Document:

Exhibit 4.3

GUARANTEE

For value received, the
undersigned hereby fully and unconditionally guarantees to the Holder of this
Security the cash payments in United States dollars of principal of and
interest on this Security in the amounts and at the time when due and interest
on the overdue principal and interest, if any, on this Security, if lawful, and
the payment of all other obligations of the Company under the Indenture or the
Security, to the Holder of this Security and the Trustee, all in accordance with
and subject to the terms and limitations of this Security, Article Fourteen of
the Indenture and this Guarantee. This Guarantee shall be unsecured and
unsubordinated indebtedness of the Guarantor and rank equally with other
unsecured and unsubordinated indebtedness of the Guarantor that is currently
outstanding or that it may issue in the future. This Guarantee will become effective in accordance with Article
Fourteen of the Indenture and its terms shall be evidenced therein. The
validity and enforceability of any Guarantee shall not be affected by the fact
that it is not affixed to any particular Security. Capitalized terms used but
not defined herein shall have the meanings ascribed to them in the Indenture,
dated as of November 20, 2006, by and among the Company, the undersigned and
The Bank of New York, as Trustee, as amended or supplemented (the “Indenture”).

The obligations of the
undersigned to the Holders of this Security and to the Trustee pursuant to this
Guarantee and the Indenture are expressly set forth in Article Fourteen of the
Indenture and reference is hereby made to the Indenture for the precise terms
of the Guarantee and all of the other provisions of the Indenture to which this
Guarantee relates.

Neither any limited or general partner of the
Guarantor, including Vornado Realty Trust in its capacity as general partner,
nor any principal, shareholder, officer, director, trustee or employee of any
limited or general partner of the Guarantor or of any successor of any limited
or general partner of the Guarantor has any obligation for payment of the
Guarantor’s obligations under the guarantee or for any of the Guarantor’s
obligations, covenants or agreements contained in this Guarantee or the
Indenture. By accepting the Securities on which this Guarantee is endorsed and
this Guarantee, you waive and release all liability of this kind. The waiver
and release are part of the consideration for the issuance of this Guarantee.

THIS GUARANTEE WILL BE GOVERNED
BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT
REGARD TO PRINCIPLES OF CONFLICTS OF LAW.

This Guarantee is subject to
release upon the terms set forth in the Indenture.

 

IN WITNESS WHEREOF, the
undersigned Guarantor has caused this Guarantee to be duly executed.

Dated:  November 26, 2006

	
  

  	
   

  	
  VORNADO REALTY L.P.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  VORNADO REALTY
  TRUST,

  
	
   

  	
   

  	
   

  	
  its sole general partner

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Alan J.
  Rice

  
	
   

  	
   

  	
   

  	
  Name:

  	
  Alan J.
  Rice

  
	
   

  	
   

  	
   

  	
  Title:

  	
  Senior Vice
  PresidentExhibit 4.4

EXCERPT FROM OFFICERS’ CERTIFICATE UNDER INDENTURE

FURTHER RESOLVED, that the Company shall issue and
sell to the Underwriters $1,000,000,000 aggregate principal amount of 3.625%
Convertible Senior Debentures due 2026 at a price equal to 98.00% of the
aggregate principal amount thereof plus accrued interest, if any, from November
20 , 2006, if settlement occurs after that date; and it is

FURTHER RESOLVED, that the Company has granted to Bank
of America Securities, LLC an option to purchase up to an additional
$150,000,000 aggregate principal amount of 3.625% Convertible Senior Debentures
at a price equal to 98.00% of the aggregate principal amount thereof, plus
accrued interest, if any, from November 20, 2006, solely to cover
over-allotments; and it is

FURTHER RESOLVED, that the Company has caused the
Operating Partnership to guarantee the Debentures on the terms set forth
herein; and it is

FURTHER RESOLVED, that there is hereby approved and
established a series of Debt Securities under the Indenture whose terms are as
follows:

(a)                                  The
Securities of such series are known as the “3.625% Convertible Senior
Debentures due 2026” of the Company (the “Debentures”).

(b)                                 The
Debentures are unsecured and rank equally among themselves and with all of the
Company’s other unsecured and unsubordinated indebtedness.

(c)                                  The
aggregate principal amount of the Security of such series which may be
authenticated and delivered under the Indenture is initially limited in
aggregate principal amount to $1,000,000,000, as such amount may be increased,
but not by an amount in excess of $150,000,000, solely as a result of the
purchase of additional Debentures pursuant to the underwriter’s over-allotment
option granted by the Company under the Underwriting Agreement, except for
Debentures authenticated and delivered upon registration of transfer of, or in
exchange for, or in lieu of, other Debentures pursuant to Section 304,
305, 306, 906, 1107 or 1203 of the Indenture and except for any Debentures
which, pursuant to Section 303 of the Indenture, are deemed never to have
been authenticated and delivered thereunder; provided
that the Company may from time to time, without notice to or the consent of the
Holders of the Securities of this series, create and issue further Securities
of this series (the “Additional Securities”) having the same terms and
ranking equally and ratably with the Securities of this series in all respects
and with the same CUSIP number as the Securities of this series, or in all
respects except for the payment of interest accruing prior to the Issue Date or
except for the first payment of interest following the issue date of such
Additional 

 

Securities; and provided that no such Additional Securities may be
issued unless fungible with the Debentures then outstanding for United States
federal income tax purposes.  Any
Additional Securities will be consolidated and form a single series with the
Securities and shall have the same terms as to status, redemption and otherwise
as the Securities.  Any Additional Securities
may be issued pursuant to authorization provided by a resolution of the Board
of Trustees of the Company, the Pricing Committee, a supplement to the
Indenture, or under an Officers’ Certificate pursuant to the Indenture.

(d)                                 The
Debentures shall be issued only in registered form without coupons in
denominations of $1,000 original principal amount and any integral multiple of
$1,000 above that amount.

(e)                                  The
Debentures shall be issuable in the form of one or more Global Securities
registered in the name of The Depository Trust Company’s nominee, and shall be
deposited with, or on behalf of, The Depository Trust Company, New York, New
York (“DTC”).  The Debentures may be
surrendered for registration of transfer and for exchange at the office or
agency of the Company or of the Trustee maintained for such purpose in the
Borough of Manhattan, The City of New York, or at any other office or agency
maintained by the Company or the Trustee for such purpose.

(f)                                    The
Stated Maturity of the principal of the Debentures shall be November 15,
2026.

(g)                                 The
Debentures shall bear interest at the rate of 3.625% per annum from November
20, 2006 or from the most recent Interest Payment Date to which interest has
been paid or duly provided for, as the case may be, payable semi-annually on
May 15 and November 15 of each year, commencing on May 15, 2007,
until the principal thereof is paid or made available for payment, to the
Persons in whose name such Debentures (or any Predecessor Debentures) are
registered at the close of business on the Regular Record Date (or in the case
of Defaulted Interest, the Special Record Date) next preceding the Interest
Payment Date.  Each May 15 and November
15 shall be an Interest Payment Date for the Debentures, and May 1 and November
1 (whether or not a Business Day), as the case may be, next preceding an
Interest Payment Date shall be the Regular Record Date for the interest payable
on such Interest Payment Date.  Interest
will be computed on the basis of a 360-day year consisting of twelve 30-day
months.

(h)                                 The
principal of, and the interest on, the Debentures shall be payable at the
office or agency of the Company or the Trustee maintained for such purpose in
the Borough of Manhattan, The City of New York, as set forth 

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in the form of Debenture attached hereto as Annex A; provided, however,
that at the option of the Company payment of interest may be made by check
mailed to the address of the Person entitled thereto as such address shall
appear in the Security Register; and
provided, further, that if the Debenture is in the form of a Global
Security, payment may be made pursuant to the applicable procedures of the
Depositary.

(i)                                     Guarantee. 
The Debentures are fully and unconditionally guaranteed by the Operating
Partnership as to all payments due on the Debentures whether at their stated
maturity date, by acceleration, redemption, repayment or otherwise in
accordance with the terms of such guarantee and the Indenture.  In the case of the failure of the Company to
pay punctually any principal, premium or interest on the Debentures, the
Operating Partnership will cause any such payment to be made as it becomes due
and payable, whether at maturity, upon acceleration, redemption, repayment or
otherwise.

