can reasonably be obtained by the Company or such
financial institution, this one bid shall be used. If the Company or such
financial institution cannot reasonably obtain at least one bid for $5,000,000
principal amount of the Securities from a nationally recognized securities
dealer or in the Company's reasonable judgment, the bid quotations are not
indicative of the secondary market value of the Securities, then the trading
price of the Securities will equal (a) the applicable Conversion Rate of the
Securities multiplied by (b) the Closing Sale Price on

                                       5

<PAGE>

the NYSE, or if shares of Common Stock are not listed on the NYSE, then as
reported by the Nasdaq Stock Market or the principal other national or regional
securities exchange on which the shares of the Common Stock are then traded or,
if the Common Stock is not listed or approved for trading on the Nasdaq Stock
Market or another national or regional securities exchange, on the principal
market on which shares of the Common Stock are then traded, of the Common Stock
on such determination date. The Company, or upon its request a financial
institution engaged by the Company for this purpose, will determine the trading
price.

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

     "TRUST OFFICER" means any officer within the Corporate Trust Administration
department of the Trustee (or any successor group of the Trustee) with direct
responsibility for the administration of this Indenture and also means, with
respect to a particular corporate trust matter, any other officer to whom such
matter is referred because of his knowledge of and familiarity with the
particular subject.

     "UNIFORM COMMERCIAL CODE" means the New York Uniform Commercial Code as in
effect from time to time.

     "VOTING STOCK" of a Person means Capital Stock of such Person of the class
or classes pursuant to which the holders thereof have the general voting power
under ordinary circumstances to elect at least a majority of the board of
directors, managers or trustees of such Person (irrespective of whether or not
at the time Capital Stock of any other class or classes shall have or might have
voting power by reason of the happening of any contingency).

     "WHOLLY OWNED SUBSIDIARY" means, at any time, a Subsidiary all the Voting
Stock of which (except directors' qualifying shares which shall be deemed to
include investments by foreign nationals mandated by applicable law) is at such
time owned, directly or indirectly, by the Company and its other Wholly Owned
Subsidiaries.

     Section 1.02. Other Definitions.

Term Section:   Defined in:

<TABLE>
<CAPTION>
TERM SECTION                                  DEFINED IN:
------------                                  -----------
<S>                                           <C>
"Additional Shares"........................   10.21
"Agent Members"............................    2.12(f)
"Applicable Conversion Reference Period"...   10.01(b)
"Bankruptcy Law"...........................    6.01
"beneficial owner".........................    3.08(a)
"cash".....................................    3.07(a)
"Code".....................................    2.14
"Company Notice"...........................    3.07(b)
"Company Notice Date"......................    3.07(b)
</TABLE>

                                       6

<PAGE>

<TABLE>
<CAPTION>
TERM SECTION                                  DEFINED IN:
------------                                  -----------
<S>                                           <C>
"Company's Filing Obligations".............    6.01
"Conversion Agent".........................    2.03
"Conversion Date"..........................   10.02
"Conversion Rate"..........................   10.01(a)
"Conversion Price".........................   Exhibit A
"Conversion Value".........................   10.01(b)
"Custodian"................................    6.01
"Daily Share Amount".......................   10.01(b)
"Defaulted Interest........................   11.05
"Depositary"...............................    2.01(a)
"DTC"......................................    2.01(a)
"Event of Default".........................    6.01
"Exchange Property"........................   10.01(c)
"Ex-Dividend Time".........................   10.01(a)
"Expiration Time...........................   10.09
"Fundamental Change".......................    3.08(a)
"Fundamental Change Effective Date"........   10.21
"Fundamental Change Notice"................    3.08(b)
"Fundamental Change Notice Date"...........    3.08(b)
"Fundamental Change Repurchase Date".......    3.08(a)
"Fundamental Change Repurchase Notice".....    3.08(c)
"Fundamental Change Repurchase Price"......    3.08(a)
"Interest Payment Date"....................   11.01(a)
"Interest Period"..........................   11.02
"Legal Holiday"............................   12.08
"Legend"...................................    2.06
"Measurement Period".......................   11.02
"Net Share Amount".........................   10.01(b)
"Notice of Default"........................    6.01
"Paying Agent".............................    2.03
"Principal Return".........................   10.01(b)
"QIB"......................................    2.01(a)
"Record Date"..............................   11.01(a)
"Redemption Price".........................   Exhibit A
"Registrar"................................    2.03
"Repurchase Date"..........................    3.07(a)
"Repurchase Notice"........................    3.07(a)
"Repurchase Price".........................    3.07(a)
"Rule 144A Information.....................    4.07
"Share Price"..............................   10.21
"Special Record Date"......................   11.05(a)
"Spin-off".................................   10.08
"Stockholder Rights Plan"..................   10.11(a)
"Time of Determination"....................   10.01
</TABLE>

                                       7

<PAGE>

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

     "COMMISSION" means the SEC.

     "INDENTURE SECURITIES" means the Securities and the Subsidiary Guarantees.

     "INDENTURE SECURITY HOLDER" means a Holder.

     "INDENTURE TO BE QUALIFIED" means this Indenture.

     "INDENTURE TRUSTEE" or "INSTITUTIONAL TRUSTEE" means the Trustee.

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

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

     Section 1.04. Rules of Construction.

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

          (2) an accounting term not otherwise defined has the meaning assigned
     to it and shall be construed in accordance with "U.S. GAAP";

          (3) "OR" is not exclusive;

          (4) "INCLUDING" means including, without limitation;

          (5) words in the singular include the plural, and words in the plural
     include the singular;

          (6) all references to $, dollars, cash payments or money refer to
     United States currency; and

          (7) all references to payments of interest on the Securities shall
     include Contingent Interest, if any and Additional Interest, if any,
     payable in accordance with the terms of the Registration Rights Agreement.

     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 of substantially similar tenor signed by such Holders in Person or
by agent duly appointed in writing; and, except as herein otherwise expressly
provided, such action shall become effective when such instrument or instruments
are delivered to the Trustee and to the Company. Such instrument or instruments
(and the action

                                       8

<PAGE>

embodied therein and evidenced thereby) are herein sometimes referred to as the
"Act" of Holders signing such instrument or instruments. Proof of execution of
any such instrument or of a writing appointing any such agent shall be
sufficient for any purpose of this Indenture and conclusive in favor of the
Trustee and the Company, if made in the manner provided in this Section.

          (a) The fact and date of the execution by any Person of any such
     instrument or writing may be proved by the affidavit of a witness of such
     execution or by a certificate of a notary public or other officer
     authorized by law to take acknowledgments of deeds, certifying that the
     individual signing such instrument or writing acknowledged to such officer
     the execution thereof. Where such execution is by a signer acting in a
     capacity other than such signer's individual capacity, such certificate or
     affidavit shall also constitute sufficient proof of such signer's
     authority. The fact and date of the execution of any such instrument or
     writing, or the authority of the Person executing the same, may also be
     proved in any other manner which the Trustee deems sufficient.

          (b) The ownership of Securities shall be proved by the register for
     the Securities.

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

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

                                       9

<PAGE>

                                    ARTICLE 2

                                 THE SECURITIES

     Section 2.01. Form and Dating. The Securities and the Trustee's certificate
of authentication shall be substantially in the form of Exhibit A, which is a
part of this Indenture. The Securities may have notations, legends or
endorsements required by law, stock exchange rule or usage (provided that any
such notation, legend or endorsement required by usage is in a form acceptable
to the Company). The Company shall provide any such notations, legends or
endorsements to the Trustee in writing. Each Security shall be dated the date of
its authentication. Except as otherwise expressly permitted in this Indenture,
all Securities shall be identical in all respects. Notwithstanding any
differences among them, all Securities issued under this Indenture shall vote
and consent together on all matters as one class.

          (a) Global Securities. Securities offered and sold to qualified
     institutional buyers as defined in Rule 144A ("QIBS") in reliance on Rule
     144A shall be issued initially in the form of a Global Security, which
     shall be deposited with the Trustee at its Corporate Trust Office, as
     custodian for the Depositary (as defined below) and registered in the name
     of The Depository Trust Company ("DTC") or the nominee thereof (DTC, or any
     successor thereto, and any such nominee being hereinafter referred to as
     the "DEPOSITARY"), duly executed by the Company and authenticated by the
     Trustee as hereinafter provided. The aggregate principal amount of the
     Global Securities may from time to time be increased or decreased by
     adjustments made on the records of the Trustee and the Depositary as
     hereinafter provided.

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

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

          (c) Book-Entry Provisions. This Section 2.01(c) shall apply only to
     Global Securities deposited with or on behalf of the Depositary.

     The Company shall execute and the Trustee shall, in accordance with this
Section 2.01(c), authenticate and deliver initially one or more Global
Securities that (a) shall be registered in the name of the Depositary, (b) shall
be delivered by the Trustee to the Depositary or pursuant to the Depositary's
instructions and (c) shall bear legends substantially to the following effect:

                                       10

<PAGE>

     THIS SECURITY AND ANY COMMON STOCK ISSUABLE UPON THE CONVERSION OF THIS
SECURITY HAVE NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS
AMENDED (THE "SECURITIES ACT"), AND MAY NOT BE SOLD OR OTHERWISE TRANSFERRED IN
THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM. EACH
PURCHASER OF THIS SECURITY IS HEREBY NOTIFIED THAT THE SELLER OF THIS SECURITY
MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF THE
SECURITIES ACT PROVIDED BY RULE 144A THEREUNDER.

     THE HOLDER OF THIS SECURITY SHALL BE DEEMED TO HAVE AGREED FOR THE BENEFIT
OF THE COMPANY THAT THIS SECURITY AND ANY COMMON STOCK ISSUABLE UPON THE
CONVERSION OF THIS SECURITY MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE
TRANSFERRED EXCEPT (A) (1) TO A PERSON WHO THE TRANSFEROR REASONABLY BELIEVES IS
A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A UNDER THE
SECURITIES ACT ACQUIRING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED
INSTITUTIONAL BUYER IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (2)
PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY
RULE 144 THEREUNDER (IF AVAILABLE), (3) PURSUANT TO ANOTHER AVAILABLE EXEMPTION
FROM THE REGISTRATION REQUIREMENT OF THE SECURITIES ACT SUBJECT TO THE COMPANY'S
AND THE TRUSTEE'S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO
THIS CLAUSE (3) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATIONS
AND/OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM, AND IN EACH OF THE
FOREGOING CASES, TO REQUIRE THAT A CERTIFICATE OF TRANSFER IN THE FORM APPEARING
ON THE OTHER SIDE OF THIS SECURITY IS COMPLETED AND DELIVERED BY THE TRANSFEROR
TO THE TRUSTEE OR (4) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE
SECURITIES ACT, AND (B) IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF THE
STATES OF THE UNITED STATES AND OTHER JURISDICTIONS.

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

     Section 2.02. Execution and Authentication. The Securities shall be
executed on behalf of the Company by any Officer. The signature of the Officer
on the Securities may be manual or facsimile.

                                       11

<PAGE>

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

     At any time after the execution and delivery of this Indenture, the Company
may deliver Securities executed by the Company to the Trustee for
authentication, together with a written order of the Company in the form of an
Officers' Certificate for the authentication and delivery of such Securities,
and the Trustee in accordance with such written order of the Company shall
authenticate and deliver such Securities.

     A Security shall not be valid until an authorized signatory of the Trustee
manually signs the certificate of authentication on the Security. The signature
shall be conclusive evidence that the Security has been authenticated under this
Indenture.

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

     The Trustee shall authenticate and deliver the Securities for original
issue in an aggregate principal amount of $900,000,000, upon one or more Company
Orders without any further action by the Company. The aggregate principal amount
of the Securities due at the Stated Maturity thereof outstanding at any time may
not exceed the amount set forth in the foregoing sentence.

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

     Section 2.03. Registrar, Paying Agent and Conversion Agent. The Company
shall maintain an office or agency where Securities may be presented for
registration of transfer or for exchange ("REGISTRAR"), an office or agency
where Securities may be presented for repurchase or payment ("PAYING AGENT") an
office or agency where Securities may be presented for conversion ("CONVERSION
AGENT") and an office or agency where notices to or upon the Company in respect
of the Securities and this Indenture may be served. The Registrar shall keep a
register of the Securities and of their transfer, exchange and conversion. The
Company may have one or more co-registrars, one or more additional paying agents
and one or more additional conversion agents. The term Paying Agent includes any
additional paying agent, including any named pursuant to Section 4.05. The term
Conversion Agent includes any additional conversion agent, including any named
pursuant to Section 4.05.

     The Company shall enter into an appropriate agency agreement with any
Registrar, Paying Agent, Conversion Agent or co-registrar not a party to this
Indenture, which shall incorporate the terms of the TIA. The agreement shall
implement the provisions of this Indenture that relate to such agent. The
Company shall notify the Trustee of the name and address of any such agent. If
the Company fails to maintain a Registrar, Paying Agent or Conversion Agent, the
Trustee shall act as such and shall be entitled to appropriate compensation

                                       12

<PAGE>

therefor pursuant to Section 7.07. The Company or any of its domestically
incorporated Wholly Owned Subsidiaries may act as Paying Agent, Registrar,
Conversion Agent or co-registrar.

     The Company initially appoints the Trustee as Registrar, Conversion Agent
and Paying Agent in connection with the Securities, and each of the Corporate
Trust Office of the Trustee and the office or agency of the Trustee in the
Borough of Manhattan, The City of New York, to be such office or agency of the
Company for the aforesaid purposes.

     Section 2.04. Paying Agent to Hold Money and Securities in Trust. Except as
otherwise provided herein, on or prior to each due date of payment in respect of
any Security, the Company shall deposit with the Paying Agent a sum of money (in
immediately available funds if deposited on the due date) or Common Stock or, as
permitted by this Indenture, a combination thereof, sufficient to make such
payments when so becoming due. The Company shall require each Paying Agent
(other than the Trustee) to agree in writing that the Paying Agent shall hold in
trust for the benefit of Holders or the Trustee all money and Common Stock held
by the Paying Agent for the making of payments in respect of the Securities and
shall notify the Trustee of any default by the Company in making any such
payment. At any time during the continuance of any such default, the Paying
Agent shall, upon the written request of the Trustee, forthwith pay to the
Trustee all money and Common Stock so held in trust. If the Company or a Wholly
Owned Subsidiary acts as Paying Agent, it shall segregate the money and Common
Stock held by it as Paying Agent and hold it as a separate trust fund. The
Company at any time may require a Paying Agent to pay all money and Common Stock
held by it to the Trustee and to account for any funds and Common Stock
disbursed by the Paying Agent. Upon complying with this Section, the Paying
Agent shall have no further liability for the money delivered to the Trustee.

     Section 2.05. Holder Lists. The Trustee shall preserve in as current a form
as is reasonably practicable the most recent list available to it of the names
and addresses of Holders. If the Trustee is not the Registrar, the Company shall
furnish to the Trustee, in writing at least five Business Days 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 Holders.

     Section 2.06. Transfer and Exchange. Subject to Section 2.11 hereof, (a)
upon surrender for registration of transfer of any Security, together with a
written instrument of transfer satisfactory to the Registrar duly executed by
the Holder or such Holder's attorney duly authorized in writing, at the office
or agency of the Company designated as Registrar or co-registrar pursuant to
Section 2.03, the Company shall execute, and the Trustee shall authenticate and
deliver, in the name of the designated transferee or transferees, one or more
new Securities of any authorized denomination or denominations, of a like
aggregate principal amount. The Company shall not charge a service charge for
any registration of transfer or exchange, but the Company may require payment of
a sum sufficient to pay all taxes, assessments or other governmental charges
that may be imposed in connection with the transfer or exchange of the
Securities from the Holder requesting such transfer or exchange.

     At the option of the Holder, Securities may be exchanged for other
Securities of any authorized denomination or denominations, of a like aggregate
principal amount, upon surrender of the Securities to be exchanged, together
with a written instrument of transfer satisfactory to

                                       13

<PAGE>

the Registrar duly executed by the Holder or such Holder's attorney-in-fact duly
authorized in writing, at such office or agency. Whenever any Securities are so
surrendered for exchange, the Company shall execute, and the Trustee shall
authenticate and deliver, the Securities which the Holder making the exchange is
entitled to receive.

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

          (b) Notwithstanding any provision to the contrary herein, so long as a
     Global Security remains outstanding and is held by or on behalf of the
     Depositary, transfers of a Global Security, in whole or in part, shall be
     made only in accordance with Section 2.12 and this Section 2.06(b).
     Transfers of a Global Security shall be limited to transfers of such Global
     Security, to the Depositary, to nominees of the Depositary or to a
     successor of the Depositary or such successor's nominee.

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

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

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

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

                                       14

<PAGE>

     at the time of such sale, the Trustee, pursuant to a Company Order, shall
     authenticate and deliver a Security that does not bear the Legend. If the
     Legend is removed from the face of a Security and the Security is
     subsequently held by the Company or an Affiliate of the Company, the Legend
     shall be reinstated.

     Section 2.07. Replacement Securities. If a mutilated Security is
surrendered to the Registrar or if the Holder of a Security claims that such
Security has been lost, destroyed or wrongfully taken, the Company shall issue
and the Trustee shall authenticate a replacement Security if the requirements of
Section 8-405 of the Uniform Commercial Code are met and the Holder satisfies
any other reasonable requirements of the Trustee. If required by the Trustee or
the Company, such Holder shall furnish an indemnity bond sufficient in the
judgment of the Company and the Trustee to protect the Company, the Trustee, the
Paying Agent, the Registrar and any co-registrar from any loss which any of them
may suffer if a Security is replaced. The Company and the Trustee may charge the
Holder for their expenses in replacing a Security.

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

     Upon the issuance of any new Securities 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
expenses (including the fees and expenses of the Trustee) connected therewith.

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

     Section 2.08. Outstanding Securities. Securities outstanding at any time
are all Securities authenticated by the Trustee except for those cancelled by
it, those delivered to it for cancellation and those described in this Section
2.08 as not outstanding. A Security does not cease to be outstanding because the
Company or an Affiliate of the Company holds the Security; provided, however,
that in determining whether the Holders of the requisite principal amount of
Securities have given or concurred in any request, demand, authorization,
direction, notice, consent, waiver or other action hereunder, Securities owned
by the Company or any obligor upon the Securities or any Affiliate of the
Company or such other obligor shall be disregarded and deemed not to be
outstanding, except that, in determining whether the Trustee shall be protected
in relying upon any such request, demand, authorization, direction, notice,
consent, waiver or other action, only Securities which a Trust Officer of the
Trustee actually knows to be so owned shall be so disregarded. Subject to the
foregoing, only Securities outstanding at the time of such determination shall
be considered in any such determination (including, without limitation,
determinations pursuant to Articles 6 and 9).

                                       15
<PAGE>

     If a Security is replaced pursuant to Section 2.07, it ceases to be
outstanding unless the Trustee and the Company receive proof satisfactory to
them that the replaced Security is held by a bona fide purchaser.

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

     If a Security is converted in accordance with Article 10, then from and
after the time of conversion on the Conversion Date, such Security shall cease
to be outstanding and interest, if any, shall cease to accrue on such Security.

     Section 2.09. Temporary Securities. Until definitive Securities are ready
for delivery, the Company may prepare and the Trustee shall authenticate
temporary Securities. Temporary Securities shall be substantially in the form of
definitive Securities but may have variations that the Company considers
appropriate for temporary Securities. Without unreasonable delay, the Company
shall prepare and the Trustee shall authenticate definitive Securities and
deliver them in exchange for temporary Securities.

     Section 2.10. Cancellation. The Company at any time may deliver Securities
to the Trustee for cancellation. The Registrar and the Paying Agent shall
forward to the Trustee any Securities surrendered to them for registration of
transfer, exchange or payment. The Trustee and no one else shall cancel all
Securities surrendered for registration of transfer, exchange, payment or
cancellation and shall dispose of such cancelled securities in its customary
manner. The Company may not issue new Securities to replace Securities it has
redeemed, paid or delivered to the Trustee for cancellation or that any Holder
has converted pursuant to Article 10.

     Section 2.11. Persons Deemed Owners. Prior to due presentment of a Security
for registration of transfer, the Company, the Trustee and any agent of the
Company or the Trustee may treat the Person in whose name such Security is
registered as the owner of such Security for the purpose of receiving payment of
principal of the Security or the payment of any Redemption Price, Repurchase
Price or Fundamental Change Repurchase Price in respect thereof, and interest
thereon, for the purpose of conversion and for all other purposes whatsoever,
whether or not such Security be overdue, and neither the Company, the Trustee
nor any agent of the Company or the Trustee shall be affected by notice to the
contrary.

