Document:

Execution

                                                                           CUSIP Number: Deal # _______________

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                                                 CREDIT AGREEMENT

                                                       Among

                                           THE PHOENIX COMPANIES, INC.,
                                          PHOENIX LIFE INSURANCE COMPANY
                                                        and
                                        PHOENIX INVESTMENT PARTNERS, LTD.,
                                                   as Borrowers,

                                             THE LENDERS NAMED HEREIN,

                                       WACHOVIA BANK, NATIONAL ASSOCIATION,
                                             as Administrative Agent,

                                               THE BANK OF NEW YORK,
                                               as Syndication Agent,

                                                        and

                                          HARRIS NESBITT FINANCING, INC.,
                                            JPMORGAN CHASE BANK, N.A.,
                                                        and
                                          PNC BANK, NATIONAL ASSOCIATION,
                                              as Documentation Agents

                                   $150,000,000 Senior Revolving Credit Facility

                                           WACHOVIA CAPITAL MARKETS, LLC
                                      Sole Lead Arranger and Sole Book Runner

                                             Dated as of June 6, 2006

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                                                 TABLE OF CONTENTS

                                                                                                           Page

                                                     ARTICLE I

                                                    DEFINITIONS

1.1      Defined Terms........................................................................................1
1.2      Accounting Terms; GAAP and SAP......................................................................18
1.3      Other Terms; Construction...........................................................................18

                                                    ARTICLE II

                                           AMOUNT AND TERMS OF THE LOANS

2.1      Commitments.........................................................................................19
2.2      Borrowings..........................................................................................19
2.3      Disbursements; Funding Reliance; Domicile of Loans..................................................20
2.4      Evidence of Debt; Notes.............................................................................21
2.5      Termination and Reduction of Commitments............................................................21
2.6      Mandatory Payments and Prepayments..................................................................22
2.7      Voluntary Prepayments...............................................................................23
2.8      Interest............................................................................................24
2.9      Fees................................................................................................26
2.10     Interest Periods....................................................................................26
2.11     Conversions and Continuations.......................................................................27
2.12     Method of Payments; Computations; Apportionment of Payments.........................................28
2.13     Recovery of Payments................................................................................30
2.14     Use of Proceeds.....................................................................................30
2.15     Pro Rata Treatment..................................................................................30
2.16     Increased Costs; Change in Circumstances; Illegality................................................31
2.17     Taxes...............................................................................................33
2.18     Compensation........................................................................................35
2.19     Replacement of Lenders; Mitigation of Costs.........................................................35
2.20     Commitment Increase.................................................................................36

                                                    ARTICLE III

                                        CONDITIONS OF CLOSING AND BORROWING

3.1      Conditions of Closing...............................................................................38
3.2      Conditions of Borrowings............................................................................40

                                                       i

                                                    ARTICLE IV

                                          REPRESENTATIONS AND WARRANTIES

4.1      Corporate Organization and Power....................................................................40
4.2      Authorization; Enforceability.......................................................................41
4.3      No Violation........................................................................................41
4.4      Governmental and Third-Party Authorization; Permits.................................................41
4.5      Litigation..........................................................................................42
4.6      Taxes...............................................................................................42
4.7      Subsidiaries........................................................................................42
4.8      Full Disclosure.....................................................................................43
4.9      Margin Regulations..................................................................................43
4.10     Financial Matters...................................................................................43
4.11     ERISA...............................................................................................44
4.12     Environmental Matters...............................................................................44
4.13     Compliance with Laws................................................................................44
4.14     Intellectual Property...............................................................................44
4.15     Investment Company Act..............................................................................45
4.16     Insurance...........................................................................................45
4.17     OFAC; Anti-Terrorism Laws...........................................................................45

                                                     ARTICLE V

                                               AFFIRMATIVE COVENANTS

5.1      Financial Statements................................................................................45
5.2      Other Business and Financial Information............................................................47
5.3      Existence; Franchises; Maintenance of Properties....................................................48
5.4      Compliance with Laws................................................................................48
5.5      Payment of Obligations..............................................................................48
5.6      Insurance...........................................................................................48
5.7      Maintenance of Books and Records; Inspection........................................................49
5.8      Environmental Laws..................................................................................49
5.9      OFAC, PATRIOT Act Compliance........................................................................49
5.10     Further Assurances..................................................................................49

                                                    ARTICLE VI

                                                FINANCIAL COVENANTS

6.1      Maximum Consolidated Indebtedness to Total Capitalization...........................................50
6.2      Minimum Consolidated Net Worth......................................................................50
6.3      Minimum Risk-Based Capital..........................................................................50
6.4      Minimum A.M. Best Financial Strength Rating.........................................................50

                                                      ii

                                                    ARTICLE VII

                                                NEGATIVE COVENANTS

7.1      Liens...............................................................................................50
7.2      Merger, Consolidation and Sales of Assets...........................................................52
7.3      Indebtedness........................................................................................53
7.4      Investments.........................................................................................54
7.5      Restricted Payments.................................................................................56
7.6      Transactions with Affiliates........................................................................56
7.7      Lines of Business...................................................................................56
7.8      Pari Passu Ranking..................................................................................56
7.9      Accounting Changes..................................................................................56

                                                   ARTICLE VIII

                                                     GUARANTY

8.1      Guaranty............................................................................................57
8.2      Guaranty Unconditional..............................................................................57
8.3      Discharge Only Upon Payment in Full; Reinstatement in Certain Circumstances.........................57
8.4      Waiver by the Parent................................................................................58
8.5      Subrogation.........................................................................................58
8.6      Stay of Acceleration................................................................................58

                                                    ARTICLE IX

                                                 EVENTS OF DEFAULT

9.1      Events of Default...................................................................................58
9.2      Remedies: Termination of Commitments, Acceleration, etc.............................................60
9.3      Remedies: Set-Off...................................................................................61

                                                     ARTICLE X

                                             THE ADMINISTRATIVE AGENT

10.1     Appointment and Authority...........................................................................62
10.2     Rights as a Lender..................................................................................62
10.3     Exculpatory Provisions..............................................................................62
10.4     Reliance by Administrative Agent....................................................................63
10.5     Delegation of Duties................................................................................63
10.6     Resignation of Administrative Agent.................................................................63
10.7     Non-Reliance on Administrative Agent and Other Lenders..............................................64
10.8     No Other Duties, Etc................................................................................64

                                                      iii

                                                    ARTICLE XI

                                                   MISCELLANEOUS

11.1     Expenses; Indemnity; Damage Waiver..................................................................64
11.2     Governing Law; Submission to Jurisdiction; Waiver of Venue; Service of Process......................66
11.3     Waiver of Jury Trial................................................................................67
11.4     Notices; Effectiveness; Electronic Communication....................................................67
11.5     Amendments, Waivers, etc............................................................................68
11.6     Successors and Assigns..............................................................................69
11.7     No Waiver...........................................................................................72
11.8     Survival............................................................................................72
11.9     Severability........................................................................................73
11.10    Construction........................................................................................73
11.11    Confidentiality.....................................................................................73
11.12    Separateness of Obligations.........................................................................74
11.13    Counterparts; Integration; Effectiveness............................................................74
11.14    Amendment and Restatement...........................................................................74
11.15    Disclosure of Information...........................................................................74
11.16    PATRIOT Act Notice..................................................................................74

                                                      iv

                                                     EXHIBITS

Exhibit A             Form of Note
Exhibit B-1           Form of Notice of Borrowing
Exhibit B-2           Form of Notice of Conversion/Continuation
Exhibit C             Form of Compliance Certificate
Exhibit D             Form of Assignment and Assumption

                                                     SCHEDULES

Schedule 1.1(a)       Commitments and Notice Addresses
Schedule 4.6          Taxes
Schedule 4.7          Subsidiaries
Schedule 4.11         ERISA Events
Schedule 7.1          Liens

                                                       v

                                                 CREDIT AGREEMENT

         THIS CREDIT AGREEMENT, dated as of the 6th day of June, 2006, is made among THE PHOENIX COMPANIES,
INC., a Delaware corporation (the "Parent"), PHOENIX LIFE INSURANCE COMPANY, a New York stock insurance company
("PLIC") and PHOENIX INVESTMENT PARTNERS, LTD., a Delaware corporation ("PXP," and, collectively with the
Parent and PLIC, the "Borrowers," and each a "Borrower"), the Lenders (as hereinafter defined), WACHOVIA BANK,
NATIONAL ASSOCIATION, as Administrative Agent for the Lenders, THE BANK OF NEW YORK, as Syndication Agent for
the Lenders, and HARRIS NESBITT FINANCING, INC., JPMORGAN CHASE BANK, N.A., and PNC BANK, NATIONAL ASSOCIATION,
as Documentation Agents for the Lenders.

                                               BACKGROUND STATEMENT

         The Borrowers have requested that the Lenders make available to the Borrowers a revolving credit
facility in the aggregate principal amount of $150,000,000.  The Borrowers will use the proceeds of these
facilities as provided in Section 2.14.  The Lenders are willing to make available to the Borrowers the credit
facilities described herein subject to and on the terms and conditions set forth in this Agreement.  Except as
expressly provided in Article VIII with respect to the guaranty of the Parent, each Borrower shall be severally,
and not jointly, liable for the Loans made to such Borrower hereunder.

                                                     AGREEMENT

         NOW, THEREFORE, in consideration of the mutual provisions, covenants and agreements herein contained,
the parties hereto hereby agree as follows:

                                                     ARTICLE I

                                                    DEFINITIONS

         1.1      Defined Terms. For purposes of this Agreement, in addition to the terms defined elsewhere
herein, the following terms have the meanings set forth below (such meanings to be equally applicable to the
singular and plural forms thereof):

         "Account Designation Letter" means a letter from a Borrower to the Administrative Agent, duly
completed and signed by an Authorized Officer of such Borrower and in form and substance reasonably
satisfactory to the Administrative Agent, listing any one or more accounts to which such Borrower may from time
to time request the Administrative Agent to forward the proceeds of any Loans made hereunder.

         "Acquisition" has the meaning given to such term in Section 7.4.

         "Acquisition Amount" has the meaning given to such term in Section 7.4(v).

         "Additional Lender" has the meaning given to such term in Section 2.20(a).

         "Adjusted LIBOR Rate" means, at any time with respect to any LIBOR Loan, a rate per annum equal to the
LIBOR Rate as in effect at such time plus the Applicable Percentage for LIBOR Loans as in effect at such time.

         "Administrative Agent" means Wachovia, in its capacity as Administrative Agent appointed under
Section 10.1, and its successors and permitted assigns in such capacity.

         "Administrative Questionnaire" means, with respect to each Lender, the administrative questionnaire in
the form submitted to such Lender by the Administrative Agent and returned to the Administrative Agent duly
completed by such Lender.

         "Affiliate" means, with respect to a specified Person, another Person that directly, or indirectly
through one or more intermediaries, Controls or is Controlled by or is under common Control with the Person
specified.  Notwithstanding the foregoing, neither the Administrative Agent nor any Lender shall be deemed an
"Affiliate" of any Borrower.

         "Aggregate Credit Exposure" means, at any time, the aggregate principal amount of Loans outstanding at
such time.

         "Agreement" means this Credit Agreement, as amended, modified, restated or supplemented from time to
time in accordance with its terms.

         "A.M. Best" means A.M. Best Company and its successors and assigns.

         "Annual Statement" means the annual financial statement of any Insurance Subsidiary as required to be
filed with any Insurance Regulatory Authority, together with all exhibits or schedules filed therewith,
prepared in conformity with SAP. References to amounts on particular exhibits, schedules, lines, pages and
columns on such Annual Statements are based on the formats promulgated by the NAIC for 2005 Annual Statements
for the applicable type of insurance company. If such format is changed in future years so that different
information is contained in such items or they no longer exist, it is understood that the reference is to
information consistent with that recorded in the referenced item in the 2005 Annual Statement of the applicable
Insurance Subsidiary.

         "Applicable Percentage" means, at any time from and after the Closing Date, the applicable percentage
(i) to be added to the LIBOR Rate for purposes of determining the Adjusted LIBOR Rate and (ii) to be used in
calculating the facility fee payable pursuant to Section 2.9(b), in each case as determined under the following
matrix with reference to the Parent's non-credit-enhanced, senior unsecured long-term debt rating (the "Debt
Rating") by Moody's or Standard & Poor's (in each case based upon the higher of the two ratings):

                                                       2

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                Parent                                        Applicable          Applicable
              Standard &       Parent                         Percentage          Percentage
                Poor's         Moody's       Facility      (Facility usage <    (Facility usage >
   Level        Rating         Rating          Fee              50%)                 50%)
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     I        > = A-           > = A3         0.08%             0.27%               0.37%
    II        > = BBB+         > = Baa1       0.10%             0.40%               0.50%
    III       > = BBB          > = Baa2       0.125%            0.525%              0.625%
    IV        > = BBB-         > = Baa3       0.175%            0.675%              0.775%
     V        < BBB-           < Baa3         0.25%             0.85%               0.95%

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         For purposes of the foregoing, (i) if at any time the difference between the Debt Rating by Moody's
and Standard & Poor's is more than one rating grade, the rating one level above the lower rating will apply,
(ii) if either Moody's or Standard & Poor's shall not have in effect a Debt Rating, then the Applicable
Percentage shall be based upon the remaining rating, and (iii) each change in the Applicable Percentage shall
be effective as of the date the applicable rating agency first publicly announces any change in its Debt
Rating; provided, however, that, notwithstanding the foregoing or anything else herein to the contrary, if at
any time the Debt Rating is not available from either Moody's or Standard & Poor's, at all times from and
including the date on which such Debt Rating is not available to the date on which either Moody's or Standard &
Poor's shall make publicly available such Debt Rating, each Applicable Percentage shall be determined in
accordance with Level V of the above matrix.

         "Approved Fund" means any Fund that is administered or managed by (i) a Lender, (ii) an Affiliate of a
Lender, or (iii) a Person (or an Affiliate of a Person) that administers or manages a Lender.

         "Arranger" means Wachovia Capital Markets, LLC and its successors.

         "Asset Disposition" means any sale, assignment, lease, conveyance, transfer or other disposition by
any Borrower or a Subsidiary thereof (whether in one or a series of transactions) of all or any of its assets,
business or other properties (including Capital Stock of Subsidiaries, accounts receivable and other financial
assets), other than (i) any Asset Disposition permitted under Sections 7.2(b)(i), 7.2(b)(v) (but only to the
extent aggregate Net Cash Proceeds of such dispositions are less than $35,000,000), 7.2(b)(vi) or 7.2(d), (ii)
any Casualty Event, (iii) any disposition in the ordinary course of business of fixed or capital assets which
are obsolete or worn out; (iv) the sale or liquidation of investments made in the ordinary course of business
of the Borrowers and their Subsidiaries substantially as conducted on the Closing Date, (v) any disposition by
an Insurance Subsidiary if and to the extent that the proceeds are required to be retained by the Insurance
Subsidiary in question in order to satisfy a regulatory requirement to which it is subject or to the extent
that such retention is in the opinion of any applicable commissioner of insurance or other regulatory body
necessary or appropriate to maintain the soundness of such insurance Subsidiary whether or not the opinion of
such commissioner of insurance or regulatory body has the force of law; and (vi) any other dispositions for
which the aggregate Net Cash Proceeds do not exceed $100,000,000 in any single fiscal year.

                                                       3

         "Assignment and Assumption" means an Assignment and Assumption entered into by a Lender and an
assignee (with the consent of any party whose consent is required by Section 11.6(b)), and accepted by the
Administrative Agent, in substantially the form of Exhibit D or any other form approved by the Administrative
Agent.

         "Authorized Officer" means, with respect to any action specified herein to be taken by or on behalf of
a Borrower, any officer of such Borrower duly authorized by resolution of its board of directors or other
governing body to take such action on its behalf, and whose signature and incumbency shall have been certified
to the Administrative Agent by the secretary or an assistant secretary of such Borrower.

         "Bankruptcy Code" means 11 U.S.C. ss.ss. 101 et seq., as amended from time to time, and any successor
statute.

         "Bankruptcy Event" means the occurrence of an Event of Default pursuant to Section 9.1(f) or
Section 9.1(g).

         "Base Rate" means the higher of (i) the per annum interest rate publicly announced from time to time
by Wachovia in Charlotte, North Carolina, to be its prime rate (which may not necessarily be its lowest or best
lending rate), as adjusted to conform to changes as of the opening of business on the date of any such change
in such prime rate, and (ii) the Federal Funds Rate plus 0.5% per annum, as adjusted to conform to changes as
of the opening of business on the date of any such change in the Federal Funds Rate.

         "Base Rate Loan" means, at any time, any Loan that bears interest at such time at the Base Rate.

         "Borrower" and "Borrowers" have the meaning given to such term in the introductory paragraph hereof.

         "Borrowing" means the incurrence by a Borrower (including as a result of conversions and continuations
of outstanding Loans pursuant to Section 2.11) on a single date of a Loan of a single Type and, in the case of
LIBOR Loans, as to which a single Interest Period is in effect.

         "Borrowing Date" means, with respect to any Borrowing, the date upon which such Borrowing is made.

         "Business Day" means (i) any day other than a Saturday or Sunday, a legal holiday or a day on which
commercial banks in Charlotte, North Carolina or New York, New York are authorized or required by law to be
closed and (ii) in respect of any determination relevant to a LIBOR Loan, any such day that is also a day on
which trading in Dollar deposits is conducted by banks in London, England in the London interbank Eurodollar
market.

         "Capital Lease" means, with respect to any Person, any lease of property (whether real, personal or
mixed) by such Person as lessee that is or is required to be, in accordance with GAAP, recorded as a capital
lease on such Person's balance sheet.

                                                       4

         "Capital Stock" means (i) with respect to any Person that is a corporation, any and all shares,
interests or equivalents in capital stock (whether voting or nonvoting, and whether common or preferred) of
such corporation, and (ii) with respect to any Person that is not a corporation, any and all partnership,
membership, limited liability company or other equity interests of such Person; and in each case, any and all
warrants, rights or options to purchase any of the foregoing.

         "Cash Equivalents" means (i) securities issued or unconditionally guaranteed or insured by the United
States of America or any agency or instrumentality thereof, backed by the full faith and credit of the United
States of America and maturing within one year from the date of acquisition, (ii) commercial paper issued by
any Person organized under the laws of the United States of America, maturing within 180 days from the date of
acquisition and, at the time of acquisition, having a rating of at least A-1 or the equivalent thereof by
Standard & Poor's Ratings Services or at least P-1 or the equivalent thereof by Moody's Investors Service,
Inc., (iii) time deposits and certificates of deposit maturing within 180 days from the date of issuance and
issued by a bank or trust company organized under the laws of the United States of America or any state thereof
(y) that has combined capital and surplus of at least $500,000,000 or (z) that has (or is a subsidiary of a
bank holding company that has) a long-term unsecured debt rating of at least A or the equivalent thereof by
Standard & Poor's Ratings Services or at least A2 or the equivalent thereof by Moody's Investors Service, Inc.,
(iv) repurchase obligations with a term not exceeding 30 days with respect to underlying securities of the
types described in clause (i) above entered into with any bank or trust company meeting the qualifications
specified in clause (iii) above, and (v) money market funds at least 95% of the assets of which are
continuously invested in securities of the foregoing types.

         "Casualty Event" means, with respect to any property (including any interest in property) of any
Borrower or its Subsidiaries, any loss of, damage to, or condemnation or other taking of, such property for
which such Borrower or Subsidiary receives insurance proceeds, proceeds of a condemnation award or other
compensation.

         "CDO's" means all collateralized debt obligations issued by an SPE the assets of which are managed by
the Borrowers or their Subsidiaries or, in the context of any Acquisition, by the target of such Acquisition,
which debt obligations are non-recourse to the Borrowers and their Subsidiaries, or such Acquisition target,
(other than any SPE) regardless of whether or not such CDO's are reported or reflected on the consolidated
balance sheets and other financial statements of the Borrowers from time to time.

         "Change in Law" means the occurrence, after the date of this Agreement, of any of the following: (i)
the adoption or taking effect of any law, rule, regulation or treaty, (ii) any change in any law, rule,
regulation or treaty or in the administration, interpretation or application thereof by any Governmental
Authority or (iii) the making or issuance of any request, guideline or directive (whether or not having the
force of law) by any Governmental Authority.

         "Closing Date" means the first date upon which each of the conditions set forth in Section 3.1 shall
have been satisfied or waived in accordance with the terms of this Agreement.

                                                       5

         "Code" means the Internal Revenue Code of 1986, as amended from time to time, and any successor
statute, and all rules and regulations from time to time promulgated thereunder.

         "Commitment" means, with respect to any Lender at any time, the commitment of such Lender to make
Loans in an aggregate principal amount at any time outstanding up to the amount set forth opposite such
Lender's name on Schedule 1.1(a) under the caption "Commitment" or, if such Lender has entered into one or more
Assignment and Assumptions, the amount set forth for such Lender at such time in the Register maintained by the
Administrative Agent pursuant to Section 11.6(c) as such Lender's "Commitment," in either case, as such amount
may be reduced at or prior to such time pursuant to the terms hereof.

         "Commitment Increase" has the meaning given to such term in Section 2.20(a).

         "Commitment Increase Date" has the meaning given to such term in Section 2.20(c).