The Guarantee shall be unsecured and unsubordinated
indebtedness of the Operating Partnership and rank equally with other unsecured
and unsubordinated indebtedness of the Operating Partnership that is currently
outstanding or that it may issue in the future. 
The Guarantee shall be subject to the terms set forth in Article 14 of
the Indenture and the form of Debentures approved pursuant to these
resolutions.

(j)                                     Redemption Rights.  The Debentures shall be redeemable in whole
or in part in accordance with Article Eleven of the Indenture except as
modified herein and in the form of Debenture attached as Annex B
hereto.  Any election by the Company to
redeem the Debentures shall be evidenced by a resolution of the Board of
Trustees of the Company or the Pricing Committee.

The Company shall not
have the right to redeem any Debentures prior to November 18, 2011, except
to preserve the Company’s status as a real estate investment trust.  If the Company determines it is necessary to
redeem the Debentures in order to preserve the Company’s status as a real
estate investment trust, the Company will redeem all of the Debentures then
outstanding at 100% of the principal amount of the Debentures plus accrued and
unpaid interest, if any, to the Redemption Date.  In such case, the Company shall provide the
Trustee with an Officers’ Certificate evidencing that the Board of Trustees of
the Company has, in good faith, made the determination that it is necessary to
redeem the Debentures in order to preserve the Company’s status as a real
estate investment trust.

The Company shall have
the right to redeem for cash the Debentures in whole or in part, at any time or
from time to time, on or after 

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November 18, 2011
upon not less than 30 nor more than 60 days’ prior notice by mail to the
registered holders of the Debentures, at 100% of the aggregate principal amount
of the Debentures, plus accrued and unpaid interest, if any, to but excluding
the Redemption Date.

If less than all of the
outstanding Debentures are to be redeemed, the Trustee shall select the
Debentures to be redeemed pro rata or by
lot or by any other method the Trustee considers fair and appropriate.  The Trustee shall make the selection at least
30 days but not more than 60 days before the Redemption Date from
outstanding Debentures not previously called for redemption.  Debentures and portions of them the Trustee
selects shall be in Principal Amounts at Maturity of $1,000 or an integral
multiple of $1,000.  Provisions of this
Indenture that apply to the redemption of Debentures called for redemption
apply to portions of Debentures not called for redemption.  The Trustee shall notify the Company promptly
of the Debentures or portions of Debentures to be redeemed.  If any Debenture selected for partial
redemption is converted in part before termination of the conversion right with
respect to the portion of the Debenture so selected, the converted portion of
such Debenture shall be deemed to be the portion selected for redemption.  Debentures that have been converted during a
selection of Debentures to be redeemed may be treated by the Trustee as
outstanding for the purpose of such selection.

In the event of any
redemption in part, the Company will not be required to:  (a) issue or register the transfer or
exchange of any Debenture during a period beginning at the opening of business
15 Business Days before any selection of Debentures for redemption and
ending at the close of business on the earliest date on which the relevant
notice of redemption is deemed to have been given to all holders of Debentures to
be so redeemed, or (b) register the transfer or exchange of any Debenture
so selected for redemption, in whole or in part, except the unredeemed portion
of any Debenture being redeemed in part.

At least 30 days but
not more than 60 days before a Redemption Date, the Company shall mail a
notice of redemption by first-class mail, postage prepaid, to each Holder of
Debentures to be redeemed.

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

(1)                                  the Redemption Date;

(2)                                  the Redemption Price
and accrued and unpaid cash interest, if any, payable on the Redemption Date;

(3)                                  the Conversion Rate;

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

(5)                                  that Debentures
called for redemption may be converted at any time before the close of business
on the second Business Day immediately preceding the Redemption Date, even if
not otherwise convertible at such time;

(6)                                  that Holders who want
to convert Debentures must satisfy the requirements set forth herein and as set
forth under “Conversion Procedures” in the form of Debenture;

(7)                                  that Debentures
called for redemption must be surrendered to the Paying Agent to collect the
Redemption Price and accrued and unpaid interest, if any;

(8)                                  if fewer than all the
outstanding Debentures are to be redeemed, the certificate number and Principal
Amounts at Maturity of the particular Debentures to be redeemed;

(9)                                  that, unless the
Company defaults in making payment of such Redemption Price and any cash
interest which is due and payable, interest will cease to accrue on and after
the Redemption Date;

(10)                            the CUSIP number of the
Debentures;

(11)                            in the case of redemption
prior to November 18, 2011 necessary to preserve the Company’s status as a real
estate investment trust, a copy of the Officers’ Certificate described in the
second paragraph of this paragraph (j); and

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

Once notice of redemption is given, Debentures called for redemption
become due and payable on the Redemption Date and at the Redemption Price
(together with accrued and unpaid interest, if any, to the date of redemption)
stated in the notice except for Debentures which are converted in accordance
with the terms of the Debentures and the Indenture.  Upon surrender to the Paying Agent, such
Debentures shall be paid at the Redemption Price (together with accrued and
unpaid interest, if any, to the date of redemption) stated in the notice.

At the time notice of redemption is given, the Company will issue a
press release through Dow Jones & Company, Inc., Bloomberg Business
News, 

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the Company’s website, or through such other means or combination of
means used by the Company to disseminate information to the public, stating
(i) that Debentures called for redemption must be received by the Paying
Agent no later than the close of business on the second Business Day
immediately preceding the Repurchase Date, (ii) the Debentures’
certificate number; (iii) the portion of the principal amount of
Debentures to be repurchased, in multiples of $1,000; and (iv) that the
Debentures are to be repurchased by the Company pursuant to the applicable
provisions of the Debentures.

(k)                                  Repurchase Rights.  Debentures shall be purchased by the Company
in accordance with the terms hereof and as seth forth under “Repurchase Rights”
in the form of Debenture on each of Novemberl 15, 2011, November 15, 2016
and November 15, 2021 (each, a “Repurchase Date”), at the purchase price
of 100% of the aggregate principal amount of the Debentures plus, in each case,
accrued and unpaid interest, if any, to but excluding the Repurchase Date
(each, a “Repurchase”, as applicable), at the option of the Holder
thereof, upon:

(1)                                  delivery to the
Paying Agent by the Holder of a written notice of repurchase (a “Repurchase
Notice”) at any time from the opening of business on the date that is
60 Business Days prior to a Repurchase Date until the close of business on
the fifth Business Day prior to such Repurchase Date stating:

(A)                              the
certificate number of the Debenture which the Holder will deliver to be
purchased;

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

(C)                                that
such Debenture shall be purchased as of the Repurchase Date pursuant to the
terms and conditions specified herein and as set forth under “Repurchase Rights”
in the form of Debenture, and

(2)                                  delivery of such
Debenture to the Paying Agent prior to 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 Purchase Price shall be so paid pursuant to this paragraph 

 6
 

 

only if the Debenture 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.

The Company shall purchase from the Holder thereof, pursuant to this
paragraph and the terms of the Debentures, a portion of a Debenture 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 purchase of all of a Debenture also apply to the purchase of
such portion of such Debenture.

Any repurchase contemplated by the Company shall be consummated by the
delivery of the consideration to be received by the Holder (together with
accrued and unpaid interest, if any) promptly following the later of the
Repurchase Date and the time of delivery of the Debenture.

Notwithstanding anything herein to the contrary, any Holder delivering
to the Paying Agent the Repurchase Notice shall have the right to withdraw such
Repurchase Notice at any time prior to the close of business on the second
Business Day prior to the Repurchase Date by delivery of a written notice of
withdrawal to the office of the Paying Agent stating:

(1)                                  the certificate
number of the Debenture in respect of which such notice of withdrawal is being
submitted;

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

(3)                                  the principal amount
of such Debenture which remains subject to the original Repurchase Notice or
and which has been or will be delivered for purchase by the Company.

The Company may arrange for a third party to purchase Debentures for
which the Company has received a valid notice of repurchase that has not been
properly withdrawn.  If the Company
establishes such an arrangement, then interest will continue to accrue on the
Debentures and such Debentures will continue to be outstanding for all purposes
of the Indenture.