     Section 2.12. Global Securities. (a) Notwithstanding any other provisions
of this Indenture or the Securities, (A) transfers of a Global Security, in
whole or in part, shall be made only in accordance with Section 2.06 and Section
2.12(a)(i), (B) transfers of a beneficial interest in a Global Security for a
Certificated Security shall comply with Section 2.06 and Section 2.12(a)(ii)
below, and (C) transfers of a Certificated Security shall comply with Section
2.06 and 2.12(a)(iii)and (iv) below.

                                       16

<PAGE>

          (i) Transfer of Global Security. A Global Security may not be
     transferred, in whole or in part, to any Person other than the Depositary
     or a nominee or any successor thereof, and no such transfer to any such
     other Person may be registered; provided that this clause (i) shall not
     prohibit any transfer of a Security that is issued in exchange for a Global
     Security but is not itself a Global Security. No transfer of a Security to
     any Person shall be effective under this Indenture or the Securities unless
     and until such Security has been registered in the name of such Person.
     Nothing in this Section 2.12(a)(i) shall prohibit or render ineffective any
     transfer of a beneficial interest in a Global Security effected in
     accordance with the other provisions of this Section 2.12(a).

          (ii) Restrictions on Transfer of a Beneficial Interest in a Global
     Security for a Certificated Security. A beneficial interest in a Global
     Security may not be exchanged for a Certificated Security except:

          (A) Certificated Securities shall be issued to all owners of
     beneficial interests in a Global Security in exchange for such interests
     if:

          1) DTC notifies the Company that it is unwilling or unable to continue
     as Depositary for such Global Security or DTC ceases to be a clearing
     agency registered under the Exchange Act, at a time when DTC is required to
     be so registered in order to act as Depositary, and in each case a
     successor Depositary is not appointed by the Company within 90 days of such
     notice; or

          2) the Company executes and delivers to the Trustee and Registrar an
     Officers' Certificate stating that such Global Security shall be so
     exchangeable.

          In connection with the exchange of an entire Global Security for
     Certificated Securities pursuant to this subsection (ii), such Global
     Security shall be deemed to be surrendered to the Trustee for cancellation,
     and the Company shall execute, and upon Company Order the Trustee shall
     authenticate and deliver, to each beneficial owner identified by DTC in
     exchange for its beneficial interest in such Global Security, an equal
     aggregate principal amount of Certificated Securities of authorized
     denominations.

          (B) The owner of a beneficial interest in a Global Security will be
     entitled to receive a Certificated Security in exchange for such interest
     if an Event of Default has occurred and is continuing.

          Upon receipt by the Registrar of instructions from the Holder of a
     Global Security directing the Registrar to (x) issue one or more
     Certificated Securities in the amounts specified to the owner of a
     beneficial interest in such Global Security and (y) debit or cause to be
     debited an equivalent amount of beneficial interest in such Global
     Security, subject to the rules and procedures of DTC:

          1) the Registrar shall notify the Company and the Trustee of such
     instructions, identifying the owner and amount of such beneficial interest
     in such Global Security;

                                       17

<PAGE>

          2) the Company shall promptly execute, and upon Company Order the
     Trustee shall authenticate and deliver, to such beneficial owner
     Certificated Security(ies) in an equivalent amount to such beneficial
     interest in such Global Security; and

          3) the Registrar shall decrease such Global Security by such amount in
     accordance with the foregoing.

          (iii) Transfer and Exchange of Certificated Securities. When
     Certificated Securities are presented to the Registrar with a request:

               (x) to register the transfer of such Certificated Securities; or

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

          the Registrar shall register the transfer or make the exchange as
          requested if its reasonable requirements for such transaction are met;
          provided, however, that the Certificated Securities surrendered for
          transfer or exchange:

               (1) shall be duly endorsed or accompanied by a written instrument
          of transfer in form reasonably satisfactory to the Company and the
          Registrar, duly executed by the Holder thereof or his attorney duly
          authorized in writing; and

               (2) so long as such Securities are Restricted Securities, such
          Securities are being transferred or exchanged pursuant to an effective
          registration statement under the Securities Act or pursuant to clause
          (A), (B) or (C) below, and are accompanied by the following additional
          information and documents, as applicable:

                    (A) if such Certificated Securities are being delivered to
               the Registrar by a Holder for registration in the name of such
               Holder, without transfer, a certification from such Holder to
               that effect; or

                    (B) if such Certificated Securities are being transferred to
               the Company, a certification to that effect; or

                    (C) if such Certificated Securities are being transferred
               pursuant to an exemption from registration, (i) a certification
               to that effect (in the form set forth in Exhibit B, if
               applicable) and (ii) if the Company so requests, an opinion of
               counsel in form and substance reasonably satisfactory to it or
               other evidence in form and substance reasonably satisfactory to
               it as to the compliance with the restrictions set forth in the
               Legend.

          (iv) Restrictions on Transfer of a Certificated Security for a
     Beneficial Interest in a Global Security. A Certificated Security may not
     be exchanged for a beneficial interest in a Global Security except upon
     satisfaction of the requirements set forth below.

                                       18

<PAGE>

     Upon receipt by the Trustee of a Certificated Security, duly endorsed or
accompanied by appropriate instruments of transfer, in form satisfactory to the
Trustee, together with:

     (I) so long as the Securities are Restricted Securities, certification, in
     the form set forth in Exhibit B, that such Certificated Security is being
     transferred to a QIB in accordance with Rule 144A; and

     (II) written instructions directing the Trustee to make, or to direct the
     Registrar to make, an adjustment on its books and records with respect to
     such Global Security to reflect an increase in the aggregate principal
     amount of the Securities represented by the Global Security, such
     instructions to contain information regarding the Depositary account to be
     credited with such increase, then the Trustee shall cancel such
     Certificated Security and cause, or direct the Registrar to cause, in
     accordance with the standing instructions and procedures existing between
     the Depositary and the Registrar, the aggregate principal amount of
     Securities represented by the Global Security to be increased by the
     aggregate principal amount of the Certificated Security to be exchanged,
     and shall credit or cause to be credited to the account of the Person
     specified in such instructions a beneficial interest in the Global Security
     equal to the principal amount of the Certificated Security so cancelled. If
     no Global Securities are then outstanding, the Company shall issue and the
     Trustee shall authenticate, upon written order of the Company in the form
     of an Officers' Certificate, a new Global Security in the appropriate
     principal amount.

          (b) Subject to the succeeding Section 2.12(c), every Security shall be
     subject to the restrictions on transfer provided in the Legend including
     the delivery of an opinion of counsel, if so required. Whenever any
     Restricted Security is presented or surrendered for registration of
     transfer or for exchange for a Security registered in a name other than
     that of the Holder, such Security must be accompanied by a certificate in
     substantially the form set forth in Exhibit B, dated the date of such
     surrender and signed by the Holder of such Security, as to compliance with
     such restrictions on transfer. The Registrar shall not be required to
     accept for such registration of transfer or exchange any Security not so
     accompanied by a properly completed certificate.

          (c) The restrictions imposed by the Legend upon the transferability of
     any Security shall cease and terminate when such Security has been sold
     pursuant to an effective registration statement under the Securities Act or
     transferred in compliance with Rule 144 under the Securities Act (or any
     successor provision thereto) or, if earlier, upon the expiration of the
     holding period applicable to sales thereof under Rule 144(k) under the
     Securities Act (or any successor provision). Any Security as to which such
     restrictions on transfer shall have expired in accordance with their terms
     or shall have terminated may, upon a surrender of such Security for
     exchange to the Registrar in accordance with the provisions of this Section
     2.12 (accompanied, in the event that such restrictions on transfer have
     terminated by reason of a transfer in compliance with Rule 144 or any
     successor provision, by an opinion of counsel having substantial experience
     in practice under the Securities Act and otherwise reasonably acceptable in
     form and substance to the Company, addressed to the Company, to the effect
     that the transfer of such Security has been made in compliance with Rule
     144 or such successor provision),

                                       19

<PAGE>

     be exchanged for a new Security, of like tenor and aggregate principal
     amount, which shall not bear the restrictive Legend. The Company shall
     inform the Trustee of the effective date of any registration statement
     registering the Securities under the Securities Act. The Trustee shall not
     be liable for any action taken or omitted to be taken by it in good faith
     in accordance with the aforementioned opinion of counsel or registration
     statement.

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

          (e) The provisions of clauses (i), (ii), (iii) and (iv) below shall
     apply only to Global Securities:

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

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

          (iii) Subject to the provisions of subsection (f) below, the
     registered Holder may grant proxies and otherwise authorize any Person,
     including Agent Members (as

                                       20

<PAGE>

     defined below) and Persons that may hold interests through Agent Members,
     to take any action which a holder is entitled to take under this Indenture
     or the Securities.

          (iv) In the event of the occurrence of any of the events specified in
     clause (i) above, the Company will promptly make available to the Trustee a
     reasonable supply of Certificated Securities in definitive, fully
     registered form, without interest coupons.

          (f) Neither any members of, or participants in, the Depositary
     (collectively, the "AGENT MEMBERS") nor any other Persons on whose behalf
     Agent Members may act shall have any rights under this Indenture with
     respect to any Global Security registered in the name of the Depositary or
     any nominee thereof, or under any such Global Security, and the Depositary
     or such nominee, as the case may be, may be treated by the Company, the
     Trustee and any agent of the Company or the Trustee as the absolute owner
     and holder of such Global Security for all purposes whatsoever.
     Notwithstanding the foregoing, nothing herein shall prevent the Company,
     the Trustee or any agent of the Company or the Trustee from giving effect
     to any written certification, proxy or other authorization furnished by the
     Depositary or such nominee, as the case may be, or impair, as between the
     Depositary, its Agent Members and any other Person on whose behalf an Agent
     Member may act, the operation of customary practices of such Persons
     governing the exercise of the rights of a holder of any Security. The
     registered Holder of a Global Security may grant proxies and otherwise
     authorize any Person, including Agent Members and persons that may hold
     interests through Agent Members, to take any action that a Holder is
     entitled to take under this Indenture or the Securities.

     Section 2.13. CUSIP and ISIN Numbers. The Company in issuing the Securities
may use "CUSIP" and "ISIN" numbers (if then generally in use) and, if so, the
Trustee shall use CUSIP and ISIN numbers in notices of redemption as a
convenience to Holders; provided, however, that neither the Company nor the
Trustee shall have any responsibility for any defect in the CUSIP or ISIN number
that appears on any Security, check, advice of payment or redemption notice, and
any such notice may state that no representation is made as to the correctness
of such numbers either as printed on the Securities or as contained in any
notice of a redemption and that reliance may be placed only on the other
identification numbers printed on the Securities, and any such redemption shall
not be affected by any defect in or omission of such numbers. The Company shall
promptly notify the Trustee in the event of any change in the CUSIP or ISIN
numbers.

     Section 2.14. Certain Tax Matters. The Trustee on behalf of the Holders
agrees and each Holder is deemed to have agreed (a) that for United States
federal income tax purposes the Securities will be treated as indebtedness
subject to the Treasury regulations governing contingent payment debt
instruments, (b) that the Holders will report original issue discount and
interest on the Securities in accordance with the Company's determination of
both the "comparable yield" and the "projected payment schedule" and (c) to be
bound by the Company's application of the Treasury regulations that govern
contingent payment debt instruments. For this purpose, the "comparable yield"
for the Securities is 6.54% compounded semi-annually and the "projected payment
schedule" may be obtained by contacting the Company at the address set forth in
Section 12.02. The Company shall file with the Trustee no later than the end of
each calendar year, (i) a written notice specifying the amount of original issue
discount (including

                                       21

<PAGE>

daily rates and accrual periods) accrued on outstanding Securities as of the end
of such year and (ii) such other specific information relating to such original
issue discount as may then be relevant under the United States Internal Revenue
Code of 1986, as amended from time to time (the "CODE").

     Section 2.15. Additional Interest Under Registration Rights Agreements.
Under certain circumstances, the Company may be obligated to pay Additional
Interest to Holders, as and to the extent set forth in the Registration Rights
Agreement the terms of which reference is hereby made. Additional Interest, if
required to be paid, is deemed to be interest for purposes of this Indenture.

                                    ARTICLE 3

                           REDEMPTION AND REPURCHASES

     Section 3.01. Company's Right to Redeem; Notices to Trustee. The Company,
at its option, may redeem the Securities in accordance with the provisions of
Paragraph 5 of the Securities. If the Company elects to redeem Securities
pursuant to Paragraph 5 or Paragraph 10 of the Securities, it shall notify the
Trustee in writing of the Redemption Date, the principal amount of Securities to
be redeemed and that such redemption is being made pursuant to Paragraph 5 or
Paragraph 10 of the Securities.

     The Company shall give each notice to the Trustee provided for in this
Section 3.01 at least 45 days before the redemption date unless the Trustee
consents to a shorter period or unless a shorter period is required by the
applicable Gaming Authority with respect to a redemption pursuant to Paragraph
10 of the Securities. Such notice shall be accompanied by an Officers'
Certificate and an Opinion of Counsel from the Company to the effect that such
redemption will comply with the conditions herein.

     Section 3.02. Selection of Securities To Be Redeemed. If fewer than all the
Securities are to be redeemed, the Trustee shall select the Securities to be
redeemed pro rata or by lot or by a method that complies with applicable legal
and securities exchange requirements, if any, and that the Trustee considers
appropriate and in accordance with methods generally used at the time of
selection by fiduciaries in similar circumstances or in any manner required by
the Depositary. The Trustee shall make the selection from outstanding Securities
not previously called for redemption. The Trustee may select for redemption
portions of the principal amount of Securities that have denominations larger
than $1,000. Securities and portions of Securities the Trustee selects shall be
in principal amounts of $1,000 or a whole multiple of $1,000. Provisions of this
Indenture that apply to Securities called for redemption also apply to portions
of Securities called for redemption. The Trustee shall notify the Company
promptly of the Securities or portions of Securities to be redeemed.

     If any Security selected for partial redemption is converted in part before
termination of the conversion right with respect to the portion of the Security
so selected, the converted portion of such Security shall be deemed (so far as
may be) to be the portion selected for redemption. Securities which have been
converted during a selection of Securities to be redeemed may be treated by the
Trustee as outstanding for the purpose of such selection.

                                       22

<PAGE>

     Section 3.03. Notice of Redemption. At least 15 days but not more than 60
days before a Redemption Date, the Company or the Trustee shall mail a notice of
redemption by first-class mail, postage prepaid, to each Holder of Securities to
be redeemed.

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

          (a) the Redemption Date;

          (b) the Redemption Price;

          (c) the then existing Conversion Rate;

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

          (e) that Securities called for redemption may be converted at any time
     before the close of business on the Business Day immediately preceding the
     Redemption Date;

          (f) that Holders who want to convert their Securities must satisfy the
     requirements set forth in Paragraph 8 of the Securities;

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

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

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

          (j) the CUSIP and ISIN number(s) of the Securities.

     At the Company's request, the Trustee shall give the notice of redemption
in the Company's name and at the Company's expense, provided that the Company
makes such request at least three Business Days prior to the date by which such
notice of redemption must be given to Holders in accordance with this Section
3.03.

     Section 3.04. Effect of Notice of Redemption. Once notice of redemption is
given, Securities called for redemption become due and payable on the Redemption
Date and at the Redemption Price stated in the notice except for Securities
which are converted in accordance with the terms of this Indenture. Upon
surrender to the Paying Agent, such Securities shall be paid at the Redemption
Price stated in the notice.

     Section 3.05. Deposit of Redemption Price. Prior to 10:00 a.m. (New York
City time), on the Redemption Date, the Company shall deposit with the Paying
Agent (or if the Company or a Wholly Owned Subsidiary is the Paying Agent, shall
segregate and hold in trust) money sufficient to pay the Redemption Price of all
Securities to be redeemed on that date other than

                                       23

<PAGE>

Securities or portions of Securities called for redemption which on or prior
thereto have been delivered by the Company to the Trustee for cancellation or
have been converted. The Paying Agent shall as promptly as practicable return to
the Company any money not required for that purpose because of conversion of
Securities pursuant to Article 10. If such money is then held by the Company in
trust and is not required for such purpose it shall be discharged from such
trust.

     Section 3.06. Securities Redeemed in Part. Upon surrender of a Security
that is redeemed in part, the Company shall execute and the Trustee shall
authenticate and deliver to the Holder a new Security in an authorized
denomination equal in principal amount to the unredeemed portion of the Security
surrendered, or in the case of a Global Security, the Company shall instruct the
Registrar to decrease such Global Security by the principal amount of the
redeemed portion of the Security surrendered.

     Section 3.07. Repurchase of Securities by the Company at Option of the
Holder. (a) General. Securities shall be repurchased by the Company pursuant to
Paragraph 7 of the Securities at the option of the Holder on December 15, 2009,
December 15, 2011, December 15, 2016, December 15, 2021, December 15, 2026 and
December 15, 2031 or the next Business Day following such dates to the extent
such dates are not Business Days (each, a "REPURCHASE DATE"), in U.S. legal
tender ("CASH") at 100% of the principal amount plus accrued and unpaid
interest, if any, on such Repurchase Date (the "REPURCHASE PRICE"). Repurchases
of Securities hereunder shall be made, at the option of the Holder thereof,
upon:

          (i) delivery to the Paying Agent by the Holder of a written notice (or
     in the case of Global Securities, a notice delivered electronically or by
     other means in accordance with the Depositary's customary procedures) of
     repurchase (a "REPURCHASE NOTICE") during the period beginning at any time
     from the opening of business on the date that is 20 Business Days prior to
     the relevant Repurchase Date until the close of business on the last day
     prior to such Repurchase Date stating:

          (A) the certificate number of the Security which the Holder will
     deliver to be repurchased, if any,

          (B) the portion of the principal amount of the Security which the
     Holder will deliver to be repurchased, which portion must be in principal
     amounts of $1,000 or an integral multiple thereof, and

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

          (ii) delivery of such Security to the Paying Agent prior to, on or
     after the Repurchase Date (together with all necessary endorsements) at the
     offices of the Paying Agent, such delivery being a condition to receipt by
     the Holder of the Repurchase Price therefor; provided, however, that such
     Repurchase Price shall be so paid pursuant to this Section 3.07 only if the
     Security so delivered to the Paying Agent shall conform in all respects to
     the description thereof in the related Repurchase Notice, as determined by
     the Company.

                                       24

<PAGE>

     The Company shall repurchase from the Holder thereof, pursuant to this
Section 3.07, a portion of a Security, 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 Security also apply to the repurchase of
such portion of such Security.

     Any repurchase by the Company contemplated pursuant to the provisions of
this Section 3.07 shall be consummated by the delivery to the Paying Agent of
the consideration to be received by the Holder promptly following the later of
the Repurchase Date and the time of delivery of the Security.

     Notwithstanding anything herein to the contrary, any Holder delivering to
the Paying Agent the Repurchase Notice contemplated by this Section 3.07(a)
shall have the right to withdraw such Repurchase Notice at any time prior to the
close of business on the last day prior to the Repurchase Date by delivery of a
written notice of withdrawal to the Paying Agent in accordance with Section
3.09.

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

          (b) Company Notice. Not less than 20 Business Days prior to the
     Repurchase Date (the "COMPANY NOTICE DATE"), the Company shall give notice
     to Holders setting forth information specified in this Section 3.07(b) (the
     "COMPANY NOTICE").

          Each Company Notice shall include a form of Repurchase Notice to be
     completed by a Holder and shall state:

          (i) the Repurchase Price and the then Conversion Rate;

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

          (iii) that Securities as to which a Repurchase Notice has been given
     may be converted if they are otherwise convertible only in accordance with
     Article 10 hereof and Paragraph 8 of the Securities if the applicable
     Repurchase Notice has been withdrawn in accordance with the terms of this
     Indenture;

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

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

          (vi) the procedures the Holder must follow to exercise its put rights
     under this Section 3.07 and a brief description of those rights;

                                       25

<PAGE>

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

          (viii) the procedures for withdrawing a Repurchase Notice;

          (ix) that, unless the Company defaults in making payment on Securities
     for which a Repurchase Notice has been submitted, interest, if any, on such
     Securities will cease to accrue on the Repurchase Date; and

          (x) the CUSIP and ISIN number(s) of the Securities.

          At the Company's request, the Trustee shall give such Company Notice
     in the Company's name and at the Company's expense; provided, however,
     that, in all cases, the text of such Company Notice shall be prepared by
     the Company.

          (c) Procedure upon Repurchase. The Company shall deposit cash (in
     respect of cash repurchases under this Section 3.07, at the time and in the
     manner as provided in Section 3.10, sufficient to pay the aggregate
     Repurchase Price of all Securities to be repurchased pursuant to this
     Section 3.07.

     Section 3.08. Repurchase of Securities at Option of the Holder Upon a
Fundamental Change.