         "Company Action Level" means 200% of the Authorized Control Level Risk-Based Capital of PLIC. The
Authorized Control Level Risk-Based Capital of PLIC shall be computed in the manner from time to time
prescribed by the Insurance Department of the State of New York for inclusion in the Annual Statement of PLIC
to such Department. Such Authorized Control Level Risk-Based Capital currently appears on page 23 of such
statement in column 1, line 30.

         "Compliance Certificate" means a fully completed and duly executed certificate in the form of 
Exhibit C.

         "Consolidated Indebtedness" means, at any time, the aggregate (without duplication) of all
Indebtedness (whether or not reflected on the Parent's or any Subsidiary's balance sheet) of the Parent and its
Subsidiaries, determined on a consolidated basis in accordance with GAAP; provided that any Indebtedness (i)
incurred in connection with a transaction of the type described in Section 7.2(d)(iii), (ii) issued by an SPE
and which is non-recourse to the Borrowers and their Subsidiaries (other than the SPE) or (iii) consisting of
the net termination obligations under any Swap Contracts, in any such case, shall be excluded from Consolidated
Indebtedness.

         "Consolidated Net Income" means, for any period, net income (or loss) for the Parent and its
Subsidiaries for such period and as reflected on the consolidated financial statements of the Parent and its
Subsidiaries, determined on a consolidated basis in accordance with GAAP.

         "Consolidated Net Worth" means, at any time, the consolidated shareholders' equity of the Parent and
its Subsidiaries determined in accordance with GAAP and as reflected on the consolidated financial statements
of the Parent and its Subsidiaries; provided that the accounting effect of any CDO's resulting from the
application of accounting standard FIN 46-R (Consolidation of Variable Interest Entities) shall be excluded in
calculating Consolidated Net Worth.

         "Contingent Purchase Price Obligations" means any earnout obligations or similar deferred or
contingent purchase price obligations of the Parent or any of its Subsidiaries incurred or created in
connection with an Acquisition other than those related to the Philadelphia Financial Group.

                                                       6

         "Control" means, with respect to any Person, (i) the possession, direct or indirect, of the power to
direct or cause the direction of the management and policies of such Person, whether through the ownership of
voting securities, by contract or otherwise, or (ii) the beneficial ownership of securities or other ownership
interests of such Person having 10% or more of the combined voting power of the then outstanding securities or
other ownership interests of such Person ordinarily (and apart from rights accruing under special
circumstances) having the right to vote in the election of directors or other governing body of such Person;
and the terms "Controlled" and "Controlling" have correlative meanings.

         "Credit Documents" means this Agreement, the Notes, the Fee Letter and all other agreements,
instruments, documents and certificates now or hereafter executed and delivered to the Administrative Agent or
any Lender by or on behalf of any Borrower or any Subsidiary thereof with respect to this Agreement, in each
case as amended, modified, supplemented or restated from time to time.

         "Credit Exposure" means, with respect to any Lender at any time, the sum of the aggregate principal
amount of all Loans made by such Lender that are outstanding at such time.

         "Default" means any event or condition that, with the passage of time or giving of notice, or both,
would constitute an Event of Default.

         "Defaulting Lender" means any Lender that (i) has refused to fund, or otherwise defaulted in the
funding of, its ratable share of any Borrowing requested and permitted to be made hereunder, (ii) has failed to
pay to the Administrative Agent or any Lender when due an amount owed by such Lender pursuant to the terms of
this Credit Agreement, unless such amount is subject to a good faith dispute, or (iii) has been deemed
insolvent or has become subject to a bankruptcy or insolvency proceeding or to a receiver, trustee or similar
official, and such refusal has not been withdrawn or such default has not been cured within three Business
Days.

         "Disqualified Capital Stock" means, with respect to any Person, any Capital Stock of such Person that,
by its terms (or by the terms of any security into which it is convertible or for which it is exchangeable), or
upon the happening of any event or otherwise, (i) matures or is mandatorily redeemable or subject to any
mandatory repurchase requirement, pursuant to a sinking fund obligation or otherwise, (ii) is redeemable or
subject to any mandatory repurchase requirement at the sole option of the holder thereof, or (iii) is
convertible into or exchangeable for (whether at the option of the issuer or the holder thereof) (y) debt
securities or (z) any Capital Stock referred to in (i) or (ii) above, in each case under (i), (ii) or (iii)
above at any time on or prior to the first anniversary of the Maturity Date; provided, however, that only the
portion of Capital Stock that so matures or is mandatorily redeemable, is so redeemable at the option of the
holder thereof, or is so convertible or exchangeable on or prior to such date shall be deemed to be
Disqualified Capital Stock.

         "Dollars" or "$" means dollars of the United States of America.

         "Environmental Claims" means any and all administrative, regulatory or judicial actions, suits,
written notices of noncompliance or violation, investigations or proceedings (collectively,

                                                       7

"Claims") relating in any way to any actual or alleged violation of or liability under any Environmental Law by
any borrower or any of its Subsidiaries in respect of the conduct of their business or the ownership and/or
operation of their respective properties, including, without limitation, (i) any and all Claims by Governmental
Authorities for enforcement, cleanup, removal, response, remedial or other actions or damages pursuant to any
applicable Environmental Law and (ii) any and all Claims by any third party seeking damages, contribution,
indemnification, cost recovery, compensation or injunctive relief resulting from any alleged injury or threat
of injury to human health or the environment arising from exposure to, or the release or threatened release of,
any Hazardous Substances.

         "Environmental Laws" means any and all federal, state and local laws, statutes, ordinances, rules,
regulations, permits, licenses, approvals, rules of common law and orders of courts or Governmental
Authorities, relating to the protection of human health, occupational safety with respect to exposure to
Hazardous Substances, or the environment, now or hereafter in effect, and in each case as amended from time to
time, including, without limitation, requirements pertaining to the manufacture, processing, distribution, use,
treatment, storage, disposal, transportation, handling, reporting, licensing, permitting, investigation or
remediation of Hazardous Substances.

         "ERISA" means the Employee Retirement Income Security Act of 1974, as amended from time to time, and
any successor statute, and all rules and regulations from time to time promulgated thereunder.

         "ERISA Affiliate" means any Person (including any trade or business, whether or not incorporated)
deemed to be under "common control" with, or a member of the same "controlled group" as, the Borrowers or any
of their Subsidiaries, within the meaning of Sections 414(b), (c), (m) or (o) of the Code or Section 4001 of
ERISA.

         "ERISA Event" means any of the following with respect to a Plan or Multiemployer Plan, as applicable:
(i) a Reportable Event, (ii) a complete or partial withdrawal by any Borrower or any ERISA Affiliate from a
Multiemployer Plan that results in liability under Section 4201 or 4204 of ERISA, or the receipt by any
Borrower or any ERISA Affiliate of notice from a Multiemployer Plan that it is in reorganization or insolvency
pursuant to Section 4241 or 4245 of ERISA or that it intends to terminate or has terminated under Section 4041A
of ERISA, (iii) the distribution by any Borrower or any ERISA Affiliate under Section 4041 or 4041A of ERISA of
a notice of intent to terminate any Plan or the taking of any action to terminate any Plan, (iv) the
commencement of proceedings by the PBGC under Section 4042 of ERISA for the termination of, or the appointment
of a trustee to administer, any Plan, or the receipt by any Borrower or any ERISA Affiliate of a notice from
any Multiemployer Plan that such action has been taken by the PBGC with respect to such Multiemployer Plan, (v)
the institution of a proceeding by any fiduciary of any Multiemployer Plan against any Borrower or any ERISA
Affiliate to enforce Section 515 of ERISA, which is not dismissed within 30 days, (vi) the imposition upon any
Borrower or any ERISA Affiliate of any liability under Title IV of ERISA, other than for PBGC premiums due but
not delinquent under Section 4007 of ERISA, or the imposition or threatened imposition of any Lien upon any
assets of any Borrower or any ERISA Affiliate as a result of any alleged failure to comply with the Code or
ERISA in respect of any Plan, (vii) the engaging in or otherwise becoming liable for a nonexempt Prohibited
Transaction

                                                       8

by any Borrower or any ERISA Affiliate, or a violation of the applicable requirements of Section 404 or 405 of
ERISA or the exclusive benefit rule under Section 401(a) of the Code by any fiduciary of any Plan for which any
Borrower or any of their ERISA Affiliates may be directly or indirectly liable, (viii) the occurrence with
respect to any Plan of any "accumulated funding deficiency" (within the meaning of Section 302 of ERISA and
Section 412 of the Code), whether or not waived, or (ix) the adoption of an amendment to any Plan that,
pursuant to Section 401(a)(29) of the Code or Section 307 of ERISA, would result in the loss of tax-exempt
status of the trust of which such Plan is a part if any Borrower or an ERISA Affiliate fails to timely provide
security to such Plan in accordance with the provisions of such sections.

         "Event of Default" has the meaning given to such term in Section 9.1.

         "Exchange Act" means the Securities Exchange Act of 1934, as amended from time to time, and any
successor statute, and all rules and regulations from time to time promulgated thereunder.

         "Excluded Taxes" means, with respect to the Administrative Agent, any Lender or any other recipient of
any payment to be made by or on account of any obligation of any Borrowers hereunder, (i) taxes imposed on or
measured by its overall net income (however denominated), and franchise taxes imposed on it (in lieu of net
income taxes), by the jurisdiction (or any political subdivision thereof) under the laws of which such
recipient is organized or in which its principal office is located or, in the case of any Lender, in which its
applicable Lending Office is located, (ii) any branch profits taxes imposed by the United States or any similar
tax imposed by any other jurisdiction in which any Borrower is located and (iii) in the case of a Foreign
Lender (other than an assignee pursuant to a request by the Borrowers under Section 2.19(a)), any withholding
tax that is imposed on amounts payable to such Foreign Lender at the time such Foreign Lender becomes a party
hereto (or designates a new Lending Office) or is attributable to such Foreign Lender's failure or inability
(other than as a result of a Change in Law) to comply with Section 2.17(e), except to the extent that such
Foreign Lender (or its assignor, if any) was entitled, at the time of designation of a new Lending Office (or
assignment), to receive additional amounts from the Borrowers with respect to such withholding tax pursuant to
Section 2.17(a).

         "Existing Loans" has the meaning given to such term in Section 2.20(d).

         "Federal Funds Rate" means, for any period, a fluctuating per annum interest rate (rounded upwards, if
necessary, to the nearest 1/100 of one percentage point) equal for each day during such period to the weighted
average of the rates on overnight federal funds transactions with members of the Federal Reserve System
arranged by federal funds brokers, as published for such day (or, if such day is not a Business Day, for the
next preceding Business Day) by the Federal Reserve Bank of New York, or if such rate is not so published for
any day that is a Business Day, the average of the quotations for such day on such transactions received by the
Administrative Agent from three federal funds brokers of recognized standing selected by the Administrative
Agent.

         "Federal Reserve Board" means the Board of Governors of the Federal Reserve System or any successor
thereto.

                                                       9

         "Fee Letter" means the letter from the Administrative Agent and the Arranger to the Borrowers, dated
May 2, 2006, relating to certain fees payable by the Borrowers in respect of the transactions contemplated by
this Agreement, as amended, modified, restated or supplemented from time to time.

         "Financial Officer" means, with respect to each Borrower, the chief financial officer, vice president
- finance, principal accounting officer or treasurer of such Borrower.

         "Foreign Lender" means, with respect to the Borrowers, any Lender that is organized under the laws of
a jurisdiction other than that in which the Borrowers are resident for tax purposes. For purposes of this
definition, the United States, each State thereof and the District of Columbia shall be deemed to constitute a
single jurisdiction.

         "Fund" means any Person (other than a natural person) that is (or will be) engaged in making,
purchasing, holding or otherwise investing in commercial loans and similar extensions of credit in the ordinary
course of its business.

         "GAAP" means generally accepted accounting principles in the United States of America, as set forth in
the statements, opinions and pronouncements of the Accounting Principles Board, the American Institute of
Certified Public Accountants and the Financial Accounting Standards Board, consistently applied and maintained,
as in effect from time to time (subject to the provisions of Section 1.2).

         "Governmental Authority" means the government of the United States of America or any other nation, or
of any political subdivision thereof, whether state or local, and any agency, authority, instrumentality,
regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing,
regulatory or administrative powers or functions of or pertaining to government (including any supra-national
bodies such as the European Union or the European Central Bank).

         "Guaranty Obligation" means, with respect to any Person, any direct or indirect liability of such
Person with respect to any Indebtedness, liability or other obligation (the "primary obligation") of another
Person (the "primary obligor"), whether or not contingent, (i) to purchase, repurchase or otherwise acquire
such primary obligation or any property constituting direct or indirect security therefor, (ii) to advance or
provide funds (x) for the payment or discharge of any such primary obligation or (y) to maintain working
capital or equity capital of the primary obligor or otherwise to maintain the net worth or solvency or any
balance sheet item, level of income or financial condition of the primary obligor (including, without
limitation,, keep well agreements, maintenance agreements, comfort letters or similar agreements or
arrangements), (iii) to purchase property, securities or services primarily for the purpose of assuring the
owner of any such primary obligation of the ability of the primary obligor in respect thereof to make payment
of such primary obligation or (iv) otherwise to assure or hold harmless the owner of any such primary
obligation against loss or failure or inability to perform in respect thereof; provided, however, that, with
respect to the Borrowers and their Subsidiaries, the term Guaranty Obligation shall not include endorsements
for collection or deposit in the ordinary course of business. The amount of any Guaranty Obligation of any
guaranteeing Person hereunder shall be deemed to be the lower of (a) an amount equal to the stated or
determinable

                                                       10

amount of the primary obligation in respect of which such Guaranty Obligation is made and (b) the
maximum amount for which such guaranteeing Person may be liable pursuant to the terms of the instrument
embodying such Guaranty Obligation, unless such primary obligation and the maximum amount for which such
guaranteeing Person may be liable are not stated or determinable, in which case the amount of such Guaranty
Obligation shall be such guaranteeing Person's maximum reasonably anticipated liability in respect thereof as
determined by such guaranteeing Person in good faith.

         "Hazardous Substance" means any substance or material meeting any one or more of the following
criteria: (i) it is or contains a substance designated as a hazardous waste, hazardous substance, hazardous
material, pollutant, contaminant or toxic substance under any Environmental Law, (ii) it is toxic, explosive,
corrosive, ignitable, infectious, radioactive, mutagenic or otherwise hazardous to human health or the
environment and is or becomes regulated by any Governmental Authority, (iii) its presence may require
investigation or response under any Environmental Law, (iv) it constitutes a nuisance, trespass or health or
safety hazard to Persons or neighboring properties, or (v) it is or contains, without limiting the foregoing,
asbestos, polychlorinated biphenyls, urea formaldehyde foam insulation, petroleum hydrocarbons, petroleum
derived substances or wastes, crude oil, nuclear fuel, natural gas or synthetic gas.

         "Increasing Lender" has the meaning given to such term in Section 2.20(a).

         "Indebtedness" means, with respect to any Person, without duplication, (i) all indebtedness for
borrowed money; (ii) all obligations issued, undertaken or assumed as the deferred purchase price of property
or services (other than trade payables entered into in the ordinary course of business on ordinary terms but
including Contingent Purchase Price Obligations as determined in good faith by the Borrowers); (iii) all
non-contingent reimbursement or payment obligations with respect to Surety Instruments to the extent such
Surety Instruments support payment of Indebtedness; (iv) all obligations evidenced by notes, bonds, debentures
or similar instruments, including obligations so evidenced incurred in connection with the acquisition of
property, assets or businesses; (v) all indebtedness created arising under any conditional sale or other title
retention agreement, or incurred as financing, in either case with respect to property acquired by the Person
(even though the rights and remedies of the seller or bank under such agreement in the event of default are
limited to repossession or sale of such property); (vi) all obligations with respect to Capital Leases; (vii)
all monetary obligations of such Person under a so-called synthetic or tax retention lease, or any other
agreement for the use or possession of property creating obligations which do not appear on the balance sheet
of such Person but which, upon the insolvency or bankruptcy of such Person, would be characterized as
Indebtedness of such Person (without regard to accounting treatment); (viii) all net termination obligations
with respect to Swap Contracts; (ix) all Disqualified Capital Stock issued by such Person, with the amount of
Indebtedness represented by such Disqualified Capital Stock being equal to the greater of its voluntary or
involuntary liquidation preference and its maximum fixed repurchase price; (x) all indebtedness referred to in
clauses (i) through (ix) above (A) of any partnership or unincorporated Joint Venture in which such Person is a
general partner or joint venturer to the extent such Person is liable therefor or (B) secured by (or for which
the holder of such Indebtedness has an existing right, contingent or otherwise, to be secured by) any Lien upon
or in property (including accounts and contracts rights) owned by

                                                       11

such Person, even though such Person has not assumed or become liable for the payment of such Indebtedness; and
(xi) all Guaranty Obligations in respect of indebtedness or obligations of others of the kinds referred to in
clauses (i) through (x) above; provided that any obligations reflecting or arising from any CDO's shall not be
considered Indebtedness.

         "Indemnified Taxes" means Taxes other than Excluded Taxes.

         "Insurance Regulatory Authority" means, with respect to the Parent, PLIC or any Insurance Subsidiary,
the insurance department or similar Governmental Authority charged with regulating insurance companies or
insurance holding companies, in its jurisdiction of domicile and, to the extent that it has regulatory authority
over such Person, in each other jurisdiction in which such Person conducts business or is licensed to conduct
business.

         "Insurance Subsidiary" means any direct or indirect Subsidiary of the Parent the ability of which to pay
dividends is regulated by an Insurance Regulatory Authority or that is otherwise required to be regulated thereby
in accordance with the applicable Requirements of Law of its jurisdiction of domicile.

         "Intellectual Property" means (i) all inventions (whether or not patentable and whether or not reduced
to practice), all improvements thereto, and all patents, patent applications, and patent disclosures, together
with all reissues, continuations, continuations-in-part, divisions, revisions, extensions, and reexaminations
thereof, (ii) all trademarks, service marks, trade dress, logos, trade names, and corporate names, together with
all goodwill associated therewith, and all applications, registrations, and renewals in connection therewith,
(iii) all copyrightable works and all copyrights (registered and unregistered), (iv) all trade secrets and
confidential information (including, without limitation, financial, business and marketing plans and customer and
supplier lists and related information), (v) all computer software and software systems (including, without
limitation, data, databases and related documentation), (vi) all Internet web sites and domain names, (vii) all
technology, know-how, processes and other proprietary rights, and (viii) all licenses or other agreements to or
from third parties regarding any of the foregoing.

         "Interest Period" has the meaning given to such term in Section 2.10.

         "Investments" has the meaning given to such term in Section 7.4.

         "Joint Venture" means a single-purpose corporation, partnership, joint venture or other similar legal
arrangement (whether created by contract or conducted through a separate legal entity), excluding any such entity
that qualifies as a Subsidiary, now or hereafter formed by any Borrower or a Subsidiary thereof with another
Person in order to conduct a common venture or enterprise with such Person; provided that, for the avoidance of
doubt, an investment limited partnership or similar arrangement between the Borrowers and their Subsidiaries and
one or more other Persons such as a private equity fund, hedge fund or like investment vehicle or any similar
kind of venture capital investment shall not be a Joint Venture where the Investment by the Borrowers and their
Subsidiaries does not include material management or operational control and is being made in the ordinary course
of business of the Borrowers and their Subsidiaries.

                                                      12

         "Lender" means each Person signatory hereto as a "Lender" and each other Person that becomes a
"Lender" hereunder pursuant to Section 2.20 or Section 11.6, and their respective successors and assigns.

         "Lending Office" means, with respect to any Lender, the office of such Lender designated as such in
such Lender's Administrative Questionnaire or in connection with an Assignment and Assumption, or such other
office as may be otherwise designated in writing from time to time by such Lender to the Borrowers and the
Administrative Agent. A Lender may designate separate Lending Offices as provided in the foregoing sentence for
the purposes of making or maintaining different Types of Loans, and, with respect to LIBOR Loans, such office
may be a domestic or foreign branch or Affiliate of such Lender.

         "LIBOR Loan" means, at any time, any Loan that bears interest at such time at the applicable Adjusted
LIBOR Rate.

         "LIBOR Rate" means, with respect to each LIBOR Loan comprising part of the same Borrowing for any
Interest Period, an interest rate per annum obtained by dividing (i) (y) the rate of interest (rounded upward,
if necessary, to the nearest 1/16 of one percentage point) appearing on Telerate Page 3750 (or any successor
page) or (z) if no such rate is available, the rate of interest determined by the Administrative Agent to be
the rate or the arithmetic mean of rates (rounded upward, if necessary, to the nearest 1/16 of one percentage
point) at which Dollar deposits in immediately available funds are offered to first-tier banks in the London
interbank Eurodollar market, in each case under (y) and (z) above at approximately 11:00 a.m., London time, two
Business Days prior to the first day of such Interest Period for a period substantially equal to such Interest
Period and in an amount substantially equal to the amount of Wachovia's LIBOR Loan comprising part of such
Borrowing, by (ii) the amount equal to 1.00 minus the Reserve Requirement (expressed as a decimal) for such
Interest Period.

         "Lien" means any mortgage, pledge, hypothecation, assignment, security interest, lien (statutory or
otherwise), charge or other encumbrance of any nature, whether voluntary or involuntary, including, without
limitation, the interest of any vendor or lessor under any conditional sale agreement, title retention
agreement, Capital Lease or any other lease or arrangement having substantially the same effect as any of the
foregoing.