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

(l)                                     Repurchase at Option of Holders upon a Change in
Control.  If there shall have
occurred a Change in Control at any time prior to November 15, 2011, a Holder
of Debentures shall have the right to require the Company to repurchase all of
its Debentures not previously called for redemption, or 

 7
 

 

any portion of the principal amount thereof, that is equal to $1,000 or
an integral multiple of $1,000, at a cash purchase price equal to 100% of the
principal amount of all Debentures it requires the Company to repurchase, plus
accrued and unpaid interest on those Debentures to, but excluding, the
Repurchase Date (such amount, the “Change in Control Purchase Price”)
subject to satisfaction by or on behalf of the Holder of the requirements set
forth below.

Within 15 days after the occurrence of a Change in Control, the
Operating Partnership shall mail a written notice of Change in Control by
first-class mail to the Trustee and to each Holder (and to beneficial owners as
required by applicable law and procedures of DTC.  The notice shall include a form of Change in
Control Purchase Notice to be completed by the Holder and shall state:

(1)                                  briefly, the events
causing a Change in Control and the date of such Change in Control;

(2)                                  the date by which the
irrevocable Change in Control Purchase Notice pursuant to this paragraph must
be given, which must be on or before the 20th Business Day after issuance
by the Operating Partnership of notice to Holders that a Change in Control had
occurred;

(3)                                  the date on which the
Operating Partnership will repurchase Debentures upon a Change in Control,
which must be not less than 20 nor more than 30 Business Days after the
date of the Operating Partnership’s issuance of notice to Holders that a Change
in Control had occurred (such date, the “Change in Control Purchase Date”);

(4)                                  the Change in Control
Purchase Price;

(5)                                  the name and address
of the Paying Agent and the Exchange Agent;

(6)                                  that Debentures must
be surrendered to the Paying Agent to collect payment of the Change in Control
Purchase Price and accrued and unpaid interest, if any;

(7)                                  that the Change in
Control Purchase Price for any Debenture as to which a Change in Control
Purchase Notice has been duly given will be paid promptly following the later
of the Change in Control Purchase Date and the time of surrender of such
Debenture;

 8
 

 

(8)                                  that, unless the
Company defaults in making payment of such Change in Control Purchase Price and
interest, if any on Debentures surrendered for purchase, interest on Debentures
surrendered for purchase will cease to accrue on and after the Change in
Control Purchase Date; and

(9)                                  the CUSIP number of
the Debentures.

A Holder may exercise its rights specified in this paragraph upon
delivery of a written notice of purchase (a “Change in Control Purchase
Notice”) to the Paying Agent at any time prior to the close of business not
more than 20 Business Days following the date of the Operating Partnership’s
notice to Holders of the Change in Control, stating:

(1)                                  the certificate
number of the Debentures which the Holder will deliver to be purchased;

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

(3)                                  that such Debenture
shall be purchased pursuant to the terms and conditions specified herein and as
set forth under “Repurchase at Option of Holders upon a Change in Control” in
the form of Debenture.

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

The Company shall purchase from the Holder thereof, a portion of a
Debenture 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 purchase of all of a Debenture also apply to the
purchase of such portion of such Debenture.

The Paying Agent shall promptly notify the Company of the receipt by it
of any Change in Control Purchase Notice.

 9

Notwithstanding the foregoing, no Debentures
may be purchased by the Company at the option of a Holder upon a Change in
Control if the principal amount of the Debentures has been accelerated and such
acceleration has not been rescinded on or prior to such date.

If a Change in Control occurs on or after
November 15, 2011, no holder will have the right to require the Operating
Partnership to purchase any Debentures pursuant to this paragraph (l).

A “Change in Control” will be deemed
to have occurred at any time after November 20, 2006 that any of the following
occurs:

(1)                                  consummation
of any transaction or event (whether by means of a liquidation, share exchange,
tender offer, consolidation, recapitalization, reclassification, combination,
merger of the Company or any sale, lease or other transfer of all or
substantially all of the consolidated assets of the Company and its
subsidiaries) or a series of related transactions or events pursuant to which
Common Shares are exchanged for, converted into or constitute solely the right
to receive cash, securities or other property more than 10% of which consists
of cash, securities or other property that are not, or upon issuance will not
be, traded on a national securities exchange;

(2)                                  any
“person” or “group” (as such terms are used for purposes of Sections 13(d)
and 14(d) of the Exchange Act, whether or not applicable), other than the
Company, the Operating Partnership or any majority owned subsidiary of the
Company or the Operating Partnership, is or becomes the “beneficial owner,”
directly or indirectly, of more than 70% of the total voting power in the
aggregate of all classes of the Company’s capital stock then outstanding
entitled to vote generally in elections of trustees, directors or managers, as
applicable; or

(3)                                  during
any period of 12 consecutive months after the date of original issuance of
the Debentures, persons who at the beginning of such 12-month period
constituted the Board of Trustees of the Company (together with any new persons
whose election was approved by a vote of a majority of the persons then still
comprising the Board of Trustees who were either members of the Board of
Trustees at the beginning of such period or whose election, designation or
nomination for election was previously so approved) cease 

 10
 

for any reason to constitute a majority of
the board of trustees of the Company, then in office.

However, a Change in Control will not be
deemed to have occurred and the Operating Partnership will not be required to
deliver a notice incidental thereto if either:

(1)                                  the
closing sale price per share of Common Shares of the Company for any five
trading days within the period of 10 consecutive trading days ending
immediately after the later of the Change in Control or the public announcement
of the Change in Control, in the case of a Change in Control relating to an
acquisition of capital stock, or the period of 10 consecutive trading days
ending immediately after the Change in Control, in the case of Change in
Control relating to a merger, consolidation or asset sale, equals or exceeds
105% of the exchange price of the Debentures in effect on each of those trading
days; provided, however, that the exception to the definition of “Change in
Control” specified in this clause (1) shall not apply in the context of a “Change
in Control” as described below in paragraph (m) or in paragraph (o)(4); or

(2)                                  at
least 90% of the consideration (excluding cash payments for fractional shares
and cash payments made pursuant to dissenters’ appraisal rights) in a merger,
consolidation or other transaction otherwise constituting a Change in Control
consists of shares of common stock, depositary receipts or other certificates
representing common equity interests traded on a national securities exchange
or another established automated over-the-counter trading market in the United
States (or will be so traded or quoted immediately following the merger or
consolidation) and as a result of the merger, consolidation or other
transaction the Debentures become exchangeable into such shares of common
stock, depositary receipts or other certificates representing common equity
interests.

Upon receipt by the Paying Agent of the
Repurchase Notice or Change in Control Purchase Notice, the Holder of the
Debentures in respect of which such Repurchase Notice or Change in Control
Purchase Notice, as the case may be, was given shall (unless such Repurchase
Notice is withdrawn as specified below) thereafter be entitled to receive
solely the Repurchase Price or Change in Control Purchase Price, as the case
may be, with respect to such Debenture. 
Such Repurchase Price or Change in Control 

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Purchase Price shall be paid to such Holder,
subject to receipt of funds and/or Debentures by the Paying Agent or Conversion
Agent, promptly following the later of (x) the Repurchase Date or the
Change in Control Purchase Date, as the case may be, with respect to such
Debentures (provided the conditions set forth in these resolutions and the
Debentures for such payment are satisfied) and (y) the time of delivery of
such Debentures to the Paying Agent by the Holder thereof in the manner
required herein.  Debentures in respect
of which a Repurchase Notice or Change in Control Purchase Notice, as the case
may be, has been given by the Holder thereof may not be exchanged on or after
the date of the delivery of such Repurchase Notice or Change of Control
Purchase Notice, as the case may be, unless, solely in the case of a Repurchase
Notice, it has first been validly withdrawn as specified below.

A Repurchase Notice may be withdrawn by means
of a written notice of withdrawal delivered to the office of the Paying Agent
prior to the close of business on the second Business Day prior to the
Repurchase Date specifying:

(1)                                  the
certificate number of the Debenture in respect of which such notice of
withdrawal is being submitted;

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

(3)                                  the
principal amount of such Debenture which remains subject to the original Purchase
Notice or and which has been or will be delivered for purchase by the Company.

Prior to 10:00 a.m., New York City time,
on the Repurchase Date or the Change in Control Purchase 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 the Indenture)
an amount of money (in immediately available funds if deposited on such Business
Day) sufficient to pay the aggregate Repurchase Price or Change in Control
Purchase Price, as the case may be, all the Debentures or portions thereof
which are to be purchased as of the Repurchase Date or Change in Control
Purchase Date, as the case may be.