          (a) If a Fundamental Change occurs, the Securities not previously
     repurchased by the Company shall be repurchased by the Company, at the
     option of the Holder thereof, in cash, at the Repurchase Price on the
     Fundamental Change Repurchase Date (the "FUNDAMENTAL CHANGE REPURCHASE
     PRICE"), as of the date that is no more than 45 days after the date of the
     Fundamental Change Notice delivered by the Company (the "FUNDAMENTAL CHANGE
     REPURCHASE DATE"), subject to satisfaction by or on behalf of the Holder of
     the requirements set forth in Section 3.08(c).

     A "FUNDAMENTAL CHANGE" shall be deemed to have occurred at such time after
the Securities are originally issued that any of the following events shall
occur:

          (i) any person, including any syndicate or group deemed to be a
     "person" under Section 13(d)(3) of the Exchange Act, acquires beneficial
     ownership, directly or indirectly, through a purchase, merger or other
     acquisition transaction or series of transactions, of shares of the
     Company's Capital Stock entitling the person to exercise 50% or more of the
     total voting power of all shares of the Company's Capital Stock that are
     entitled to vote generally in elections of directors, other than an
     acquisition by the Company, any of its Subsidiaries or any of its employee
     benefit plans;

          (ii) the Company merges or consolidates with or into any other person
     (other than a Subsidiary), any merger of another person into the Company,
     or the Company conveys, sells, transfers or leases all or substantially all
     of its assets to another person (other than a Subsidiary), other than any
     transaction: (A) involving a merger or consolidation that does not result
     in any reclassification, conversion, exchange or cancellation of the
     Company's outstanding shares of Common Stock (other than the cancellation
     of any of the Company's outstanding shares of Common Stock held by the

                                       26

<PAGE>

     person with whom the Company merges or consolidates), or (B) pursuant to
     which the holders of the Company's shares of Common Stock immediately prior
     to the transaction have the entitlement to exercise, directly or
     indirectly, 50% or more of the total voting power of all shares of Capital
     Stock entitled to vote generally in the election of directors of the
     continuing or surviving corporation immediately after the transaction, or
     (C) which is effected solely to change the Company's jurisdiction of
     incorporation and results in a reclassification, conversion or exchange of
     outstanding shares of Common Stock solely into shares of common stock of
     the surviving entity;

          (iii) the first day on which a majority of the members of the Board of
     Directors does not consist of Continuing Directors; or

          (iv) a Termination of Trading.

     Notwithstanding the foregoing provisions of this Section 3.08, a
Fundamental Change shall not be deemed to have occurred if (A) the Closing Sale
Price per share of Common Stock on the NYSE or, if the shares of Common Stock
are not listed on the NYSE, on the principal other national or regional
securities exchange on which the shares of Common Stock are then listed, or if
the shares of Common Stock are not listed on a U.S. national or regional
exchange, as reported on the principal other market on which the shares of
Common Stock are then traded, for any five Trading Days within the period of 10
consecutive Trading Days ending immediately after the later of the Fundamental
Change or the public announcement of the Fundamental Change, in the case of a
Fundamental Change relating to an acquisition of Capital Stock, or the period of
10 consecutive Trading Days ending immediately before the Fundamental Change, in
the case of Fundamental Change relating to a merger, consolidation or asset
sale, equals or exceeds 105% of the conversion price of the Securities in effect
on each of those Trading Days or (B) at least 90% (excluding cash payments for
fractional shares and cash payments made pursuant to dissenters' appraisal
rights) in a merger or consolidation otherwise constituting a Fundamental Change
under clause (i) and/or clause (ii) above consists of shares of common stock or
American Depositary Receipts traded on a national securities exchange (or will
be so traded immediately following the merger or consolidation) and as a result
of the merger or consolidation the Securities become convertible into such
consideration. For purposes of this Section 3.08, (x) whether a Person is a
"BENEFICIAL OWNER" shall be determined in accordance with Rule 13d-3 under the
Exchange Act and (y) "Person" includes any syndicate or group that would be
deemed to be a "person" under Section 13(d)(3) of the Exchange Act.

     At least three Business Days before the Fundamental Change Notice Date (as
defined below), the Company shall deliver an Officers' Certificate to the
Trustee specifying:

          (i) the information required by Section 3.08(b); and

          (ii) whether the Company desires the Trustee to give the Fundamental
     Change Notice required by Section 3.08(b).

          (b) No later than 30 days after the Company knows or reasonably should
     know of the occurrence of a Fundamental Change, the Company shall mail a
     written notice of the Fundamental Change (the "FUNDAMENTAL CHANGE NOTICE,"
     the date of such

                                       27

<PAGE>

     mailing, the "FUNDAMENTAL CHANGE NOTICE DATE") by first-class mail to the
     Trustee and to each Holder (and to beneficial owners as required by
     applicable law). The notice shall include a form of Fundamental Change
     Repurchase Notice to be completed by the Holder and shall state:

          (i) briefly, the nature of the Fundamental Change and the date of such
     Fundamental Change;

          (ii) the date by which the Fundamental Change Repurchase Notice
     pursuant to Section 3.08(c) must be given;

          (iii) the Fundamental Change Repurchase Date;

          (iv) the Fundamental Change Repurchase Price;

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

          (vi) the then existing Conversion Rate and any adjustments thereto;

          (vii) that the Securities as to which a Fundamental Change Repurchase
     Notice has been given may be converted if they are otherwise convertible
     pursuant to Article 10 hereof only if the Fundamental Change Repurchase
     Notice has been withdrawn in accordance with the terms of this Indenture;

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

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

          (x) briefly, the procedures the Holder must follow to exercise rights
     under this Section 3.08;

          (xi) briefly, the conversion rights, if any, of the Securities;

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

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

          (xiv) the CUSIP and ISIN number(s) of the Securities.

                                       28

<PAGE>

          (c) A Holder may exercise its rights specified in Section 3.08(a) upon
     delivery of a written notice of repurchase (a "FUNDAMENTAL CHANGE
     REPURCHASE NOTICE") to the Paying Agent at any time on or prior to the 30th
     day after the date the Company delivers its Fundamental Change Notice,
     stating:

          (i) the certificate number of the Security which the Holder will
     deliver to be repurchased;

          (ii) the portion of the principal amount of the Security which the
     Holder will deliver to be purchased, which portion must be $1,000 or an
     integral multiple thereof; and

          (iii) that such Security shall be repurchased pursuant to the terms
     and conditions specified in Paragraph 7 of the Securities.

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

     The Company shall repurchase from the Holder thereof, pursuant to this
Section 3.08, a portion of a Security 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 Security also apply to the repurchase of
such portion of such Security.

     Any repurchase by the Company contemplated pursuant to the provisions of
this Section 3.08 shall be consummated by the delivery of the consideration to
be received by the Holder on the Fundamental Change Repurchase Date.

          (d) Procedure upon Repurchase. The Company shall deposit cash, at the
     time and in the manner as provided in Section 3.10, sufficient to pay the
     aggregate Fundamental Change Repurchase Price of all Securities to be
     repurchased pursuant to this Section 3.08.

     Section 3.09. Effect of Repurchase Notice or Fundamental Change Repurchase
Notice. Upon receipt by the Paying Agent of the Repurchase Notice or Fundamental
Change Repurchase Notice specified in Section 3.07(a) or Section 3.08(c), as
applicable, the Holder of the Security in respect of which such Repurchase
Notice or Fundamental Change Repurchase Notice, as the case may be, was given
shall (unless such Repurchase Notice or Fundamental Change Repurchase Notice, as
the case may be, is withdrawn as specified in the following paragraph)
thereafter be entitled to receive solely the Repurchase Price or Fundamental
Change Repurchase Price, as the case may be, with respect to such Security. Such
Repurchase Price or Fundamental Change Repurchase Price shall be paid to such
Holder, subject to receipts of funds by the Paying Agent, promptly following the
later of (i) the Repurchase Date or the Fundamental Change Repurchase Date, as
the case may be, with respect to such Security (provided the conditions in
Section 3.07(a) or Section 3.08(c), as applicable, have been satisfied) and (ii)
the time of delivery of such

                                       29

<PAGE>

Security to the Paying Agent by the Holder thereof in the manner required by
Section 3.07(a) or Section 3.08(c), as applicable. Securities in respect of
which a Repurchase Notice or Fundamental Change 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 Repurchase Notice or Fundamental Change
Repurchase Notice unless such Repurchase Notice or Fundamental Change Repurchase
Notice has first been validly withdrawn as specified in the following two
paragraphs.

     A Repurchase Notice or Fundamental Change Repurchase Notice may be
withdrawn by means of a written notice of withdrawal delivered to the office of
the Paying Agent in accordance with the Repurchase Notice or Fundamental Change
Repurchase Notice, as the case may be, at any time prior to the close of
business on the last day prior to the Repurchase Date or the Fundamental Change
Repurchase Date, as the case may be, specifying:

          (a) the certificate number of the Security in respect of which such
     notice of withdrawal is being submitted or the appropriate Depositary
     procedures if Certificated Securities have been issued;

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

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

     Section 3.10. Deposit of Repurchase Price or Fundamental Change Repurchase
Price. Prior to 10:00 a.m. New York City time on the Repurchase Date or the
Fundamental Change Repurchase Date, as the case may be, the Company shall
deposit with the Trustee or with the Paying Agent (or, if the Company or a
Subsidiary 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 cash
(in immediately available funds if deposited on such Business Day), sufficient
to pay the aggregate Repurchase Price or Fundamental Change Repurchase Price, as
the case may be, of all the Securities or portions thereof which are to be
repurchased as of the Repurchase Date or Fundamental Change Repurchase Date, as
the case may be.

     Section 3.11. Securities Repurchased in Part. Any Certificated Security
which is to be repurchased only in part shall be surrendered at the office of
the Paying Agent (with, if the Company or the Trustee so requires, due
endorsement by, or a written instrument of transfer in form satisfactory to the
Company and the Trustee duly executed by, the Holder thereof or such Holder's
attorney duly authorized in writing) and the Company shall execute and the
Trustee shall authenticate and deliver to the Holder of such Security, without
service charge, a new Security or Securities, of any authorized denomination as
requested by such Holder in aggregate principal amount equal to, and in exchange
for, the portion of the principal amount of the Security so surrendered which is
not repurchased, or in the case of a Global Security, the Company shall instruct
the Registrar to decrease such Global Security by the principal amount of the
repurchased portion of the Security surrendered.

                                       30

<PAGE>

     Section 3.12. Covenant to Comply with Securities Laws Upon Repurchase of
Securities. When complying with the provisions of Section 3.07 or 3.08 hereof
(provided that such offer or repurchase constitutes an "issuer tender offer" for
purposes of Rule 13e-4 (which term, as used herein, includes any successor
provision thereto) under the Exchange Act at the time of such offer or
repurchase), the Company shall, to the extent applicable, (a) comply with Rule
13e-4 and Rule 14e-1 (or any successor provision) under the Exchange Act, (b)
file the related Schedule TO (or any successor schedule, form or report) under
the Exchange Act, and (c) otherwise comply with any applicable Federal and state
securities laws so as to permit the rights and obligations under Sections 3.07
and 3.08 to be exercised in the time and in the manner specified in Sections
3.07 and 3.08.

     Section 3.13. Repayment to the Company. The Trustee and the Paying Agent
shall return to the Company any cash that remain unclaimed as provided in
Paragraph 13 of the Securities, held by them for the payment of the Repurchase
Price or Fundamental Change Repurchase Price, as the case may be; provided,
however, that to the extent that the aggregate amount of cash deposited by the
Company pursuant to Section 3.10 exceeds the aggregate Repurchase Price or
Fundamental Change Repurchase Price, as the case may be, of the Securities or
portions thereof which the Company is obligated to repurchase as of the
Repurchase Date or Fundamental Change Repurchase Date, as the case may be, then,
unless otherwise agreed in writing with the Company, promptly after the Business
Day following the Repurchase Date or Fundamental Change Repurchase Date, as the
case may be, the Trustee shall return any such excess to the Company.

                                    ARTICLE 4

                                    COVENANTS

     Section 4.01. Payment of Securities. The Company shall promptly make all
payments in respect of the Securities on the dates and in the manner provided in
the Securities or pursuant to this Indenture. Any amounts of cash or shares of
Common Stock to be given to the Trustee or Paying Agent, shall be deposited with
the Trustee or Paying Agent by 10:00 a.m. New York City time by the Company on
the required date. The Company may, at its option, make payments in respect of
the Securities by check mailed to a Holder's registered address or, with respect
to Global Securities, by wire transfer. The Company shall make any required
interest payments to the Person in whose name each Security is registered at the
close of business on the record date for such interest payment. Principal
amount, accrued interest, if any, Redemption Price, Repurchase Price and
Fundamental Change Repurchase Price, shall be considered paid on the applicable
date due if on such date (or, in the case of a Repurchase Price or Fundamental
Change Repurchase Price, on the Business Day following the applicable Repurchase
Date or Fundamental Change Repurchase Date, as the case may be) the Trustee or
the Paying Agent holds, in accordance with this Indenture, cash sufficient to
pay all such amounts then due.

     Section 4.02. SEC and Other Reports. The Company shall file with the
Trustee, within 15 days after it files such annual and quarterly reports,
information, documents and other reports with the SEC, copies of its annual
report and of the information, documents and other reports (or copies of such
portions of any of the foregoing as the SEC may by rules and regulations
prescribe) which the Company is required to file with the SEC pursuant to
Section 13 or 15(d) of

                                       31

<PAGE>

the Exchange Act. In the event the Company is at any time no longer subject to
the reporting requirements of Section 13 or 15(d) of the Exchange Act, it shall
continue to provide the Trustee with annual and quarterly reports containing
substantially the same information as would have been required to be filed with
the SEC had the Company continued to have been subject to such reporting
requirements. In such event, such annual and quarterly reports shall be provided
at the times the Company would have been required to provide reports had it
continued to have been subject to such reporting requirements. The Company also
shall comply with the other provisions of TIA Section 314(a). Delivery of such
reports, information and documents to the Trustee is for informational purposes
only and the Trustee's receipt of such shall not constitute constructive notice
of any information contained therein or determinable from information contained
therein, including the Company's compliance with any of its covenants hereunder
(as to which the Trustee is entitled to rely conclusively on Officers'
Certificates).

     Section 4.03. Compliance Certificate. The Company shall deliver to the
Trustee within 120 days after the end of each fiscal year of the Company an
Officers' Certificate, stating whether or not to the best knowledge of the
signers thereof, the Company is in default in the performance and observance of
any of the terms, provisions and conditions of this Indenture (without regard to
any period of grace or requirement of notice provided hereunder) and if the
Company shall be in default, specifying all such defaults and the nature and
status thereof of which they may have knowledge.

     Section 4.04. Further Instruments and Acts. Upon request of the Trustee,
the Company will execute and deliver such further instruments and do such
further acts as may be reasonably necessary or proper to carry out more
effectively the purposes of this Indenture.

     Section 4.05. Maintenance of Office or Agency. The Company will maintain in
the Borough of Manhattan, City of New York, an office or agency of the Trustee,
Registrar, Paying Agent and Conversion Agent where Securities may be presented
or surrendered for payment, where Securities may be surrendered for registration
of transfer, exchange, repurchase, redemption or conversion and where notices
and demands to or upon the Company in respect of the Securities and this
Indenture may be served. The office of Wells Fargo Bank, National Association,
at 45 Broadway, Mail Stop N2666-120, New York, New York 10006, (Attention:
Department of Corporate Trust Administration), shall initially be such office or
agency for all of the aforesaid purposes. The Company shall give prompt written
notice to the Trustee of the location, and of any change in the location, of any
such office or agency (other than a change in the location of the Corporate
Trust Office of the Trustee). If at any time the Company shall fail to maintain
any such required office or agency or shall fail to furnish the Trustee with the
address thereof, such presentations, surrenders, notices and demands may be made
or served at the address of the Trustee set forth in Section 12.02.

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

                                       32

<PAGE>

     Section 4.06. Notification of Contingent Interest. The Company shall notify
the Trustee upon the occurrence of any payment of Contingent Interest as
contemplated by Section 11.04 and of the effect that such Contingent Interest
has upon transfers permitted by Section 2.07. Unless and until the Trustee
receives such certificate, the Trustee may assume without inquiry that no
Contingent Interest is payable.

     Section 4.07. Delivery of Certain Information. At any time when the Company
is not subject to Section 13 or 15(d) of the Exchange Act, upon the request of a
Holder or any beneficial owner of Securities or holder or beneficial owner of
shares of Common Stock issued upon conversion thereof, the Company will promptly
furnish or cause to be furnished Rule 144A Information (as defined below) to
such Holder or any beneficial owner of Securities or holder or beneficial owner
of shares of Common Stock, or to a prospective purchaser of any such security
designated by any such holder, as the case may be, to the extent required to
permit compliance by such Holder or holder with Rule 144A under the Securities
Act in connection with the resale of any such security. "RULE 144A INFORMATION"
shall be such information as is specified pursuant to Rule 144A(d)(4) under the
Securities Act. Whether a Person is a beneficial owner shall be determined by
the Company to the Company's reasonable satisfaction.

                                    ARTICLE 5

                              SUCCESSOR CORPORATION

     Section 5.01. When Company May Merge or Transfer Assets. The Company shall
not consolidate with or merge with or into any other Person, convey, transfer,
sell or lease its properties and assets substantially as an entirety to any
Person, or permit any Person to consolidate with or merge into the Company,
unless:

          (a) either (i) the Company shall be the surviving Person or (ii) the
     surviving Person (if other than the Company) formed by such consolidation
     or into which the Company is merged or the Person which acquires by
     conveyance, transfer or lease the properties and assets of the Company
     substantially as an entirety (A) shall be a corporation organized and
     validly existing under the laws of the United States of America, any State
     thereof or the District of Columbia or (B) the Company has received an
     opinion of nationally recognized counsel experienced in such matters to the
     effect that, under the relevant laws (as in effect at the date of the
     merger or consolidation, but taking into account reasonably expected
     changes in laws), (i) Holders of the Securities and holders of shares of
     Common Stock issuable upon conversion of the Securities will be subject to
     tax for U.S. federal income tax purposes with respect to their investment
     in the Securities after such transaction in the same amount, at the same
     time and otherwise in the same manner as prior to such transaction, and
     (ii) the net amount of payments to be received by the Holders of the
     Securities or holders of shares of Common Stock issuable upon conversion of
     the Securities will not be less than the amounts that such Holders of the
     Securities or holders of shares of Common Stock issuable upon conversion of
     the Securities, as applicable, would have been entitled to receive prior to
     the merger or consolidation and, in each case, shall expressly assume, by
     an indenture supplemental hereto, executed and delivered to the Trustee, in
     form reasonably satisfactory to the Trustee, all of the obligations of the
     Company under the Securities and this Indenture;

                                       33

<PAGE>

          (b) immediately after giving effect to such transaction, no Event of
     Default, and no event that, after notice or lapse of time or both, would
     become an Event of Default, shall have occurred and be continuing; and

          (c) the Company shall have delivered to the Trustee an Officers'
     Certificate stating that such consolidation, merger, conveyance, transfer,
     sale or lease and, if a supplemental indenture is required in connection
     with such transaction, such supplemental indenture, comply with this
     Article 5 and that all conditions precedent herein provided for relating to
     such transaction have been satisfied.

     The successor Person formed by such consolidation or into which the Company
is merged or the successor Person to which such conveyance, transfer, sale or
lease is made shall succeed to, and be substituted for, and may exercise every
right and power of, the Company under this Indenture with the same effect as if
such successor had been named as the Company herein; and thereafter, except in
the case of a lease and obligations the Company may have under a supplemental
indenture pursuant to Section 10.15, the Company shall be discharged from all
obligations and covenants under this Indenture and the Securities. Subject to
Section 9.06, the Company, the Trustee and the successor Person shall enter into
a supplemental indenture to evidence the succession and substitution of such
successor Person and such discharge and release of the Company.