         "Loan" or "Loans" has the meaning given to such term in Section 2.1.

         "Margin Stock" has the meaning given to such term in Regulation U.

         "Material Adverse Effect" means a material adverse effect upon (A) the business, assets, properties,
liabilities (actual or contingent), operations, condition (financial or otherwise) or prospects of the Parent
and its Subsidiaries, taken as a whole, (B) the ability of any Borrower or a Subsidiary thereof to perform its
obligations under this Agreement or any of the other Credit Documents to which it is a party or (C) the
legality, validity or enforceability of this Agreement or any of the other Credit Documents or the rights and
remedies of the Administrative Agent and the Lenders hereunder and thereunder.

         "Maturity Date" means the third anniversary of the Closing Date.

                                                      13

         "Moody's" means Moody's Investors Service, Inc., and its successors and assigns.

         "Multiemployer Plan" means any "multiemployer plan" within the meaning of Section 4001(a)(3) of ERISA
to which any Borrower or any ERISA Affiliate makes, is making or is obligated to make contributions or has made
or been obligated to make contributions.

         "Net Cash Proceeds" means, in the case of any Asset Disposition or Casualty Event, the aggregate cash
proceeds received by any Borrower or a Subsidiary thereof in respect thereof, less (i) reasonable fees and
out-of-pocket expenses payable by the Parent or any of its Subsidiaries in connection therewith, (ii) taxes
paid or payable as a result thereof and (iii) any amount of proceeds retained in escrow or by another party to
assure performance of the transaction (including debt service reserve funds), it being understood that the term
"Net Cash Proceeds" shall include, as and when received, any cash released from escrow or other restrictions
under clause (iii) or received upon the sale or other disposition of any non-cash consideration received by any
Borrower or a Subsidiary thereof in respect of any Asset Disposition.

         "Notes" means, with respect to any Lender requesting the same, the promissory notes of the Borrowers
in favor of such Lender evidencing the Loans made by such Lender pursuant to Section 2.1, in substantially the
form of Exhibit A, together with any amendments, modifications and supplements thereto, substitutions therefor
and restatements thereof.

         "Notice of Borrowing" has the meaning given to such term in Section 2.2(b).

         "Notice of Conversion/Continuation" has the meaning given to such term in Section 2.11(b).

         "Obligations" means, with respect to any Borrower, all principal of and interest (including interest
accruing after the filing of a petition or commencement of a case by or with respect to such Borrower seeking
relief under any applicable federal and state laws pertaining to bankruptcy, reorganization, arrangement,
moratorium, readjustment of debts, dissolution, liquidation or other debtor relief, specifically including,
without limitation, the Bankruptcy Code and any fraudulent transfer and fraudulent conveyance laws, whether or
not the claim for such interest is allowed in such proceeding) on the Loans and all fees, expenses, indemnities
and other obligations owing, due or payable at any time by such Borrower to the Administrative Agent, any
Lender or any other Person entitled thereto, under this Agreement or any of the other Credit Documents, and all
payment and other obligations owing or payable at any time by such Borrower to any of the foregoing, in each
case whether direct or indirect, joint or several, absolute or contingent, matured or unmatured, liquidated or
unliquidated, secured or unsecured, and whether existing by contract, operation of law or otherwise.

         "OFAC" means the U.S. Department of the Treasury's Office of Foreign Assets Control, and any successor
thereto.

         "Other Taxes" means all present or future stamp or documentary taxes or any other excise or property
taxes, charges or similar levies arising from any payment made hereunder or under any other Credit Document or
from the execution, delivery or enforcement of, or otherwise with respect to, this Agreement or any other
Credit Document.

                                                      14

         "Parent" has the meaning given to such term in the introductory paragraph hereof.

         "Participant" has the meaning given to such term in Section 11.6(d).

         "PATRIOT Act" means the Uniting and Strengthening America by Providing Appropriate Tools Required to
Intercept and Obstruct Terrorism (USA PATRIOT Act of 2001), as amended from time to time, and any successor
statute, and all rules and regulations from time to time promulgated thereunder.

         "Payment Office" means the office of the Administrative Agent designated on Schedule 1.1(a) under the
heading "Instructions for wire transfers to the Administrative Agent," or such other office as the
Administrative Agent may designate to the Lenders and the Borrowers for such purpose from time to time.

         "PBGC" means the Pension Benefit Guaranty Corporation established pursuant to Subtitle A of Title IV
of ERISA, and any successor thereto.

         "Permitted Acquisition" has the meaning given to such term in Section 7.4(v).

         "Permitted Joint Venture" has the meaning given to such term in Section 7.4(vi).

         "Permitted Liens" has the meaning given to such term in Section 7.1.

         "Person" means any natural person, corporation, limited liability company, trust, joint venture,
association, company, partnership, Governmental Authority or other entity.

         "Plan" means any "employee pension benefit plan" within the meaning of Section 3(2) of ERISA that is
subject to the provisions of Title IV of ERISA (other than a Multiemployer Plan) and to which any Borrower or
any ERISA Affiliate may have any liability.

         "Prohibited Transaction" means any transaction described in (i) Section 406 of ERISA that is not
exempt by reason of Section 408 of ERISA or by reason of a Department of Labor prohibited transaction
individual or class exemption or (ii) Section 4975(c) of the Code that is not exempt by reason of Section
4975(c)(2) or 4975(d) of the Code.

         "Reference Period" with respect to any date of determination, means (except as may be otherwise
expressly provided herein) the period of 12 consecutive fiscal months of the Borrowers immediately preceding
such date or, if such date is the last day of a fiscal quarter, the period of four consecutive fiscal quarters
ending on such date.

         "Register" has the meaning given to such term in Section 11.6(c).

         "Regulations D, T, U and X" means Regulations D, T, U and X, respectively, of the Federal Reserve
Board, and any successor regulations.

         "Related Parties" means, with respect to any Person, such Person's Affiliates and the partners,
directors, officers, employees, agents and advisors of such Person and of such Person's Affiliates.

                                                      15

         "Reportable Event" means, with respect to any Plan, (i) any "reportable event" within the meaning of
Section 4043(c) of ERISA for which the 30-day notice under Section 4043(a) of ERISA has not been waived by the
PBGC (including, without limitation, any failure to meet the minimum funding standard of, or timely make any
required installment under, Section 412 of the Code or Section 302 of ERISA, regardless of the issuance of any
waivers in accordance with Section 412(d) of the Code), (ii) any such "reportable event" subject to advance
notice to the PBGC under Section 4043(b)(3) of ERISA, (iii) any application for a funding waiver or an
extension of any amortization period pursuant to Section 412 of the Code, and (iv) a cessation of operations
described in Section 4062(e) of ERISA.

         "Required Lenders" means, at any time, the Lenders holding outstanding Loans and Unutilized
Commitments (or, after the termination of the Commitments, outstanding Loans) representing at least 51% of the
aggregate, at such time, of all outstanding Loans and Unutilized Commitments (or, after the termination of the
Commitments, the aggregate at such time of all outstanding Loans).

         "Requirement of Law" means, with respect to any Person, the charter, articles or certificate of
organization or incorporation and bylaws or other organizational or governing documents of such Person, and any
statute, law, treaty, rule, regulation, order, decree, writ, injunction or determination of any arbitrator or
court or other Governmental Authority, in each case applicable to or binding upon such Person or any of its
property or to which such Person or any of its property is subject or otherwise pertaining to any or all of the
transactions contemplated by this Agreement and the other Credit Documents.

         "Reserve Requirement" means, with respect to any Interest Period, the reserve percentage (expressed as
a decimal and rounded upwards, if necessary, to the next higher 1/100th of 1%) in effect from time to time
during such Interest Period, as provided by the Federal Reserve Board, applied for determining the maximum
reserve requirements (including, without limitation, basic, supplemental, marginal and emergency reserves)
applicable to Wachovia under Regulation D with respect to "Eurocurrency liabilities" within the meaning of
Regulation D, or under any similar or successor regulation with respect to Eurocurrency liabilities or
Eurocurrency funding.

         "Responsible Officer" means, with respect to any Borrower, the president, the chief executive officer,
the chief financial officer, any executive officer, or any other Financial Officer of such Borrower, and any
other officer or similar official thereof responsible for the administration of the obligations of such
Borrower in respect of this Agreement or any other Credit Document.

         "Risk Based Capital Ratio" means, as of any time the same is to be determined, the ratio of adjusted
capital of PLIC to the Company Action Level of PLIC. Adjusted capital, for the purpose of this definition,
shall be computed in the manner from time to time prescribed by the Insurance Department of the State of New
York as total adjusted capital for inclusion in the Annual Statement of PLIC to such department (currently
appearing on page 23 of such annual statement in column 1, line 29 and currently consisting of capital and
surplus, the asset valuation reserve of PLIC and 50% of PLIC's dividend liability).

                                                      16

         "Sanctioned Country" means a country subject to a sanctions program identified on the list maintained
by OFAC and available at http://www.treas.gov/offices/enforcement/ofac/, or as otherwise published from time to
time.

         "Sanctioned Person" means (i) a Person named on the list of Specially Designated Nationals or Blocked
Persons maintained by OFAC available at http://www.treas.gov/- offices/enforcement/ofac/sdn/index.shtml, or as
otherwise published from time to time, or (ii) (A) an agency of the government of a Sanctioned Country, (B) an
organization controlled by a Sanctioned Country, or (C) a Person resident in a Sanctioned Country, to the
extent subject to a sanctions program administered by OFAC.

         "SAP" means, with respect to PLIC and any other Insurance Subsidiary, the statutory accounting
practices prescribed or permitted by the relevant Insurance Regulatory Authority of its jurisdiction of
domicile, consistently applied and maintained, as in effect from time to time (subject to the provisions of
Section 1.2).

         "SPE" means any special purpose entity that (i) is a Subsidiary of a Borrower or (ii) the assets of
which are managed by the Borrowers or their Subsidiaries and, in either case, which is established for the
limited purposes of (x) issuing CDO's, or other securities, interests or obligations in a securitization,
monetization or other structured transaction, (y) holding assets to collateralize such CDO's, securities,
interests or obligations, and/or (z) taking other actions reasonably related to the foregoing.

         "Standard & Poor's" means Standard & Poor's Ratings Services, a division of The McGraw Hill Companies,
Inc. and its successors and assigns.

         "Subsequent Borrowings" has the meaning given to such term in Section 2.20(d).

         "Subsidiary" means, with respect to any Person, any corporation or other Person of which more than 50%
of the outstanding Capital Stock having ordinary voting power to elect a majority of the board of directors,
board of managers or other governing body of such Person, is at the time, directly or indirectly, owned or
controlled by such Person and one or more of its other Subsidiaries or a combination thereof (irrespective of
whether, at the time, securities of any other class or classes of any such corporation or other Person shall or
might have voting power by reason of the happening of any contingency). When used without reference to a parent
entity, the term "Subsidiary" shall be deemed to refer to a Subsidiary of any Borrower.

         "Surety Instrument" means all letters of credit (including standby and commercial), banker's
acceptances, bank guaranties, shipside bonds, surety bonds and similar instruments.

         "Swap Contract" means any agreement (including any master agreement and any agreement, whether or not
in writing, relating to any single transaction) that is an interest rate swap agreement, basis swap, forward
rate agreement, commodity swap, commodity option, equity or equity index swap or option, bond option, interest
rate option, forward foreign exchange agreement, rate cap, collar or floor agreement, currency swap agreement,
cross currency rate swap agreement, swaption, currency option or any other, similar agreement (including any
option to enter into any of the foregoing).

                                                      17

         "Taxes" means all present or future taxes, levies, imposts, duties, deductions, withholdings,
assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to
tax or penalties applicable thereto.

         "Termination Date" means the Maturity Date or such earlier date of termination of the Commitments
pursuant to Section 2.5, Section 2.6(e) or Section 9.2.

         "Total Capitalization" means, as of any date of determination, the sum of (i) Consolidated Net Worth as
of such date and (ii) Consolidated Indebtedness as of such date.

         "Type" has the meaning given to such term in Section 2.2(a).

         "Unutilized Commitment" means, with respect to any Lender at any time, such Lender's Commitment at such
time less the aggregate principal amount of all Loans made by such Lender that are outstanding at such time.

         "Wachovia" means Wachovia Bank, National Association, and its successors and assigns.

         1.2      Accounting Terms; GAAP and SAP.  Except as otherwise expressly provided herein, all terms of
an accounting or financial nature shall be construed in accordance with GAAP or SAP, as the context requires,
each as in effect from time to time; provided that, the covenants set forth in Sections 6.1 through 6.3 and
other computations under the Credit Documents will be calculated based upon relevant accounting principles and
risk based capital rules in effect as of the Closing Date. Any Borrower may notify the Administrative Agent
that the Borrowers request an amendment to any provision hereof to eliminate or reflect the effect of any
change occurring after the date hereof in GAAP or SAP or the risk based capital rules, as the case may be, or
in the application thereof on the operation of such provision (or the Administrative Agent may notify the
Borrowers that the Required Lenders request an amendment to any provision hereof for such purpose), and the
parties agree to negotiate in good faith regarding any such requested amendment.

         1.3      Other Terms; Construction.  The definitions of terms herein shall apply equally to the
singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the
corresponding masculine, feminine and neuter forms. The words "include," "includes" and "including" shall be
deemed to be followed by the phrase "without limitation." The word "will" shall be construed to have the same
meaning and effect as the word "shall." Unless the context requires otherwise, (i) any definition of or
reference to any agreement, instrument or other document shall be construed as referring to such agreement,
instrument or other document as from time to time amended, supplemented, restated or otherwise modified
(subject to any restrictions on such amendments, supplements, restatements or modifications set forth herein or
in any other Credit Document), (ii) any reference herein to any Person shall be construed to include such
Person's successors and assigns permitted hereunder, (iii) the words "herein," "hereof" and "hereunder," and
words of similar import when used in any Credit Document, shall be construed to refer to such Credit Document
in its entirety and not to any particular provision thereof, (iv) all references in a Credit Document to
Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and
Exhibits and

                                                      18

Schedules to, the Credit Document in which such references appear, (v) any reference to any law or
regulation herein shall, unless otherwise specified, refer to such law or regulation as amended, modified or
supplemented from time to time, and (vi) the words "asset" and "property" shall be construed to have the same
meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash,
securities, accounts and contract rights.

                                                  ARTICLE II

                                         AMOUNT AND TERMS OF THE LOANS

         2.1      Commitments. Each Lender severally agrees, subject to and on the terms and conditions of
this Agreement, to make loans (each, a "Loan," and collectively, the "Loans") to the Borrowers, from time to
time on any Business Day during the period from and including the Closing Date to but not including the
Termination Date, in an aggregate principal amount at any time outstanding not exceeding its Commitment,
provided that no Borrowing of Loans shall be made if, immediately after giving effect thereto, (y) the Credit
Exposure of any Lender would exceed its Commitment at such time or (z) the Aggregate Credit Exposure would
exceed the aggregate Commitments at such time. Subject to and on the terms and conditions of this Agreement,
the Borrowers may borrow, repay and reborrow Loans.

         2.2      Borrowings.

         (a)      The Loans shall, at the option of the applicable Borrower and subject to the terms and
conditions of this Agreement, be either Base Rate Loans or LIBOR Loans (each, a "Type" of Loan), provided that
(i) all Loans comprising the same Borrowing shall, unless otherwise specifically provided herein, be of the
same Type, and (ii) no LIBOR Loans may be borrowed at any time prior to the third Business Day after the
Closing Date.

         (b)      In order to make a Borrowing, the applicable Borrower will give the Administrative Agent
written notice not later than 11:00 a.m., Charlotte time, three Business Days prior to each Borrowing to be
comprised of LIBOR Loans and on the Business Day of each Borrowing to be comprised of Base Rate Loans;
provided, however, that requests for the Borrowing of Loans to be made on the Closing Date may, at the
discretion of the Administrative Agent, be given with less advance notice than as specified hereinabove. Each
such notice (each, a "Notice of Borrowing") shall be irrevocable, shall be given in the form of Exhibit B-1 and
shall specify (1) the Borrower to which the Loans are to be made, (2) the aggregate principal amount and
initial Type of the Loans to be made pursuant to such Borrowing, (3) in the case of a Borrowing of LIBOR Loans,
the initial Interest Period to be applicable thereto, and (4) the requested Borrowing Date, which shall be a
Business Day. Upon its receipt of a Notice of Borrowing, the Administrative Agent will promptly notify each
applicable Lender of the proposed Borrowing. Notwithstanding anything to the contrary contained herein:

                  (i)      the aggregate principal amount of each Borrowing comprised of Base Rate Loans shall
         not be less than $3,000,000 or, if greater, an integral multiple of $1,000,000 in excess thereof, and
         the aggregate principal amount of each Borrowing comprised of LIBOR Loans shall not be less than
         $5,000,000 or, if greater, an integral multiple of

                                                      19

         $1,000,000 in excess thereof (or, in each case, if less, in the amount of the aggregate Commitments
         less the Aggregate Credit Exposure);

                  (ii)     if the Borrower shall have failed to designate the Type of Loans comprising a
         Borrowing, the Borrower shall be deemed to have requested a Borrowing comprised of Base Rate Loans;
         and

                  (iii)    if the Borrower shall have failed to select the duration of the Interest Period to
         be applicable to any Borrowing of LIBOR Loans, then the Borrower shall be deemed to have selected an
         Interest Period with a duration of one month.

         (c)      Not later than 1:00 p.m., Charlotte time, on the requested Borrowing Date, each applicable
Lender will make available to the Administrative Agent at the Payment Office an amount, in Dollars and in
immediately available funds, equal to the amount of the Loan or Loans to be made by such Lender. To the extent
such Lenders have made such amounts available to the Administrative Agent as provided hereinabove, the
Administrative Agent will make the aggregate of such amounts available to the Borrower in accordance with
Section 2.3(a) and in like funds as received by the Administrative Agent.

         2.3      Disbursements; Funding Reliance; Domicile of Loans.

         (a)      Each Borrower hereby authorizes the Administrative Agent to disburse the proceeds of each
Borrowing in accordance with the terms of any written instructions from any Authorized Officer of the Borrower,
provided that the Administrative Agent shall not be obligated under any circumstances to forward amounts to any
account not listed in an Account Designation Letter. Each Borrower may at any time deliver to the
Administrative Agent an Account Designation Letter listing any additional accounts or deleting any accounts
listed in a previous Account Designation Letter.

         (b)      Unless the Administrative Agent shall have received notice from a Lender prior to the
proposed date of any Borrowing that such Lender will not make available to the Administrative Agent such
Lender's share of such Borrowing, the Administrative Agent may assume that such Lender has made such share
available on such date in accordance with Section 2.2 and may, in reliance upon such assumption, make available
to the applicable Borrower a corresponding amount. In such event, if a Lender has not in fact made its share of
the applicable Borrowing available to the Administrative Agent, then the applicable Lender and Borrower
severally agree to pay to the Administrative Agent forthwith on demand such corresponding amount with interest
thereon, for each day from and including the date such amount is made available to the Borrower to but
excluding the date of payment to the Administrative Agent, at (i) in the case of a payment to be made by such
Lender, the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance
with banking industry rules on interbank compensation and (ii) in the case of a payment to be made by the
applicable Borrower, the Base Rate. If such Borrower and Lender shall pay such interest to the Administrative
Agent for the same or an overlapping period, the Administrative Agent shall promptly remit to the Borrower the
amount of such interest paid by the Borrower for such period. If such Lender pays its share of the applicable
Borrowing to the Administrative Agent, then the amount so paid shall constitute such Lender's Loan included in
such Borrowing. Any

                                                      20

payment by a Borrower shall be without prejudice to any claim the Borrowers may have against a Lender that
shall have failed to make such payment to the Administrative Agent.

         (c)      The obligations of the Lenders hereunder to make Loans and to make payments pursuant to
Section 11.1(c) are several and not joint. The failure of any Lender to make any Loan or to make any such
payment on any date shall not relieve any other Lender of its corresponding obligation, if any, hereunder to do
so on such date, but no Lender shall be responsible for the failure of any other Lender to so make its Loan,
purchase its participation or to make any such payment required hereunder.

         (d)      Each Lender may, at its option, make and maintain any Loan at, to or for the account of any
of its Lending Offices, provided that any exercise of such option shall not affect the obligation of the
applicable Borrower to repay such Loan to or for the account of such Lender in accordance with the terms of
this Agreement.

         2.4      Evidence of Debt; Notes.

         (a)      Each Lender shall maintain in accordance with its usual practice an account or accounts
evidencing the indebtedness of each Borrower to the applicable Lending Office of such Lender resulting from
each Loan made by such Lending Office of such Lender from time to time, including the amounts of principal and
interest payable and paid to such Lending Office of such Lender from time to time under this Agreement.

         (b)      The Administrative Agent shall maintain the Register pursuant to Section 11.6(c), and a
subaccount for each Lender, in which Register and subaccounts (taken together) shall be recorded (i) the
Borrower and amount of each Loan, the Type of each Loan and the Interest Period applicable thereto, (ii) the
amount of any principal or interest due and payable or to become due and payable from each Borrower to each
Lender hereunder in respect of each Loan and (iii) the amount of any sum received by the Administrative Agent
hereunder from the Borrowers in respect of each Loan and each Lender's share thereof.