(m)                               Make Whole Amount Upon Certain Change in Control
Transactions.  If a
transaction described in clause (1) or clause (2) of the definition of Change
in Control occurs on or prior to November 15, 2011, and a Holder elects to
convert its Debentures in connection with such transaction, the Company will
increase the applicable Conversion Rate for the Debentures 

 12
 

surrendered for conversion by a number of
additional Common Shares of the Company (the “Additional Shares”), as
described below.  A conversion of
Debentures shall be deemed for these purposes to be “in connection with” such a
Change in Control if the notice of conversion of the Debentures is received by
the Conversion Agent on or after the 15th Business Day prior to the
anticipated effective date of the Change in Control and on or prior to the
fifth Business Day following the effective date of the Change in Control (or,
if earlier and to the extent applicable, the close of business on the second
Trading Day immediately preceding the day on which the Company is required to
repurchase Debentures upon a Change in Control as described in paragraph (l)
above).

The number of Additional Shares will be determined by
reference to the table below and is based on the date on which such Change in
Control transaction becomes effective (the “effective date”) and the
price (the “stock price”) paid per Common Share in such
transaction.  If the holders of Common
Shares receive only cash in the Change in Control transaction, the stock price
shall be the cash amount paid per Common Share. 
Otherwise, the stock price shall be the average of the closing sale
prices of Common Shares on the 10 Trading Days up to but excluding the
effective date.

The stock prices set forth in the first row of the
table (i.e., the column headers) will be adjusted as of any date on which the
Conversion Rate of the Debentures is adjusted. 
The adjusted stock prices will equal the stock prices applicable
immediately prior to such adjustment multiplied by a fraction, the numerator of
which is the Conversion Rate immediately prior to the adjustment giving rise to
the stock price adjustment and the denominator of which is the Conversion Rate
as so adjusted.  The right to receive the
Additional Shares will be subject to adjustment in the same manner as the
Conversion Rate.

The following table sets forth the stock price and
number of Additional Shares to be received per $1,000 principal amount of
Debentures:

	
  Effective 

  	
   

  	
  Stock Price

  	
   

  
	
  Date

  	
   

  	
  $118.04

  	
   

  	
  $130.00

  	
   

  	
  $140.00

  	
   

  	
  $153.45

  	
   

  	
  $165.00

  	
   

  	
  $175.00

  	
   

  	
  $185.00

  	
   

  	
  $200.00

  	
   

  	
  $215.00

  	
   

  	
  $230.00

  	
   

  	
  $245.00

  	
   

  	
  $260.00

  	
   

  	
  $275.00

  	
   

  	
  $300.00

  	
   

  	
  $325.00

  	
   

  
	
  11/20/06

  	
   

  	
  1.95

  	
   

  	
  1.48

  	
   

  	
  1.18

  	
   

  	
  0.88

  	
   

  	
  0.48

  	
   

  	
  0.56

  	
   

  	
  0.48

  	
   

  	
  0.37

  	
   

  	
  0.30

  	
   

  	
  0.24

  	
   

  	
  0.20

  	
   

  	
  0.17

  	
   

  	
  0.15

  	
   

  	
  0.12

  	
   

  	
  0.10

  	
   

  
	
  11/15/07

  	
   

  	
  1.95

  	
   

  	
  1.44

  	
   

  	
  1.11

  	
   

  	
  0.81

  	
   

  	
  0.42

  	
   

  	
  0.51

  	
   

  	
  0.42

  	
   

  	
  0.31

  	
   

  	
  0.24

  	
   

  	
  0.19

  	
   

  	
  0.16

  	
   

  	
  0.13

  	
   

  	
  0.11

  	
   

  	
  0.09

  	
   

  	
  0.08

  	
   

  
	
  11/15/08

  	
   

  	
  1.95

  	
   

  	
  1.40

  	
   

  	
  1.06

  	
   

  	
  0.74

  	
   

  	
  0.35

  	
   

  	
  0.45

  	
   

  	
  0.35

  	
   

  	
  0.25

  	
   

  	
  0.18

  	
   

  	
  0.14

  	
   

  	
  0.12

  	
   

  	
  0.10

  	
   

  	
  0.08

  	
   

  	
  0.07

  	
   

  	
  0.06

  	
   

  
	
  11/15/09

  	
   

  	
  1.95

  	
   

  	
  1.36

  	
   

  	
  1.03

  	
   

  	
  0.67

  	
   

  	
  0.25

  	
   

  	
  0.36

  	
   

  	
  0.25

  	
   

  	
  0.16

  	
   

  	
  0.12

  	
   

  	
  0.09

  	
   

  	
  0.07

  	
   

  	
  0.06

  	
   

  	
  0.05

  	
   

  	
  0.04

  	
   

  	
  0.03

  	
   

  
	
  11/09/10

  	
   

  	
  1.95

  	
   

  	
  1.34

  	
   

  	
  0.96

  	
   

  	
  0.59

  	
   

  	
  0.14

  	
   

  	
  0.22

  	
   

  	
  0.14

  	
   

  	
  0.07

  	
   

  	
  0.04

  	
   

  	
  0.02

  	
   

  	
  0.02

  	
   

  	
  0.01

  	
   

  	
  0.01

  	
   

  	
  0.01

  	
   

  	
  0.01

  	
   

  
	
  11/09/11

  	
   

  	
  1.95

  	
   

  	
  1.29

  	
   

  	
  0.93

  	
   

  	
  0.56

  	
   

  	
  0.00

  	
   

  	
  0.00

  	
   

  	
  0.00

  	
   

  	
  0.00

  	
   

  	
  0.00

  	
   

  	
  0.00

  	
   

  	
  0.00

  	
   

  	
  0.00

  	
   

  	
  0.00

  	
   

  	
  0.00

  	
   

  	
  0.00

  	
   

  

 

 

 13
 

The exact stock prices and effective dates may not be set forth on the
table, in which case:

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

(2)                                  if the stock price is
equal to or in excess of $325.00 per share (subject to adjustment), no
Additional Shares will be issued upon conversion; and

(3)                                  if the stock price is
less than $118.04 per share (the closing sale price of Common Shares on the
date of this prospectus (subject to adjustment), no Additional Shares will be
issued upon conversion.

Notwithstanding the
foregoing, in no event will the total number of Common Shares issuable upon
conversion exceed 8.4717 per $1,000 principal amount of Debentures, subject to
adjustment in the same manner as the Conversion Rate.

(n)                                 Conversion Settlement.  A Holder of Debentures may, subject to the
restrictions on ownership of Common Shares set forth in the Company’s
Declaration of Trust and the conditions described in paragraphs (o) and (q)
below, for cash, Common Shares, if any, or a combination of cash and Common
Shares, at the Company’s option, at the Conversion Rate in effect at the time
of conversion (6.5168 Common Shares per $1,000 principal amount of Debentures
on November 20, 2006).  Subject to such
restrictions, the Company will deliver, in respect of each $1,000 principal
amount of Debentures tendered for conversion:

cash in an amount (the “Principal Return”) equal to the lesser
of (a) the principal amount of Debentures surrendered for conversion and (b)
the Conversion Value, and

 14
 

if the Conversion Values are greater than the principal return, an
amount (the “Net Amount”) in cash or Common Shares, as determined by the
Company, with an aggregated value equal to the difference between the
Conversion Value and the Principal Return as described herein.

The Company may elect to
deliver any portion of the Net Amount in cash or Common Shares, and any portion
of the net amount the Company elects to deliver in Common Shares (the “Net
Shares”) will be the sum of the daily share amounts (calculated as
described below) for each Trading Day during the applicable conversion
period.  Prior to the close of business
on the second Trading Day following the date on which Debentures are tendered
for conversion, the Company will, by notice to the trustee, inform holders of
such Debentures of the Company’s election to pay cash for all or a portion of
the Net Amount and, if applicable, the portion of the Net Amount that will be
paid in cash and the portion that will be delivered in the form of Net Shares,
unless the Company has previously informed such holders of such election in a
notice of redemption for Debentures.

The Company will deliver
cash in lieu of any fractional Common Shares issuable in connection with
payment of Net Shares based upon the average price.