                                    ARTICLE 6

                              DEFAULTS AND REMEDIES

     Section 6.01. Events of Default. Each of the following events shall be an
"EVENT OF DEFAULT":

          (i) the Company defaults in any payment of interest due and payable on
     the Securities, and such default continues for a period of 30 days;

          (ii) the Company defaults in the payment of all or any part of the
     principal on the Securities and accrued and unpaid interest when the same
     becomes due and payable at its Stated Maturity, upon redemption, required
     repurchase or otherwise;

          (iii) the Company fails to provide a Fundamental Change Notice as
     required in Section 3.08(b);

          (iv) the Company defaults in its obligation to deliver the cash or
     shares of Common Stock, if any, required to be delivered upon conversion of
     the Securities, together with cash in lieu thereof in respect of any
     fractional shares, upon conversion of any Securities and such default
     continues for a period of 5 days or more;

          (v) the Company fails to comply with any covenant or agreement in the
     Securities or in this Indenture (other than a failure that is the subject
     of the foregoing clauses (i) or (ii)) and such failure continues for 60
     days after receipt by the Company of a Notice of Default;

                                       34
<PAGE>

          (vi) a default by the Company or any Significant Subsidiary under any
     Indebtedness (other than the Securities) having an outstanding principal
     amount of $100,000,000 (or its foreign currency equivalent), after the
     applicable grace period, which results in acceleration of the maturity of
     such Indebtedness, unless such declaration has been rescinded within 30
     days;

          (vii) a default by the Company or any Significant Subsidiary in the
     payment of principal or premium at final maturity under any other
     instruments of indebtedness, which default is in an aggregate principal
     amount exceeding $100,000,000 and continues unremedied and unwaived for
     more than 30 business days after the expiration of any grace period or
     extension of the time for payments applicable thereto;

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

          (A) commences a voluntary case;

          (B) consents to the entry of an order for relief against it in an
     involuntary case;

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

          (D) makes a general assignment for the benefit of its creditors; or
     takes any comparable action under any foreign laws relating to insolvency;
     or

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

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

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

          (C) orders the winding up or liquidation of the Company or any
     Significant Subsidiary; or

          (D) grants any similar relief under any foreign laws; and in each such
     case the order or decree remains unstayed and in effect for 60 days.

     The foregoing will constitute Events of Default whatever the reason for any
such Event of Default and whether it is voluntary or involuntary or is effected
by operation of law or pursuant to any judgment, decree or order of any court or
any order, rule or regulation of any administrative or governmental body.

     The term "BANKRUPTCY LAW" means Title 11, United States Code, or any
similar Federal, state or non-U.S. law for the relief of debtors. The term
"CUSTODIAN" means any receiver, trustee, assignee, liquidator, custodian or
similar official under any Bankruptcy Law.

                                       35

<PAGE>

     A Default under clause (v) is not an Event of Default until the Trustee or
the Holders of at least 25% in aggregate principal amount of the Securities then
outstanding notify the Company (and in the case of such notice by Holders, the
Trustee) of the Default and the Company does not cure such Default within the
time specified after receipt of such notice. Such notice must specify the
Default, demand that it be remedied and state that such notice is a "NOTICE OF
DEFAULT".

     The Company shall deliver to the Trustee, within 30 days after the
occurrence thereof, written notice in the form of an Officers' Certificate of
any Event of Default and any event of which it becomes aware that with the
giving of notice or the lapse of time would become an Event of Default, its
status and what action the Company is taking or proposes to take with respect
thereto.

     Notwithstanding the foregoing, at the election of the Company, the sole
remedy for an Event of Default specified in Section 6.01(v) relating to the
failure by the Company to comply with Section 4.02 (the "COMPANY'S FILING
OBLIGATIONS") and for any failure by the Company to comply with the requirements
of Section 314(a)(1) of the Trust Indenture Act, shall for the first 60 days
after the occurrence of such an Event of Default consist exclusively of the
right to receive an extension fee on the Securities at an annual rate equal to
0.25% of the principal amount of the Securities. This extension fee will accrue
on the Securities from and including the date on which an Event of Default
relating to a failure to comply with the Company's Filing Obligations or the
failure to comply with the requirements of Section 314(a)(1) of the Trust
Indenture Act first occurs to but not including the 60th day thereafter (or such
earlier date on which the Event of Default relating to such obligations shall
have been cured or waived pursuant to Section 6.04). On such 60th day (or
earlier, if such Event of Default is cured or waived pursuant to Section 6.04
prior to such 60th day), such extension fee will cease to accrue and, if such
Event of Default has not been cured or waived pursuant to Section 6.04 prior to
such 60th day, then the Trustee or the holders of not less than 25% in principal
amount of the Securities may declare the principal of and accrued and unpaid
interest and additional interest payable under this paragraph on all such
Securities to be due and payable immediately. This provision shall not affect
the rights of Holders in the event of the occurrence of any other Event of
Default. If the Company elects to pay the extension fee as the sole remedy for
an Event of Default specified in Section 6.01(v) relating to the failure by the
Company to comply with the Company's Filing Obligations and for any failure by
the Company to comply with the requirements of Section 314(a)(1) of the Trust
Indenture Act, the Company shall notify, in the manner provided for in Section
12.02, the Holders and the Trustee of such election at any time on or before the
close of business on the date on which such Event of Default first occurs. If
the extension fee is payable under this Section 6.01, the Company shall deliver
to the Trustee a certificate to that effect stating the date on which additional
interest pursuant to this paragraph is payable. Unless and until a Trust Officer
receives at the Corporate Trust Office such a certificate, the Trustee may
assume without inquiry that no extension fee is payable. If the extension fee
has been paid by the Company directly to the Persons entitled to them, the
Company shall deliver to the Trustee a certificate setting forth the particulars
of such payment. To make such election, the Company must deliver notice to the
Trustee for Holders prior to the day any such Event of Default occurs.

     Section 6.02. Acceleration. If an Event of Default (other than an Event of
Default specified in Sections 6.01(viii) or 6.01(ix) with respect to the
Company) occurs and is

                                       36

<PAGE>

continuing, the Trustee by notice to the Company, or the Holders of at least 25%
in aggregate principal amount of the Securities then outstanding by notice to
the Company and the Trustee, may declare the principal amount of Securities
outstanding plus accrued and unpaid interest, if any, on all the Securities to
be immediately due and payable. Upon such a declaration, such accelerated amount
shall be due and payable immediately. If an Event of Default specified in
Sections 6.01(viii) or 6.01(ix) with respect to the Company occurs and is
continuing, the principal amount of Securities outstanding plus accrued and
unpaid interest, if any, on all the Securities shall, automatically and without
any action by the Trustee or any Holder, become and be immediately due and
payable without any declaration or other act on the part of the Trustee or any
Holders. The Holders of a majority in aggregate principal amount of the
Securities at the time outstanding by notice to the Trustee and the Company and
without notice to any other Holder may rescind any declaration of acceleration
if the rescission would not conflict with any judgment or decree and if all
existing Events of Default have been cured or waived except nonpayment of the
principal amount plus accrued and unpaid interest, if any, that have become due
solely as a result of acceleration. No such rescission shall affect any
subsequent Default or impair any right consequent thereto.

     Section 6.03. Other Remedies. If an Event of Default occurs and is
continuing, the Trustee may pursue any available remedy to collect the payment
of the principal amount plus accrued and unpaid interest, if any, on the
Securities or to enforce the performance of any provision of the Securities or
this Indenture.

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

     Section 6.04. Waiver of Past Defaults. The Holders of a majority in
aggregate principal amount of the Securities at the time outstanding by notice
to the Trustee and without notice to any other Holder may waive an existing
default and its consequences except (a) an Event of Default described in Section
6.01(i), (b) a default in respect of a provision that under Section 9.02 cannot
be amended without the consent of each Holder or (c) a default which constitutes
a failure to convert any Security in accordance with the terms of Article 10.
When a Default is waived, it is deemed cured, but no such waiver shall extend to
any subsequent or other default or impair any consequent right.

     Section 6.05. Control by Majority. The Holders of a majority in aggregate
principal amount of the Securities at the time outstanding may direct the time,
method and place of conducting any proceeding for any remedy available to the
Trustee or of exercising any trust or power conferred on the Trustee. However,
the Trustee may refuse to follow any direction that conflicts with law or this
Indenture or, subject to Section 7.01, that the Trustee determines is
prejudicial to the rights of other Holders or would potentially involve the
Trustee in personal liability; provided, however, that the Trustee may take any
other action deemed proper by the Trustee that is not inconsistent with such
direction. Prior to taking any action hereunder, the Trustee shall be entitled
to reasonable indemnification against all losses and expenses caused by taking
or not taking such action.

                                       37

<PAGE>

     Section 6.06. Limitation on Suits. A Holder may not pursue any remedy with
respect to this Indenture or the Securities unless:

          (a) such Holder shall have previously given to the Trustee written
     notice of a continuing Event of Default;

          (b) the Holders of at least 25% in aggregate principal amount of the
     Securities at the time outstanding make a written request, and such Holder
     of or Holders shall have offered reasonable indemnity satisfactory, to the
     Trustee to pursue such proceeding as trustee; and

          (c) the Trustee has failed to institute such proceeding and has not
     received from the Holders of at least a majority in aggregate principal
     amount of the Securities at the time outstanding a direction inconsistent
     with such request, within 60 days after such notice, request and offer.

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

     Section 6.07. Rights of Holders to Receive Payment. Notwithstanding any
other provision of this Indenture, the right of any Holder to receive payment of
the principal amount, Redemption Price, Repurchase Price, Fundamental Change
Repurchase Price or interest, if any, in respect of the Securities held by such
Holder, on or after the respective due dates expressed in such Holder's
Securities or any Redemption Date, and to convert the Securities in accordance
with Article 10, or to bring suit for the enforcement of any such payment on or
after such respective dates or the right to convert, shall not be impaired or
affected without the consent of such Holder.

     Section 6.08. Collection Suit by Trustee. If an Event of Default specified
in Section 6.01(i) or 6.01(ii) occurs and is continuing, the Trustee may recover
judgment in its own name and as trustee of an express trust against the Company
for the whole amount then due and owing (together with interest on any unpaid
interest to the extent lawful) and the amounts provided for in Section 7.07.

     Section 6.09. Trustee May File Proofs of Claim. The Trustee may file such
proofs of claim and other papers or documents as may be necessary or advisable
in order to have the claims of the Trustee and the Holders allowed in any
judicial proceedings relative to the Company, its creditors or its property and,
unless prohibited by law or applicable regulations, may vote on behalf of the
Holders in any election of a trustee in bankruptcy or other Person performing
similar functions, and any Custodian in any such judicial proceeding is hereby
authorized by each Holder to make payments to the Trustee and, in the event that
the Trustee shall consent to the making of such payments directly to the
Holders, to pay to the Trustee any amount due it for the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents
and its counsel, and any other amounts due the Trustee under Section 7.07.

                                       38

<PAGE>

     Section 6.10. Priorities. If the Trustee collects any money pursuant to
this Article 6, it shall pay out the money in the following order:

     FIRST: to the Trustee for amounts due under Section 7.07;

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

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

     The Trustee may fix a record date and payment date for any payment to
Holders pursuant to this Section 6.10. At least 15 days before such record date,
the Company shall mail to each Holder and the Trustee a notice that states the
record date, the payment date and the amount to be paid.

     Section 6.11. Undertaking for Costs. In any suit for the enforcement of any
right or remedy under this Indenture or in any suit against the Trustee for any
action taken or omitted by it as Trustee, a court in its discretion may require
the filing by any party litigant in the suit of an undertaking to pay the costs
of the suit, and the court in its discretion may assess reasonable costs,
including reasonable attorneys' fees and expenses, against any party litigant in
the suit, having due regard to the merits and good faith of the claims or
defenses made by the party litigant. This Section 6.11 does not apply to a suit
by the Trustee, a suit by a Holder pursuant to Section 6.07 or a suit by Holders
of more than 10% in aggregate principal amount of the Securities at the time
outstanding.

     Section 6.12. Waiver of Stay, Extension or Usury Laws. The Company (to the
extent it may lawfully do so) shall not at any time insist upon, or plead, or in
any manner whatsoever claim or take the benefit or advantage of, any stay or
extension law wherever enacted, now or at any time hereafter in force, that may
affect the covenants or the performance of this Indenture; and the Company (to
the extent that it may lawfully do so) hereby expressly waives all benefit or
advantage of any such law, and shall not hinder, delay or impede the execution
of any power herein granted to the Trustee, but shall suffer and permit the
execution of every such power as though no such law had been enacted.

                                    ARTICLE 7

                                     TRUSTEE

     Section 7.01. Duties of Trustee. (a) If an Event of Default has occurred
and is continuing, the Trustee shall exercise the rights and powers vested in it
by this Indenture and use the same degree of care and skill in its exercise as a
prudent Person would exercise or use under the circumstances in the conduct of
such Person's own affairs.

                                       39

<PAGE>

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

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

          (ii) in the absence of bad faith on its part, the Trustee may
     conclusively rely, as to the truth of the statements and the correctness of
     the opinions expressed therein, upon certificates or opinions furnished to
     the Trustee and conforming to the requirements of this Indenture.

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

          (i) this paragraph does not limit the effect of Section 7.01(b);

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

          (iii) the Trustee shall not be liable with respect to any action it
     takes or omits to take in good faith in accordance with a direction
     received by it pursuant to Section 6.05.

          (d) Every provision of this Indenture that in any way relates to the
     Trustee is subject to Sections 7.01 (a), (b) and (c).

          (e) The Trustee shall not be liable for interest on any money received
     by it.

          (f) Money or Common Stock held in trust by the Trustee need not be
     segregated from other funds except to the extent required by law.

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

          (h) Every provision of this Indenture relating to the conduct or
     affecting the liability of or affording protection to the Trustee shall be
     subject to the provisions of this Section and to the provisions of the TIA
     and the provisions of this Article 7 shall apply to the Trustee in its role
     as Registrar and Paying Agent.

          (i) The Trustee shall not be deemed to have notice of a Default or an
     Event of Default unless (i) a Trust Officer of the Trustee has received
     written notice thereof from the Company or any Holder or (ii) a Trust
     Officer shall have actual knowledge thereof.

     Section 7.02. Rights of Trustee. (a) The Trustee may conclusively rely on
any document believed by it to be genuine and to have been signed or presented
by the proper person. The Trustee need not investigate any fact or matter stated
in the document. The Trustee may,

                                       40

<PAGE>

however, in its discretion make such further inquiry or investigation into such
facts or matters as it may see fit and, if the Trustee shall determine to make
such further inquiry or investigation, it shall be entitled to examine the
books, records and premises of the Company, personally or by agent or attorney
at the expense of the Company and shall incur no liability of any kind by reason
of such inquiry or investigation.

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

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

          (d) The Trustee shall not be liable for any action it takes or omits
     to take in good faith that it believes to be authorized or within its
     rights or powers; provided, however, that the Trustee's conduct does not
     constitute willful misconduct or negligence.

          (e) The Trustee may consult with counsel of its own selection, and the
     advice or opinion of counsel with respect to legal matters relating to this
     Indenture and the Securities shall be full and complete authorization and
     protection from liability in respect to any action taken, omitted or
     suffered by it here under in good faith and in accordance with the advice
     or opinion of such counsel.

          (f) The permissive rights of the Trustee to do things enumerated in
     this Indenture shall not be construed as a duty unless so specified herein.

          (g) The Trustee shall 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 pursuant to this Indenture, unless such Holders shall
     have offered to the Trustee security or indemnity satisfactory to the
     Trustee against the costs, expenses and liabilities which might be incurred
     by it in compliance with such request or direction.;

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

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

     Section 7.03. Individual Rights of Trustee. The Trustee in its individual
or any other capacity may become the owner or pledgee of Securities and may
otherwise deal with the Company or its Affiliates with the same rights it would
have if it were not Trustee. Any Paying

                                       41

<PAGE>

Agent, Registrar, Conversion Agent or co-registrar may do the same with like
rights. However, the Trustee must comply with Sections 7.10 and 7.11.

     Section 7.04. Trustee's Disclaimer. The Trustee shall not be responsible
for and makes no representation as to the validity, priority or adequacy of this
Indenture or the Securities, it shall not be accountable for the Company's use
of the proceeds from the Securities, and it shall not be responsible for any
statement of the Company in this Indenture or in any document issued in
connection with the sale of the Securities or in the Securities other than the
Trustee's certificate of authentication.

     Section 7.05. Notice of Defaults. If a Default or Event of Default occurs
and is continuing and if it is actually known to a Trust Officer of the Trustee,
the Trustee shall mail to each Holder notice of the Default or Event of Default
within 90 days after it is known to a Trust Officer or written notice of it is
received by the Trustee. Except in the case of a Default described in Section
6.01(i) or 6.01(ii), the Trustee may withhold the notice if and so long as a
committee of its Trust Officers in good faith determines that withholding the
notice is in the interests of Holders. The second sentence of this Section 7.05
shall be in lieu of the proviso to Section 315(b) of the TIA and such proviso is
hereby expressly excluded from this Indenture, as permitted by the TIA. The
Trustee shall not be deemed to have knowledge of a Default unless a Trust
Officer of the Trustee has received written notice of such Default.

     Section 7.06. Reports by Trustee to Holders. As promptly as practicable
after each December 31 beginning with December 31, 2007, and in any event prior
to March 31 in each year thereafter, the Trustee shall mail to each Holder a
brief report dated as of December 31 each year that complies with TIA Section
313(a), if and to the extent required by such subsection. The Trustee shall also
comply with TIA Section 313(b).

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

     Section 7.07. Compensation and Indemnity. The Company shall pay to the
Trustee from time to time such compensation as shall be agreed upon from time to
time in writing for its services. The Trustee's compensation shall not be
limited by any law on compensation of a trustee of an express trust. The Company
shall reimburse the Trustee upon request for all reasonable out-of-pocket
expenses incurred or made by it, including costs of collection, in addition to
the compensation for its services. Such expenses shall include the reasonable
compensation and expenses, disbursements and advances of the Trustee's agents,
counsel, accountants and experts. The Company shall fully indemnify the Trustee
against any and all loss, liability, claim, damage or expense (including
reasonable attorneys' fees and expenses) incurred by it in connection with the
acceptance and administration of this trust and the performance of its duties
hereunder, including the costs and expenses of defending itself against any
claim (whether asserted by the Company, any Holder or any other Person). The
Trustee shall notify the Company promptly of any claim for which it may seek
indemnity. Failure by the Trustee to so notify the Company of any claim for
which it may seek indemnity of which a Trust Officer has actually received
written notice shall not relieve the Company of its obligations

                                       42

<PAGE>

hereunder except to the extent such failure shall have materially prejudiced the
Company. The Company shall defend the claim and the Trustee shall cooperate in
the defense. If the Trustee is advised by counsel in writing that it may have
available to it defenses which are in conflict with the defenses available to
the Company, then the Trustee may have separate counsel and the Company shall
pay the reasonable fees and expenses of such counsel. The Company need not
reimburse any expense or indemnify against any loss, liability or expense
incurred by the Trustee through the Trustee's own willful misconduct or
negligence. The Company need not pay for any settlement made by the Trustee
without the Company's consent, such consent not to be unreasonably withheld. All
indemnifications and releases from liability granted hereunder to the Trustee
shall extend to its officers, directors, employees, agents, attorneys,
custodians, successors and assigns.

     To secure the Company's payment obligations in this Section 7.07, the
Trustee shall have a lien prior to the Securities on all money or property held
or collected by the Trustee other than money or property held in trust to pay
principal of and interest on particular Securities.

     The Company's payment obligations pursuant to this Section shall survive
the resignation or removal of the Trustee and the discharge of this Indenture.
When the Trustee incurs expenses after the occurrence of a Default specified in
Section 6.01(viii) or 6.01(ix) with respect to the Company, the expenses are
intended to constitute expenses of administration under the Bankruptcy Law.

     Section 7.08. Replacement of Trustee. The Trustee may resign at any time by
so notifying the Company and applicable Gaming Authorities at least 30 days
prior to the proposed resignation. The Holders of a majority in aggregate
principal amount of the Securities then outstanding may remove the Trustee by so
notifying the Trustee. The Company shall remove the Trustee if:

          (a) the Trustee fails to comply with Section 7.10;

          (b) the Trustee is adjudged bankrupt or insolvent;

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

          (d) the Trustee otherwise becomes incapable of acting; or

          (e) the Trustee becomes disqualified or is found unsuitable under any
     applicable Gaming Law, or the Trustee's relationship with the Company may,
     in the Company's discretion, jeopardize any material Gaming License or
     franchise or right or approval granted thereto.

     If the Trustee resigns, is removed by the Company or by the Holders of a
majority in aggregate principal amount of the Securities then outstanding, or if
a vacancy exists in the office of Trustee for any reason (the Trustee in such
event being referred to herein as the retiring Trustee), the Company shall
promptly appoint a successor Trustee.

                                       43

<PAGE>

     A successor Trustee shall deliver a written acceptance of its appointment
to the retiring Trustee and to the Company. Thereupon the resignation or removal
of the retiring Trustee shall become effective, and the successor Trustee shall
have all the rights, powers and duties of the Trustee under this Indenture. The
successor Trustee shall mail a notice of its succession to Holders. The retiring
Trustee shall upon payment of all of its costs and the costs of its agents and
counsel promptly transfer all property held by it as Trustee to the successor
Trustee, subject to the lien provided for in Section 7.07.

     If a successor Trustee does not take office within 60 days after the
retiring Trustee resigns or is removed, the retiring Trustee or the Holders of
10% in aggregate principal amount of the Securities then outstanding may
petition at the expense of the Company any court of competent jurisdiction for
the appointment of a successor Trustee.