         (c)      The entries made in the accounts, Register and subaccounts maintained pursuant to Section
2.4(b) (and, if consistent with the entries of the Administrative Agent, Section 2.4(a)) shall, to the extent
permitted by applicable law, be prima facie evidence of the existence and amounts of the obligations of the
Borrowers therein recorded; provided, however, that the failure of any Lender or the Administrative Agent to
maintain such account, such Register or such subaccount, as applicable, or any error therein, shall not in any
manner affect the obligation of each Borrower to repay (with applicable interest) the Loans made to such
Borrower by such Lender in accordance with the terms of this Agreement.

         (d)      The Loans made by each Lender shall, if requested by the applicable Lender (which request
shall be made to the Administrative Agent), be evidenced Notes appropriately completed in substantially the
form of Exhibit A, in each case executed by a Borrower and payable to the order of such Lender. Each Note shall
be entitled to all of the benefits of this Agreement and the other Credit Documents and shall be subject to the
provisions hereof and thereof.

         2.5      Termination and Reduction of Commitments.

                                                      21

         (a)      The Commitments shall be automatically and permanently terminated on the Maturity Date,
unless sooner terminated pursuant to any other provision of this Section 2.5, Section 2.6(e) or Section 9.2.

         (b)      At any time and from time to time after the date hereof, upon not less than five Business
Days' prior written notice to the Administrative Agent, the Borrowers may terminate in whole or reduce in part
the aggregate Unutilized Commitments, provided that any such partial reduction shall be in an aggregate amount
of not less than $5,000,000 or, if greater, an integral multiple of $1,000,000 in excess thereof. The amount of
any termination or reduction made under this Section 2.5(a) may not thereafter be reinstated.

         (c)      Each reduction of the Commitments pursuant to this Section shall be applied ratably among the
Lenders according to their respective Commitments.

         2.6      Mandatory Payments and Prepayments.

         (a)      Maturity Date. Except to the extent due or paid sooner pursuant to the provisions of this
Agreement, the aggregate outstanding principal of the Loans shall be due and payable in full on the Maturity
Date.

         (b)      Excess of Commitments. In the event that, at any time, the Aggregate Credit Exposure shall
exceed the aggregate Commitments at such time (after giving effect to any concurrent termination or reduction
thereof), the Borrowers will immediately prepay the outstanding principal amount of the Loans in the amount of
such excess.

         (c)      Casualty Events. Not later than 270 days after receipt by any Borrower or a Subsidiary
thereof of any proceeds of insurance, condemnation award or other compensation in respect of any Casualty Event
(or, if earlier, upon its determination not to repair or replace any property subject to such Casualty Event or
to acquire assets used or useable in the business of the Parent and its Subsidiaries), the Borrowers will
prepay the outstanding principal amount of the Loans in an amount equal to 100% of the Net Cash Proceeds from
such Casualty Event, less any amounts (A) under $2,500,000 for each occurrence or series of related occurrences
or (B) theretofore applied (or contractually committed to be applied) to the repair or replacement of property
subject to such Casualty Event or to acquire assets used or useable in the business of the Parent and its
Subsidiaries and will deliver to the Administrative Agent, concurrently with such prepayment, a certificate
signed by a Financial Officer of the Borrowers in form and substance satisfactory to the Administrative Agent
and setting forth the calculation of such Net Cash Proceeds; provided, however, that, notwithstanding the
foregoing, (i) except as otherwise provided in this Agreement (including in clause (ii) below) or in any other
Credit Document, the Administrative Agent shall turn over to the Borrowers any such proceeds received during
such 270-day period (unless the Borrowers have, prior to the Administrative Agent's receipt of such proceeds,
notified the Administrative Agent of their determination not to repair or replace the property subject to the
applicable Casualty Event or to acquire assets used or useable in the business of the Borrowers and their
Subsidiaries), and (ii) any and all such proceeds received or held by the Administrative Agent or the Borrowers
or any of their Subsidiaries during the continuance of an Event of Default (regardless of any proposed or
actual use thereof for repair, replacement or reinvestment) shall be applied to prepay the outstanding
principal amount of the

                                                      22

Loans; and provided further that no prepayment shall be required with respect to Net Cash Proceeds received by
an Insurance Subsidiary to the extent that such proceeds must be retained by such Insurance Subsidiary to
satisfy an applicable Requirement of Law or if such retention is, in the opinion of any applicable Governmental
Authority, necessary or appropriate to maintain the soundness of such Insurance Subsidiary, whether or not the
opinion of such Governmental Authority has the force of law.

         (d)      Asset Dispositions. Not later than 180 days after receipt by any Borrower or a Subsidiary
thereof of proceeds in respect of any Asset Disposition (or, if earlier, upon its determination not to apply
such proceeds to the acquisition of assets used or useable in the business of the Parent and its Subsidiaries),
the Borrowers will prepay the outstanding principal amount of the Loans in an amount equal to 100% of the Net
Cash Proceeds from such Asset Disposition, less any amounts theretofore applied (or contractually committed to
be applied) to acquire assets used or useable in the business of the Parent and its Subsidiaries, and will
deliver to the Administrative Agent, concurrently with such prepayment, a certificate signed by a Financial
Officer of the Borrowers in form and substance satisfactory to the Administrative Agent and setting forth the
calculation of such Net Cash Proceeds. Notwithstanding the foregoing, nothing in this Section 2.6(d) shall be
deemed to permit any Asset Disposition not expressly permitted under Section 7.2 or any Acquisition, Joint
Venture or other use of proceeds otherwise not permitted under the Credit Documents.

         (e)      Application of Payments. Each prepayment of the Loans made pursuant to Section 2.6(b) shall
be applied to reduce the outstanding principal amount of the Loans (and applied to specific Loans in the manner
designated by the Borrowers or, if there is no such designation, in any manner reasonably determined by the
Agent) but without any corresponding permanent reduction of the Commitments. Each prepayment of the Loans made
pursuant to Sections 2.6(c) and (d) shall be applied to reduce the outstanding principal amount of the Loans of
the Borrower experiencing the Casualty Event or making the Asset Disposition (and, thereafter, of PLIC if it is
not such Borrower) with a corresponding permanent reduction of the Commitments (and if the outstanding Loans
are less than the amount of the required prepayment, the Commitments shall nevertheless be reduced by the full
amount of the required prepayment). Such prepayments shall be applied first to prepay all Base Rate Loans, and
then to prepay LIBOR Loans in direct order of Interest Period maturities. Each payment or prepayment pursuant
to the provisions of this Section 2.6 shall be applied ratably among the Lenders holding the Loans being
prepaid, in proportion to the principal amount held by each. Each payment or prepayment of a LIBOR Loan made
pursuant to the provisions of this Section on a day other than the last day of the Interest Period applicable
thereto shall be made together with all amounts required under Section 2.18 to be paid as a consequence
thereof.

         (f)      Notice. In the event the Administrative Agent receives a notice of prepayment, the
Administrative Agent will give prompt notice thereof to the Lenders; provided that if such notice has also been
furnished to the Lenders, the Administrative Agent shall have no obligation to notify the Lenders with respect
thereto.

         2.7      Voluntary Prepayments.

                                                      23

         (a)      At any time and from time to time, the Borrowers shall have the right to prepay the Loans, in
whole or in part, without premium or penalty (except as provided in clause (iii) below), upon written notice
given to the Administrative Agent not later than 11:00 a.m., Charlotte time, three Business Days prior to each
intended prepayment of LIBOR Loans and one Business Day prior to each intended prepayment of Base Rate Loans,
provided that (i) each partial prepayment of LIBOR Loans shall be in an aggregate principal amount of not less
than $5,000,000 or, if greater, an integral multiple of $1,000,000 in excess thereof, and each partial
prepayment of Base Rate Loans shall be in an aggregate principal amount of not less than $3,000,000 or, if
greater, an integral multiple of $1,000,000 in excess thereof, (ii) no partial prepayment of LIBOR Loans made
pursuant to any single Borrowing shall reduce the aggregate outstanding principal amount of the remaining LIBOR
Loans under such Borrowing to less than $5,000,000 or to any greater amount not an integral multiple of
$1,000,000 in excess thereof, and (iii) unless made together with all amounts required under Section 2.18 to be
paid as a consequence of such prepayment, a prepayment of a LIBOR Loan may be made only on the last day of the
Interest Period applicable thereto. Each such notice shall specify the proposed date of such prepayment, the
applicable Borrower and the aggregate principal amount and Type of the Loans to be prepaid (and, in the case of
LIBOR Loans, the Interest Period of the Borrowing pursuant to which made), and shall be irrevocable and shall
bind the applicable Borrower to make such prepayment on the terms specified therein. Loans prepaid pursuant to
this Section 2.7(a) may be reborrowed, subject to the terms and conditions of this Agreement. In the event the
Administrative Agent receives a notice of prepayment under this Section, the Administrative Agent will give
prompt notice thereof to the Lenders; provided that if such notice has also been furnished to the Lenders, the
Administrative Agent shall have no obligation to notify the Lenders with respect thereto.

         (b)      Each prepayment of the Loans made pursuant to Section 2.7(a) shall be applied ratably among
the Lenders holding the Loans being prepaid, in proportion to the principal amount held by each.

         2.8      Interest.

         (a)      Interest Rates. Each Borrower will pay interest in respect of the unpaid principal amount of
each of its Loans, from the date of Borrowing thereof until such principal amount shall be paid in full, (i) at
the Base Rate, as in effect from time to time during such periods as such Loan is a Base Rate Loan, and (ii) at
the Adjusted LIBOR Rate, as in effect from time to time during such periods as such Loan is a LIBOR Loan.

         (b)      Default Rate. Upon the occurrence and during the continuance of any Event of Default by any
Borrower in the payment of any principal of or interest on any Loan, any fees or other amount hereunder when
due (whether at maturity, pursuant to acceleration or otherwise), and, at the election of the Required Lenders,
upon the occurrence and during the continuance of any other Event of Default, all outstanding principal amounts
of the Loans and, to the greatest extent permitted by law, all interest accrued on the Loans and all other
accrued and outstanding fees and other amounts hereunder, shall bear interest at a rate per annum equal to the
interest rate applicable from time to time thereafter to such Loans (whether the Base Rate or the Adjusted
LIBOR Rate) plus 2% (or, in the case of interest, fees and other amounts for which no rate is provided
hereunder, at the Base Rate plus 2%), and, in each case, such default interest shall be

                                                      24

payable on demand. To the greatest extent permitted by law, interest shall continue to accrue after the filing
by or against any Borrower of any petition seeking any relief in bankruptcy or under any law pertaining to
insolvency or debtor relief.

         (c)      Payment Dates. Accrued (and theretofore unpaid) interest shall be payable as follows:

                  (i)      in respect of each Base Rate Loan (including any Base Rate Loan or portion thereof paid
         or prepaid pursuant to the provisions of Section 2.6, except as provided hereinbelow), in arrears on
         the last Business Day of each calendar quarter, beginning with the first such day to occur after the
         Closing Date; provided, that in the event the Loans are repaid or prepaid in full and the Commitments
         have been terminated, then accrued interest in respect of all Base Rate Loans shall be payable
         together with such repayment or prepayment on the date thereof;

                  (ii)     in respect of each LIBOR Loan (including any LIBOR Loan or portion thereof paid or
         prepaid pursuant to the provisions of Section 2.6, except as provided hereinbelow), in arrears (y) on
         the last Business Day of the Interest Period applicable thereto (subject to the provisions of Section
         2.10(iv)) and (z) in addition, in the case of a LIBOR Loan with an Interest Period having a duration
         of six months or longer, on each date on which interest would have been payable under clause (y) above
         had successive Interest Periods of three months' duration been applicable to such LIBOR Loan;
         provided, that in the event all LIBOR Loans made pursuant to a single Borrowing are repaid or
         prepaid in full, then accrued interest in respect of such LIBOR Loans shall be payable together with
         such repayment or prepayment on the date thereof; and

                  (iii)    in respect of any Loan, at maturity (whether pursuant to acceleration or otherwise)
         and, after maturity, on demand.

         (d)      Maximum Lawful Rate. Nothing contained in this Agreement or in any other Credit Document
shall be deemed to establish or require the payment of interest to any Lender at a rate in excess of the
maximum rate permitted by applicable law. If the amount of interest payable for the account of any Lender on
any interest payment date would exceed the maximum amount permitted by applicable law to be charged by such
Lender, the amount of interest payable for its account on such interest payment date shall be automatically
reduced to such maximum permissible amount. In the event of any such reduction affecting any Lender, if from
time to time thereafter the amount of interest payable for the account of such Lender on any interest payment
date would be less than the maximum amount permitted by applicable law to be charged by such Lender, then the
amount of interest payable for its account on such subsequent interest payment date shall be automatically
increased to such maximum permissible amount, provided that at no time shall the aggregate amount by which
interest paid for the account of any Lender has been increased pursuant to this sentence exceed the aggregate
amount by which interest paid for its account has theretofore been reduced pursuant to the previous sentence.

         (e)      Notice of Rate Determinations. The Administrative Agent shall promptly notify the Borrowers
and the Lenders upon determining the interest rate for each Borrowing of LIBOR Loans after its receipt of the
relevant Notice of Borrowing or Notice of Conversion/Continuation,

                                                      25

and upon each change in the Base Rate; provided, however, that the failure of the Administrative Agent to
provide the Borrowers or the Lenders with any such notice shall neither affect any obligations of the Borrowers
or the Lenders hereunder nor result in any liability on the part of the Administrative Agent to the Borrowers
or any Lender. Each such determination (including each determination of the Reserve Requirement) shall, absent
manifest error, be conclusive and binding on all parties hereto.

         2.9      Fees. The Borrowers agree to pay:

         (a)      To the Arranger and Wachovia, for their own respective accounts, on the Closing Date, the
fees required under the Fee Letter to be paid to them on the Closing Date, in the amounts due and payable on
the Closing Date as required by the terms thereof;

         (b)      To the Administrative Agent, for the account of each Lender, a facility fee (the "Facility
Fee") for each calendar quarter (or portion thereof) for the period from the date of this Agreement to the
Termination Date, at the per annum rate specified in the definition of "Applicable Percentage" for such fee
from time to time during such quarter on such Lender's ratable share (based on the proportion that its
Commitment bears to the aggregate Commitments) of the average daily aggregate Commitments, payable in arrears
(i) on the last Business Day of each calendar quarter, beginning with the first such day to occur after the
Closing Date, and (ii) on the Termination Date;

         (c)      To the Administrative Agent, for its own account, the annual administrative fee described in
the Fee Letter, on the terms, in the amount and at the times set forth therein.

         2.10     Interest Periods. Concurrently with the giving of a Notice of Borrowing or Notice of
Conversion/Continuation in respect of any Borrowing comprised of Base Rate Loans to be converted into, or LIBOR
Loans to be continued as, LIBOR Loans, the applicable Borrower shall have the right to elect, pursuant to such
notice, the interest period (each, an "Interest Period") to be applicable to such LIBOR Loans, which Interest
Period shall, at the option of the Borrowers, be a one, two, three or six-month period; provided, however,
that:

                  (i)      all LIBOR Loans comprising a single Borrowing shall at all times have the same
         Interest Period;

                  (ii)     the initial Interest Period for any LIBOR Loan shall commence on the date of the
         Borrowing of such LIBOR Loan (including the date of any continuation of, or conversion into, such
         LIBOR Loan), and each successive Interest Period applicable to such LIBOR Loan shall commence on the
         day on which the next preceding Interest Period applicable thereto expires;

                  (iii)    LIBOR Loans may not be outstanding under more than eight separate Interest Periods at
         any one time (for which purpose Interest Periods shall be deemed to be separate even if they are
         coterminous);

                  (iv)     if any Interest Period otherwise would expire on a day that is not a Business Day,
         such Interest Period shall expire on the next succeeding Business Day

                                                      26

         unless such next succeeding Business Day falls in another calendar month, in which case such Interest
         Period shall expire on the next preceding Business Day;

                  (v)      the Borrowers may not select any Interest Period that expires after the Maturity
         Date, with respect to Loans that are to be maintained as LIBOR Loans;

                  (vi)     if any Interest Period begins on a day for which there is no numerically
         corresponding day in the calendar month during which such Interest Period would otherwise expire, such
         Interest Period shall expire on the last Business Day of such calendar month; and

                  (vii)    the Borrowers may not select any Interest Period (and consequently, no LIBOR Loans
         shall be made) if a Default or Event of Default shall have occurred and be continuing at the time of
         such Notice of Borrowing or Notice of Conversion/Continuation with respect to any Borrowing.

         2.11     Conversions and Continuations.

         (a)      The Borrowers shall have the right, on any Business Day occurring on or after the Closing
Date, to elect (i) to convert all or a portion of the outstanding principal amount of any Base Rate Loans into
LIBOR Loans, or to convert any LIBOR Loans the Interest Periods for which end on the same day into Base Rate
Loans, or (ii) upon the expiration of any Interest Period, to continue all or a portion of the outstanding
principal amount of any LIBOR Loans the Interest Periods for which end on the same day for an additional
Interest Period, provided that (w) any such conversion of LIBOR Loans into Base Rate Loans shall involve an
aggregate principal amount of not less than $3,000,000 or, if greater, an integral multiple of $1,000,000 in
excess thereof; any such conversion of Base Rate Loans into, or continuation of, LIBOR Loans shall involve an
aggregate principal amount of not less than $5,000,000 or, if greater, an integral multiple of $1,000,000 in
excess thereof; and no partial conversion of LIBOR Loans made pursuant to a single Borrowing shall reduce the
outstanding principal amount of such LIBOR Loans to less than $5,000,000 or to any greater amount not an
integral multiple of $1,000,000 in excess thereof, (x) except as otherwise provided in Section 2.16(f), LIBOR
Loans may be converted into Base Rate Loans only on the last day of the Interest Period applicable thereto
(and, in any event, if a LIBOR Loan is converted into a Base Rate Loan on any day other than the last day of
the Interest Period applicable thereto, the applicable Borrower will pay, upon such conversion, all amounts
required under Section 2.18 to be paid as a consequence thereof and (y) no conversion of Base Rate Loans into
LIBOR Loans or continuation of LIBOR Loans shall be permitted during the continuance of a Default or Event of
Default.

         (b)      The applicable Borrower shall make each such election by giving the Administrative Agent
written notice not later than 11:00 a.m., Charlotte time, three Business Days prior to the intended effective
date of any conversion of Base Rate Loans into, or continuation of, LIBOR Loans and on the same Business Day as
the intended effective date of any conversion of LIBOR Loans into Base Rate Loans. Each such notice (each, a
"Notice of Conversion/Continuation") shall be irrevocable, shall be given in the form of Exhibit B-2 and shall
specify (x) the date of such conversion or continuation (which shall be a Business Day), (y) in the case of a
conversion into, or a continuation of, LIBOR Loans, the Interest Period to be

                                                      27

applicable thereto, and (z) the aggregate amount and Type of the Loans being converted or continued. Upon the
receipt of a Notice of Conversion/Continuation, the Administrative Agent will promptly notify each applicable
Lender of the proposed conversion or continuation. In the event that the applicable Borrower shall fail to
deliver a Notice of Conversion/Continuation as provided herein with respect to any outstanding LIBOR Loans,
such LIBOR Loans shall automatically be converted to Base Rate Loans upon the expiration of the then current
Interest Period applicable thereto (unless repaid pursuant to the terms hereof). In the event the applicable
Borrower shall have failed to select in a Notice of Conversion/Continuation the duration of the Interest Period
to be applicable to any conversion into, or continuation of, LIBOR Loans, then the Borrower shall be deemed to
have selected an Interest Period with a duration of one month.

         2.12     Method of Payments; Computations; Apportionment of Payments.

         (a)      All payments by the Borrowers hereunder shall be made without setoff, counterclaim or other
defense, in Dollars and in immediately available funds to the Administrative Agent, for the account of the
Lenders entitled to such payment (except as otherwise expressly provided herein as to payments required to be
made directly to the Lenders) at the Payment Office prior to 12:00 noon, Charlotte time, on the date payment is
due. Any payment made as required hereinabove, but after 12:00 noon, Charlotte time, shall be deemed to have
been made on the next succeeding Business Day. If any payment falls due on a day that is not a Business Day,
then such due date shall be extended to the next succeeding Business Day (except that in the case of LIBOR
Loans to which the provisions of Section 2.10(iv) are applicable, such due date shall be the next preceding
Business Day), and such extension of time shall then be included in the computation of payment of interest,
fees or other applicable amounts.

         (b)      The Administrative Agent will distribute to the Lenders like amounts relating to payments
made to the Administrative Agent for the account of the Lenders as follows: (i) if the payment is received by
12:00 noon, Charlotte time, in immediately available funds, the Administrative Agent will make available to
each relevant Lender on the same date, by wire transfer of immediately available funds, such Lender's ratable
share of such payment (based on the percentage that the amount of the relevant payment owing to such Lender
bears to the total amount of such payment owing to all of the relevant Lenders), and (ii) if such payment is
received after 12:00 noon, Charlotte time, or in other than immediately available funds, the Administrative
Agent will make available to each such Lender its ratable share of such payment by wire transfer of immediately
available funds on the next succeeding Business Day (or in the case of uncollected funds, as soon as
practicable after collected). If the Administrative Agent shall not have made a required distribution to the
appropriate Lenders as required hereinabove after receiving a payment for the account of such Lenders, the
Administrative Agent will pay to each such Lender, on demand, its ratable share of such payment with interest
thereon at the Federal Funds Rate for each day from the date such amount was required to be disbursed by the
Administrative Agent until the date repaid to such Lender.