The “Conversion Value” for each $1,000 principal amount of
Debenture is equal to (a) the applicable Conversion Rate multiplied by (b) the
Average Price.

The “applicable conversion period” means the 10 consecutive
Trading Day periods commencing after the second Trading Day following the date
the Debentures are tendered for conversion.

The “Average Price” is equal to the average of the closing sales
prices of Common Shares for each trading day in the applicable conversion
period.

The “Daily Share Amount” for each $1,000 principal amount of
Debentures and each trading day in the applicable conversion period is equal to
the greater of:

·                  Zero;
and

·                  A
number of Common Shares determined by the following formula:

 15
 

 

	
  

  	
  (closing sale price of
  Common Shares on such trading day ×

  	
   

  
	
   

  	
  applicable
  conversion rate) – ($1,000 + net cash amount, if any)

  	
   

  
	
   

  	
  (10 × closing
  price of Common Shares on such trading day)

  	
   

  

 

The Conversion Value, Principal Return, Net Amount, Net Cash Amount and
the number of Net Shares, as applicable, will be determined by the Company
promptly after the end of the applicable conversion period.  The Company will pay the principal return and
cash in lieu of fraction shares, and deliver net shares or pay the net cash
amount, as applicable, no later than the third business day following the last
Trading Day of the applicable conversion period.

(o)                                 Conversion Rights.  In connection with a conversion with respect
to which the Company settles entirely in Common Shares, no fractional Common
Shares will be delivered upon conversion of the Debentures.  Instead, the Company will pay the cash value
of such fractional shares in connection with such settlement based upon the
closing sale price of Common Shares on the Trading Day immediately preceding
the Conversion Date.

(1)                                  The Conversion Date
is the date on which a Holder delivers an irrevocable notice of conversion of
Debentures (the “Conversion Notice”), together, if the Debentures are in
certificated form, with the certificated Debenture to the Conversion Agent.

(2)                                  If a Debenture has
been called for redemption, Holders will be entitled to convert such Debenture
from the date of notice of the redemption until the close of business on the
second Business Day immediately preceding the Redemption Date.  The right to convert will expire at that
time, unless the Company defaults in making the payment due upon
redemption.  A Holder may convert fewer
than all of such Holder’s Debentures so long as the Debentures converted are an
integral multiple of $1,000 principal amount.

(3)                                  Upon surrender of a
Debenture for conversion into Common Shares, such Holder shall deliver to the
Company cash equal to the amount that the Company is required to deduct and
withhold under applicable law in connection 

 16
 

with the conversion; provided, however,
if the Holder does not deliver such cash, the Company may deduct and withhold
from the amount of cash otherwise deliverable to such Holder the amount
required to be deducted and withheld under applicable law (and not otherwise
delivered by the Holder in cash).

Holders may surrender their Debentures for conversion for cash, Common
Shares, if any, or a combination of cash and Common Shares, at the option of
the Company, at the applicable Conversion Rate prior to Stated Maturity at any
time on or after November 15, 2025 and also under any of the following
circumstances:

(1)                                  Conversion
Upon Satisfaction of Market Price Condition.  A Holder may surrender any of such Holder’s
Debentures for conversion during any Measurement Period (and only during such
period) prior to the second Business Day immediately prior to Stated Maturity
of the Debentures, if the closing sale prices of Common Shares on the principal
national securities exchange on which the Common Shares are listed, for a
period of at least 20 Trading Days in the period of 30 consecutive
Trading Days ending on the first day of such Measurement Period, is more than
125% of the Conversion Price per share of Common Shares on the first day of
such Measurement Period, or

If an event set forth herein as giving rise to an adjustment of the
Conversion Rate shall have occurred during the period of 30 consecutive
Trading Days beginning on the first day of such Measurement Period, the sale
price of Common Shares on each Trading Day of such period elapsing prior to the
occurrence of the event shall be deemed for purposes of the calculation
described in the previous sentence to have been appropriately adjusted to
reflect the occurrence of the event.

The Conversion
Agent, which shall initially be the Trustee shall, on behalf of the
Company, determine daily if the Debentures are convertible as a result of the
closing sale price of Common Shares and notify the Company and the Trustee
accordingly.

(2)                                  Conversion
Upon Satisfaction of Trading Price Condition.  A Holder may surrender any of its Debentures
for conversion during the five consecutive Trading Day period following any
20 consecutive Trading Days in which the average of the trading prices (as
determined following a request by a holder of the Debentures) for a Debenture 

 17
 

during such 20 consecutive Trading Day period was less than 98% of
the average closing sale price of Common Shares for such period, multiplied by
the applicable Conversion Rate for such period. 
Common Shares will be valued at 100% of the average closing sale prices
for the 20 consecutive Trading Days preceding the Conversion Date.

The “trading price” of the Debentures on any date of
determination means the average of the secondary market bid quotations per
$1,000 principal amount of Debentures obtained by the Trustee for a $5,000,000
principal amount of the Debentures 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, which may include Bank
of America Securities, LLC.; provided
that if at least two such bids cannot reasonably be obtained by the Trustee,
but one such bid can reasonably be obtained by the Trustee, this one bid shall
be used.  If the Trustee cannot
reasonably obtain at least one bid for a $5,000,000 principal amount of the
Debentures from a nationally recognized securities dealer or, in the reasonable
judgment of the Company, the bid quotations are not indicative of the secondary
market value of the Debentures, then the trading price per $1,000 principal
amount of Debentures will be deemed to be less than 98% of the closing sale
price of Common Shares on such determination date.

The Trustee shall have no
obligation to determine the trading price of the Debentures unless the Company
shall have requested such determination, and the Company shall have no
obligation to make such request unless a Holder provides the Company with
reasonable evidence that the trading price per $1,000 principal amount of the
Debentures would be less than 98% of the product of the closing sale price of
Common Shares and the Conversion Rate, or that no such prices can be reasonably
determined; at which time, the Company shall instruct the Trustee to determine
the trading price of the Debentures beginning on the next Trading Day and on
each successive Trading Day until the trading price is greater than or equal to
98% of the product of the closing sale price of Common Shares and the
Conversion Rate.

(3)                                  Conversion
Upon Notice of Redemption.  A
Holder may surrender for conversion any of the Debentures called for redemption
at any time prior to the close of business two Business Days prior to the
Redemption Date, even if the Debentures are not otherwise convertible at such
time.  However, if a Holder has already
delivered a Repurchase 

 18
 

Notice or a Change in Control Purchase notice with respect to a
Debenture, the Holder may not surrender that Debenture for conversion until, in
the case of a Repurchase Notice, the Holder has withdrawn the notice in
accordance with the terms of the Debentures.

(4)                                  Conversion Upon
Specified Transactions.  If the Company
elects to:

(A)                              distribute
to all holders of Common Shares rights entitling them to purchase, for a period
expiring within 60 days, Common Shares at less than the closing sale price
of Common Shares on the Trading Day immediately preceding the declaration of
the distribution; or

(B)                                distribute
to all holders of Common Shares the Company’s assets, debt securities or rights
to purchase the Company’s securities, which distribution has a per share value
exceeding 15% of the closing sale price of Common Shares on the Trading Day
immediately preceding the declaration date for such distribution,

 19
 

the Company shall notify the Holders of the Debentures in writing at
least 20 days prior to the ex-dividend date for such distribution.  Following the issuance of such notice,
Holders may surrender their Debentures for conversion at any time until the
earlier of the close of business on the Business Day prior to the ex-dividend
date or the Company’s announcement that such distribution will not take place; provided, however, that
a Holder may not exercise this right to convert if the Holder may participate,
on an as-converted basis, in the distribution without conversion of the Debentures.  The ex-dividend date for purposes of the
foregoing is the first date upon which a sale of the Common Shares does not
automatically transfer the right to receive the relevant distribution from the
seller of Common Shares to its buyer.

In addition, if the Company is party to any transaction described in
clause (1) of the definition of “Change in Control” or any other consolidation,
merger or binding share exchange pursuant to which Common Shares would be
converted into cash, securities or other property, a Holder may surrender
Debentures for conversion at any time from and after the date that is
15 Business Days prior to the anticipated effective date of the
transaction until five Business Days after the actual date of such transaction.