     If the Trustee fails to comply with Section 7.10, any Holder who has been a
bona fide Holder of a Security for at least six months may petition any court of
competent jurisdiction for the removal of the Trustee and the appointment of a
successor Trustee.

     Notwithstanding the replacement of the Trustee pursuant to this Section,
the Company's obligations under Section 7.07 shall continue for the benefit of
the retiring Trustee.

     Section 7.09. Successor Trustee by Merger. If the Trustee consolidates
with, merges or converts into, or transfers all or substantially all its
corporate trust business or assets to, another corporation or banking
association, the resulting, surviving or transferee corporation or banking
association without any further act shall be the successor Trustee.

     In case at the time such successor or successors by merger, conversion or
consolidation to the Trustee shall succeed to the trusts created by this
Indenture any of the Securities shall have been authenticated but not delivered,
any such successor to the Trustee may adopt the certificate of authentication of
any predecessor trustee, and deliver such Securities so authenticated; and in
case at that time any of the Securities shall not have been authenticated, any
such successor to the Trustee may authenticate such Securities either in the
name of any predecessor hereunder or in the name of the successor to the
Trustee; and in all such cases such certificates shall have the full force which
it is anywhere in the Securities or in this Indenture provided that the
certificate of the Trustee shall have.

     Section 7.10. Eligibility; Disqualification. The Trustee shall at all times
satisfy the requirements of TIA Section 310(a). The Trustee shall have (or, in
the case of a corporation included in a bank holding company system, the related
bank holding company shall have) a combined capital and surplus of at least
$50,000,000 as set forth in its (or its related bank holding company's) most
recent published annual report of condition. The Trustee shall comply with TIA
Section 310(b), subject to the penultimate paragraph thereof; provided, however,
that there shall be excluded from the operation of TIA Section 310(b)(1) any
indenture or indentures under which other securities or certificates of interest
or participation in other securities of the Company are outstanding if the
requirements for such exclusion set forth in TIA Section 310(b)(1) are met.

                                       44

<PAGE>

     Section 7.11. Preferential Collection of Claims Against Company. The
Trustee shall comply with TIA Section 311(a), excluding any creditor
relationship listed in TIA Section 311(b). A Trustee who has resigned or been
removed shall be subject to TIA Section 311(a) to the extent indicated therein.

     Section 7.12. Trustee's Application for Instructions from the Company. Any
application by the Trustee for written instructions from the Company may, at the
option of the Trustee, set forth in writing any action proposed to be taken or
omitted by the Trustee under this Indenture and the date on and/or after which
such action shall be taken or such omission shall be effective. The Trustee
shall not be liable to the Company for any action taken by, or omission of, the
Trustee in accordance with a proposal included in such application on or after
the date specified in such application (which date shall not be less than three
Business Days after the date any officer of the Company actually receives such
application, unless any such officer shall have consented in writing to any
earlier date) unless prior to taking any such action (or the effective date in
the case of any omission), the Trustee shall have received written instructions
in response to such application specifying the action to be taken or omitted.

     Section 7.13. Reports by Trustee to Gaming Authorities. (a) The Trustee
shall promptly report the names of all Holders of the Securities to any Gaming
Authorities upon request of such Gaming Authorities or the Company. The Trustee
shall provide to any Gaming Authorities upon request of such Gaming Authorities
or the Company, copies of all written communications from the Trustee to all
Holders, notice of any Default, notice of any transfer or assignment of the
Trustee's rights under this Indenture, any amendment to this Indenture or the
Securities and notice of any recession, annulment or waiver in respect of an
Event of Default under this Indenture.

          (b) The Trustee shall cooperate with the Company in providing
     information relating to the Securities or the Holders to any Gaming
     Authority pursuant to applicable Gaming Laws.

                                    ARTICLE 8

                             DISCHARGE OF INDENTURE

     Section 8.01. Discharge of Liability on Securities. When (a) the Company
delivers to the Trustee all outstanding Securities (other than Securities
replaced pursuant to Section 2.07) for cancellation or (b) all outstanding
Securities have become due and payable, and the Company irrevocably deposits
with the Trustee cash sufficient to pay all amounts due and owing on all
outstanding Securities (other than Securities replaced pursuant to Section
2.07), and if in either case the Company pays all other sums payable hereunder
by the Company, then this Indenture shall, subject to Section 7.07, cease to be
of further effect. The Trustee shall acknowledge satisfaction and discharge of
this Indenture with respect to the Securities on demand of the Company
accompanied by an Officers' Certificate and an Opinion of Counsel and at the
cost and expense of the Company.

                                       45

<PAGE>

     Section 8.02. Repayment to the Company. The Trustee and the Paying Agent
shall promptly turn over to the Company upon request any excess money or
securities held by them at any time.

     Subject to any applicable abandoned property law, the Trustee and the
Paying Agent shall pay to the Company upon request any money held by them for
the payment of principal or interest that remains unclaimed for two years, and,
thereafter, Holders entitled to the money must look to the Company for payment
as general creditors.

                                    ARTICLE 9

                                   AMENDMENTS

     Section 9.01. Without Consent of Holders. The Company and the Trustee may
amend or supplement this Indenture or the Securities without the consent of any
Holder so long as such changes, other than those in clause (b), do not
materially and adversely affect the interests of the Holders:

          (a) to cure any ambiguity, omission, defect or inconsistency;

          (b) to comply with Article 5;

          (c) to provide for uncertificated Securities in addition to or in
     place of certificated Securities;

          (d) to provide any security for or guarantee of the Securities;

          (e) to comply with any requirements to effect or maintain the
     qualification of this Indenture under the TIA;

          (f) to make any change that does not adversely affect any outstanding
     Securities in any material respect;

          (g) to add Events of Default with respect to the Securities;

          (h) to add to the Company's covenants for the benefit of the Holders
     or to surrender any right or power conferred upon the Company by this
     Indenture;

          (i) to make any change necessary for the registration of the
     Securities under the Securities Act or to comply with the TIA, or any
     amendment thereto, or to comply with any requirement of the SEC in
     connection with the qualification of the Indenture under the TIA; or

          (j) to add circumstances under which the Company will pay additional
     interest on the Securities.

     After an amendment under this Section 9.01 becomes effective, the Company
shall mail to Holders a notice briefly describing such amendment. The failure to
give such notice to all such Holders, or any defect therein, shall not impair or
affect the validity of an amendment under this Section.

                                       46

<PAGE>

     Section 9.02. With Consent of Holders. With the written consent of the
Holders of at least a majority in aggregate principal amount of the Securities
at the time outstanding, the Company and the Trustee may amend or supplement
this Indenture or the Securities. However, without the consent of each Holder
affected, an amendment to this Indenture or the Securities may not:

          (a) reduce any interest rate referred to in Paragraph 1 of the
     Securities or change the time for payment of interest thereon;

          (b) reduce the principal amount of or extend the Stated Maturity of
     any Security;

          (c) reduce the calculation of the value of the Common Stock to which
     reference is made in determining whether any Contingent Interest will be
     payable on the Securities, or change the method by which this value is
     calculated;

          (d) reduce the Redemption Price, Repurchase Price or Fundamental
     Change Repurchase Price of any Security or change the time at which the
     Securities may be redeemed or repurchased;

          (e) reduce the amount of Securities whose Holders must consent to an
     amendment, supplement or waiver;

          (f) make any payments on the Securities payable in currency other than
     as stated in the Security;

          (g) make any change in the percentage of principal amount of
     Securities necessary to waive compliance with the provisions of Section
     6.04 or this Section 9.02, except to increase any percentage set forth
     therein;

          (h) make any change that in the good faith judgment of the Company's
     Board of Directors and the Trustee adversely affects the right to convert
     any Security in accordance with the terms thereof and this Indenture;

          (i) impair a Holder's right to institute suit for the enforcement of
     any payment on the Securities;

          (j) waive a continuing default or Event of Default regarding any
     payment on the Securities; or

          (k) adversely affect a Holder's rights under Sections 3.07 to 3.10
     hereof, under Article 10 hereof or under Paragraph 7 or 8 of Exhibit A
     hereto.

                                       47

<PAGE>

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

     After an amendment under this Section 9.02 becomes effective, the Company
shall mail to each Holder a notice briefly describing the amendment.

     Section 9.03. Compliance with Trust Indenture Act. Every supplemental
indenture executed pursuant to this Article shall comply with the TIA.

     Section 9.04. Revocation and Effect of Consents, Waivers and Actions. A
consent to an amendment or a waiver by a Holder of a Security shall bind the
Holder and every subsequent Holder of that Security or portion of the Security
that evidences the same debt as the consenting Holder's Security, even if
notation of the consent or waiver is not made on the Security. However, any such
Holder or subsequent Holder may revoke the consent or waiver as to such Holder's
Security or portion of the Security if the Trustee receives the notice of
revocation before the date the amendment or waiver becomes effective. After an
amendment or waiver becomes effective, it shall bind every Holder. An amendment
or waiver becomes effective upon the execution of such amendment or waiver by
the Trustee.

     The Company may, but shall not be obligated to, fix a record date for the
purpose of determining the Holders entitled to give their consent or take any
other action described above or required or permitted to be taken pursuant to
this Indenture. If a record date is fixed, then notwithstanding the immediately
preceding paragraph, those Persons who were Holders at such record date (or
their duly designated proxies), and only those Persons, shall be entitled to
give such consent or to revoke any consent previously given or to take any such
action, whether or not such Persons continue to be Holders after such record
date. No such consent shall be valid or effective for more than 120 days after
such record date.

     Section 9.05. Notation on or Exchange of Securities. Securities
authenticated and delivered after the execution of any supplemental indenture
pursuant to this Article may, and shall if required by the Trustee, bear a
notation in form approved by the Trustee as to any matter provided for in such
supplemental indenture. If the Company shall so determine, new Securities so
modified as to conform, in the opinion of the Trustee and the Board of
Directors, to any such supplemental indenture may be prepared and executed by
the Company and authenticated and delivered by the Trustee in exchange for
outstanding Securities.

     Section 9.06. Trustee to Sign Supplemental Indentures. The Trustee shall
sign any supplemental indenture authorized pursuant to this Article 9 if the
amendment contained therein does not affect the rights, duties, liabilities or
immunities of the Trustee. If it does, the Trustee may, but need not, sign such
supplemental indenture. In signing such supplemental indenture the Trustee shall
be provided with, and (subject to the provisions of Section 7.01) shall be fully
protected in relying upon, an Officers' Certificate and an Opinion of Counsel
stating that such amendment is authorized or permitted by this Indenture.

     Section 9.07. Effect of Supplemental Indentures. Upon the execution of any
supplemental indenture under this Article, this Indenture shall be modified in
accordance

                                       48

<PAGE>

therewith, and such supplemental indenture shall form a part of this Indenture
for all purposes; and every Holder of Securities theretofore or thereafter
authenticated and delivered hereunder shall be bound thereby.

                                   ARTICLE 10

                                   CONVERSIONS

     Section 10.01. Conversion Privilege and Consideration. (a) A Holder of a
Security may convert such Security at any time during the period stated in
Paragraph 8 of the Securities into cash and shares, if any, of Common Stock.
The "CONVERSION RATE" shall be that identified as such in Paragraph 8 of the
Securities, subject to adjustment as herein set forth. The Company shall notify
the Trustee of the date on which the Securities first become convertible, which
notification shall set forth the calculations on which such determination was
made. Unless and until the Trustee receives such notification, the Trustee may
assume without inquiry that the Securities are not convertible.

     Whenever the Securities shall become convertible pursuant to this Section
10.01 and Paragraph 8 of the Securities, the Company or, at the Company's
request, the Trustee in the name and at the expense of the Company, shall
promptly notify the Holders of the event triggering such convertibility, and the
Company shall also promptly disseminate a press release through Dow Jones &
Company, Inc. or Bloomberg Business News and publish such information on the
Company's website or through another public medium the Company may use at that
time. Any notice so given shall be conclusively presumed to have been duly
given, whether or not the Holder receives such notice.

     A Holder may, during any applicable time referred to herein, convert a
portion of the principal amount of a Security if the portion converted is in a
$1,000 principal amount or an integral multiple of $1,000. Provisions of this
Indenture that apply to conversion of all of a Security also apply to conversion
of a portion of a Security.

     "TIME OF DETERMINATION" means the time and date of the earlier of (i) the
determination of stockholders entitled to receive rights, warrants or options or
a distribution, in each case, to which Section 10.07 or 10.08 applies and (ii)
the time ("EX-DIVIDEND TIME") immediately prior to the commencement of
"ex-dividend" trading for such rights, warrants or options or distribution on
the NYSE or such other U.S. national or regional exchange or market on which the
shares of Common Stock are then listed or quoted.

          (b) Subject to Section 10.01(a), a Holder upon conversion will
receive, in respect of each $1,000 initial principal amount of Securities, (x)
cash in an amount (the "PRINCIPAL RETURN") equal to the lesser of (1) $1,000, or
(2) the Conversion Value; and (y) a number of shares of Common Stock (the "NET
SHARE AMOUNT") equal to the sum of the Daily Share Amounts for each of the ten
consecutive Trading Days in the Applicable Conversion Reference Period,
provided, however that the Company will pay cash in lieu of fractional shares
otherwise issuable upon conversion of the Securities.

                                       49
<PAGE>

     The "APPLICABLE CONVERSION REFERENCE PERIOD" means:

          (1) for Securities that are converted after the Company has given
     notice to the Holders of a Redemption Date, the ten consecutive Trading
     Days beginning on the second Trading Day following the Redemption Date (in
     the case of a partial redemption, this clause applies only to those
     Securities which would be actually redeemed); or

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

     The "CONVERSION VALUE" is equal to (1) the applicable Conversion Rate,
multiplied by (2) the average of the Closing Sale Price of Common Stock on each
of the ten consecutive Trading Days in the Applicable Conversion Reference
Period.

     The "DAILY SHARE AMOUNT" for each day in the Applicable Conversion
Reference Period is equal to the greater of:

          (1) zero; or

          (2) a number of shares determined by the following formula:

          (Closing Sale Price of the Common Stock on that Trading Day x
                      applicable Conversion Rate) - $1,000
         ---------------------------------------------------------------
         10 x Closing Sale Price of the Common Stock on that Trading Day

          (c) If a Holder tenders Securities for conversion and the Conversion
Value is being determined at a time when the Securities are convertible into
other property (the "EXCHANGE PROPERTY") in addition to, or in lieu of, Common
Stock, the Conversion Value of each Security and the Daily Share Amount shall be
determined based on the value thereof during the Applicable Conversion Reference
Period. For the purposes of this Section, the "Closing Sale Price of the Common
Stock" shall be deemed to equal the sum of (A) the Closing Sale Price of a share
of Common Stock (to the extent the Securities are still convertible into Common
Stock), (B) 100% of the value of any Exchange Property consisting of cash
received per share of Common Stock, (C) the closing sale price of any Exchange
Property received per share of Common Stock consisting of securities that are
traded on a U.S. national securities exchange or approved for quotation on the
National Association of Securities Dealers Automated Quotation System and (D)
the fair market value of any other Exchange Property received per share, as
determined by three independent nationally recognized investment banks selected
by the Company for this purpose.

          (d) Settlement (in cash, and to the extent required, shares as
specified herein) will occur no later than the third Trading Day following the
last day of the Applicable Conversion Reference Period. Any amount of the Net
Share Amount to be delivered shall be paid in Exchange Property in addition to
or in lieu of shares of Common Stock to the extent Securities are convertible
into Exchange Property at such time in addition to or in lieu of shares of
Common Stock. If the Securities are convertible into more than one kind of
property, the amount of each kind to be delivered in respect of the Net Share
Amount shall be in the proportion that the value (as calculated pursuant to
Section 10.01(c)) of such kind bears to the value of all such Exchange Property
and/or Common Stock. If the foregoing calculations would require the Company to
deliver a fractional share or unit of Exchange Property to a Holder of
Securities being converted, the Company shall deliver cash in lieu of such
fractional share or unit based on the value of the Exchange Property.

                                       50

<PAGE>

     Section 10.02. Conversion Procedure. To convert a Security a Holder must
satisfy the requirements in Paragraph 8 of the Securities. The first Business
Day on which the Holder satisfies all those requirements and delivers an
irrevocable conversion notice together with such Holder's Securities for
conversion is the conversion date (the "CONVERSION DATE").

     No later than the third Trading Day after the last day of the Applicable
Conversion Reference Period, the Company shall deliver to the Holder, through
the Conversion Agent, cash and a certificate for the number of full shares, if
any, of Common Stock issuable upon the conversion or exchange and additional
cash in lieu of any fractional share determined pursuant to Section 10.03. The
Person in whose name the certificate is registered shall be treated as a
shareholder of record as of the close of business on the Conversion Date. Upon
conversion of a Security in its entirety, such Person shall no longer be a
Holder of such Security.

     No payment or adjustment will be made for dividends on, or other
distributions with respect to, any shares of Common Stock except as provided in
this Article 10. On conversion of a Security, that portion of accrued and unpaid
interest, if any, through the Conversion Date with respect to the converted
Security shall not be cancelled, extinguished or forfeited, but rather shall be
deemed to be paid in full to the Holder thereof through delivery of cash and the
shares, if any, of Common Stock (together with the cash payment, if any, in lieu
of fractional shares) for the Security being converted pursuant to the
provisions hereof; and the fair market value of cash and shares, if any, of
Common Stock (together with any such cash payment in lieu of fractional shares)
shall be treated as issued, to the extent thereof, first in exchange for accrued
and unpaid interest, if any, through the Conversion Date, and the balance, if
any, of such fair market value of cash and such shares, if any, of Common Stock
(and any such cash payment) shall be treated as issued for the principal amount
of the Security being converted pursuant to the provisions hereof. The Company
will not adjust the Conversion Rate to account for accrued interest, if any. If
the Holder converts more than one Security at the same time, the cash payment
and the number of shares, if any, of Common Stock issuable upon the conversion
shall be based on the total principal amount of the Securities converted.

     If the last day on which a Security may be converted is a Legal Holiday,
the Security may be surrendered on the next succeeding day that is not a Legal
Holiday.

     Upon surrender of a Security that is converted in part, the Company shall
execute, and the Trustee shall authenticate and deliver to the Holder, a new
Security in an authorized denomination equal in principal amount to the
unconverted portion of the Security surrendered, or in the case of a Global
Security, the Company shall instruct the Registrar to decrease such Global
Security by the principal amount of the converted portion of the Security
surrendered.

     Section 10.03. Fractional Shares. The Company will not issue fractional
shares of Common Stock upon conversion of a Security. Instead, the Company will
pay cash based on the current market value of the fractional shares. The current
market value of a fractional share shall be determined, to the nearest
1/10,000th of a share, by multiplying the Closing Sale Price, on the last
Trading Day immediately prior to the Conversion Date, of a full share by the
fractional

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<PAGE>

amount and rounding the product to the nearest whole cent. Whether fractional
shares are issuable upon a conversion will be determined on the basis of the
total number of Securities that the Holder is then converting into cash and
Common Stock, if any, and the aggregate number of shares, if any, of Common
Stock issuable upon such conversion.

     Section 10.04. Taxes on Conversion. If a Holder submits a Security for
conversion, the Company shall pay all stamp and all other duties, if any, which
may be imposed by the United States or any political subdivision thereof or
taxing authority thereof or therein with respect to the issuance of shares, if
any, 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 the shares, if any, of Common Stock being issued in a
name other than the Holder's name until the Conversion Agent receives a sum
sufficient to pay any tax which will be due because the shares are to be issued
in a name other than the Holder's name. Nothing herein shall preclude any tax
withholding required by law or regulations.

     Section 10.05. Company to Provide Stock. The Company shall, prior to
issuance of any Securities under this Article 10, and 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 conversion of the
Securities.

     Any shares of Common Stock delivered upon conversion of the Securities
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 shall be free of any lien or adverse claim. The Company will endeavor
promptly to comply with all federal and state securities laws regulating the
offer and delivery of Common Stock, if any, upon conversion of Securities, if
any, and will 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 the shares of Common Stock are then listed or quoted.

     Section 10.06. Adjustment for Change in Capital Stock. If, after the Issue
Date of the Securities, the Company, or in the case of (a) below, any Subsidiary
of the Company:

          (a) pays a dividend or makes another distribution to all holders of
     the Company's Common Stock payable exclusively in shares of Common Stock on
     the Company's Common Stock;

          (b) subdivides the outstanding shares of Common Stock into a greater
     number of shares; or

          (c) combines the outstanding shares of Common Stock into a smaller
     number of shares;

then the conversion privilege and the Conversion Rate in effect immediately
prior to such action shall be adjusted so that the Holder of a Security
thereafter converted may receive the number of shares of Capital Stock of the
Company which such Holder would have owned immediately following such
action if such Holder had converted the Security immediately prior to such

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<PAGE>

action, provided however, that no adjustment shall be made pursuant to clause
(a) if all the Holders of the Securities may participate in such dividend or
distribution.