         (c)      Unless the Administrative Agent shall have received notice from the Borrowers prior to the
date on which any payment is due to the Administrative Agent for the account of the Lenders hereunder that the
Borrowers will not make such payment, the Administrative Agent may assume that the Borrowers have made such
payment on such date in accordance herewith

                                                      28

and may, in reliance upon such assumption, distribute to the Lenders the amount due. In such event, if the
Borrowers have not in fact made such payment, then each of the Lenders severally agrees to repay to the
Administrative Agent forthwith on demand the amount so distributed to such Lender, with interest thereon, for
each day from and including the date such amount is distributed to it to but excluding the date of payment to
the Administrative Agent, at the greater of the Federal Funds Rate and a rate determined by the Administrative
Agent in accordance with banking industry rules on interbank compensation.

         (d)      All computations of interest and fees hereunder (including computations of the Reserve
Requirement) shall be made on the basis of a year consisting of (i) in the case of interest on Base Rate Loans,
365/366 days, as the case may be, or (ii) in all other instances, 360 days; and in each case under (i) and (ii)
above, with regard to the actual number of days (including the first day, but excluding the last day) elapsed.

         (e)      Notwithstanding any other provision of this Agreement or any other Credit Document to the
contrary, all amounts collected or received by the Administrative Agent or any Lender after acceleration of the
Loans pursuant to Section 9.2 shall be applied by the Administrative Agent as follows:

                  (i)      first, to the payment of all reasonable out-of-pocket costs and expenses (including,
         without limitation, reasonable attorneys' and consultants' fees irrespective of whether such fees are
         allowed as a claim after the occurrence of a Bankruptcy Event) of the Administrative Agent in
         connection with enforcing the rights of the Lenders under the Credit Documents;

                  (ii)     second, to the payment of any fees owed to the Administrative Agent hereunder or
         under any other Credit Document;

                  (iii)    third, to the payment of all reasonable and documented out-of-pocket costs and
         expenses (including, without limitation, reasonable attorneys' and consultants' fees irrespective of
         whether such fees are allowed as a claim after the occurrence of a Bankruptcy Event) of each of the
         Lenders in connection with enforcing its rights under the Credit Documents or otherwise with respect
         to the Obligations owing to such Lender;

                  (iv)     fourth, to the payment of all of the Obligations consisting of accrued fees and
         interest (including, without limitation, fees incurred and interest accruing at the then applicable
         rate after the occurrence of a Bankruptcy Event irrespective of whether a claim for such fees incurred
         and interest accruing is allowed in such proceeding);

                  (v)      fifth, to the payment of the outstanding principal amount of the Obligations;

                  (vi)     sixth, to the payment of all other Obligations and other obligations that shall have
         become due and payable under the Credit Documents or otherwise and not repaid; and

                  (vii)    seventh, to the payment of the surplus (if any) to whomever may be lawfully entitled
         to receive such surplus.

                                                      29

         (f)      In carrying out the foregoing, (x) amounts received shall be applied in the numerical order
provided until exhausted prior to application to the next succeeding category and all amounts shall be
apportioned ratably among the Lenders in proportion to the amounts of such principal, interest, fees or other
Obligations owed to them respectively pursuant to clauses (iii) through (vii) above.

         2.13     Recovery of Payments.

         (a)      The Borrowers agree that to the extent the Borrowers make a payment or payments to or for the
account of the Administrative Agent or any Lender, which payment or payments or any part thereof are
subsequently invalidated, declared to be fraudulent or preferential, set aside or required to be repaid to a
trustee, receiver or any other party under any bankruptcy, insolvency or similar state or federal law, common
law or equitable cause (whether as a result of any demand, settlement, litigation or otherwise), then, to the
extent of such payment or repayment, the Obligation intended to be satisfied shall be revived and continued in
full force and effect as if such payment had not been received.

         (b)      If any amounts distributed by the Administrative Agent to any Lender are subsequently
returned or repaid by the Administrative Agent to the Borrowers, their respective representatives or successors
in interest, or any other Person, whether by court order, by settlement approved by the Lender in question, or
pursuant to applicable Requirements of Law, such Lender will, promptly upon receipt of notice thereof from the
Administrative Agent, pay the Administrative Agent such amount. If any such amounts are recovered by the
Administrative Agent from the Borrowers, their respective representatives or successors in interest or such
other Person, the Administrative Agent will redistribute such amounts to the Lenders on the same basis as such
amounts were originally distributed.

         2.14     Use of Proceeds. The proceeds of the Loans shall be used to provide for working capital and
general corporate purposes and in accordance with the terms and provisions of this Agreement.

         2.15     Pro Rata Treatment.

         (a)      All fundings, continuations and conversions of Loans shall be made by the Lenders pro rata on
the basis of their respective Commitments to provide Loans (in the case of the funding of Loans pursuant to
Section 2.2) or on the basis of their respective outstanding Loans (in the case of continuations and
conversions of Loans pursuant to Section 2.11, and additionally in all cases in the event the Commitments have
expired or have been terminated), as the case may be from time to time. All payments on account of principal of
or interest on any Loans, fees or any other Obligations owing to or for the account of any one or more Lenders
shall be apportioned ratably among such Lenders in proportion to the amounts of such principal, interest, fees
or other Obligations owed to them respectively.

         (b)      If any Lender shall, by exercising any right of setoff or counterclaim or otherwise, obtain
payment in respect of any principal of or interest on any of its Loans or other Obligations hereunder resulting
in such Lender's receiving payment of a proportion of the aggregate amount of its Loans and accrued interest
thereon or other such Obligations greater than its pro rata share

                                                      30

thereof as provided herein, then the Lender receiving such greater proportion shall (a) notify the
Administrative Agent of such fact, and (b) purchase (for cash at face value) participations in the Loans and
such other Obligations of the other Lenders, or make such other adjustments as shall be equitable, so that the
benefit of all such payments shall be shared by the Lenders ratably in accordance with the aggregate amount of
principal of and accrued interest on their respective Loans and other amounts owing them, provided that (i) if
any such participations are purchased and all or any portion of the payment giving rise thereto is recovered,
such participations shall be rescinded and the purchase price restored to the extent of such recovery, without
interest, and (ii) the provisions of this Section shall not be construed to apply to (x) any payment made by
the Borrowers pursuant to and in accordance with the express terms of this Agreement or (y) any payment
obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Loans to
any assignee or participant, other than to the Parent or any Subsidiary thereof (as to which the provisions of
this Section 2.15(b) shall apply). Each Borrower consents to the foregoing and agrees, to the extent it may
effectively do so under applicable law, that any Lender acquiring a participation pursuant to the foregoing
arrangements may exercise against such Borrower rights of setoff and counterclaim with respect to such
participation as fully as if such Lender were a direct creditor of such Borrower in the amount of such
participation. If under any applicable bankruptcy, insolvency or similar law, any Lender receives a secured
claim in lieu of a setoff to which this Section 2.15(b) applies, such Lender shall, to the extent practicable,
exercise its rights in respect of such secured claim in a manner consistent with the rights of the Lenders
entitled under this Section 2.15(b) to share in the benefits of any recovery on such secured claim.

         2.16     Increased Costs; Change in Circumstances; Illegality.

         (a)      If any Change in Law shall:

                  (i)      impose, modify or deem applicable any reserve, special deposit, compulsory loan,
         insurance charge or similar requirement against assets of, deposits with or for the account of, or
         credit extended or participated in by, any Lender (except the Reserve Requirement reflected in the
         LIBOR Rate);

                  (ii)     subject any Lender to any tax of any kind whatsoever with respect to this Agreement
         or any LIBOR Loan made by it, or change the basis of taxation of payments to such Lender in respect
         thereof (except for Indemnified Taxes or Other Taxes covered by Section 2.17 and the imposition of, or
         any change in the rate of, any Excluded Tax payable by such Lender); or

                  (iii)    impose on any Lender or the London interbank market any other condition, cost or
         expense affecting this Agreement or LIBOR Loans made by such Lender;

and the result of any of the foregoing shall be to increase the cost to such Lender of making or maintaining
any LIBOR Loan (or of maintaining its obligation to make any such Loan) or to reduce the amount of any sum
received or receivable by such Lender hereunder (whether of principal, interest or any other amount), then,
upon request of such Lender, the Borrowers will

                                                      31

pay to such Lender such additional amount or amounts as will compensate such Lender for such additional costs
incurred or reduction suffered.

         (b)      If any Lender determines that any Change in Law affecting such Lender or any Lending Office
of such Lender or such Lender's holding company, if any, regarding capital requirements has or would have the
effect of reducing the rate of return on such Lender's capital or on the capital of such Lender's holding
company, if any, as a consequence of this Agreement, the Commitments of such Lender or the Loans made by such
Lender to a level below that which such Lender or such Lender's holding company could have achieved but for
such Change in Law (taking into consideration such Lender's policies and the policies of such Lender's holding
company with respect to capital adequacy), then from time to time the Borrowers will pay to such Lender such
additional amount or amounts as will compensate such Lender or such Lender's holding company for any such
reduction suffered.

         (c)      A certificate of a Lender setting forth the amount or amounts necessary to compensate such
Lender or its holding company, as the case may be, as specified in Section 2.16(a) or Section 2.16(b) and
delivered to the Borrowers shall be conclusive absent manifest error. The Borrowers shall pay such Lender the
amount shown as due on any such certificate within 10 days after receipt thereof.

         (d)      Failure or delay on the part of any Lender to demand compensation pursuant to the foregoing
provisions of this Section shall not constitute a waiver of such Lender's right to demand such compensation,
provided that the Borrowers shall not be required to compensate a Lender pursuant to the foregoing provisions
of this Section for any increased costs incurred or reductions suffered more than nine months prior to the date
that such Lender notifies the Borrowers of the Change in Law giving rise to such increased costs or reductions
and of such Lender's intention to claim compensation therefor (except that, if the Change in Law giving rise to
such increased costs or reductions is retroactive, then the nine-month period referred to above shall be
extended to include the period of retroactive effect thereof).

         (e)      If, on or prior to the first day of any Interest Period, (y) the Administrative Agent shall
have determined that adequate and reasonable means do not exist for ascertaining the applicable LIBOR Rate for
such Interest Period or (z) the Administrative Agent shall have received written notice from the Required
Lenders of their determination that the rate of interest referred to in the definition of "LIBOR Rate" upon the
basis of which the Adjusted LIBOR Rate for LIBOR Loans for such Interest Period is to be determined will not
adequately and fairly reflect the cost to such Lenders of making or maintaining LIBOR Loans during such
Interest Period, the Administrative Agent will forthwith so notify the Borrowers and the Lenders. Upon such
notice, (i) all then outstanding LIBOR Loans shall automatically, on the expiration date of the respective
Interest Periods applicable thereto (unless then repaid in full), be converted into Base Rate Loans, (ii) the
obligation of the Lenders to make, to convert Base Rate Loans into, or to continue, LIBOR Loans shall be
suspended (including pursuant to the Borrowing to which such Interest Period applies), and (iii) any Notice of
Borrowing or Notice of Conversion/Continuation given at any time thereafter with respect to LIBOR Loans shall
be deemed to be a request for Base Rate Loans, in each case until the Administrative Agent or the Required
Lenders, as the case may be, shall have determined that the circumstances giving rise to such suspension no
longer exist (and the Required Lenders, if making such determination,

                                                      32

shall have so notified the Administrative Agent), and the Administrative Agent shall have so notified the
Borrowers and the Lenders.

         (f)      Notwithstanding any other provision in this Agreement, if, at any time after the date hereof
and from time to time, any Lender shall have determined in good faith that the introduction of or any change in
any applicable law, rule or regulation or in the interpretation or administration thereof by any Governmental
Authority charged with the interpretation or administration thereof, or compliance with any guideline or
request from any such Governmental Authority (whether or not having the force of law), has or would have the
effect of making it unlawful for such Lender to make or to continue to make or maintain LIBOR Loans, such
Lender will forthwith so notify the Administrative Agent and the Borrowers. Upon such notice, (i) each of such
Lender's then outstanding LIBOR Loans shall automatically, on the expiration date of the respective Interest
Period applicable thereto (or, to the extent any such LIBOR Loan may not lawfully be maintained as a LIBOR Loan
until such expiration date, upon such notice) and to the extent not sooner prepaid, be converted into a Base
Rate Loan, (ii) the obligation of such Lender to make, to convert Base Rate Loans into, or to continue, LIBOR
Loans shall be suspended (including pursuant to any Borrowing for which the Administrative Agent has received a
Notice of Borrowing but for which the Borrowing Date has not arrived), and (iii) any Notice of Borrowing or
Notice of Conversion/Continuation given at any time thereafter with respect to LIBOR Loans shall, as to such
Lender, be deemed to be a request for a Base Rate Loan, in each case until such Lender shall have determined
that the circumstances giving rise to such suspension no longer exist and shall have so notified the
Administrative Agent, and the Administrative Agent shall have so notified the Borrowers.

         2.17     Taxes.

         (a)      Any and all payments by or on account of any obligation of the Borrowers hereunder or under
any other Credit Document shall be made free and clear of and without reduction or withholding for any
Indemnified Taxes or Other Taxes, provided that if the Borrowers shall be required by applicable law to deduct
any Indemnified Taxes (including any Other Taxes) from such payments, then (i) the sum payable shall be
increased as necessary so that after making all required deductions (including deductions applicable to
additional sums payable under this Section) the Administrative Agent or Lender, as the case may be, receives an
amount equal to the sum it would have received had no such deductions been made, (ii) the Borrowers shall make
such deductions and (iii) the Borrowers shall timely pay the full amount deducted to the relevant Governmental
Authority in accordance with applicable law.

         (b)      Without limiting the provisions of Section 2.17(a), the Borrowers shall timely pay any Other
Taxes to the relevant Governmental Authority in accordance with applicable law.

         (c)      The Borrowers shall indemnify the Administrative Agent and each Lender, within 10 days after
demand therefor, for the full amount of any Indemnified Taxes or Other Taxes (including Indemnified Taxes or
Other Taxes imposed or asserted on or attributable to amounts payable under this Section) paid by the
Administrative Agent or such Lender, as the case may be, and any penalties, interest and reasonable expenses
arising therefrom or with respect thereto, whether or not such Indemnified Taxes or Other Taxes were correctly
or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such
payment

                                                      33

or liability delivered to the Borrowers by a Lender (with a copy to the Administrative Agent), or by the
Administrative Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error.

         (d)      As soon as practicable after any payment of Indemnified Taxes or Other Taxes by the Borrowers
to a Governmental Authority, the Borrowers shall deliver to the Administrative Agent the original or a
certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return
reporting such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent.

         (e)      Any Foreign Lender that is entitled to an exemption from or reduction of withholding tax
under the law of the jurisdiction in which any Borrower is resident for tax purposes, or any treaty to which
such jurisdiction is a party, with respect to payments hereunder or under any other Credit Document shall
deliver to the Borrowers (with a copy to the Administrative Agent), at the time or times prescribed by
applicable law or reasonably requested by the Borrowers or the Administrative Agent, such properly completed
and executed documentation prescribed by applicable law as will permit such payments to be made without
withholding or at a reduced rate of withholding. In addition, any Lender, if requested by the Borrowers or the
Administrative Agent, shall deliver such other documentation prescribed by applicable law or reasonably
requested by the Borrowers or the Administrative Agent as will enable the Borrowers or the Administrative Agent
to determine whether or not such Lender is subject to backup withholding or information reporting requirements.

         Without limiting the generality of the foregoing, in the event that any Borrower is resident for tax
purposes in the United States, any Foreign Lender shall deliver to the Borrowers and the Administrative Agent (in
such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign
Lender becomes a Lender under this Agreement (and from time to time thereafter upon the request of the Borrowers
or the Administrative Agent, but only if such Foreign Lender is legally entitled to do so), whichever of the
following is applicable:

                  (i)      duly completed copies of Internal Revenue Service Form W-8BEN claiming eligibility
         for benefits of an income tax treaty to which the United States is a party,

                  (ii)     duly completed copies of Internal Revenue Service Form W-8ECI,

                  (iii)    in the case of a Foreign Lender claiming the benefits of the exemption for portfolio
         interest under Section 881(c) of the Code, (x) a certificate to the effect that such Foreign Lender is
         not (A) a "bank" within the meaning of Section 881(c)(3)(A) of the Code, (B) a "10 percent
         shareholder" of any Borrower within the meaning of Section 881(c)(3)(B) of the Code, or (C) a
         "controlled foreign corporation" described in Section 881(c)(3)(C) of the Code and (y) duly completed
         copies of Internal Revenue Service Form W-8BEN, or

                  (iv) any other form prescribed by applicable law as a basis for claiming exemption from or a
         reduction in United States Federal withholding tax duly completed

                                                      34

         together with such supplementary documentation as may be prescribed by applicable law to permit the
         Borrowers to determine the withholding or deduction required to be made.

         (f)      If the Administrative Agent or any Lender determines, in its sole discretion, that it has
received a refund of any Taxes or Other Taxes as to which it has been indemnified by the Borrowers or with
respect to which the Borrowers have paid additional amounts pursuant to this Section, it shall promptly pay to
the Borrowers an amount equal to such refund or, at the Borrower's direction, offset the amount of such refund
against another obligation of such Borrower to such Lender (but, in either case, only to the extent of
indemnity payments made, or additional amounts paid, by the Borrowers under this Section with respect to the
Taxes or Other Taxes giving rise to such refund), without interest (other than any interest paid by the
relevant Governmental Authority with respect to such refund), provided that the Borrowers, upon the request of
the Administrative Agent or such Lender, agrees to repay the amount paid over to the Borrowers (plus any
penalties, interest or other charges imposed by the relevant Governmental Authority) to the Administrative
Agent or such Lender in the event the Administrative Agent or such Lender is required to repay such refund to
such Governmental Authority. This Section 2.17(f) shall not be construed to require the Administrative Agent or
any Lender to make available its tax returns (or any other information relating to its taxes that it deems
confidential) to the Borrowers or any other Person.

         2.18     Compensation. The Borrowers will compensate each Lender upon demand for all losses, expenses
and liabilities (including, without limitation, any loss, expense or liability incurred by reason of the
liquidation or reemployment of deposits or other funds required by such Lender to fund or maintain LIBOR Loans)
that such Lender may incur or sustain (i) if for any reason (other than a default by such Lender) a Borrowing
or continuation of, or conversion into, a LIBOR Loan does not occur on a date specified therefor in a Notice of
Borrowing or Notice of Conversion/Continuation, (ii) if any repayment, prepayment or conversion of any LIBOR
Loan occurs on a date other than the last day of an Interest Period applicable thereto (including as a
consequence of any assignment made pursuant to Section 2.19(a) or any acceleration of the maturity of the Loans
pursuant to Section 9.2), (iii) if any prepayment of any LIBOR Loan is not made on any date specified in a
notice of prepayment given by the Borrowers or (iv) as a consequence of any other failure by the Borrowers to
make any payments with respect to any LIBOR Loan when due hereunder. Calculation of all amounts payable to a
Lender under this Section 2.18 shall be made as though such Lender had actually funded its relevant LIBOR Loan
through the purchase of a Eurodollar deposit bearing interest at the LIBOR Rate in an amount equal to the
amount of such LIBOR Loan, having a maturity comparable to the relevant Interest Period; provided, however,
that each Lender may fund its LIBOR Loans in any manner it sees fit and the foregoing assumption shall be
utilized only for the calculation of amounts payable under this Section 2.18. A certificate (which shall be in
reasonable detail) showing the bases for the determinations set forth in this Section 2.18 by any Lender as to
any additional amounts payable pursuant to this Section 2.18 shall be submitted by such Lender to the Borrowers
either directly or through the Administrative Agent. Determinations set forth in any such certificate made in
good faith for purposes of this Section 2.18 of any such losses, expenses or liabilities shall be conclusive
absent manifest error.

         2.19     Replacement of Lenders; Mitigation of Costs.

                                                      35

         (a)      The Borrowers may, at any time at their sole expense and effort, require any Lender (i) that
has requested compensation from the Borrowers under Sections 2.16(a) or 2.16(b) or payments from the Borrowers
under Section 2.17, or (ii) the obligation of which to make or maintain LIBOR Loans has been suspended under
Section 2.16(f) or (iii) that is a Defaulting Lender, in any case upon notice to such Lender and the
Administrative Agent, to assign and delegate, without recourse (in accordance with and subject to the
restrictions contained in, and consents required by, Section 11.6), all of its interests, rights and
obligations under this Agreement and the related Credit Documents to an assignee that shall assume such
obligations (which assignee may be another Lender, if a Lender accepts such assignment); provided that:

                  (i)      the Borrowers shall have paid to the Administrative Agent the assignment fee
         specified in Section 11.6(b)(iv);

                  (ii)     such Lender shall have received payment of an amount equal to the outstanding
         principal of its Loans, accrued interest thereon, accrued fees and all other amounts payable to it
         hereunder and under the other Credit Documents (including any amounts under Section 2.18) from the
         assignee (to the extent of such outstanding principal and accrued interest and fees) or the Borrowers
         (in the case of all other amounts);

                  (iii)    in the case of any such assignment resulting from a request for compensation under
         Sections 2.16(a) or 2.16(b) or payments required to be made pursuant to Section 2.17, such assignment
         will result in a reduction in such compensation or payments thereafter; and

                  (iv)     such assignment does not conflict with applicable Requirements of Law.