If the Company is party to any transaction described in clause (1) of
the definition of “Change in Control” or any other consolidation, merger or
binding share exchange pursuant to which Common Shares are converted into cash,
securities or other property, then at the effective time of the transaction,
the right to convert a Debenture into Common Shares will be changed into a
right to convert the Debentures into the kind and amount of cash, securities or
other property that the Holder would have received if the Holder had converted
its Debentures immediately prior to the effective time of the transaction
(assuming such Holder did not exercise his rights of election, if any, as to
the kind or amount of securities, cash or other property receivable upon such
reclassification, change, consolidation, merger, combination, sale or
conveyance).  If a Holder converts
Debentures in accordance with this paragraph and the Holder is entitled to an
adjustment for additional Common Shares as described in paragraph (m)
herein, the conversion of the Debentures will settle after the effective time
of such transaction.  In addition, if
Holders convert their Debentures at any time following the effective time of
the transaction, the amount paid will be paid based on the kind and amount of
such cash, securities or other property.

If such transaction also constitutes a Change in Control, the holder
will be able to require the Company to repurchase all or a portion of such 

 20
 

Holder’s Debentures as described in paragraph (l).  In addition, if such transaction constitutes
a Change in Control as described in clause (l) and (2) of the definition
thereof, the Company will adjust the Conversion Rate for Debentures tendered
for conversion in connection with the transaction, as described in paragraph (m)
hereof.

(5)                                  Conversion
Upon  Delisting of Common Shares.  A Holder of Debentures may surrender any of
its Debentures for conversion into Common Shares at the applicable Conversion
Rate if the Common Shares are not listed on a U.S. national securities exchange
for a 30 consecutive Trading Day period.

“Measurement Period”
means the period from and including the 11th Trading Day in a fiscal
quarter up to but excluding the 11th Trading Day of the following fiscal
quarter.

 “Closing sale price” of the Common
Shares or other capital stock or similar equity interests or other publicly
traded security on any date means the closing sale price per share (or, if no
closing sale price is reported, the average of the closing bid and ask prices
or, if more than one in either case, the average of the average closing bid and
the average closing ask prices) on such date as reported on the principal
United States securities exchange on which the Common Shares or such other
capital stock or similar equity interests or other securities are traded or, if
the Common Shares or such other capital stock or similar equity interests or
other securities are not listed on a United States national or regional
securities exchange, or by the National Quotation Bureau Incorporated or
another established over-the-counter trading market in the United States.  The closing sale price will be determined
without regard to after-hours trading or extended market making.  In the absence of such quotations, the
Company will determine the closing sale price on such basis as it considers
appropriate.

“Trading Day”
means a day during which trading in securities generally occurs on the New York
Stock Exchange or, if the subject securities are not then listed on the New
York Stock Exchange, on the principal other national or regional securities
exchange on which such securities are then listed or, if such securities are
not then listed on a national or regional securities exchange, on the principal
other market on which securities are then traded.

(p)                                 Conversion Price.  The Conversion Price per Common Share means,
for a $1,000 principal amount of Debentures, the quotient of $1,000 divided by
the Conversion Rate.  The Conversion
Price on November 20, 2006 shall 

 21
 

be $153.45 per Common Share.  The
Conversion Rate for each $1,000 principal amount of Debentures on November 20,
2006 shall be 6.5168.

(q)                                 Conversion Procedures.  A Holder will not receive any cash payment
representing accrued interest upon conversion of a Debenture.  Instead, upon conversion the Company will
deliver to tendering Holders, cash, a fixed number of Common Shares, if any,
and any cash payment to account for fractional shares.  The cash payment for fractional shares in
connection with a conversion settled in Common Shares will be based on the closing
sale price of Common Shares on the Trading Day immediately prior to the
Conversion Date.  Delivery of cash and
Common Shares, if any, will be deemed to satisfy the Company’s obligation to
pay the principal amount of the Debentures, including any accrued and unpaid
interest.  Accrued and unpaid interest
will be deemed paid in full rather than canceled, extinguished or
forfeited.  In no event will the Company
adjust the Conversion Rate to account for the accrued interest.

Upon conversion of a Debenture, the Company will pay any documentary
stamp or similar issue or transfer tax due on the issue of Common Shares, if
any, unless the tax is due because the Holder requests the shares to be issued
or delivered to a person other than the registered Holder, in which case the
Holder must pay the tax prior to the delivery of the Common Shares.  Certificates representing Common Shares will
not be issued or delivered unless all taxes and duties, if any, payable by the
Holder have been paid.

Debentures tendered for conversion
after a Record Date for an interest payment but prior to the corresponding
Interest Payment Date, will receive on the Interest Payment Date interest
accrued on those Debentures, notwithstanding the conversion of Debentures prior
to the Interest Payment Date, assuming the Holder was the holder of record on
the corresponding Record Date. 
Notwithstanding the foregoing, a Holder that surrenders for conversion a
Debenture during such period, must pay to the Company an amount equal to the
interest that has accrued and that will be paid on the Debentures being
converted on the Interest Payment Date, unless such Debentures are surrendered
for conversion after being called for redemption after a Record Date for an
Interest Payment Date or such Debentures are converted after the Record Date
for the payment of interest on the Debentures immediately preceding the Stated
Maturity of the Debentures.  If in such
an event prior to the Redemption Date a Holder elects to convert Debentures,
such Holder will not be required to pay at the time of surrender of Debentures
for conversion the amount of interest on the Debentures that it will receive on
the date that has been fixed for redemption.

 22

Except as set forth
herein, no other payment or adjustment for interest, or for any dividends in
respect of Common Shares, will be made upon conversion of Debentures.  Holders of Common Shares issued upon
conversion will not be entitled to receive any dividends payable to holders of
Common Shares as of any record time or date before the close of business on the
conversion date.

In order to exercise its
conversion right, a Holder must deliver an irrevocable conversion notice,
together, if the Debentures are in certificated form, with the certificated
security, to the Conversion Agent who will, on behalf of the Holder, convert
the Debentures for Common Shares, cash or a combination of cash and Common
Shares.

In case any Debenture
shall be surrendered for partial exchange, the Company shall execute and the
Trustee shall authenticate and deliver to or upon the written order of the
holder of the Debenture so surrendered, without charge to such Holder, a new
Debenture or Debentures in authorized denominations in an aggregate principal
amount equal to the unconverted portion of the surrendered Debentures.

(r)                                    Conversion Rate Adjustments.  The Conversion Rate shall be
adjusted from time to time as follows:

(1)                                  If the Company issues
Common Shares as a dividend or distribution on Common Shares to all holders of
Common Shares, or if the Company effects a share split or share combination,
the conversion rate will be adjusted based on the following formula:

CR1 = CR0 x
OS1/OS0

where

CR0 = the
Conversion Rate in effect immediately prior to such event

CR1 = the
Conversion Rate in effect immediately after such event

OS0 = the number
of Common Shares outstanding immediately prior to such event

OS1 = the number
of Common Shares outstanding immediately after such event.

Any adjustment
made pursuant to this paragraph (1) shall become effective on the date that is
immediately after the earlier of (x) the date fixed for the determination
of shareholders entitled to receive 

 23
 

such dividend or
other distribution or (y) the date on which such split or combination
becomes effective, as applicable.  If any
dividend or distribution described in this paragraph is declared but not so
paid or made, the Conversion Rate shall again be adjusted to the Conversion
Rate that would then be in effect if such dividend or distribution had not been
declared.

(2)                                  If the Company issues
to all holders of Common Shares any rights, warrants, options or other
securities entitling them for a period of not more than 45 days after the
date of issuance thereof to subscribe for or purchase Common Shares, or
securities convertible into shares of Common Shares within 45 days after
the issuance thereof, in either case at an exercise price per share or a
conversion price per share less than the closing sale price of Common Shares on
the Business Day immediately preceding the time of announcement of such
issuance, the Conversion Rate will be adjusted based on the following formula
(provided that the Conversion Rate will be readjusted to the extent that such
rights, warrants, options, or other securities or convertible securities are
not exercised or converted prior to the expiration of the exercisability or
convertibility thereof):

CR1 = CR0 x
(OS0+X)/(OS0+Y)

where

CR0 = the
Conversion Rate in effect immediately prior to such event

CR1 = the
Conversion Rate in effect immediately after such event

OS0 = the number
of Common Shares outstanding immediately prior to such event

X = the total
number of Common Shares issuable pursuant to such rights, warrants, options,
other securities or convertible securities

Y = the number of
Common Shares equal to the quotient of (A) the aggregate price payable to
exercise such rights, warrants, options, other securities or convertible
securities and (B) the average of the closing sale prices of Common Shares
for the 10 consecutive trading days prior to the Business Day immediately
preceding the date of announcement for the issuance of such rights, warrants,
options, other securities or convertible securities.