     The adjustment shall become effective immediately after the close of
business on the Business Day immediately preceding the Ex-Dividend Time in the
case of a dividend, distribution or subdivision and immediately after the
effective date in the case of a combination or reclassification.

     If after an adjustment a Holder of a Security upon conversion of such
Security may receive shares of two or more classes of Capital Stock of the
Company, the Conversion Rate shall thereafter be subject to adjustment upon the
occurrence of an action taken with respect to any such class of Capital Stock as
is contemplated by this Article 10 with respect to the Common Stock, on terms
comparable to those applicable to Common Stock in this Article 10.

     Section 10.07. Adjustment for Rights Issue. If after the Issue Date of the
Securities, the Company distributes any rights or warrants to all holders of the
Company's Common Stock entitling them to purchase (for a period expiring within
60 days), shares of Common Stock at a price per share less (or having a
conversion price per share less) than the then Closing Sale Price on the
Business Day immediately preceding the Ex-Dividend Date for such distribution
(except that no adjustment will be made if Holders of the Securities may
participate in the distribution on a basis and with the notice that the
Company's Board of Directors determines to be fair and appropriate), the
Conversion Rate shall be adjusted in accordance with the formula:

                            R' = R x     (O + N)
                                     ---------------
                                     (O + (N x P)/M)

where:

     R' = the adjusted Conversion Rate.

     R = the current Conversion Rate.

     O = the number of shares of Common Stock outstanding at the close of
business on the Business Day immediately preceding the Ex-Dividend Date for the
distribution to which this Section 10.07 is being applied.

     N = the number of additional shares of Common Stock offered pursuant to the
distribution.

     P = the offering price per share of the additional shares.

     M = the Closing Sale Price on the Business Day immediately preceding the
Ex-Dividend Date for such distribution, minus, in the case of (i) a distribution
to which Section 10.06(a) applies or (ii) a distribution to which Section 10.08
applies, for which, in each case, (x) the record date shall occur on or before
the record date for the distribution to which this Section 10.07 applies and (y)
the Ex-Dividend Time shall occur on or after the date of the Time of
Determination for the distribution to which this Section 10.07 applies, the fair
market value (on the record date for the distribution to which this Section
10.07 applies) of the

                                       53

<PAGE>

          (a) Capital Stock of the Company distributed in respect of each share
     of Common Stock in such Section 10.06(a) distribution, and

          (b) assets of the Company or debt securities or any rights, warrants
     or options to purchase securities of the Company distributed in respect of
     each share of Common Stock in such Section 10.08 distribution.

     The Board of Directors shall determine fair market values for the purposes
of this Section 10.07, except as Section 10.08 otherwise provides in the case of
a Spin-off (as defined below).

     The adjustment shall become effective immediately after the close of
business on the Business Day immediately preceding the Ex-Dividend Date for the
determination of shareholders entitled to receive the rights, warrants or
options to which this Section 10.07 applies. If all of the shares of Common
Stock subject to such rights, warrants or options have not been issued when such
rights, warrants or options expire, then the Conversion Rate shall promptly be
readjusted to the Conversion Rate which would then be in effect had the
adjustment upon the issuance of such rights, warrants or options been made on
the basis of the actual number of shares of Common Stock issued upon the
exercise of such rights, warrants or options.

     No adjustment shall be made under this Section 10.07 if the application of
the formula stated above in this Section 10.07 would result in a value of R'
that is equal to or less than the value of R.

     Section 10.08. Adjustment for Other Distributions. If, after the Issue Date
of the Securities, the Company distributes to all holders of its Common Stock
any of its debt, securities or assets or any rights, warrants or options to
purchase securities of the Company (including securities or cash, but excluding
(a) distributions of Capital Stock referred to in Section 10.06 and
distributions of rights, warrants or options referred to in Section 10.07 and
(b) cash dividends or other cash distributions referred to in Section 10.08A,
the Conversion Rate shall be adjusted, subject to the provisions of the last
paragraph of this Section 10.08, in accordance with the formula:

                                  R' =  R x M
                                       -------
                                       (M - F)

where:

     R' = the adjusted Conversion Rate.

     R = the current Conversion Rate.

     M = the Closing Sale Price on the Ex-Dividend Date for such distribution,
minus, in the case of a distribution to which Section 10.06(a) applies, for
which (i) the record date shall occur on or before the record date for the
distribution to which this Section 10.08 applies and (ii) the Ex-Dividend Time
shall occur on or after the date of the Time of Determination for the
distribution to which this Section 10.08 applies, the fair market value (on the
record date for the distribution to which this Section 10.08 applies) of any
Capital Stock of the Company distributed in respect of each share of Common
Stock in such Section 10.06(a) distribution.

                                       54

<PAGE>

     F = the fair market value (at the close of business on the Business Day
immediately preceding the Ex-Dividend Date for the distribution to which this
Section 10.08 applies) of the assets, securities, rights, warrants or options to
be distributed in respect of each share of Common Stock in the distribution to
which this Section 10.08 is being applied (including, in the case of cash
dividends or other cash distributions giving rise to an adjustment, all such
cash distributed concurrently).

     In the event the Company distributes shares of Capital Stock of a
Subsidiary, the Conversion Rate will be adjusted, if at all, based on the market
value of the Subsidiary stock so distributed relative to the market value of the
shares of Common Stock, as discussed below. The Board of Directors shall
determine fair market values for the purposes of this Section 10.08, except that
in respect of a dividend or other distribution of shares of Capital Stock of any
class or series, or similar equity interests, of or relating to a Subsidiary or
other business unit of the Company (a "SPIN-OFF"), the fair market value of the
securities to be distributed shall equal the average of the daily Closing Sale
Prices of those securities for the five consecutive Trading Days commencing on
and including the sixth day of trading of those securities after the
effectiveness of the Spin-off. In the event, however, that an underwritten
initial public offering of the securities in the Spin-off occurs simultaneously
with the Spin-off, fair market value of the securities distributed in the
Spin-off shall mean the initial public offering price of such securities and the
Closing Sale Price shall mean the Closing Sale Price for the Common Stock on the
same Trading Day.

     The adjustment shall become effective immediately after the close of
business on the Business Day immediately preceding the Ex-Dividend Time for the
determination of shareholders entitled to receive the distribution to which this
Section 10.08 applies, except that an adjustment related to a Spin-off shall
become effective at the earlier to occur of (i) 10 Trading Days after the
effective date of the Spin-off and (ii) the initial public offering of the
securities distributed in the Spin-off.

     In the event that, with respect to any distribution to which this Section
10.08 would otherwise apply, the difference "M-F" as defined in the above
formula is less than $1.00 or "F" is equal to or greater than "M", then the
adjustment provided by this Section 10.08 shall not be made and in lieu thereof
the provisions of Section 10.15 shall apply to such distribution.

          Section 10.08A. Adjustment for Cash Dividends.

     If, after the Issue Date of the Securities, the Company distributes to all
or substantially all holders of its Common Stock any cash (excluding any
dividend or distribution in connection with the liquidation, dissolution or
winding up of the Company, whether voluntary or involuntary), the Conversion
Rate shall be adjusted in accordance with the formula:

                                R' = R x    M
                                         -------
                                         (M - C)

where,

     R' = the adjusted Conversion Rate;

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<PAGE>

     R = the Conversion Rate in effect immediately prior to the Time of
Determination;

     M = Closing Sale Price on the Trading Day before the Ex-Dividend Date for
such distribution; and

     C = the amount in cash per share the Company distributes to holders in
excess of the Dividend Threshold Amount (and for which no adjustment has been
made).

     If an adjustment is required to be made pursuant to this Section 10.08A, as
a result of a distribution that is not a regular quarterly cash dividend, the
Dividend Threshold Amount will be deemed to be zero.

     The adjustment shall become effective immediately after the close of
business on the Business Day immediately preceding the Ex-Dividend Time with
respect to the distribution.

     Section 10.09. Adjustment for Company Tender Offer. If, after the Issue
Date of the Securities, the Company or any Subsidiary of the Company makes a
payment to holders of the shares of Common Stock in respect of a tender or
exchange offer, other than an odd-lot offer, by the Company or any of its
Subsidiaries for shares of Common Stock, to the extent that the cash and value
of any other consideration included in the payment per share of Common Stock
exceeds the Closing Sale Price on the Trading Day following the last date on
which tenders or exchanges may be made pursuant to such tender or exchange
offer, the Conversion Rate shall be increased so that the same shall equal the
price determined by multiplying the Conversion Rate in effect immediately prior
to the effectiveness of the Conversion Rate increase contemplated by this
Section 10.09 by a fraction of which the numerator shall be the sum of (i) the
fair market value, as determined by the Board of Directors, of the aggregate
consideration payable to stockholders based on the acceptance (up to any maximum
amount specified in the terms of the tender or exchange offer) of all shares
validly tendered or exchanged and not validly withdrawn as of the expiration
time of the tender or exchange offer (the "EXPIRATION TIME") (the shares deemed
so accepted, up to any such maximum, being referred to as the "PURCHASED
SHARES") and (ii) the product of the number of shares of Common Stock
outstanding (less any such Purchased Shares) and the Closing Sale Price of the
Common Stock on the Trading Day next succeeding the Expiration Time; and the
denominator shall be the product of the number of shares of the Common Stock
outstanding (including any such Purchased Shares) and the Closing Sale Price of
the Common Stock on the Trading Day next succeeding the Expiration Time.

     The adjustment shall become effective immediately after the close of
business on the Trading Day following the Expiration Time.

     Section 10.10. 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% in the Conversion Rate. Any adjustments that are not
made shall be carried forward and taken into account in any subsequent
adjustment. Any adjustments that are carried forward shall be made at the time
the Company mails a Redemption Notice and on the day five days prior to Stated
Maturity. Thereafter any adjustment to the Conversion Rate shall be made without
regard to the 1% threshold described above.

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<PAGE>

     All calculations under this Article 10 shall be made to the nearest cent or
to the nearest 1/10,000th of a share, as the case may be.

     Section 10.11. When No Adjustment Required. No adjustment need be made as a
result of:

          (a) the issuance of the rights pursuant to the Company's adoption of a
     stockholders rights plan that provides that each share of Common Stock
     issued upon conversion of the Securities at any time prior to the
     distribution of separate certificates representing rights will be entitled
     to receive the right (a "STOCKHOLDER RIGHTS PLAN");

          (b) the distribution of separate certificates representing the rights
     under a Stockholder Rights Plan;

          (c) the exercise or redemption of the rights in accordance with any
     rights agreement under a Stockholder Rights Plan;

          (d) the termination or invalidation of the rights under a Stockholder
     Rights Plan;

          (e) upon the issuance of any shares of Common Stock pursuant to any
     present or future plan providing for the reinvestment of dividends or
     interest payable on securities of the Company and the investment of
     additional optional amounts in Common Stock under any plan;

          (f) upon the issuance of any shares of Common Stock or options or
     rights to purchase those shares pursuant to any present or future employee,
     director or consultant benefit plan or program of or assumed by the Company
     or any of its Subsidiaries;

          (g) upon the issuance of any shares of Common Stock pursuant to any
     option, warrant, right, or exercisable, exchangeable or convertible
     security outstanding as of the date the Securities were first issued;

          (h) except as otherwise described in this Article 10, ordinary course
     of business stock repurchases, including structured or derivative
     transactions pursuant to a stock repurchase program approved by the Board
     of Directors;

          (i) any accrued and unpaid interest or Additional Interest; or

          (j) upon the repurchase by the Company of any shares of Common Stock
     pursuant to the buyback of shares announced December 13, 2006
     contemporaneously with the announcement of the issuance of the Securities
     (provided, however, that no such repurchase is effected more than 30 days
     after date the Securities were first issued through a tender or exchange
     offer to the extent that the cash and value of any other consideration
     included in the payment per share of Common Stock exceeds the Closing Sale
     Price of the Common Stock on the Trading Day following the last date on
     which tenders or exchanges may be made pursuant to such tender or exchange
     offer).

                                       57

<PAGE>

     No adjustment need be made for a transaction referred to in Section 10.07,
10.08 or 10.08A if Holders of the Securities may participate in the transaction
on a basis and with notice that the Board of Directors determines to be fair and
appropriate in light of the basis and notice on which holders of Common Stock
participate in the transaction. No adjustment need be made for a transaction
referred to in Section 10.08 or 10.08A above if all Holders of the Securities
may participate in the transaction.

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

     To the extent the Securities become convertible pursuant to this Article 10
in whole or in part into cash, no adjustment need be made thereafter as to the
cash. Interest will not accrue on the cash.

     Section 10.12. Notice of Adjustment. Whenever the Conversion Rate is
adjusted, the Company shall promptly or within three Business Days mail to
Holders a notice of the adjustment. The Company shall file with the Trustee and
the Conversion Agent such notice briefly stating the facts requiring the
adjustment and the manner of computing it. The notice of adjustment 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 notice of adjustment except to exhibit the same to any Holder desiring
inspection thereof.

     Section 10.13. Voluntary Increase. The Company from time to time may
increase the Conversion Rate by any amount at any time for at least 20 Business
Days, so long as the increase is irrevocable during such period. Whenever the
Conversion Rate is increased, the Company shall mail to Holders and file with
the Trustee and the Conversion Agent a notice of the increase. The Company shall
mail the notice at least 15 days before the date the increased Conversion Rate
takes effect. The notice shall state the increased Conversion Rate and the
period it will be in effect. A voluntary increase of the Conversion Rate does
not change or adjust the Conversion Rate otherwise in effect for purposes of
Section 10.06, 10.07, 10.08 or 10.08A.

     Section 10.14. 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, 10.08A or
     10.09 (unless no adjustment is to occur pursuant to Section 10.11); or

          (b) the Company takes any action that would require a supplemental
     indenture pursuant to Section 10.15; or

          (c) there is a liquidation or dissolution of the Company,

then the Company shall mail to Holders and file with the Trustee and the
Conversion Agent a notice stating the proposed record date for a dividend,
distribution or subdivision or the proposed effective date of a combination,
reclassification, consolidation, merger, binding share exchange, transfer,
liquidation or dissolution. The Company shall file and mail the notice at least
15 scheduled Trading Days before such date. Failure to file or mail the notice
or any defect in it shall not affect the validity of the transaction.

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<PAGE>

     Section 10.15. Reorganization of Company; Special Distributions. If the
Company is a party to a Fundamental Change pursuant to paragraph (ii) of the
definition of Fundamental Change set forth in Section 3.08, upon effectiveness
of such Fundamental Change, the Securities shall be convertible into cash and
other property, as applicable. If, pursuant to Section 10.21 the Company is
required to increase the conversion rate by the Additional Shares as a result of
such a Fundamental Change, the Securities surrendered for conversion will be
settled as follows:

          (a) if the last day of the Applicable Conversion Reference Period
related to Securities surrendered for conversion is prior to the third Trading
Day preceding the effective date of the Fundamental Change, (i) the conversion
shall be settled as described in Section 10.01(b) by delivering the amount of
cash and shares of Common Stock, if any, based on the Conversion Rate then in
effect without regard to the number of Additional Shares to be added to the
Conversion Rate as described above, on the third Trading Day immediately
following the last day of the Applicable Conversion Reference Period and (ii) as
soon as practicable following the Fundamental Change Effective Date, the Company
shall deliver the increase in such amount of cash and reference property
deliverable in lieu of shares of Common Stock, if any, as if the Conversion Rate
had been increased by such number of Additional Shares during the related
Applicable Conversion Reference Period and based upon the average of the Closing
Sale Prices of the Common Stock during such Applicable Conversion Reference
Period. If such increased amount results in an increase to the amount of cash to
be paid to Holders, the Company shall pay such increase in cash, and if such
increased settlement amount results in an increase to the number of shares of
Common Stock, the Company shall deliver such increase by delivering reference
property based on such increased number of shares; and

          (b) if the last day of the Applicable Conversion Reference Period
related to Securities surrendered for conversion is on or following the third
scheduled Trading Day preceding the Fundamental Change Effective Date, the
conversion shall be settled as described in Section 10.01(b) based on the
Conversion Rate as increased by the Additional Shares payable on the later to
occur of (1) the effective date of the transaction and (2) the third Trading Day
immediately following the last day of the Applicable Conversion Reference
Period.

          (c) If the Company makes a distribution to all holders of its Common
Stock of any of its assets, or debt securities or any rights, warrants or
options to purchase securities of the Company that, but for the provisions of
the last paragraph of Section 10.08, would otherwise result in an adjustment in
the Conversion Rate pursuant to the provisions of Section 10.08, then, from and
after the record date for determining the holders of Common Stock entitled to
receive the distribution, the Conversion Value and the Daily Share Amount will
be calculated based upon, in addition to the shares of Common Stock into which
the Security is convertible (before taking into account the net share settlement
provisions), the kind and amount of securities, cash or other assets comprising
the distribution that a holder of a number of shares of Common Stock equal to
the Conversion Rate would have received if such Holder had converted the
Security immediately prior to the record date for determining the holders of
Common Stock entitled to receive the distribution.

          (d) If the Company is a party to a transaction subject to Section 5.01
(other than a sale of all or substantially all of the assets of the Company in a
transaction in which the holders of Common Stock immediately prior to such
transaction do not receive securities, cash

                                       59

<PAGE>

or other assets of the Company or any other Person) or a merger or binding share
exchange which reclassifies or changes its outstanding shares of Common Stock,
the Person obligated to deliver securities, cash or other assets upon conversion
of Securities shall enter into a supplemental indenture. If the issuer of
securities deliverable upon conversion of Securities is an Affiliate of the
successor Company, that issuer shall join in the supplemental indenture.

          (e) The supplemental indenture described in subsection (d) shall
provide that the Conversion Value and Daily Share Amount will be determined
based upon the kind and amount of securities, cash or other assets which a
holder of a number of shares of Common Stock equal to the Conversion Rate would
have received in the consolidation, merger, binding share exchange or transfer,
assuming (to the extent applicable) that such holder was not a constituent
Person or an Affiliate of a constituent Person to such transaction. In the event
holders of the Common Stock have the opportunity to elect the form of
consideration to be received in any such transaction, the Company will make
adequate provision whereby the Holders of the Securities shall have a reasonable
opportunity to determine the form of consideration, into which all of the
Securities, treated as a single class, shall be convertible from and after the
effective date of such transaction (subject to the Company's ability to settle
the conversion obligation in cash). Any such determination shall be subject to
any limitations to which all of the holders of the Common Stock are subject,
such as pro-rata reductions applicable to any portion of the consideration to be
paid and shall be conducted in such a manner as to be completed by the date
which is the earliest of (a) the deadline for elections to be made by holders of
the Common Stock in connection with such transaction, and (b) two scheduled
Trading Days prior to the anticipated effective date of such event. The Company
shall provide notice of the opportunity to determine the form of such
consideration, as well as notice of the determination made by Holders of the
Securities by issuing a press release and providing a copy of such notice to the
Trustee. The Company will not become a party to any such transaction unless its
terms are consistent with the foregoing. The supplemental indenture shall
provide for adjustments which shall be as nearly equivalent as may be practical
to the adjustments provided for in this Article 10. The successor Company shall
mail to Holders a notice briefly describing the supplemental indenture.

     Section 10.16. Company Determination Final. Any determination that the
Company or the Board of Directors must make pursuant to Section 10.03, 10.06,
10.07, 10.08, 10.08A, 10.09, 10.10, 10.11, 10.15 or 10.17 is conclusive, absent
manifest error.

     Section 10.17. 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 10.15 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 Securities. 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 10.17 as the
Trustee.

     Section 10.18. Simultaneous Adjustments. In the event that this Article 10
requires adjustments to the Conversion Rate under more than one of Sections
10.06(d), 10.07, 10.08 or 10.08A, and the record dates for the distributions
giving rise to such adjustments shall occur on the same date, then such
adjustments shall be made by applying, first, the provisions of Section

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<PAGE>

10.06, second, the provisions of Section 10.08, third, the provisions of Section
10.08A and, fourth, the provisions of Section 10.07.

     Section 10.19. 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 10.20. Limitation on Adjustments. The Company shall not take any
action that would result in an adjustment pursuant to the foregoing provisions
in this Article 10 if that adjustment would reduce the Conversion Price below
the then par value of the shares of Common Stock issuable upon conversion of the
Securities.