         A Lender shall not be required to make any such assignment or delegation if, prior thereto, as a result
of a waiver by such Lender or otherwise, the circumstances entitling the Borrowers to require such assignment and
delegation cease to apply.

         (b)      If any Lender requests compensation under Sections 2.16(a) or 2.16(b), or the Borrowers are
required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender
pursuant to Section 2.17, or if any Lender gives a notice pursuant to Section 2.16(f), then such Lender shall
use reasonable efforts to designate a different Lending Office for funding or booking its Loans hereunder or to
assign its rights and obligations hereunder to another of its offices, branches or affiliates, if, in the
judgment of such Lender, such designation or assignment (i) would eliminate or reduce amounts payable pursuant
to Sections 2.16(a), 2.16(b) or 2.17, as the case may be, in the future, or eliminate the need for the notice
pursuant to Section 2.16(f), as applicable, and (ii) in each case, would not subject such Lender to any
unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender. The Borrowers hereby
agree to pay all reasonable costs and expenses incurred by any Lender in connection with any such designation
or assignment.

         2.20     Commitment Increase.

                                                      36

         (a)      The Borrowers shall have the right, at any time and from time to time by written notice to
and in consultation with the Administrative Agent, to request an increase in the aggregate Commitments (each
such requested increase, a "Commitment Increase"), by having one or more existing Lenders increase their
respective Commitments then in effect (each, an "Increasing Lender"), by adding as a Lender with a new
Commitment hereunder one or more Persons that are not already Lenders (each, an "Additional Lender"), or a
combination thereof; provided that (i) each Commitment Increase shall be offered first to the Lenders pro rata
(based on their then-existing Commitments), (ii) each request for a Commitment Increase shall be in an
aggregate minimum amount of $10,000,000 or an integral multiple of $5,000,000 in excess thereof, (iii) the
aggregate of all Commitment Increases shall not exceed $50,000,000, and (iv) no existing Lender shall be
obligated to increase its Commitment as a result of any request for a Commitment Increase by the Borrower
unless it agrees in writing and in its sole discretion.

         (b)      Each Additional Lender must be approved by the Administrative Agent (such approval not to be
unreasonably withheld or delayed) and the Borrowers. Each Additional Lender, the Borrowers and the
Administrative Agent shall execute a joinder agreement to evidence the Commitment of such Additional Lender and
its status as a Lender hereunder and each Increasing Lender, the Borrowers and the Administrative Agent shall
sign an agreement evidencing the increased Commitment of such Lender, in each case together with all such other
documentation (including evidence of the Borrowers' authorization of the increase) as the Administrative Agent,
the Additional Lender or the Increasing Lender may reasonably require, all in form and substance reasonably
satisfactory to the Administrative Agent, the Borrowers and the Additional Lender or the Increasing Lender.

         (c)      If the aggregate Commitments are increased in accordance with this Section, the
Administrative Agent and the Borrowers shall determine the effective date (the "Commitment Increase Date",
which shall be a Business Day not less than thirty (30) days prior to the Termination Date) and the final
allocation of such increase. The Administrative Agent shall promptly notify the Borrowers and the Lenders of
the final allocation of such increase and the Commitment Increase Date. The Administrative Agent is hereby
authorized, on behalf of the Lenders, to enter into any amendments to this Agreement and the other Credit
Documents as the Administrative Agent shall reasonably deem appropriate to effect such Commitment Increase.

         (d)      To the extent necessary to keep the outstanding Loans ratable in the event of any non-ratable
increase in the aggregate Commitments, on the Commitment Increase Date, (i) all then outstanding LIBOR Loans
(the "Existing Loans") shall automatically be converted into Base Rate Loans, (ii) immediately after the
effectiveness of the Commitment Increase, the Borrowers shall, if they so request, convert such Base Rate Loans
into LIBOR Loans (the "Subsequent Borrowings") in an aggregate principal amount equal to the aggregate
principal amount of the Existing Loans and of the Types and for the Interest Periods specified in a Notice of
Conversion/Continuation delivered to the Administrative Agent in accordance with Section 2.11(b), (iii) each
Lender shall pay to the Administrative Agent in immediately available funds an amount equal to the difference,
if positive, between (y) such Lender's ratable share (based on the Commitments, calculated after giving effect
to the Commitment Increase) of the Subsequent Borrowings and (z) such Lender's ratable share (based on the
Commitments, calculated without giving effect to the Commitment Increase) of the Existing Loans, (iv) after the
Administrative Agent receives the funds specified in clause (iii) above, the Administrative Agent shall pay to

                                                      37

each Lender the portion of such funds equal to the difference, if positive, between (y) such Lender's ratable
share (based on the Commitments, calculated without giving effect to the Commitment Increase) of the Existing
Loans and (z) such Lender's ratable share (based on the Commitments, calculated after giving effect to the
Commitment Increase) of the amount of the Subsequent Borrowings, (v) the Lenders shall be deemed to hold the
Subsequent Borrowings ratably in accordance with their respective Commitments (calculated after giving effect
to the Commitment Increase), (vi) the Borrower shall pay all accrued but unpaid interest on the Existing Loans
to the Lenders entitled thereto and (vii) Schedule 1.1(a) shall automatically be amended to reflect the
Commitments of all Lenders after giving effect to the Commitment Increase. The conversion of the Existing Loans
pursuant to clause (i) above shall be subject to indemnification by the Borrower pursuant to the provisions of
Section 2.18 if the Commitment Increase Date occurs other than on the last day of the Interest Period relating
thereto.

                                                  ARTICLE III

                                      CONDITIONS OF CLOSING AND BORROWING

         3.1      Conditions of Closing. The initial effectiveness of the Commitment of each Lender to make
Loans hereunder is subject to the satisfaction of the following conditions precedent:

         (a)      The Administrative Agent shall have received the following, each dated as of the Closing Date
(unless otherwise specified) and in such number of copies as the Administrative Agent shall have requested:

                  (i)      to the extent requested by any Lender in accordance with Section 2.4(a), a Note for
         such Lender, in each case duly completed in accordance with the provisions of Section 2.4(a) and
         executed by the Borrowers; and

                  (ii)     the favorable opinions of Debevoise & Plimpton, independent outside counsel to the
         Borrowers, and of internal counsel to the Borrowers, each in form and substance reasonably
         satisfactory to the Administrative Agent.

         (b)      The Administrative Agent shall have received a certificate, signed by the president, the
chief executive officer or the chief financial officer of each Borrower, dated the Closing Date and in form and
substance reasonably satisfactory to the Administrative Agent, certifying that (i) all representations and
warranties of the Borrowers contained in this Agreement and the other Credit Documents are true and correct as
of the Closing Date, both immediately before and after giving effect to the making of the initial Loans and the
application of the proceeds thereof (except to the extent any such representation or warranty is expressly
stated to have been made as of a specific date, in which case such representation or warranty shall be true and
correct as of such date), (ii) no Default or Event of Default has occurred and is continuing, both immediately
before and after giving effect to the making of the initial Loans and the application of the proceeds thereof,
(iii) both immediately before and after giving effect to the making of the initial Loans and the application of
the proceeds thereof, no Material Adverse Effect has occurred since December 31, 2005, and there exists no
event, condition or state of facts that would reasonably be expected to result in a Material Adverse Effect,
and (iv) all

                                                      38

conditions to the initial extensions of credit hereunder set forth in this Section 3.1 and in Section 3.2 have
been satisfied or waived as required hereunder.

         (c)      The Administrative Agent shall have received a certificate of the secretary or an assistant
secretary of each Borrower, dated the Closing Date and in form and substance reasonably satisfactory to the
Administrative Agent, certifying (i) that attached thereto is a true and complete copy of the articles or
certificate of incorporation, certificate of formation or other organizational document and all amendments
thereto of such Borrower, certified as of a recent date by the Secretary of State (or comparable Governmental
Authority) of its jurisdiction of organization, and that the same has not been amended since the date of such
certification, (ii) that attached thereto is a true and complete copy of the bylaws, operating agreement or
similar governing document of such Borrower, as then in effect and as in effect at all times from the date on
which the resolutions referred to in clause (iii) below were adopted to and including the date of such
certificate, and (iii) that attached thereto is a true and complete copy of resolutions adopted by the board of
directors (or similar governing body) of such Borrower, authorizing the execution, delivery and performance of
this Agreement and the other Credit Documents to which it is a party, and as to the incumbency and genuineness
of the signature of each officer of such Borrower executing this Agreement or any of such other Credit
Documents, and attaching all such copies of the documents described above.

         (d)      The Administrative Agent shall have received a certificate as of a recent date of the good
standing of each Borrower executing any Credit Documents as of the Closing Date, under the laws of its
jurisdiction of organization, from the Secretary of State (or comparable Governmental Authority) of such
jurisdiction.

         (e)      All approvals, permits and consents of any Governmental Authorities or other Persons required
in connection with the execution and delivery of this Agreement and the other Credit Documents shall have been
obtained, without the imposition of conditions that are not acceptable to the Administrative Agent, and all
related filings, if any, shall have been made, and all such approvals, permits, consents and filings shall be
in full force and effect, and no order, injunction or decree shall have been entered by, any court or other
Governmental Authority, in each case to enjoin, restrain or prohibit, to obtain substantial damages in respect
of, or to impose materially adverse conditions upon, this Agreement, any of the other Credit Documents or that
would reasonably be expected to have a Material Adverse Effect.

         (f)      Since December 31, 2005, there shall not have occurred (i) a Material Adverse Effect or (ii)
any event, condition or state of facts that would reasonably be expected to have a Material Adverse Effect.

         (g)      The Borrowers shall have paid (i) to the Arranger and Wachovia, the fees required under the
Fee Letter to be paid to them on the Closing Date, in the amounts due and payable on the Closing Date as
required by the terms thereof, (ii) to the Administrative Agent, the initial payment of the annual
administrative fee described in the Fee Letter, (iii) to the Administrative Agent for distribution to the
Lenders, the up-front fee specified in the term sheet (as previously delivered to the Lenders) relating to the
transactions contemplated by this Agreement, and (iv) all other fees and reasonable expenses of the Arranger,
the Administrative Agent and the Lenders required hereunder or under any other Credit Document to be paid on or
prior to the

                                                      39

Closing Date (including reasonable fees and expenses of counsel) in connection with this Agreement and the
other Credit Documents.

         (h)      The Administrative Agent shall have received an Account Designation Letter, together with
written instructions from an Authorized Officer of the Borrowers.

         (i)      Each of the Administrative Agent and each Lender shall have received such other documents,
certificates, opinions and instruments in connection with the transactions contemplated hereby as it shall have
reasonably requested.

         3.2      Conditions of Borrowings. The obligation of each Lender to make any Loans hereunder, is
subject to the satisfaction of the following conditions precedent on the relevant Borrowing Date:

         (a)      The Administrative Agent shall have received a Notice of Borrowing in accordance with Section
2.2(b);

         (b)      Each of the representations and warranties contained in Article IV and in the other Credit
Documents shall be true and correct on and as of such Borrowing Date, both immediately before and after giving
effect to the Loans to be made on such date (except to the extent any such representation or warranty is
expressly stated to have been made as of a specific date, in which case such representation or warranty shall
be true and correct as of such date); and

         (c)      No Default or Event of Default shall have occurred and be continuing on such date, both
immediately before and after giving effect to the Loans to be made on such date.

Each giving of a Notice of Borrowing and the consummation of each Borrowing shall be deemed to constitute a
representation by the Borrowers that the statements contained in Sections 3.2(b) and 3.2(c) are true, both as
of the date of such notice or request and as of the relevant Borrowing Date or date of issuance.

                                                  ARTICLE IV

                                         REPRESENTATIONS AND WARRANTIES

         To induce the Administrative Agent and the Lenders to enter into this Agreement and to induce the
Lenders to extend the credit contemplated hereby, each of the Parent and the Borrowers represents and warrants
to the Administrative Agent and the Lenders as follows:

         4.1      Corporate Organization and Power. Each Borrower and each Subsidiary thereof (i) is a
corporation duly organized or formed, validly existing and in good standing under the laws of the jurisdiction
of its incorporation or formation, as the case may be, (ii) has the full corporate power and authority to
execute, deliver and perform the Credit Documents to which it is or will be a party, to own and hold its
property and to engage in its business as presently conducted, and (iii) is duly qualified to do business as a
foreign corporation and is in good standing in each jurisdiction where the nature of its business or the
ownership of its properties

                                                      40

requires it to be so qualified, except where the failure to be so qualified, individually or in the aggregate,
would not reasonably be expected to have a Material Adverse Effect.

         4.2      Authorization; Enforceability. Each Borrower has taken, or on the Closing Date will have
taken, all necessary corporate action to execute, deliver and perform each of the Credit Documents to which it
is or will be a party, and has, or on the Closing Date (or any later date of execution and delivery) will have,
validly executed and delivered each of the Credit Documents to which it is or will be a party. This Agreement
constitutes, and each of the other Credit Documents upon execution and delivery will constitute, the legal,
valid and binding obligation of each Borrower or Subsidiary thereof that is a party hereto or thereto,
enforceable against it in accordance with its terms, except as enforceability may be limited by bankruptcy,
insolvency, reorganization, moratorium or other similar laws affecting creditors' rights generally, by general
equitable principles or by principles of good faith and fair dealing (regardless of whether enforcement is
sought in equity or at law).

         4.3      No Violation. The execution, delivery and performance by each Borrower or Subsidiary thereof
of each of the Credit Documents to which it is or will be a party, and compliance by it with the terms hereof
and thereof, do not and will not (i) violate any provision of its articles or certificate of incorporation, its
bylaws or other applicable formation or organizational documents, (ii) contravene any other Requirement of Law
applicable to it, (iii) conflict with, result in a breach of or constitute (with notice, lapse of time or both)
a default under any indenture, mortgage, lease, agreement, contract or other instrument to which it is a party,
by which it or any of its properties is bound or to which it is subject, or (iv) result in or require the
creation or imposition of any Lien upon any of its properties, revenues or assets; except, in the case of
clauses (ii) and (iii) above, where such violations, conflicts, breaches or defaults, individually or in the
aggregate, would not reasonably be expected to have a Material Adverse Effect.

         4.4      Governmental and Third-Party Authorization; Permits.

         (a)      No consent, approval, authorization or other action by, notice to, or registration or filing
with, any Governmental Authority or other Person is or will be required as a condition to or otherwise in
connection with the due execution, delivery and performance by each Borrower or Subsidiary thereof of this
Agreement or any of the other Credit Documents to which it is or will be a party or the legality, validity or
enforceability hereof or thereof, other than (i) consents, authorizations and filings that have been (or on or
prior to the Closing Date will have been) made or obtained and that are (or on the Closing Date will be) in
full force and effect, and (ii) consents and filings the failure to obtain or make which, individually or in
the aggregate, would not reasonably be expected to have a Material Adverse Effect. Each Borrower and each of
its Subsidiaries has, and is in good standing with respect to, all governmental approvals, licenses, permits
and authorizations necessary to conduct its business as presently conducted and to own or lease and operate its
properties, except for those the failure to obtain which, individually or in the aggregate, would not
reasonably be expected to have a Material Adverse Effect.

         (b)      Each Insurance Subsidiary holds licenses (including, without limitation, licenses or certificates
of authority from relevant Insurance Regulatory Authorities), permits or authorizations to transact insurance
and reinsurance business (collectively, the "Licenses") from

                                                      41

each Insurance Regulatory Authority from which it is required to have any such license, permit or other
authorization, except where the failure to have such license, permit or other authorization, individually or in
the aggregate, would not reasonably be expected to have a Material Adverse Effect. (i) No such License is the
subject of a proceeding for suspension, revocation or limitation or any similar proceedings, and (ii) no such
suspension, revocation or limitation is threatened in writing by any relevant Insurance Regulatory Authority,
that, in each instance under (i) and (ii) above, would individually or in the aggregate, reasonably be expected
to have a Material Adverse Effect.

         4.5      Litigation. There are no actions, investigations, suits or proceedings pending or, to the
knowledge of the Borrowers, threatened, at law, in equity or in arbitration, before any court, other
Governmental Authority, arbitrator or other Person, (i) against or affecting any of the Borrowers or their
Subsidiaries, or any of their respective properties that, if adversely determined, would reasonably be expected
to have a Material Adverse Effect, or (ii) with respect to this Agreement, any of the other Credit Documents or
any of the transactions contemplated hereby.

         4.6      Taxes. Each Borrower and each of its Subsidiaries has timely filed all federal, state, local
and foreign tax returns and reports required to be filed by it and has paid, prior to the date on which
penalties would attach thereto or a Lien would attach to any of the properties of a Borrower or its
Subsidiaries if unpaid, all taxes, assessments, fees and other charges levied upon it or upon its properties
that are shown thereon as due and payable, other than those (i) that are not yet delinquent or that are being
contested in good faith and by proper proceedings and for which adequate reserves have been established in
accordance with GAAP or (ii) that, if not properly filed or paid, or if otherwise adversely determined, would
not reasonably be expected to have a Material Adverse Effect, including those set forth on Schedule 4.6. Such
returns accurately reflect in all material respects all liability for taxes of the Borrowers and their
Subsidiaries for the periods covered thereby. As of the Closing Date, there is no ongoing audit or examination
or, to the knowledge of the Borrowers, other investigation by any Governmental Authority of the tax liability
of any of the Borrowers and their Subsidiaries, and there is no material unresolved claim by any Governmental
Authority concerning the tax liability of any Borrower or its Subsidiaries for any period for which tax returns
have been or were required to have been filed, other than (i) unsecured claims for which adequate reserves have
been established in accordance with GAAP or (ii) audits, examinations or investigations that, if adversely
determined, would not reasonably be expected to have a Material Adverse Effect, including those set forth on
Schedule 4.6. Except as set forth on Schedule 4.6, as of the Closing Date, no Borrower or any Subsidiary
thereof has waived or extended or has been requested to waive or extend the statute of limitations relating to
the payment of any taxes.

         4.7      Subsidiaries. Schedule 4.7 sets forth a list, as of the Closing Date, of each of the
Subsidiaries of the Parent (including the other Borrowers) that has capital or a net worth in excess of
$25,000,000 and (i) as to each such Subsidiary, the percentage ownership of the parent entity in each class of
its Capital Stock, and (ii) as to each Borrower and each of such Subsidiaries (other than the Parent), the
number of shares of each class of Capital Stock outstanding, and the number and effect, if exercised, of all
outstanding options, warrants, rights of conversion or purchase and similar rights.

                                                      42

         4.8      Full Disclosure. All factual information heretofore, contemporaneously or hereafter furnished
in writing to the Administrative Agent, the Arranger or any Lender by or on behalf of any Borrower or its
Subsidiaries for purposes of or in connection with this Agreement or the other Credit Documents is or will be
true and accurate in all material respects on the date as of which such information is dated or certified (or,
if such information has been updated, amended or supplemented, on the date as of which any such update,
amendment or supplement is dated or certified) and not made incomplete by omitting to state a material fact
necessary to make the statements contained herein and therein, in light of the circumstances under which such
information was provided, not misleading; provided that, with respect to projections, budgets and other
estimates, the Borrowers represent only that such information was prepared in good faith based upon assumptions
believed to be reasonable at the time. As of the Closing Date, there is no fact known to any Borrower or its
Subsidiaries that has, or would reasonably be expected to have, a Material Adverse Effect, which fact has not
been set forth herein, in the financial statements of the Parent and its Subsidiaries furnished to the
Administrative Agent and/or the Lenders, or in any certificate, opinion or other written statement made or
furnished by any Borrower to the Administrative Agent and/or the Lenders.

         4.9      Margin Regulations.  No Borrower or any Subsidiary thereof is engaged principally, or as one
of its important activities, in the business of extending credit for the purpose of purchasing or carrying
Margin Stock. No proceeds of the Loans will be used, directly or indirectly, to purchase or carry any Margin
Stock, to extend credit for such purpose or for any other purpose, in each case that would violate or be
inconsistent with Regulations T, U or X or any provision of the Exchange Act.

         4.10     Financial Matters.

         (a)      The Borrowers have heretofore furnished to the Administrative Agent copies of (i) the audited
consolidated balance sheet of the Parent and its Subsidiaries as of December 31, 2005, and the related
statements of income, cash flows and stockholders' equity for the fiscal year then ended, and (ii) the
unaudited consolidated balance sheet of the Parent and its Subsidiaries as of the last day of the first fiscal
quarter of fiscal year 2006, and the related statements of income, cash flows and stockholders' equity for the
three-month period then ended. Such financial statements have been prepared in accordance with GAAP (subject,
with respect to the unaudited financial statements, to the absence of notes required by GAAP and to normal
year-end adjustments) and present fairly in all material respects the financial condition of the Parent and its
Subsidiaries on a consolidated basis as of the respective dates thereof and the results of operations of the
Parent and its Subsidiaries on a consolidated basis for the respective periods then ended.