 24
 

For purposes of
this paragraph (2), in determining whether any rights, warrants, options, other
securities or convertible securities entitle the holder to subscribe for or
purchase or exercise a conversion right for Common Shares at less than the
average closing sale price of Common Shares, and in determining the aggregate
exercise or conversion price payable for such Common Shares, there shall be
taken into account any consideration received by the Company for such rights,
warrants, options, other securities or convertible securities and any amount
payable on exercise or conversion thereof, with the value of such
consideration, if other than cash, to be determined by the Company’s Board of
Trustees.

(3)                                  If the Company
distributes shares of capital stock, evidences of indebtedness or other assets
or property of the Company to all holders of Common Shares, excluding:

(A)                              dividends,
distributions and rights, warrants, options, other securities or convertible
securities referred to in paragraph (1) or (2) above,

(B)                                dividends
or distributions paid exclusively in cash, and

(C)                                spin-offs
described below in this paragraph (3)

then the
Conversion Rate will be adjusted based on the following formula:

CR1 = CR0 x
SP0/(SP0-FMV)

where

CR0 = the
Conversion Rate in effect immediately prior to such distribution

CR1 = the
Conversion Rate in effect immediately after such distribution

SP0 = the average
of the closing sale prices of Common Shares for the 10 consecutive trading
days prior to the Business Day immediately preceding the earlier of the record
date or the ex-dividend date for such distribution

FMV = the fair
market value (as determined in good faith by the Company’s Board of Trustees)
of the shares of capital stock, 

 25
 

evidences of
indebtedness, assets or property distributed with respect to each outstanding
Company Common Share on the earlier of the Record Date or the ex-dividend
date for such distribution.

An adjustment made
pursuant to this paragraph (3) shall be made successively whenever any such
distribution is made and shall become effective on the day immediately after
the date fixed for the determination of holders of Common Shares entitled to
receive such distribution.

With respect to an
adjustment pursuant to this paragraph (3) where there has been a payment of a
dividend or other distribution on Common Shares or shares of capital stock of
any class or series, or similar equity interest, of or relating to a subsidiary
or other business unit of the Company (such transaction, a “Spin-Off”),
the Conversion Rate in effect immediately before the close of business on the
Record Date fixed for determination of holders of Common Shares entitled to
receive the distribution will be increased based on the following formula:

CR1 = CR0 x
(FMV0+MP0)/MP0

where

CR0 = the
Conversion Rate in effect immediately prior to such distribution

CR1 = the
Conversion Rate in effect immediately after such distribution

FMV0 = the average
of the closing sale prices of the capital stock or similar equity interest
distributed to holders of Common Shares applicable to one Company Common Share
over the first 10 consecutive trading days after the effective date of the
Spin-Off

MP0 = the average
of the closing sale prices of Common Shares over the first 10 consecutive
Trading Days after the effective date of the Spin-Off.

The adjustment to
the Conversion Rate under the preceding paragraph with respect to a Spin-Off
will occur on the 10th Trading Day from, and including, the effective date
of the Spin-Off.

 26
 

If any such
dividend or distribution described in this paragraph is declared but not paid
or made, the Conversion Rate shall again be adjusted to be the Conversion Rate
that would then be in effect if such dividend or distribution had not been
declared.

(4)                                  If following the date
of original issuance of the Debentures the Company makes any cash dividend or
distribution during any of its quarterly fiscal periods to all holders of
Common Shares in an aggregate amount that, together with other cash dividends
or distributions made during such quarterly fiscal period, exceeds the product
of $0.85 (the “Reference Dividend”), multiplied by the number of Common
Shares outstanding on the record date for such distribution, the Conversion
Rate will be adjusted based on the following formula:

CR1 = CR0 x SP0
/(SP0-C)

where

CR0 = the
Conversion Rate in effect immediately prior to the record date for such
distribution

CR1 = the
Conversion Rate in effect immediately after the record date for such
distribution

SP0 = the average
of the closing sale prices of Common Shares for the 10 consecutive Trading
Days prior to the business day immediately preceding the earlier of the record
date or the day prior to ex-dividend date for such distribution

C = the amount in
cash per share that the Company distributes to holders of Common Shares during
such quarterly fiscal period that exceeds the Reference Dividend.

An adjustment made
pursuant to this paragraph shall become effective on the date immediately after
the Record Date for the determination of holders of Common Shares entitled to
receive such dividend or distribution. 
If any dividend or distribution described in this paragraph is declared
but not so paid or made, the Conversion Rate shall again be adjusted to the
Conversion Rate that would then be in effect if such dividend or distribution
had not been declared.

The Reference
Dividend shall be subject to adjustment on account of any of the events set
forth in paragraph (1) above of this 

 27
 

paragraph
(r).  Any such adjustment will be
effected by multiplying the Reference Dividend by a fraction, the numerator of
which will equal OS0 and the denominator of which will equal OS1, in each case,
within the meaning of paragraph (1) above.

(5)                                  If the Company or any
of its subsidiaries makes a payment in respect of a tender offer or exchange
offer for Common Shares to the extent that the cash and value of any other
consideration included in the payment per Company Common Share exceeds the
closing sale price of a Company Common Share on the Trading Day next succeeding
the last date on which tenders or exchanges may be made pursuant to such tender
or exchange offer (the “Expiration Time”), the Conversion Rate will be
increased based on the following formula:

CR1 = CR0 x (AC +
(SP1 x OS1))/(SP1 x OS0)

where

CR0 = the
Conversion Rate in effect on the date such tender or exchange offer expires

CR1 = the
Conversion Rate in effect on the day next succeeding the date such tender or
exchange offer expires

AC = the aggregate
value of all cash and any other consideration (as determined by the Company’s
Board of Trustees) paid or payable for shares purchased in such tender or
exchange offer

OS0 = the number
of Common Shares outstanding immediately prior to the date such tender or
exchange offer expires

OS1 = the number
of Common Shares outstanding immediately after such tender or exchange offer
expires (after giving effect to the purchase or exchange of shares pursuant to
such tender or exchange offer)

SP1 = the average
of the closing sale prices of Common Shares for the 10 consecutive Trading
Days commencing on the Trading Day next succeeding the date such tender or
exchange offer expires.

If the application
of the foregoing formula would result in a decrease in the Conversion Rate, no
adjustment to the Conversion Rate will be made.

 28
 

Any adjustment
made pursuant to this paragraph (5) shall become effective on the date
immediately following the Expiration Time. 
If the Company or one of its subsidiaries is obligated to purchase
Common Shares pursuant to any such tender or exchange offer, but the Company or
such subsidiary is permanently prevented by applicable law from effecting any
such purchases or all such purchases are rescinded, the Conversion Rate shall
again be adjusted to be the Conversion Rate that would be in effect if such
tender or exchange offer had not been made.

(6)                                  Notwithstanding the
foregoing, in the event of an adjustment pursuant to paragraph (4) or (5)
above, in no event will the conversion rate exceed 8.4717, subject to
adjustment pursuant to paragraphs (1), (2) and (3).

(7)                                  If the Company adopts
a rights plan while any Debentures remain outstanding, Holders of Debentures
will receive, upon conversion of their Debentures for Common Shares, in
addition to Common Shares, rights under the Company’s shareholder rights
agreement unless, prior to conversion, the rights have expired, terminated or
been redeemed or unless the rights have separated from the Common Shares.  If the rights provided for in the rights plan
adopted by the Company have separated from the Common Shares in accordance with
the provisions of the applicable shareholder rights agreement so that Holders
of Debentures would not be entitled to receive any rights in respect of Common
Shares issuable upon conversion of Debentures, the Conversion Rate will be
adjusted at the time of separation as if the Company had distributed, to all
holders of Common Shares, shares of capital stock, evidences of indebtedness or
other assets or property pursuant to paragraph (3) above, subject to
readjustment upon the subsequent expiration, termination or redemption of the
rights.  In lieu of any such adjustment,
the Company may amend such applicable shareholder rights agreement to provide
that upon conversion of Debentures the Holders will receive, in addition to
Common Shares issuable upon such conversion, the rights which would have attached
to such Common Shares if the rights had not become separated from the Common
Shares under such applicable shareholder rights agreement.  To the extent that the Company adopts any
future shareholder rights agreement, upon conversion of Debentures into Common
Shares, a Holder of Debentures shall receive, in addition to Common Shares, the
rights under the future shareholder rights agreement whether or not the rights
have separated from Common Shares at the time of conversion and no 

 29
 

adjustment will be made in accordance with paragraph (3) or otherwise.