     Section 10.21. Adjustment to Conversion Rate Upon Certain Fundamental
Change Transactions. If, after the Issue Date and prior to December 20, 2009, a
Fundamental Change pursuant to paragraphs (i) or (ii) of the definition of
Fundamental Change set forth in Section 3.08 (or an event that would have been a
Fundamental Change pursuant to paragraphs (i) or (ii) of the definition of
Fundamental Change set forth in Section 3.08 but for clause (A) of the paragraph
following the definition of Fundamental Change set forth in Section 3.08),
occurs and a Holder elects to convert its Securities in connection with such a
Fundamental Change the Company will increase the Applicable Conversion Rate for
the Securities surrendered for conversion by a number of additional shares of
Common Stock (the "ADDITIONAL SHARES"), as described in this Section 10.21. A
conversion of Securities will be deemed for the purposes of this Section 10.21
to be "in connection with" a Fundamental Change if the notice of conversion of
the Securities is received by the Conversion Agent from and including the date
that is 15 scheduled Trading Days prior to the anticipated effective date of the
Fundamental Change, up to and including the related Fundamental Change
Repurchase Date or the date that is 15 scheduled Trading Days after the
effective date of the Fundamental Change if there is no such related Fundamental
Change Repurchase Date.

     The Company shall mail Holders not later than 25 scheduled Trading Days
prior to the anticipated effective date of the Fundamental Change, a notice
describing the Fundamental Change and the Holders' rights to Additional Shares.

     The number of Additional Shares will be determined by reference to the
table below and is based on the date which such Fundamental Change transaction
occurs or becomes effective (the "FUNDAMENTAL CHANGE EFFECTIVE DATE") and the
price (the "SHARE PRICE") paid per share of Common Stock in such Fundamental
Change transaction. If the holders of Common Stock receive only cash in the
Fundamental Change transaction, the Share Price shall be the cash amount paid
per share of Common Stock. Otherwise, the Share Price shall be the average of
the Closing Sale Prices of the Common Stock on the five consecutive Trading Days
up to but excluding the Fundamental Change Effective Date.

                                       61

<PAGE>

     The Share Prices set forth in the Share Price column of the table below
will be adjusted as of any date on which the Conversion Rate is adjusted. The
adjusted Share Prices will equal the Share Prices applicable 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 Share Price adjustment and the denominator of which is the applicable
Conversion Rate as so adjusted.

<TABLE>
<CAPTION>
                                                            SHARE PRICE IN $
                    -------------------------------------------------------------------------------------------------
EFFECTIVE DATE      45.76   50.00   55.00   61.78   65.00   70.00   80.00   90.00   100.00   120.00   140.00   160.00
--------------      -----   -----   -----   -----   -----   -----   -----   -----   ------   ------   ------   ------
<S>                 <C>     <C>     <C>     <C>     <C>     <C>     <C>     <C>     <C>      <C>      <C>      <C>
DECEMBER 20, 2006    5.66    4.39    3.30    2.24    1.90    1.45    0.91    0.60    0.41     0.24     0.16     0.11
DECEMBER 15, 2007    5.66    4.13    2.96    1.84    1.52    1.08    0.60    0.35    0.22     0.12     0.08     0.06
DECEMBER 15, 2008    5.66    3.84    2.51    1.29    1.00    0.59    0.23    0.10    0.06     0.04     0.03     0.02
DECEMBER 20, 2009    5.66    3.81    1.99    0.00    0.00    0.00    0.00    0.00    0.00     0.00     0.00     0.00
</TABLE>

     If the exact Share Prices and Fundamental Change Effective Dates are not
set forth in the table, then: (i) if the Share Price is between two Share Price
amounts in the table or the effective date is between two dates in the table,
the Additional Shares issued upon conversion of the Securities will be
determined by a straight-line interpolation between the number of Additional
Shares set forth for the higher and lower Share Price amounts and the two dates
in the table, based on a 365-day year, (ii) if the Share Price exceeds $160.00
per share, subject to adjustment as set forth herein, no Additional Shares will
be issued upon conversion of the Securities; and (iii) if the Share Price is
less than $45.76 per share, subject to adjustment as set forth herein, no
Additional Shares will be issued upon conversion of the Securities.

     Notwithstanding the foregoing, in no event will the total number of shares
of Common Stock issuable upon conversion exceed 21.8531 shares per $1,000
principal amount of Securities, subject to adjustments in the same manner as the
Conversion Rate pursuant to Article 10.

                                   ARTICLE 11

                               PAYMENT OF INTEREST

     Section 11.01. Payment of Interest. (a) The Company shall pay interest on
the Securities at a rate of 2.60% per annum, payable semi-annually in arrears on
June 15 and December 15 of each year (each, an "INTEREST PAYMENT DATE"), or if
any such day is not a Business Day, the immediately following Business Day,
commencing June 15, 2007. Interest on a Security shall be paid to the Holder of
such Security at the close of business on June 1 or December 1 (each, a "RECORD
DATE"), as the case may be, next preceding the related Interest Payment Date,
and shall be computed on the basis of a 360-day year comprised of twelve 30-day
months. In the event of the maturity, conversion, or purchase of a Security by
the Company at the option of the Holder, interest shall cease to accrue on such
Security.

     (b) Upon conversion of a Security, (i) a Holder shall not receive any cash
payment of interest (unless such conversion occurs between a Record Date and the
Interest Payment Date to which it relates, in which case a Holder on the Record
Date will receive on the Interest Payment Date accrued and unpaid interest) and
the Conversion Rate shall not be adjusted to account for accrued and unpaid
interest and (ii) except as set forth in clause (c) below, the Company's
delivery to a Holder of cash and shares, if any, of Common Stock into which the
Security is convertible shall be deemed to satisfy its obligation with respect
to such Security, and any

                                       62

<PAGE>

accrued but unpaid interest shall be deemed to be paid in full upon conversion,
rather than cancelled, extinguished or forfeited.

     (c) Securities surrendered for conversion by a Holder after the close of
business on any Record Date but prior to the next Interest Payment Date must be
accompanied by payment of an amount equal to the interest that the Holder is to
receive on the Securities; provided, however, that no such payment need be made
(1) if the Company has specified a Redemption Date that is after a Record Date
and on or prior to the next Interest Payment Date, (2) if the Company has
specified a Fundamental Change Repurchase Date that is after a Record Date and
on or prior to the next Interest Payment Date or (3) only to the extent of
overdue interest, if any overdue interest exists at the time of conversion with
respect to such Securities.

     Section 11.02. Contingent Interest. The Company will pay Contingent
Interest to Holders during the period commencing December 20, 2009 and ending
June 14, 2010 and for any six-month period thereafter from December 15 to June
15 or from June 15 to December 15 ("INTEREST PERIOD"), if the average Trading
Price of per $1,000 principal amount of the Securities for the five Trading Day
measurement period ending on the third Trading Day immediately preceding the
first day of the applicable Interest Period (the "MEASUREMENT PERIOD") equals
120% or more of an equal principal amount of the Securities as of the last day
of the Measurement Period. The amount of Contingent Interest payable in any
Interest Period pursuant to this Section 11.02 shall equal 0.25% per annum of
the average Trading Price of the Securities for the applicable Measurement
Period. Contingent Interest, if any, will accrue from the first day of any
relevant Interest Period.

     Section 11.03. Payment of Contingent Interest. The Company shall pay
Contingent Interest owed pursuant to Section 11.02 for any Interest Period on
the Interest Payment Date immediately succeeding the applicable Interest Period,
to Holders of Securities as of the Record Date related to such Interest Payment
Date.

     Section 11.04. Notice of Contingent Interest. As soon as practicable
following the first Business Day of an Interest Period for which Contingent
Interest will be payable pursuant to Section 11.02, the Company shall notify the
Holders of the right of such Holders to receive Contingent Interest by
disseminating a press release through Dow Jones & Company, Inc. or Bloomberg
Business News containing this information or publish the information on the
Company's web site or through such other public medium as it may use at that
time. If in connection with a payment of Contingent Interest the Company
determines that U.S. withholding tax may be required because the Securities are
not actively traded within the meaning of Section 871(h)(4)(C)(v)(I) (or
applicable successor provision) of the Code, the Company shall provide such
information in the same manner as information to be disseminated pursuant to the
preceding sentence.

     Section 11.05. Defaulted Interest. Any installment of interest that is
payable, but is not punctually paid or duly provided for on any Interest Payment
Date ("Defaulted Interest") shall forthwith cease to be payable to the Holders
in whose names the Securities were registered on the Record Date applicable to
such installment of interest. Defaulted Interest (including any interest on such
Defaulted Interest) may be paid by the Company, at its election, as provided in
this Section 11.05 (a) or (b).

                                       63

<PAGE>

          (a) The Company may elect to make payment of any Defaulted Interest
     (including any interest on such Defaulted Interest) to the Holders in whose
     names the Securities are registered at the close of business on a special
     record date for the payment of such Defaulted Interest (a "SPECIAL RECORD
     DATE"), 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 and the date of the proposed payment, and at the same time the
     Company shall deposit with the Trustee an amount of money equal to the
     aggregate amount proposed to be paid in respect of such Defaulted Interest
     or shall make arrangements satisfactory to the Trustee for such deposit
     prior to the date of the proposed payment, such money when deposited to be
     held in trust for the benefit of the Holders entitled to such Defaulted
     Interest as provided in this Section 11.05(a). Thereupon the Trustee shall
     fix a Special Record Date for the payment of such Defaulted Interest, which
     shall be not more than 15 calendar days and not less than ten calendar days
     prior to the date of the proposed payment and not less than ten calendar
     days after the receipt by the Trustee of the notice of the proposed
     payment. The Trustee shall promptly notify the Company of such Special
     Record Date and, in the name and at the expense of the Company, shall cause
     notice of the proposed payment of such Defaulted Interest and the Special
     Record Date therefor to be sent, first-class mail, postage prepaid, to each
     Holder at such Holder's address as it appears in the registration books of
     the Registrar, not less than ten calendar 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, such
     Defaulted Interest shall be paid to the Holders in whose names the
     Securities are registered at the close of business on such Special Record
     Date and shall no longer be payable pursuant to Section 11.05(b).

          (b) Alternatively, the Company may make payment of any Defaulted
     Interest (including any interest on such Defaulted Interest) in any other
     lawful manner not inconsistent with the requirements of any securities
     exchange on which the Securities may be listed, and upon such notice as may
     be required by such exchange, if, after notice given by the Company to the
     Trustee of the proposed payment pursuant to this Section 11.05(b), such
     manner of payment shall be deemed practicable by the Trustee.

     Section 11.06. Interest Rights Preserved. Subject to the foregoing
provisions of this Article 11 and Section 2.06, each Security delivered under
this Indenture upon registration of transfer of or in exchange for or in lieu of
any other Security shall carry the rights to interest accrued and unpaid, and to
accrue, which were carried by such other Security.

                                   ARTICLE 12

                                  MISCELLANEOUS

     Section 12.01. Trust Indenture Act Controls. If any provision of this
Indenture limits, qualifies, or conflicts with another provision which is
required to be included in this Indenture by the TIA, the required provision
shall control.

     Section 12.02. Notices. Any request, demand, authorization, notice, waiver,
consent or communication shall be in writing and delivered in Person or mailed
by first-class mail, postage

                                       64

<PAGE>

prepaid, addressed as follows or transmitted by facsimile transmission
(confirmed by guaranteed overnight courier) to the following facsimile numbers:

          if to the Company:

          International Game Technology
          9295 Prototype Drive
          P.O. Box 10580
          Reno, Nevada 89510
          Facsimile: (775) 448-0777
          Attention of: Chief Financial Officer

          if to the Trustee:

          Wells Fargo Bank, National Association
          100 West Washington Street, 22nd Floor
          Phoenix, Arizona 85003
          Facsimile: 602-378-2333
          Attention: Vice President - Brenda D. Black

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

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

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

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

     Section 12.03. Communication by Holders with Other Holders. Holders may
communicate pursuant to TIA Section 312(b) with other Holders with respect to
their rights under this Indenture or the Securities. The Company, the Trustee,
the Registrar, the Paying Agent, the Conversion Agent and anyone else shall have
the protection of TIA Section 312(c).

     Section 12.04. Certificate and Opinion as to Conditions Precedent. Upon any
request or application by the Company to the Trustee to take any action under
this Indenture, the Company shall furnish to the Trustee:

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

                                       65

<PAGE>

          (b) if required by the Trustee, an Opinion of Counsel stating that, in
     the opinion of such counsel, all such conditions precedent (to the extent
     of legal conclusions) have been complied with.

     Section 12.05. Statements Required in Certificate or Opinion. Each
Officers' Certificate or Opinion of Counsel with respect to compliance with a
covenant or condition provided for in this Indenture shall include:

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

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

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

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

     Section 12.06. Separability Clause. In case any provision in this Indenture
or in the Securities shall be invalid, illegal or unenforceable, the validity,
legality and enforceability of the remaining provisions shall not in any way be
affected or impaired thereby.

     Section 12.07. Rules by Trustee, Paying Agent, Conversion Agent, and
Registrar. The Trustee may make reasonable rules for action by or a meeting of
Holders. The Registrar, the Conversion Agent and the Paying Agent may make
reasonable rules for their functions.

     Section 12.08. Legal Holidays. A "LEGAL HOLIDAY" is a Saturday, a Sunday or
a day on which banking institutions are not required to be open in the State of
New York. If a payment date is a Legal Holiday, payment shall be made on the
next succeeding day that is not a Legal Holiday, and no interest (or Contingent
Interest, if applicable) shall accrue for the intervening period. If a Record
Date is a Legal Holiday, the Record Date shall not be affected.

     Section 12.09. Governing Law. THIS INDENTURE AND THE SECURITIES SHALL BE
GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK
BUT WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE
EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE
REQUIRED THEREBY.

     Section 12.10. No Recourse Against Others. A director, officer, employee or
stockholder, as such, of the Company shall not have any liability for any
obligations of the Company under the Securities or this Indenture or for any
claim based on, in respect of or by reason of such obligations or their
creation. By accepting a Security, each Holder shall waive and release all such
liability. The waiver and release shall be part of the consideration for the
issue of the Securities.

                                       66

<PAGE>

     Section 12.11. Successors. All agreements of the Company in this Indenture
and the Securities shall bind its successor. All agreements of the Trustee in
this Indenture shall bind its successor.

     Section 12.12. Multiple Originals. The parties may sign any number of
copies of this Indenture. Each signed copy shall be an original, but all of them
together represent the same agreement. One signed copy is enough to prove this
Indenture.

     Section 12.13. Table of Contents; Headings. The table of contents and
headings of the Articles and Sections of this Indenture have been inserted for
convenience of reference only, are not intended to be considered a part hereof
and shall not modify or restrict any of the terms or provisions hereof.

                                       67

<PAGE>

     IN WITNESS WHEREOF, INTERNATIONAL GAME TECHNOLOGY has caused this Indenture
to be duly executed as a deed the day and year first before written.

INTERNATIONAL GAME TECHNOLOGY

/s/ Maureen T. Mullarkey
-------------------------------------
Name: Maureen T. Mullarkey
Title: Executive Vice President and
       Chief Financial Officer

     IN WITNESS WHEREOF, the undersigned, being duly authorized, has executed
this Indenture as of the date first above written.

                                        WELLS FARGO BANK, NATIONAL ASSOCIATION

                                        By: /s/ Brenda D. Black
                                            ------------------------------------
                                        Name: Brenda D. Black
                                        Title: Vice President

                                       68

<PAGE>

                                                                       EXHIBIT A

                        [FORM OF FACE OF GLOBAL SECURITY]

     FOR PURPOSES OF SECTIONS 1273 AND 1275 OF THE INTERNAL REVENUE CODE, THIS
SECURITY IS ISSUED WITH AN INDETERMINATE AMOUNT OF ORIGINAL ISSUE DISCOUNT FOR
UNITED STATES FEDERAL INCOME TAX PURPOSES AND WILL BE SUBJECT TO THE REGULATIONS
GOVERNING CONTINGENT PAYMENT DEBT INSTRUMENTS FOR UNITED STATES FEDERAL INCOME
TAX PURPOSES. THE ISSUE DATE AND THE COMMENCEMENT DATE FOR THE ACCRUAL OF
ORIGINAL ISSUE DISCOUNT IS DECEMBER 20, 2006. AS REQUIRED UNDER APPLICABLE
TREASURY REGULATIONS, THE "COMPARABLE YIELD" IS SET FORTH IN SECTION 2.14 OF THE
INDENTURE PURSUANT TO WHICH THIS SECURITY IS BEING ISSUED.

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

     TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS TO NOMINEES
OF THE DEPOSITORY TRUST COMPANY, OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR'S
NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO
TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN ARTICLE TWO OF
THE INDENTURE REFERRED TO ON THE REVERSE HEREOF.

     THIS SECURITY AND ANY COMMON STOCK ISSUABLE UPON THE CONVERSION OF THIS
SECURITY HAVE NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS
AMENDED (THE "SECURITIES ACT"), AND MAY NOT BE SOLD OR OTHERWISE TRANSFERRED IN
THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM. EACH
PURCHASER OF THIS SECURITY IS HEREBY NOTIFIED THAT THE SELLER OF THIS SECURITY
MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF THE
SECURITIES ACT PROVIDED BY RULE 144A THEREUNDER.

     THE HOLDER OF THIS SECURITY SHALL BE DEEMED TO HAVE AGREED FOR THE BENEFIT
OF THE COMPANY THAT THIS SECURITY AND ANY COMMON STOCK ISSUABLE UPON THE
CONVERSION OF THIS SECURITY MAY NOT BE

                                       A-1

<PAGE>

OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT (A) (1) TO A PERSON WHO
THE TRANSFEROR REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE
MEANING OF RULE 144A UNDER THE SECURITIES ACT ACQUIRING FOR ITS OWN ACCOUNT OR
FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER IN A TRANSACTION MEETING THE
REQUIREMENTS OF RULE 144A, (2) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER
THE SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER (IF AVAILABLE), (3) PURSUANT
TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE
SECURITIES ACT SUBJECT TO THE COMPANY'S AND THE TRUSTEE'S RIGHT PRIOR TO ANY
SUCH OFFER, SALE OR TRANSFER PURSUANT TO THIS CLAUSE (3) TO REQUIRE THE DELIVERY
OF AN OPINION OF COUNSEL, CERTIFICATIONS AND/OR OTHER INFORMATION SATISFACTORY
TO EACH OF THEM, AND IN EACH OF THE FOREGOING CASES, TO REQUIRE THAT A
CERTIFICATE OF TRANSFER IN THE FORM APPEARING ON THE OTHER SIDE OF THIS SECURITY
IS COMPLETED AND DELIVERED BY THE TRANSFEROR TO THE TRUSTEE OR (4) PURSUANT TO
AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, AND (B) IN
ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF THE STATES OF THE UNITED
STATES AND OTHER JURISDICTIONS.

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

                                      A-2

<PAGE>

No. [_____]                                                    CUSIP: 459902 AN2
                                                             ISIN: US459902AN 26

                          Principal Amount $[________]
                     as revised by the Schedule of Increases
              and Decreases in the Global Security attached hereto

                          INTERNATIONAL GAME TECHNOLOGY

                      2.60%CONVERTIBLE DEBENTURES DUE 2036

     International Game Technology, a Nevada corporation, promises to pay to
Cede & Co. or registered assigns, the principal amount of $[____] on December
15, 2036.

     Interest Payment Dates: June 15 and December 15.

     Record Dates: June 1 and December 1.

     Additional provisions of this Security are set forth on the other side of
this Security.

Dated: December 20, 2006                INTERNATIONAL GAME TECHNOLOGY

                                        By:
                                            ------------------------------------
                                        Title:
                                               ---------------------------------

TRUSTEE'S CERTIFICATE OF AUTHENTICATION

     WELLS FARGO BANK, NATIONAL ASSOCIATION, as Trustee, certifies that this is
one of the Securities referred to in the within-mentioned Indenture.

By
   ----------------------------------
   Authorized Signatory

Dated:
       ------------------------------

                                      A-3

<PAGE>

                      [FORM OF REVERSE OF GLOBAL SECURITY]

                      2.60% Convertible Debentures due 2036

1.   Interest

     This Security shall bear cash interest at the rate of 2.60% per annum.
Interest on this Security shall accrue from the Issue Date, or from the most
recent date to which interest has been paid or provided for. Interest shall be
payable semiannually in arrears on June 15 and December 15 of each year,
beginning on June 15, 2007, to the holders of record of Securities at the close
of business on the June 1 or December 1 immediately preceding such Interest
Payment Date (or repurchase, redemption or Stated Maturity, as applicable). Each
payment of cash interest on this Security shall include interest accrued for the
period commencing on and including the immediately preceding Interest Payment
Date (or, if none, the scheduled original Issue Date) through the day before the
applicable Interest Payment Date, Redemption Date, Repurchase Date or Stated
Maturity, as applicable. Any payment required to be made on any day that is not
a Business Day shall be made on the next succeeding Business Day and no
additional interest shall accrue. Interest shall be calculated using a 360-day
year composed of twelve 30-day months. Interest shall cease to accrue on this
Security upon its Stated Maturity, conversion or repurchase by the Company
including a repurchase at the option of the Holder upon a Fundamental Change in
accordance with Paragraph 7 hereof.