         (b)      The Parent has furnished to the Administrative Agent copies of (i) the Annual Statements of
each Insurance Subsidiary as of December 31, 2005 for the fiscal year then ended, each as filed with the
relevant Insurance Regulatory Authority, and (ii) the quarterly statement of each Insurance Subsidiary as of
March 31, 2006, for the three-month period then ended, each as filed with the relevant Insurance Regulatory
Authority (collectively, the "Historical Statutory Statements"). The Historical Statutory Statements
(including, without limitation, the provisions made therein for investments and the valuation thereof,
reserves, policy and contract claims and statutory liabilities) have been prepared, in all material respects,
in accordance with SAP (except

                                                      43

as may be reflected in the notes thereto and subject, with respect to the quarterly statements, to the absence
of notes required by SAP and to normal year end adjustments), were in all material respects, in compliance with
applicable Requirements of Law when filed and present fairly in all material respects the financial condition
of the respective Insurance Subsidiaries covered thereby as of the respective dates thereof and the results of
operations, changes in capital and surplus and cash flows of the respective Insurance Subsidiaries covered
thereby for the respective periods then ended.

         4.11     ERISA.

         (a)      Each Borrower and its Subsidiaries and the ERISA Affiliates thereof is in compliance with the
applicable provisions of ERISA, and each Plan is and has been administered in compliance with all applicable
Requirements of Law, including, without limitation, the applicable provisions of ERISA and the Code, in each
case except where the failure so to comply, individually or in the aggregate, would not reasonably be expected
to have a Material Adverse Effect, including those matters set forth on Schedule 4.11. Except as set forth on
Schedule 4.11, no ERISA Event (i) has occurred within the five-year period prior to the Closing Date, (ii) has
occurred and is continuing, or (iii) to the knowledge of the Borrowers, is reasonably expected to occur with
respect to any Plan.

         (b)      No Borrower or its Subsidiaries or any ERISA Affiliates thereof has any outstanding liability
on account of a complete or partial withdrawal from any Multiemployer Plan, and no Borrower or its Subsidiaries
or any ERISA Affiliates thereof would become subject to any liability under ERISA if any such Borrower or its
Subsidiaries or any ERISA Affiliates thereof were to withdraw completely from all Multiemployer Plans as of the
most recent valuation date. No Multiemployer Plan is in "reorganization" or is "insolvent" within the meaning
of such terms under ERISA.

         4.12     Environmental Matters. Except with respect to any matters that, individually or in the
aggregate, would not reasonably be expected to result in a Material Adverse Effect, neither the Parent nor any
of its Subsidiaries (i) has failed to comply with any Environmental Law or to obtain, maintain or comply with
any permit, license or other approval required for its business under any Environmental Law, or (ii) is
involved in any suit, action or proceeding, or has received any written notice, complaint or other request for
information from any Governmental Authority or other Person, with respect to any actual or alleged
Environmental Claims.

         4.13     Compliance with Laws. Each Borrower and each of its Subsidiaries has timely filed all
material reports, documents and other materials required to be filed by it under all applicable Requirements of
Law with any Governmental Authority, has retained all material records and documents required to be retained by
it under all applicable Requirements of Law, and is otherwise in compliance with all applicable Requirements of
Law in respect of the conduct of its business and the ownership and operation of its properties, except in each
case to the extent that the failure to comply therewith, individually or in the aggregate, would not reasonably
be expected to have a Material Adverse Effect.

         4.14     Intellectual Property. Each Borrower and each of its Subsidiaries owns, or has the legal
right to use, all Intellectual Property necessary for it to conduct its business as currently

                                                      44

conducted. No claim has been asserted or is pending by any Person challenging or questioning the use of any
such Intellectual Property or the validity or effectiveness of any such Intellectual Property, nor do the
Borrowers know of any such claim, and to the knowledge of the Borrowers, the use of such Intellectual Property
by any Borrower or its Subsidiaries does not infringe on the known rights of any Person, except for such claims
and infringements that, individually or in the aggregate, would not reasonably be expected to have a Material
Adverse Effect.

         4.15     Investment Company Act. No Borrower or any Subsidiary thereof is an "investment company" or a
company "controlled" by an "investment company" within the meaning of the Investment Company Act of 1940, as
amended.

         4.16     Insurance. The assets, properties and business of each of the Borrowers and their respective
Subsidiaries are insured against such hazards and liabilities, under such coverages and in such amounts, as are
customarily maintained by prudent companies similarly situated and under policies issued by insurers of
recognized responsibility.

         4.17     OFAC; Anti-Terrorism Laws.

         (a)      No Borrower or any Subsidiary thereof or any Affiliate of any of the foregoing (i) is a
Sanctioned Person, (ii) has more than 15% of its assets in Sanctioned Countries, or (iii) derives more than 15%
of its operating income from investments in, or transactions with, Sanctioned Persons or Sanctioned Countries.
No part of the proceeds of any Loan hereunder will be used directly or indirectly to fund any operations in,
finance any investments or activities in or make any payments to, a Sanctioned Person or a Sanctioned Country.

         (b)      Neither the making of the Loans hereunder nor the use of the proceeds thereof will violate
the PATRIOT Act, the Trading with the Enemy Act, as amended, or any of the foreign assets control regulations
of the United States Treasury Department (31 CFR, Subtitle B, Chapter V, as amended) or any enabling
legislation or executive order relating thereto. The Borrowers and their Subsidiaries are in compliance in all
material respects with the PATRIOT Act.

                                                   ARTICLE V

                                             AFFIRMATIVE COVENANTS

         Each Borrower covenants and agrees that, until the termination of the Commitments and the payment in
full in cash of all principal and interest with respect to the Loans together with all fees, expenses and other
amounts then due and owing hereunder:

         5.1      Financial Statements. The Borrowers will deliver to the Administrative Agent and to each
Lender:

         (a)      Quarterly Statements. As soon as available and in any event within 60 days (or, if earlier,
the quarterly report deadline under the Exchange Act rules and regulations) after the end of each of the first
three fiscal quarters of each fiscal year, unaudited consolidated balance sheets of the Parent and its
Subsidiaries as of the end of such fiscal quarter and unaudited consolidated

                                                      45

statements of income, cash flows and stockholders' equity for the Parent and its Subsidiaries for the fiscal
quarter then ended and for that portion of the fiscal year then ended, in each case setting forth comparative
consolidated figures as of the end of and for the corresponding period in the preceding fiscal year, all in
reasonable detail and prepared in accordance with GAAP (subject to the absence of notes required by GAAP and
subject to normal year-end adjustments) applied on a basis consistent with that of the preceding quarter or
containing disclosure of the effect on the financial condition or results of operations of any change in the
application of accounting principles and practices during such quarter.

         (b)      Annual Statements. As soon as available and in any event within 120 days (or, if earlier, the
annual report deadline under the Exchange Act rules and regulations) after the end of each fiscal year, an
audited consolidated balance sheet of the Parent and its Subsidiaries as of the end of such fiscal year and the
related audited consolidated statements of income, cash flows and stockholders' equity for the Parent and its
Subsidiaries for the fiscal year then ended, including the notes thereto, in each case setting forth
comparative consolidated figures as of the end of and for the preceding fiscal year, all in reasonable detail
and (with respect to the audited statements) certified by the independent certified public accounting firm
regularly retained by the Parent or another independent certified public accounting firm of recognized national
standing reasonably acceptable to the Administrative Agent, together with a report thereon by such accountants
that is not qualified as to going concern or scope of audit and to the effect that such financial statements
present fairly in all material respects the consolidated financial condition and results of operations of the
Parent and its Subsidiaries as of the dates and for the periods indicated in accordance with GAAP applied on a
basis consistent with that of the preceding year or containing disclosure of the effect on the financial
condition or results of operations of any change in the application of accounting principles and practices
during such year.

         (c)      PLIC Quarterly Statements. As soon as possible, but no later than 60 days after the end of
each of the first three fiscal quarters of each fiscal year, a copy of the quarterly statement of PLIC for each
such fiscal quarter, all prepared in accordance with SAP and accompanied by the certification of a Responsible
Officer of PLIC that all such quarterly statements present fairly in accordance with SAP the financial position
of PLIC for the period then ended.

         (d)      PLIC Annual Statements. As soon as available, but not later than 120 days after the end of
each fiscal year, (i) a copy of the Annual Statement of PLIC for such fiscal year prepared in accordance with
SAP and accompanied by the certification of a Responsible Officer of PLIC that such Annual Statement presents
fairly in accordance with SAP the financial position of PLIC for the period then ended and (ii) a copy of the
unaudited consolidated balance sheet of PXP and its Subsidiaries as of the end of such year and the related
consolidated statements of income, shareholders' equity and cashflows for the period commencing on the first
day of such fiscal year and ending on the last day thereof and certified by a Responsible Officer of PXP as
fairly presenting, in accordance with GAAP, the financial positions and results of operations of PXP and its
Subsidiaries.

         (e)      Other PLIC Filings. As soon as available, (i) a copy of PLIC's "Statement of Actuarial
Opinion" which is provided to the Insurance Regulatory Authority as to the adequacy of policyholder reserves of
PLIC, and (ii) a copy of the "Management Discussion and Analysis"

                                                      46

filed by PLIC with the Insurance Regulatory Authority with respect to any of the foregoing financial statements
and such other information.

         5.2      Other Business and Financial Information. The Borrowers will deliver to the Administrative
Agent and each Lender:

         (a)      Compliance Certificates. Concurrently with each delivery of the financial statements
described in Sections 5.1(a) through 5.1(d), a Compliance Certificate with respect to the period covered by the
financial statements being delivered thereunder, executed by a Financial Officer of the Borrowers and
reflecting the computation of the financial covenants set forth in Article VI as of the last day of the period
covered by such financial statements;

         (b)      Shareholder and SEC Reports, etc. Promptly upon the sending, filing or receipt thereof,
copies of (i) all financial statements, reports, notices and proxy statements that any Borrower or a Subsidiary
thereof shall send or make available generally to its shareholders, (ii) all regular, periodic and special
reports, registration statements and prospectuses (other than on Form S-8) that any Borrower or a Subsidiary
thereof shall render to or file with the Securities and Exchange Commission, the National Association of
Securities Dealers, Inc. or any national securities exchange, and (iii) all press releases and other statements
made available generally by any Borrower or a Subsidiary thereof to the public concerning material developments
in the business of the Borrowers and their Subsidiaries;

         (c)      Material Events. Promptly upon (and in any event within five Business Days after) any
Responsible Officer of any Borrower or a Subsidiary thereof obtaining knowledge thereof, written notice of any
of the following:

                  (i)      the occurrence of any Default or Event of Default, together with a written statement
         of a Responsible Officer of the Borrowers specifying the nature of such Default or Event of Default,
         the period of existence thereof and the action that the Borrowers have taken and propose to take with
         respect thereto;

                  (ii)     the institution or threatened institution of any action, suit, investigation or
         proceeding against or affecting any Borrower or a Subsidiary thereof, including any such investigation
         or proceeding by any Governmental Authority (other than routine periodic inquiries, investigations or
         reviews), that, if adversely determined, would reasonably be expected, individually or in the
         aggregate, to have a Material Adverse Effect,;

                  (iii)    the receipt by any Borrower or a Subsidiary thereof from any Governmental Authority
         of (A) any notice asserting any failure by any Borrower or a Subsidiary thereof to be in compliance
         with applicable Requirements of Law or that threatens the taking of any action against any Borrower or
         a Subsidiary thereof or sets forth circumstances that, if taken or adversely determined, would
         reasonably be expected to have a Material Adverse Effect, or (B) any notice of any actual or
         threatened suspension, limitation or revocation of, failure to renew, or imposition of any restraining
         order, escrow or impoundment of funds in connection with, any license, permit, accreditation or
         authorization of any Borrower or a Subsidiary thereof, where such action would reasonably be expected
         to have a Material Adverse Effect;

                                                      47

                  (iv)     any other matter or event that has, or would reasonably be expected to have, a
         Material Adverse Effect, together with a written statement of a Responsible Officer of the Borrowers
         setting forth the nature and period of existence thereof and the action that the affected Borrowers or
         Subsidiaries have taken and propose to take with respect thereto; and

         (d)      Other Information. As promptly as reasonably possible, such other information about the
business, condition (financial or otherwise), operations or properties of any Borrower or Subsidiary thereof as
the Administrative Agent or any Lender may from time to time reasonably request.

         5.3      Existence; Franchises; Maintenance of Properties. Each of the Parent and the Borrowers will,
and will cause each of their respective Subsidiaries to, (i) maintain and preserve in full force and effect its
legal existence, except as expressly permitted otherwise by Section 7.2, (ii) obtain, maintain and preserve in
full force and effect all other rights, franchises, licenses, permits, certifications, approvals and
authorizations required by Governmental Authorities and necessary to the ownership, occupation or use of its
properties or the conduct of its business, except to the extent the failure to do so would not reasonably be
expected to have a Material Adverse Effect, and (iii) keep all material properties in good working order and
condition (normal wear and tear and damage by casualty excepted) and from time to time make all necessary
repairs to and renewals and replacements of such properties, except to the extent that any of such properties
are obsolete or are being replaced or, in the good faith judgment of the Borrowers, are no longer useful or
desirable in the conduct of the business of the Borrowers and their Subsidiaries.

         5.4      Compliance with Laws. Each Borrower will, and will cause each of its Subsidiaries to, comply
in all respects with all Requirements of Law applicable in respect of the conduct of its business and the
ownership and operation of its properties, except to the extent the failure so to comply would not reasonably
be expected to have a Material Adverse Effect.

         5.5      Payment of Obligations. Each Borrower will, and will cause each of its Subsidiaries to, (i)
pay, discharge or otherwise satisfy at or before maturity all liabilities and obligations as and when due
(subject to any applicable subordination, grace and notice provisions), except to the extent failure to do so
would not reasonably be expected to have a Material Adverse Effect, and (ii) pay and discharge all taxes,
assessments and governmental charges or levies imposed upon it, upon its income or profits or upon any of its
properties, prior to the date on which penalties would attach thereto, and all lawful claims that, if unpaid,
would become a Lien (other than a Permitted Lien) upon any of the properties of any Borrower or a Subsidiary
thereof; provided, however, that no Borrower or Subsidiary thereof shall be required to pay any such tax,
assessment, charge, levy or claim that is being contested in good faith and by proper proceedings and as to
which such Borrower or Subsidiary is maintaining adequate reserves with respect thereto in accordance with
GAAP.

         5.6      Insurance. Each Borrower will, and will cause each of its Subsidiaries to, maintain with
financially sound and reputable insurance companies insurance with respect to its assets, properties and
business, against such hazards and liabilities, of such types and in such

                                                      48

amounts, as is customarily maintained by companies in the same or similar businesses similarly situated.

         5.7      Maintenance of Books and Records; Inspection. Each Borrower will, and will cause each of its
Subsidiaries to, (i) maintain adequate books, accounts and records, in which full, true and correct entries
shall be made of all financial transactions in relation to its business and properties, and prepare all
financial statements required under this Agreement, in each case in accordance with GAAP and in compliance with
the requirements of any Governmental Authority having jurisdiction over it, and (ii) permit employees or agents
of the Administrative Agent or any Lender to visit and inspect its properties and examine or audit its books,
records, working papers and accounts and make copies and memoranda of them, and to discuss its affairs,
finances and accounts with its officers and employees and, upon notice to the Borrowers, the independent public
accountants of the Parent and its Subsidiaries (and by this provision the Parent authorizes such accountants to
discuss the finances and affairs of the Parent and its Subsidiaries), all at such times and from time to time,
upon reasonable notice and during business hours, as may be reasonably requested.

         5.8      Environmental Laws. Each Borrower will, and will cause each of its Subsidiaries to, (i)
comply in all material respects with, and use commercially reasonable efforts to ensure compliance in all
material respects by all tenants and subtenants, if any, with, all applicable Environmental Laws and obtain and
comply in all material respects with and maintain, and use commercially reasonable efforts to ensure that all
tenants and subtenants obtain and comply in all material respects with and maintain, any and all licenses,
approvals, notifications, registrations or permits required by applicable Environmental Laws, except to the
extent that the failure to do so would not reasonably be expected to have a Material Adverse Effect, and (ii)
conduct and complete all investigations, studies, sampling and testing, and all remedial, removal and other
actions, required under Environmental Laws and promptly comply in all material respects with all lawful orders
and directives of all Governmental Authorities regarding Environmental Laws, except to the extent that the same
are being contested in good faith by appropriate proceedings or to the extent the failure to conduct or
complete any of the foregoing would not reasonably be expected to have a Material Adverse Effect.

         5.9      OFAC, PATRIOT Act Compliance. Each Borrower will, and will cause each of its Subsidiaries to,
(i) refrain from doing business in a Sanctioned Country or with a Sanctioned Person in violation of the
economic sanctions of the United States administered by OFAC, and (ii) provide, to the extent commercially
reasonable, such information and take such actions as are reasonably requested by the Administrative Agent or
any Lender in order to assist the Administrative Agent and the Lenders in maintaining compliance with the
PATRIOT Act.

         5.10     Further Assurances. Each Borrower will, and will cause each of its Subsidiaries to, make,
execute, endorse, acknowledge and deliver any amendments, modifications or supplements hereto and restatements
hereof and any other agreements, instruments or documents, and take any and all such other actions, as may from
time to time be reasonably requested by the Administrative Agent or the Required Lenders to effect, confirm or
further assure or protect and preserve the interests, rights and remedies of the Administrative Agent and the
Lenders under this Agreement and the other Credit Documents.

                                                      49

                                                  ARTICLE VI

                                              FINANCIAL COVENANTS

         Each Borrower covenants and agrees that, until the termination of the Commitments and the payment in
full in cash of all principal and interest with respect to the Loans together with all fees, expenses and other
amounts then due and owing hereunder:

         6.1      Maximum Consolidated Indebtedness to Total Capitalization. The ratio of Consolidated
Indebtedness to Total Capitalization shall not be greater than 0.30 to 1.0 at any time.

         6.2      Minimum Consolidated Net Worth. Consolidated Net Worth shall be at all times an amount not
less than the sum of (x) 80% of Consolidated Net Worth as of March 31, 2006, plus (y) 50% of Consolidated Net
Income for each fiscal quarter (beginning with the fiscal quarter ending June 30, 2006) for which Consolidated
Net Income (measured at the end of each such fiscal quarter) is a positive amount plus (z) 100% of the
aggregate increases in shareholders' equity of the Parent by reason of the issuance or sale of Capital Stock of
the Parent or any Subsidiary of the Parent.

         6.3      Minimum Risk-Based Capital. PLIC shall, as of the last day of each calendar quarter, have a
Risk Based Capital Ratio of not less than 2.50 to 1

         6.4      Minimum A.M. Best Financial Strength Rating. The "Financial Strength Rating" of PLIC issued
by A.M. Best shall at all times be "A-" or better.