In addition to the
adjustments pursuant to paragraphs (1) through (7) above, the Company may
increase the Conversion Rate in order to avoid or diminish any income tax to
holders of the Company capital stock resulting from any dividend or
distribution of capital stock (or rights to acquire Common Shares) or from any
event treated as such for income tax purposes. 
The Company may also, from time to time, to the extent permitted by
applicable law, increase the Conversion Rate by any amount for any period if
the Company has determined that such increase would be in the best interests of
the Company.  If the Company makes such
determination, it will be conclusive.  If
the Company makes such a determination it will mail to Holders of record of the
Debentures a notice of the increase at least fifteen (15) days prior to the
date the increased Conversion Rate takes effect in accordance with applicable
law and such notice shall state the increased Conversion Rate and the period
during which it will be in effect.

The Company will not make
any adjustment the Conversion Rate if Holders are permitted to participate, on
an as-converted basis, in the transactions described above.

The applicable Conversion
Price will not be adjusted upon certain events, including but not limited to:

(A)                              the
issuance of any Common Shares 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 shares of Common
Shares under any plan;

(B)                                the
issuance of any Common Shares or options or rights to purchase those shares
pursuant to any present or future employee, trustee or consultant benefit plan,
employee agreement or arrangement or program of the Company;

(C)                                the
issuance of any Common Shares pursuant to any option, warrant, right, or
exercisable, exchangeable or convertible security outstanding as of the date
the Debentures were first issued;

(D)                               a
change in the par value of Common Shares;

(E)                                 accumulated
and unpaid dividends or distributions;

 30
 

(F)                                 as
a result of a tender offer solely to holders of less than 100 Common
Shares; and

(G)                                for
the avoidance doubt, the issuance of limited partnership units by the Operating
Partnership and the issuance of Common Shares or cash upon redemption thereof.

No adjustment in the
applicable Conversion Price will be required unless the adjustment would
require an increase or decrease of at least 1% of the applicable Conversion
Price.  If the adjustment is not made
because the adjustment does not change the applicable Conversion Price by more
than 1%, then the adjustment that is not made will be carried forward and taken
into account in any future adjustment. 
All required calculations will be made to the nearest cent or 1/1000th of a share, as the case may be.  Notwithstanding the foregoing, if the
Debentures are called for redemption, all adjustments not previously made will
be made on the applicable Redemption Date. 
Except as specifically described above, the applicable Conversion Price
will not be subject to adjustment in the case of the issuance of any Common
Shares or Company preferred shares, or securities exchangeable for or
convertible into Common Shares or Company preferred shares.

Whenever the Conversion
Rate is adjusted as herein provided, the Company shall as promptly as
reasonably practicable file with the Trustee and any Conversion Agent other
than the Trustee an Officers’ Certificate setting forth the Conversion Rate
after such adjustment and setting forth a brief statement of the facts
requiring such adjustment.  Promptly
after delivery of such certificate, the Company shall prepare a notice of such
adjustment of the Conversion Rate setting forth the adjusted Conversion Rate
and the date on which each adjustment becomes effective and shall mail such
notice of such adjustment of the Conversion Rate to the Holders of the
Debentures within 20 Business Days of the effective date of such
adjustment.  Failure to deliver such
notice shall not affect the legality or validity of any such adjustment.

(s)                                  Ownership Limit. 
Notwithstanding any other provision of the Debentures or the
instructions contained herein, no Holder of Debentures shall be entitled to
convert such Debentures for Common Shares to the extent that receipt of such
shares would cause such Holder (together with such Holder’s affiliates) to
exceed the ownership limit contained in the Company’s Declaration of Trust as
in effect from time to time.

 31
 

(t)                                    Indenture Modifications for Purposes of the
Debentures.

(1)                                  Section 401 of
the Indenture is modified in respect of the Debentures to provide that the
Company may not discharge a Holder’s rights to convert Debentures in accordance
with the terms of the Debentures or to have registered the transfer or exchange
of Debentures in accordance with the terms of the Indenture.

(2)                                  Section 501 of
the Indenture is modified for purposes of the Debentures to add the following
Events of Default:

(a)                                  The
Company fails to deliver the amounts due upon a conversion of Debentures, and
that failure continues for 10 days; and

(b)                                 The
Company fails to provide notice of the occurrence of a Change in Control when
required under the Indenture;

(3)                                  Section 902 of
the Indenture is modified for purposes of the Debentures to add the following
as requiring the consent of each Holder of a Debenture for modification or
waiver:

(A)                              modify
the provisions with respect to the Holders’ rights upon a Change in Control in
a manner adverse to the Holders of the Debentures, including the Company’s
obligations to repurchase the Debentures following a Change in Control; or

(B)                                adversely
affect the Holders’ rights contained in the exchange or repurchase provisions
of the Debentures.

(4)                                  Section 901 of
the Indenture is modified for purposes of the Debentures to add that the
Company may increase the Conversion Rate or reduce the Conversion Price; provided that the increase or reduction, as the case may be,
is in accordance with the terms set forth herein or will not adversely affect
the interests of the Holders of the Debentures.

(u)                                 The
calculation of the Repurchase Price, Change in Control Purchase Price,
Conversion Rate, Conversion Price and each other calculation to be made in
respect of the Debentures shall be the obligation of the Company or its
agent.  All calculations made by the
Company or its agent as contemplated pursuant to the terms hereof and of the
Debentures shall be 

 32
 

final and binding on the Company and the Holders absent manifest
error.  The Trustee, Paying Agent and
Conversion Agent shall not be obligated to recalculate, recompute or confirm
any such calculations except in its capacity as Trustee or agent or of the
Company.

(v)                                 The
Trustee may make reasonable rules for action by or a meeting of Holders of
Debentures.  The Conversion Agent and the
Paying Agent may make reasonable rules for their functions.

(w)                               The
Company shall not be obligated to redeem or purchase any Debenture pursuant to
any sinking fund or analogous provision, or at the option of any Holder thereof
except as provided herein.

(x)                                   The
Debentures shall be issued in denominations of $1,000 and integral multiples
thereof and payments of principal, interest and additional amounts, if any, on
the Debentures shall be made in U.S. dollars.

(y)                                 The
Bank of New York is hereby appointed as a Paying Agent and the Security
Registrar for the Debentures.  The
Security Register for the Debentures will be maintained by the Security
Registrar in the Borough of Manhattan, The City of New York.

(z)                                   The
rights, privileges, protections, immunities and benefits given to the Trustee
pursuant to the Indenture, including, without limitation, its right to be
indemnified, are extended to, and shall be enforceable by, the Trustee in each
of its capacities with respect to the Debentures and the Guarantee.

(aa)                            The
recitals contained herein and in the Debentures, except the Trustee’s
certificates of authentication, shall be taken as the statements of the Company
and the Operating Partnership, as the case may be, and the Trustee assumes no
responsibility for their correctness. 
The Trustee makes no representations as to the validity or sufficiency
of these resolutions or of the Debentures or the Guarantee.  The Trustee shall not be accountable for the
use or application by the Company of Debentures or the proceeds thereof.

(bb)                          The
Trustee shall have no duty to determine when an adjustment of the Conversion
Rate hereunder should be made, how it should be made or what it should be,
except when the Trustee is also acting as an agent of the Company in connection
with the Debentures or the Indenture. The Trustee shall have no duty to
determine whether a supplemental indenture 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 the Debentures. 
The Trustee shall not be responsible 

 33
 

for the Company’s failure to comply with these resolutions or the terms
of the Debentures.  The Conversion Agent
shall have the same protection under these resolutions and the Indenture as the
Trustee.

 34

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