     Interest on Securities converted after a Record Date but prior to the
corresponding Interest Payment Date will be paid to the Holder of the Securities
on the Record Date but, upon conversion the Holder must pay the Company the
interest which has accrued and will be paid on such Interest Payment Date. No
such payment need be made (1) if the Company has specified a Redemption Date
that is after a Record Date and on or prior to the next Interest Payment Date,
(2) if the Company has specified a Fundamental Change Repurchase Date that is
after a Record Date and on or prior to the next Interest Payment Date or (3)
only to the extent of overdue interest, if any overdue interest exists at the
time of conversion with respect to such Securities.

     From and after December 20, 2009, the Company will pay Contingent Interest
on this Security under the circumstances and in the amounts described in Article
11 of the Indenture. Such Contingent Interest, if any, shall be payable
semi-annually in arrears on each Interest Payment Date. Contingent Interest, if
any, will be computed on the basis of a 360-day year of twelve 30-day months.

     In the event of any payment of Contingent Interest, the Company will
disseminate a press release through Dow Jones & Company, Inc. or Bloomberg
Business News containing this information or through such other public medium as
the Company may use at that time.

2.   Method of Payment.

     The Company shall promptly make all payments in respect of the Securities
on the dates and in the manner provided herein and in the Indenture. The Company
will pay interest (except Defaulted Interest) on the principal amount of the
Securities on each June 15 and December 15 to the Persons who are registered
Holders of Securities at the close of business on the June 1 and

                                      A-4

<PAGE>

December 1 next preceding the Interest Payment Date even if Securities are
canceled or repurchased after such Record Date and on or before the Interest
Payment Date. Holders must surrender Securities to a Paying Agent to collect
principal payments. The Company will pay principal and interest in money of the
United States that at the time of payment is legal tender for payment of public
and private debts. The Company will make all payments in respect of a
Certificated Security (including principal and interest) in U.S. dollars at the
office of the Trustee. At the Company's option, however, the Company may make
such payments by mailing a check to the registered address of each Holder
thereof as such address shall appear on the register or, with respect to
Securities represented by a Global Security, by wire transfer of immediately
available funds to the accounts specified by the Depositary. If an Interest
Payment Date is a date other than a Business Day, payment may be made at that
place on the next succeeding day that is a Business Day and no interest shall
accrue for the intervening period.

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
or Registrar without notice, other than notice to the Trustee; provided that the
Company will maintain at least one Paying Agent in the United States of America,
which shall initially be an office or agency of the Trustee. The Company or any
of its Subsidiaries or any of their Affiliates may act as Paying Agent,
Conversion Agent or Registrar.

4.   Indenture.

     The Company issued the Securities under an Indenture dated as of December
20, 2006 (the "Indenture"), between the Company and the Trustee. The terms of
the Securities include those stated in the Indenture and those made part of the
Indenture by reference to the Trust Indenture Act of 1939, as in effect from
time to time. Capitalized terms used herein and not defined herein have the
meanings ascribed thereto in the Indenture. The Securities are subject to all
such terms, and Holders are referred to the Indenture and the TIA for a
statement of those terms.

     The Securities are general unsecured obligations of the Company limited to
an aggregate principal amount of $900,000,000. The Indenture does not limit
other indebtedness of the Company, secured or unsecured.

5.   Redemption at the Option of the Company.

     No sinking fund is provided for the Securities. Subject to the terms and
conditions of this Indenture, the Securities are redeemable at the option of the
Company in whole or in part, at any time or from time to time on, or after
December 20, 2009 for a cash price equal to the 100% of the principal amount
plus accrued and unpaid interest, if any, up to the Redemption Date (the
"REDEMPTION PRICE").

6.   Notice of Redemption.

     Notice of redemption pursuant to Paragraph 5 of this Security will be
mailed at least 15 days but not more than 60 days before the Redemption Date to
each Holder of Securities to be

                                      A-5

<PAGE>

redeemed at the Holder's registered address. If money sufficient to pay the
Redemption Price of all Securities (or portions thereof) to be redeemed on the
Redemption Date is deposited with the Paying Agent prior to or on the Redemption
Date, immediately after such Redemption Date interest ceases to accrue on such
Securities or portions thereof. Securities in denominations larger than $1,000
of principal amount may be redeemed in part but only in integral multiples of
$1,000 of principal amount.

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

     (a) Subject to the terms and conditions of the Indenture, the Company shall
become obligated to repurchase, at the option of the Holder, all or any portion
of the Securities held by such Holder on December 15, 2009, December 15, 2011,
December 15, 2016, December 15, 2021, December 15, 2026 and December 15, 2031 or
the next Business Day following such dates to the extent such dates are not
Business Days in integral multiples of $1,000 in cash at a Repurchase Price
equal to 100% of the principal amount plus accrued and unpaid interest, if any,
on the Repurchase Date. To exercise such right, a Holder shall deliver to the
Company a Repurchase Notice containing the information set forth in the
Indenture, at any time from the opening of business on the date that is 20
Business Days prior to such Repurchase Date until the close of business on the
last Business Day prior to such Repurchase Date, and shall deliver the
Securities to the Paying Agent as set forth in the Indenture.

     (b) At the option of the Holder and subject to the terms and conditions of
the Indenture, the Company shall become obligated to offer to repurchase the
Securities held by such Holder within 30 days (which repurchase shall occur no
more than 45 days after the date of such offer) after the occurrence of a
Fundamental Change of the Company (as defined in the Indenture) for a
Fundamental Change Repurchase Price equal to 100% of the principal amount plus
accrued and unpaid interest, if any, on the Fundamental Change Repurchase Date,
which Fundamental Change Repurchase Price shall be paid in cash.

     (c) Holders have the right to withdraw any Repurchase Notice delivered
pursuant to Paragraph 7(a) above or Fundamental Change Repurchase Notice
delivered pursuant to Paragraph 7(b), as the case may be, by delivering to the
Paying Agent a written notice of withdrawal in accordance with the provisions of
the Indenture at any time prior to the close of business of the last day prior
to the Repurchase Date. If cash sufficient to pay the Repurchase Price or
Fundamental Change Repurchase Price, as the case may be, of all Securities or
portions thereof to be repurchased as of the Repurchase Date or the Fundamental
Change Repurchase Date, as the case may be, is deposited with the Paying Agent
on the Repurchase Date or the Fundamental Change Repurchase Date, interest will
cease to accrue on such Securities (or portions thereof) immediately after such
Repurchase Date or Fundamental Change Repurchase Date, and the Holder thereof
shall have no other rights as such other than the right to receive the
Repurchase Price or Fundamental Change Repurchase Price upon surrender of such
Security.

8.   Conversion.

     (a) The initial Conversion Rate is 16.1875 shares of Common Stock per
$1,000 principal amount, subject to adjustment in certain events described in
the Indenture. Upon conversion, a Holder will receive, in respect of each $1,000
principal amount of Securities, (x)

                                      A-6

<PAGE>

cash equal to the lesser of (1) $1,000 or (2) the Conversion Value; and (y) a
number of shares of Common Stock equal the sum of the Daily Share Amounts (as
defined in the Indenture) for each of the ten consecutive Trading Days in the
Applicable Conversion Reference Period (as defined in the Indenture), as more
fully set forth in the Indenture. A Holder that surrenders Securities for
conversion will receive cash in lieu of any fractional share of Common Stock
based on the Closing Sale Price of the Common Stock of the Company on the
Trading Day immediately prior to the Conversion Date.

     (b) Holders may surrender Securities for conversion into cash and shares,
if any, of Common Stock during any fiscal quarter ending after March 31, 2007
(and only during such fiscal quarter) if, the Closing Sale Price of the Common
Stock for at least 20 Trading Days in the 30 Trading Day period ending on the
last Trading Day of the immediately preceding fiscal quarter is more than 130%
of the Conversion Price per share of the Common Stock on the last day of such
preceding fiscal quarter. The "CONVERSION PRICE" per share of Common Stock as of
any day will equal the result obtained by dividing $1,000 by the then applicable
Conversion Rate.

     (c) A Holder may also surrender for conversion a Security or portion of a
Security which has been called for redemption pursuant to Paragraph 5 hereof,
and such Securities may be surrendered for conversion until the close of
business on the Business Day prior to the Redemption Date. A Security in respect
of which a Holder has delivered a Repurchase Notice or a Fundamental Change
Repurchase Notice exercising the option of such Holder to require the Company to
repurchase such Security may be converted only if such notice of exercise is
withdrawn in accordance with the terms of the Indenture.

     (d) If the Company elects to either (i) distribute to all Holders of Common
Stock certain rights entitling them to purchase, for a period expiring within 60
days, shares of Common Stock at less than the current market price at the time,
or (ii) distribute to all Holders of Common Stock the Company's assets, debt
securities or certain rights to purchase the Company's securities, which
distribution has a per share value exceeding 12.5% of the Closing Sale Price of
a share of Common Stock on the day prior to the declaration date for such
distribution, the Company must give notice to the Holders at least 25 scheduled
Trading Days prior to the Ex-Dividend Date for such distribution. Once such
notice has been given, the Securities may be surrendered for conversion at any
time until the earlier of the close of business on the Business Day prior to the
Ex-Dividend Date or until the Company announces that such distribution will not
take place. No adjustment to the ability of a holder to convert will be made if
the holder will otherwise participate in the distribution without conversion.
The Company shall notify Holders at least 25 scheduled Trading Days prior to the
Ex-Dividend Date for such distribution.

     (e) If the Company is party to any transaction or event that constitutes a
Fundamental Change, including any event that would be a Fundamental Change but
for the existence of an exception specified in clauses (A) or (B) of the
paragraph following the definition thereof), a Holder may surrender Securities
for conversion at any time from and after the 15th scheduled Trading Day prior
to the anticipated effective date of such transaction or event until the
Fundamental Change Repurchase Date (or if there is no Fundamental Change
Repurchase Date with respect to such event, the 15th day after the effective
date thereof, as set forth in Section

                                      A-7

<PAGE>

3.08 of the Indenture) corresponding to such event. The Company will notify
Holders at least 25 scheduled Trading Days prior to the anticipated effective
date of such transaction.

     (f) If the Company is a party to a combination, merger, binding share
exchange or sale or conveyance of all or substantially all of its property and
assets, in each case pursuant to which the Common Stock would be converted into
cash, securities and/or other property that does not also constitute Fundamental
Change, including any event that would be a Fundamental Change but for the
existence of an exception specified in clauses (A) or (B) of the paragraph
following the definition thereof), Holders shall have the right to surrender
Securities for conversion at any time from and after the date which is 15
scheduled Trading Days prior to the date that is the actual effective date of
such transaction and ending on the 15th scheduled Trading Day following the
effective date of such transaction. The Company will notify Holders at least 25
scheduled Trading Days prior to the anticipated effective date of such
transaction.

     (g) Holders may surrender Securities for conversion at any time on or after
September 15, 2036 until the close of business on the business day immediately
preceding the Stated Maturity.

     (h) To surrender a Security for conversion, a Holder must (1) complete and
manually sign the irrevocable conversion notice below (or complete and manually
sign a facsimile of such notice) and deliver such notice to the Conversion
Agent, (2) surrender the Security to the Conversion Agent, (3) furnish
appropriate endorsements and transfer documents and (4) pay any transfer or
similar tax, if required.

     (i) A Holder may convert a portion of a Security if the principal amount of
such portion is $1,000 or an integral multiple of $1,000. No payment or
adjustment will be made for dividends on the shares of Common Stock except as
provided in the Indenture. Except as provided in Paragraph 1 hereof, on
conversion of a Security, the Holder will not receive any cash payment
representing accrued and unpaid interest with respect to the converted
Securities. Instead, upon conversion the Company will deliver to the Holder
cash, a fixed number of shares of Common Stock, if any, and any cash payment to
account for fractional shares. Accrued and unpaid interest will be deemed paid
in full rather than cancelled, extinguished or forfeited. The Company will not
adjust the Conversion Rate to account for accrued and unpaid interest.

     (j) The Conversion Rate will be adjusted as provided in Article 10 of the
Indenture. The Company may increase the Conversion Rate for at least 20 Business
Days, so long as the increase is irrevocable during such period.

     (k) If the Company is a party to a consolidation, merger or binding share
exchange or a transfer of all or substantially all of its assets as set forth in
Section 5.01 of the Indenture, or upon certain events described in Section 10.15
of the Indenture, then at the effective time of the transaction, the Conversion
Value and Daily Share Amount will be determined based upon the kind and amount
of cash, securities or other property that a holder of a number of shares of
Common Stock equal to the Conversion Rate would have received in the transaction
or event.

     (l) The Company will notify Holders of any event triggering the right to
convert the Securities as specified in the Indenture.

                                      A-8

<PAGE>

9.   Conversion Arrangement on Call for Redemption.

     A Holder may surrender for conversion any of the Securities called for
redemption at any time prior to the close of business one Business Day prior to
the Redemption Date, even if it is not otherwise convertible at such time. If a
Holder has already delivered a Repurchase Notice or a Fundamental Change
Repurchase Notice with respect to a Security, however, the Holder may not
surrender that Security for conversion until the Holder has withdrawn the notice
in accordance with the Indenture.

10.  Mandatory Disposition Due to Gaming Laws.

     Each holder, by accepting this Security, shall be deemed to have agreed
that if the Gaming Authority of any jurisdiction in which Company or any
Subsidiary does business requires that a person who is a holder or the
beneficial owner of the Security be licensed, qualified or found suitable under
applicable Gaming Laws, such holder or beneficial owner, as the case may be,
shall apply for a license, qualification or a finding of suitability within the
required time period. If such person fails to apply or become licensed or
qualified or is found unsuitable, the Company shall have the right, at its
option to:

     (1) require such person to dispose of this Security or beneficial interest
in this Security within 30 days of receipt of notice of the Company's election
or such earlier date as may be requested or prescribed by such Gaming Authority;
or

     (2) redeem this Security at a redemption price equal to:

          (A) the lesser of

               (i) such person's cost, and

               (ii) the principal amount, plus accrued and unpaid interest, if
          any, to the earlier of the redemption date or the date of the finding
          of unsuitability, which may be less than 30 days following the notice
          of redemption if so required or prescribed by the applicable Gaming
          Authority; or

          (B) such other amount as may be required by applicable law or by order
     of any applicable Gaming Authority.

     The Company shall notify the Trustee in writing of any such redemption as
soon as practicable. The Company shall not be responsible for any costs or
expenses any such holder may incur in connection with its application for a
license, qualification or a finding of suitability.

11.  Denominations; Transfer; Exchange.

     The Securities are in fully registered form, without coupons, in
denominations of $1,000 of principal amount and integral multiples of $1,000. A
Holder may transfer or exchange Securities in accordance with the Indenture. The
Registrar may require a Holder, among other things, to furnish appropriate
endorsements and transfer documents and to pay any taxes and fees required by
law or permitted by the Indenture. The Registrar need not transfer or exchange
any

                                      A-9

<PAGE>

Securities selected for redemption (except, in the case of a Security to be
redeemed in part, the portion of the Security not to be redeemed) or any
Securities in respect of which a Repurchase Notice or Fundamental Change
Repurchase Notice has been given and not withdrawn (except, in the case of a
Security to be repurchased in part, the portion of the Security not to be
repurchased) or any Securities for a period of 15 days before the mailing of a
notice of redemption of Securities to be redeemed.

12.  Persons Deemed Owners.

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

13.  Unclaimed Money or Securities.

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

14.  Trustee Dealings with the Company.

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

15.  Calculations in Respect of Securities.

     The Company will be responsible for making all calculations called for
under the Securities. These calculations include, but not limited to,
determinations of the market prices of the Securities and the Common Stock, any
accrued interest payable on the Securities, the Conversion Value, the Daily
Share Amount and the Conversion Price of the Securities. The Company will make
these calculations in good faith and, absent manifest error, the calculations
will be final and binding on Holders of the Securities. The Company will provide
to the Trustee a schedule of its calculations, and the Trustee is entitled to
rely upon the accuracy of such calculations without independent verification.
The Trustee will forward the Company's calculations to any Holder of the
Securities upon the request of such Holder.

16.  No Recourse Against Others.

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

                                      A-10

<PAGE>

17.  Authentication.

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

18.  Abbreviations.

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

19.  GOVERNING LAW.

     THIS INDENTURE AND THE SECURITIES SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK BUT WITHOUT GIVING EFFECT TO
APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF
THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY.

20.  Registration Rights.

     The Holders of the Securities are entitled to the benefits of a
Registration Rights Agreement, dated as of December 20, 2006, between the
Company and Banc of America Securities LLC, as representative of the initial
purchasers, including the receipt of Additional Interest upon a registration
default (as defined in such agreement).

     The Company will furnish to any Holder upon written request and without
charge a copy of the Indenture which has in it the text of this Security in
larger type. Requests may be made to:

     International Game Technology
     9295 Prototype Drive
     P.O. Box 10580
     Reno, Nevada 89510

                                      A-11
<PAGE>

ASSIGNMENT FORM                         CONVERSION NOTICE

To assign this Security, fill in the    To convert this Security into shares of
form below:                             Common Stock of the Company, check the
                                        box [ ]
I or we assign and transfer this
Security                                To convert only part of this Security,
                                        state the principal amount to be
_____________________________________   converted _________________________
                                        (which must be $1,000 or an integral
_____________________________________   multiple of $1,000):

_____________________________________
                                        If you want the stock certificate made
(Insert assignee's soc. sec. or tax     out in another Person's name fill in the
ID no.)                                 form below:

_____________________________________   ________________________________________

_____________________________________   ________________________________________
(Print or type assignee's name,
address and zip code)
                                        (Insert the other Person's soc. sec. tax
and irrevocably appoint _____________   ID no.)
agent to transfer this Security on
the books of the Company. The agent     ________________________________________
may substitute another to act for
him.                                    ________________________________________
                                        (Print or type other Person's name,
                                        address and zip code)

Date:              Your Signature:
      ------------                 ---------------------------------------------
     (Sign exactly as your name appears on the other side of this Security)

Signature Guaranteed

Participant in a Recognized Signature
Guarantee Medallion Program

By:
    ---------------------------------
    Authorized Signatory

                                      A-12

<PAGE>

             SCHEDULE OF INCREASES AND DECREASES OF GLOBAL SECURITY

       Initial Principal amount of Global Security: _________($_________).

<TABLE>
<CAPTION>
                                                                      Principal Amount of
                     Amount of Increase in   Amount of Decrease in   Global Security After
                      Principal Amount of     Principal Amount of           Increase         Notation by Registrar
       Date             Global Security         Global Security           or Decrease        or Security Custodian
       ----          ---------------------   ---------------------   ---------------------   ---------------------
<S>                  <C>                     <C>                     <C>                     <C>

</TABLE>

                                      A-13

<PAGE>

                                                                       EXHIBIT B

                      2.60% Convertible Debentures due 2036

                              Transfer Certificate

     In connection with any transfer of any of the Securities within the period
prior to the expiration of the holding period applicable to the sales thereof
under Rule 144(k) under the Securities Act of 1933, as amended (the "Securities
Act") (or any successor provision), the undersigned registered owner of this
Security hereby certifies with respect to $____________ principal amount of the
above-captioned Securities presented or surrendered on the date hereof (the
"Surrendered Securities") for registration of transfer, or for exchange or
conversion where the securities issuable upon such exchange or conversion are to
be registered in a name other than that of the undersigned registered owner
(each such transaction being a "transfer"), that such transfer complies with the
restrictive legend set forth on the face of the Surrendered Securities for the
reason checked below:

     [ ] A transfer of the Surrendered Securities is made to the Company or any
of its subsidiaries; or

     [ ] The transfer of the Surrendered Securities complies with Rule 144A
under the Securities Act; or

     [ ] The transfer of the Surrendered Securities is pursuant to an effective
registration statement under the Securities Act, or

     [ ] The transfer of the Surrendered Securities is pursuant to another
available exemption from the registration requirement of the Securities Act.

     Unless the box below is checked, the undersigned confirms that, to the
undersigned's knowledge, such Securities are not being transferred to an
"affiliate" of the Company as defined in Rule 144 under the Securities Act (an
"Affiliate").

     [ ] The transferee is an Affiliate of the Company.

DATE:
      -----------------

                                        ----------------------------------------
                                        Signature(s)

                                       B-1

<PAGE>

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

Signature Guaranteed

------------------------------------------
Participant in a Recognized Signature

Guarantee Medallion Program

By:
    --------------------------------------
    Authorized Signatory

                                       B-2

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