                                                  ARTICLE VII

                                               NEGATIVE COVENANTS

         Each Borrower covenants and agrees that, until the termination of the Commitments and the payment in
full in cash of all principal and interest with respect to the Loans together with all fees, expenses and other
amounts then due and owing hereunder:

         7.1      Liens. The Borrowers will not, nor will they permit or cause any of their Subsidiaries or any
SPE to, directly or indirectly, make, create, incur, assume or suffer to exist, any Lien upon or with respect
to any part of its property or assets, whether now owned or hereafter acquired, or file or consent to the
filing of, or knowingly permit to remain in effect, any financing statement or other similar notice of any Lien
with respect to any such property, asset, income or profits under the Uniform Commercial Code of any state or
under any similar recording or notice statute, or agree to do any of the foregoing, other than the following
(collectively, "Permitted Liens"):

                  (i)      Liens in existence on the Closing Date and set forth on Schedule 7.1, and any
         extensions, renewals or replacements thereof; provided that any such extension, renewal or replacement
         Lien shall be limited to all or a part of the property that secured

                                                      50

         the Lien so extended, renewed or replaced (plus any improvements on such property) and shall secure
         only those obligations that it secures on the date hereof (and any renewals, replacements,
         refinancings or extensions of such obligations that do not increase the outstanding principal amount
         thereof);

                  (ii)     Liens imposed by law, such as Liens of carriers, warehousemen, mechanics,
         materialmen and landlords, incurred in the ordinary course of business for sums not constituting
         borrowed money that are not overdue for a period of more than 30 days or that are being contested in
         good faith by appropriate proceedings and for which adequate reserves have been established in
         accordance with GAAP (if so required);

                  (iii)    Liens (other than any Lien imposed by ERISA, the creation or incurrence of which
         would result in an Event of Default under Section 9.1(i)) incurred in the ordinary course of business
         in connection with worker's compensation, unemployment insurance or other forms of governmental
         insurance or benefits, or to secure the performance of letters of credit, bids, tenders, statutory
         obligations, surety and appeal bonds, leases, public or statutory obligations, government contracts
         and other similar obligations (other than obligations for borrowed money) entered into in the ordinary
         course of business;

                  (iv)     Liens for taxes, assessments or other governmental charges or statutory obligations
         that are not delinquent or remain payable without any penalty or that are being contested in good
         faith by appropriate proceedings and for which adequate reserves have been established in accordance
         with GAAP (if so required);

                  (v)      any attachment or judgment Lien not constituting an Event of Default under
         Section 9.1(h);

                  (vi)     customary rights of set-off, revocation, refund or chargeback under deposit
         agreements or under the Uniform Commercial Code of banks or other financial institutions where the
         Parent or any of its Subsidiaries maintains deposits (other than deposits intended as cash collateral)
         in the ordinary course of business;

                  (vii)    Liens that arise in favor of banks under Article 4 of the Uniform Commercial Code on
         items in collection and the documents relating thereto and proceeds thereof;

                  (viii) Liens arising from the filing (for notice purposes only) of UCC-1 financing statements
         (or equivalent filings, registrations or agreements in foreign jurisdictions) in respect of true
         leases otherwise permitted hereunder;

                  (ix)     with respect to any real property occupied by any Borrower or Subsidiary thereof,
         (a) all easements, rights of way, reservations, licenses, encroachments, variations and similar
         restrictions, charges and encumbrances on title that do not secure monetary obligations and do not
         materially impair the use of such property for its intended purposes or the value thereof, and (b) any
         other Lien or exception to coverage described in mortgagee policies of title insurance issued in favor
         of and accepted by the Administrative Agent;

                                                      51

                  (x)      any leases, subleases, licenses or sublicenses granted by any Borrower or any of
         their respective Subsidiaries to third parties in the ordinary course of business and not interfering
         in any material respect with the business of such Borrower and its Subsidiaries, and any interest or
         title of a lessor, sublessor, licensor or sublicensor under any lease or license permitted under this
         Agreement;

                  (xi)     Liens on the common stock or other securities of any Subsidiary or SPE formed in
         connection with a transaction of the type described in Section 7.2(d)(iii);

                  (xii)    Liens securing obligations under Swap Contracts of any Borrower or its Subsidiaries
         entered into in the ordinary course of business and not for speculation;

                  (xiii)   Liens on property held in any segregated separate account of an Insurance Subsidiary
         and established pursuant to the applicable insurance code and other Requirements of Law for the
         benefit of specified classes of policyholders, annuitants or other third parties and securing
         Indebtedness that is non-recourse to the Borrowers or their Subsidiaries;

                  (xiv)    Liens on assets acquired in connection with any Permitted Acquisition and securing
         obligations assumed in connection with such Permitted Acquisition; provided that such Liens were not
         incurred in contemplation of or in connection with the Permitted Acquisition or any transactions
         related thereto;

                  (xv)     Liens securing Indebtedness of the Borrowers and their Subsidiaries or any SPE
         incurred solely to finance the acquisition of new assets, provided that (x) any such Lien shall attach
         to the property being acquired concurrently with or within ninety (90) days after the acquisition by
         the applicable Borrower, Subsidiary or SPE, (y) the amount of the Indebtedness secured by such Lien
         shall not exceed 100% of the cost to the applicable Borrower, Subsidiary or SPE of acquiring such
         assets, and (z) any such Lien shall not encumber any other property of the applicable Borrower,
         Subsidiary or SPE; and

                  (xvi)    other Liens securing Indebtedness not in excess of $100,000,000.

         7.2      Merger, Consolidation and Sales of Assets. The Borrowers will not, nor will they permit or
cause any of their Subsidiaries to:

         (a)      consolidate with or be a party to a merger with any other Person except (i) in connection
with a Permitted Acquisition or Permitted Joint Venture, provided that if any Borrower is a party thereto, such
Borrower is the surviving entity and (ii) any Subsidiary (other than a Borrower) may merge or consolidate with,
or be liquidated into any Borrower (so long as the Borrower is the surviving or continuing entity) or any other
Subsidiary, in each case so long as no Default or Event of Default has occurred and is continuing or would
result therefrom;

         (b)      sell, lease or otherwise dispose of any substantial part of its assets provided that the
foregoing shall not apply to or operate to prevent (i) either (A) reinsurance and similar risk sharing
arrangements entered into in the ordinary course of business, or (B) reinsurance arrangements with respect to a
whole block of business, (ii) sales or other dispositions of assets

                                                      52

acquired in satisfaction of obligations owing to any Borrower or Subsidiary thereof, (iii) the sale of all or
any substantial part of the assets of, or of the equity interests held by any Borrower in, any Subsidiary which
is not a Borrower, (iv) the sale of any partnership or other interest in investment vehicles by PXP or its
Subsidiaries, (v) the sale and leaseback of the real property located at One American Row, Hartford,
Connecticut or the sale and leaseback of the real property located at 56 Prospect Street, Hartford,
Connecticut, (vi) sale and leaseback transactions (other than those specified in clause (v) above), provided
that the aggregate net proceeds of such transactions shall not exceed $25,000,000, or (vii) the sale or
transfer of assets (other than the closed block assets referred to in clause (d) below) from any of the
Borrowers or their Subsidiaries to any other of the Borrowers or their Subsidiaries, so long as in the case of
each of the matters described in clauses (i) through (vii) above, no Default or Event of Default shall have
occurred and be continuing or would occur as a result thereof;

         (c)      enter into any transaction in which PXP would become a direct or indirect Subsidiary of PLIC
or of any other Borrower or Subsidiary thereof primarily engaged in the business of insurance or banking.

         (d)      sell, transfer or otherwise dispose of the specified life and annuity policies forming a
closed block established in the "Plan of Reorganization" of Phoenix Home Life Mutual Insurance Company for the
benefit of holders of the policies in the closed block or the assets or liabilities relating thereto, provided
that the foregoing shall not apply to or operate to prevent:

                  (i)      the Borrowers from entering into inter-company transactions relating to such closed
         block, but only to the extent that such transactions would also be permitted under Section 7.6;

                  (ii)     PLIC from entering into ordinary course reinsurance agreements with regard to such
         closed block; or

                  (iii)    a monetization or securitization of such closed block, provided that (A) no Default
         or Event of Default shall have occurred and be continuing at the time of the consummation of such
         transaction or would exist immediately after giving effect thereto, (B) immediately after giving
         effect to such transaction and any Borrowings in connection therewith, the Borrowers shall be in
         compliance with the financial covenants contained in Article VI, and (C) all Indebtedness and other
         material liabilities or obligations arising from the transaction shall be non-recourse to the
         Borrowers and their Subsidiaries (and their assets), other than Subsidiaries (and their assets) that
         (x) are established in connection with the transaction and (y) are not the parent entity (direct or
         indirect) of any of the Borrowers.

         7.3      Indebtedness. The Borrowers will not, nor will they permit or cause any of their Subsidiaries
to, create, incur, assume or suffer to exist any Indebtedness other than:

                  (i)      Indebtedness of the Borrowers in favor of the Administrative Agent and the Lenders
         incurred under this Agreement and the other Credit Documents; and

                                                      53

                  (ii)     other Indebtedness, provided that (i) at the time of incurrence thereof, no Default
         or Event of Default shall have occurred and be continuing and (ii) immediately after giving effect to
         the incurrence thereof, the Borrowers shall be in compliance with the financial covenants contained in
         Article VI.

         7.4      Investments. The Borrowers will not, nor will they permit or cause any of their Subsidiaries
to, directly or indirectly, in any transaction or series of related transactions, (a) acquire any going
business, division thereof, line of business, or block of business or all or substantially all of the assets,
of any Person, whether through purchase of assets, merger or otherwise, (b) acquire securities or other
ownership interests of any Person having at least a majority of combined voting power of the then outstanding
securities or other ownership interests of such Person (any of the transactions described in clauses (a) or
(b), an "Acquisition"), or (c) otherwise purchase, own, invest in or otherwise acquire any Capital Stock,
evidence of indebtedness or other obligation or security or any interest whatsoever in any other Person, or
make or permit to exist any loans, advances or extensions of credit to, or any investment in cash or by
delivery of property in, any other Person, or become a partner or joint venturer in any partnership or joint
venture (collectively, including Acquisitions, "Investments"), or make a commitment or otherwise agree to do
any of the foregoing, other than:

                  (i)      Investments consisting of Cash Equivalents;

                  (ii)     Investments consisting of the extension of trade credit, the creation of prepaid
         expenses, the purchase of inventory, supplies, equipment and other assets, and other Investments made
         in the ordinary course of business;

                  (iii)    Investments (other than Acquisitions and Joint Ventures) by PLIC and other Insurance
         Subsidiaries in compliance with all applicable regulatory requirements;

                  (iv)     Investments by Parent and PXP in the ordinary course of business consistent with
         past practices;

                  (v)      any Acquisition (x) to which the Required Lenders (or the Administrative Agent on
         their behalf) shall have given their prior written consent (which consent may be in their sole
         discretion and may be given subject to such terms and conditions as the Required Lenders shall
         establish), or (y) with respect to which all of the following conditions, as applicable, are satisfied
         (any Acquisition meeting all of the applicable conditions set forth under this clause (y), a
         "Permitted Acquisition"):

                           (A)     each business acquired shall be in or related to the life and annuity sector
                  of the insurance business;

                           (B)     in the case of an Acquisition involving the acquisition of Capital Stock of
                  any Person, immediately after giving effect to such Acquisition such Person (or the surviving
                  Person, if the Acquisition is effected through a merger or consolidation) shall be a
                  Subsidiary of any Borrower;

                           (C)     the Person to be acquired (or its board of directors or equivalent governing
                  body) has not either announced it will oppose such Acquisition or

                                                      54

                  commenced any action which alleges that such Acquisition violates, or will violate, any
                  Requirement of Law;

                           (D)     no Default or Event of Default shall have occurred and be continuing at the
                  time of the consummation of such Acquisition or would exist immediately after giving effect
                  thereto;

                           (E)     immediately after giving effect to such Acquisition and any Borrowings in
                  connection therewith, the Borrowers shall be in compliance with the financial covenants
                  contained in Article VI; and

                           (F)     the sum (without duplication) of (t) the amount of cash paid as purchase
                  price by the Borrowers and their Subsidiaries in connection with such Acquisition, (u) the
                  value of all Capital Stock issued or given as purchase price in connection with such
                  Acquisition (as determined by the parties thereto under the definitive acquisition
                  agreement), (v) the amount of all Indebtedness incurred, assumed or acquired by the Borrowers
                  and their Subsidiaries in connection with such Acquisition which becomes Consolidated
                  Indebtedness (provided that any insurance policy, annuity contract, guaranteed investment
                  contract, funding agreement or other insurance product obligations incurred, ceded or assumed
                  in a reinsurance transaction shall not be included as such Indebtedness), (w) the amount of
                  any Contingent Purchase Price Obligations payable in connection with such Acquisition, as
                  determined in good faith by the Borrowers, (x) all amounts paid in respect of noncompetition
                  agreements, consulting agreements and similar arrangements entered into in connection with
                  such Acquisition, (y) the aggregate fair market value of all other real, mixed or personal
                  property paid as purchase price by the Borrowers and their Subsidiaries in connection with
                  such Acquisition, and (z) in the case of a reinsurance transaction, the ceding commission or
                  other amount by which the liabilities transferred exceed the assets transferred
                  (collectively, the "Acquisition Amount") for all Permitted Acquisitions consummated during
                  the term of this Agreement plus the amount of Investments (net of returns of principal) in
                  all Permitted Joint Ventures, shall not at any time exceed $400,000,000; and

                  (vi)     any Joint Venture (x) to which the Required Lenders (or the Administrative Agent on
         their behalf) shall have given their prior written consent (which consent may be in their sole
         discretion and may be given subject to such terms and conditions as the Required Lenders shall
         establish), or (y) with respect to which all of the following conditions are satisfied (any Joint
         Venture meeting all of the applicable conditions set forth under this clause (y), a "Permitted Joint
         Venture"):

                           (A) no Default or Event of Default shall have occurred and be continuing at the time
                  of the consummation of such Joint Venture or would exist immediately after giving effect
                  thereto;

                                                      55

                           (B)     immediately after giving effect to such Joint Venture and any Borrowings in
                  connection therewith, the Borrowers shall be in compliance with the financial covenants
                  contained in Article VI;

                           (C)     immediately after giving effect to such Joint Venture, the aggregate amount
                  of Investments by the Borrowers and their Subsidiaries in all Permitted Joint Ventures
                  (excluding any Joint Ventures exclusively among the Borrowers and their Subsidiaries) would
                  not exceed 10% of Consolidated Net Worth; and

                           (D)     the aggregate of the amount of Investments (net of returns of principal) in
                  all Permitted Joint Ventures plus the Acquisition Amounts for all Permitted Acquisitions
                  consummated during the term of this Agreement, shall not at any time exceed $400,000,000.

         7.5      Restricted Payments. The Parent shall not, declare or pay any dividend or other distribution
on account of its equity securities or directly or indirectly, through a subsidiary or otherwise, purchase,
redeem or otherwise acquire or retire any such equity securities if after giving effect thereto a Default or
Event of Default shall have occurred and be continuing. The Parent will not permit any Subsidiary (other than a
Subsidiary formed in connection with a transaction of the type described in Section 7.2(d)(iii)) to enter into,
or permit to remain outstanding, any agreement prohibiting or limiting the amount of dividends or other
distributions which it may make to the holders of its equity securities.

         7.6      Transactions with Affiliates. The Borrowers shall not, and shall not suffer or permit any
Subsidiary to, enter into any transaction with any Affiliate, except upon fair and reasonable terms no less
favorable to the Borrowers and their Subsidiaries than would obtain in a comparable arm's-length transaction
with a third-party.

         7.7      Lines of Business. The Borrowers shall not, and shall not suffer or permit any Subsidiary to,
engage in any material line of business other than lines of business in or related to the lines of business
carried on by PLIC, PXP and their Subsidiaries on the date hereof.

         7.8      Pari Passu Ranking. No Borrower shall enter into any agreement or take any other action that
would cause the Obligations to rank less than pari passu with all other senior unsecured Indebtedness of such
Borrower.

         7.9      Accounting Changes. Each Borrower will not, nor will it permit or cause any of its
Subsidiaries to, make or permit any material change in its accounting policies or reporting practices, except
as may be permitted by GAAP or SAP, and any such change shall be subject to Section 1.2.

                                                      56

                                                 ARTICLE VIII

                                                    GUARANTY

         8.1      Guaranty. The Parent hereby unconditionally and irrevocably guarantees the full and punctual
payment (whether at stated maturity, upon acceleration or otherwise) of the principal of and interest on each
Loan made to PLIC and PXP pursuant to this Agreement, and the full and punctual payment of all Obligations of
PLIC and PXP under this Agreement. Upon failure by PLIC or PXP to pay punctually any such amount, the Parent
shall forthwith on demand pay the amount not so paid at the place and in the manner specified in this
Agreement.

         8.2      Guaranty Unconditional. The obligations of the Parent under this Article VIII shall be
unconditional and absolute and, without limiting the generality of the foregoing, shall not be released,
discharged or otherwise affected by:

         (a)      any extension, renewal, settlement, compromise, waiver or release in respect of any
obligation of PLIC or PXP under this Agreement or any Note, by operation of law or otherwise;

         (b)      any modification or amendment of or supplement to this Agreement or any Note;

         (c)      any release, impairment, non-perfection or invalidity of any direct or indirect security for
any obligation of PLIC or PXP under this Agreement or any Note;

         (d)      any change in the corporate existence, structure or ownership of PLIC or PXP or any
insolvency, bankruptcy, reorganization or other similar proceeding affecting PLIC or PXP or their assets or any
resulting release or discharge of any obligation of PLIC or PXP contained in this Agreement or any Note;

         (e)      the existence of any claim, set-off or other right which the Parent may have at any time
against PLIC or PXP, the Administrative Agent, any Lender or any other Person, whether in connection herewith
or any unrelated transaction, provided that nothing herein shall prevent the assertion of any such claim by
separate suit or compulsory counterclaim;

         (f)      any invalidity or unenforceability relating to or against PLIC or PXP for any reason of this
Agreement or any Note, or any provision of applicable law or regulation purporting to prohibit the payment by
PLIC or PXP of the principal of or interest on any Loan or any other amount payable by PLIC or PXP under this
Agreement; or

         (g)      any other act or omission to act or delay of any kind by PLIC or PXP, the Administrative
Agent, any Lender or any other Person or any other circumstance whatsoever which might, but for the provisions
of this paragraph, constitute a legal or equitable discharge of PLIC or PXP or of the Parent's obligations as
guarantor hereunder.

         8.3      Discharge Only Upon Payment in Full; Reinstatement in Certain Circumstances. The Parent's
obligations as guarantor hereunder shall remain in full force and effect until all of the Commitments shall
have terminated and all Obligations shall have been indefeasibly paid in full in cash. If at any time any
payment of principal, interest or any other amount payable by

                                                      57

PLIC or PXP under this Agreement or any Note is rescinded or must be otherwise restored or returned upon the
insolvency, bankruptcy or reorganization of PLIC or PXP or otherwise, the Parent's obligations hereunder with
respect to such payment shall be reinstated as though such payment had been due but not made at such time.

         8.4      Waiver by the Parent. The Parent irrevocably waives acceptance hereof, presentment, demand,
protest and any notice not provided for herein, as well as any requirement that at any time any action be taken
by any Person against PLIC or PXP or any other Person.

         8.5      Subrogation. Notwithstanding any payment made by or for the account of the Parent pursuant to
this Article VIII, the Parent shall not be subrogated to any right of the Administrative Agent or any Lender
until such time as the Administrative Agent and the Lenders shall have received final payment in cash of the
full amount of all Obligations and all of the Commitments shall have terminated.

         8.6      Stay of Acceleration. If acceleration of the time for payment of any amount payable by PLIC
or PXP under this Agreement or any Note is stayed upon the insolvency, bankruptcy or reorganization of PLIC or
PXP, all such amounts otherwise subject to acceleration under the terms of this Agreement shall nonetheless be
payable by the Parent hereunder forthwith on demand by the Administrative Agent made at the request of the
Required Lenders.

                                                   ARTICLE II

                                               EVENTS OF DEFAULT

         9.1      Events of Default. The occurrence of any one or more of the following events shall constitute
an "Event of Default":

         (a)      Non-Payment. The Borrowers shall fail to pay when due (i) any principal of any Loan or (ii)
any interest on any Loan, any fee payable under this Agreement or any other Credit Document, and (in the case
of this clause (ii) only) such failure shall continue for a period of five days;

         (b)      Specific Defaults. The Borrowers or any of their Subsidiaries shall (i) fail to observe,
perform or comply with any condition, covenant or agreement contained in any of Sections 2.14, 5.1, 5.2(a),
5.2(c)(i), or 5.3(i) or in Articles VI or VII or (ii) fail to observe, perform or comply with any condition,
covenant or agreement contained in Section 5.2 (other than Sections 5.2(a) and 5.2(c)(i)) and (in the case of
this clause (ii) only) such failure shall continue unremedied for a period of five Business Days after the
earlier of (y) the date on which a Responsible Officer of the Borrowers acquires knowledge thereof and (z) the
date on which written notice thereof is delivered by the Administrative Agent or any Lender to the Borrowers;

         (c)      Other Defaults. The Borrowers or any of their Subsidiaries shall fail to observe, perform or
comply with any condition, covenant or agreement contained in this Agreement or any of the other Credit
Documents other than those enumerated in Sections 9.1(a) and 9.1(b), and such failure (i) by the express terms
of such Credit Document, constitutes an Event of Default, or (ii) shall continue unremedied for any grace
period specifically applicable thereto or,

                                                      58

if no grace period is specifically applicable, for a period of 20 days after the earlier of (y) the date on
which a Responsible Officer of the Borrowers acquires knowledge thereof and (z) the date on which written
notice thereof is delivered by the Administrative Agent or any Lender to the Borrowers;

         (d)      Representations and Warranties. Any representation or warranty made or deemed made by or on
behalf of the Borrowers or any of their Subsidiaries in this Agreement, any of the other Credit Documents or in
any certificate, instrument, report or other document furnished at any time in connection herewith or therewith
shall prove to have been incorrect, false or misleading in any material respect as of the time made, deemed
made or furnished;

         (e)      Cross Default. The Borrowers or any of their Subsidiaries shall (i) fail to pay when due
(whether by scheduled maturity, acceleration or otherwise and after giving effect to any applicable grace
period or notice provisions) any principal of or interest on any Indebtedness having an aggregate principal
amount of at least (A) $10,000,000 with respect to the Parent or PLIC or (B) $5,000,000 with respect to PXP or
any other Subsidiary of any Borrower or (ii) fail to observe, perform or comply with any condition, covenant or
agreement contained in any agreement or instrument evidencing or relating to any such Indebtedness, or any
other event shall occur or condition exist in respect thereof, and the effect of such failure, event or
condition is to cause, or permit the holder or holders of such Indebtedness (or a trustee or agent on its or
their behalf) to cause (with or without the giving of notice, lapse of time, or both), without regard to any
subordination terms with respect thereto, such Indebtedness to become due, or to be prepaid, redeemed,
purchased or defeased, prior to its stated maturity, provided that the early termination of a Swap Contract
entered into in the ordinary course of business and not for speculation shall not be treated as subject to this
clause (ii) and, provided further that for purposes of this Section 9.1(e), Indebtedness shall not include (x)
the Indebtedness incurred pursuant to this Agreement or (y) Indebtedness of an SPE if such Indebtedness is
non-recourse to the Borrowers and their Subsidiaries (other than the SPE) and if, in the case of any such
Indebtedness incurred in connection with a transaction described in Section 7.2(d)(iii), any such failure to
pay or perform with respect to such Indebtedness does not materially impair any rights of PLIC under any
related reinsurance agreement;

         (f)      Insolvency; Voluntary Proceedings. Any Borrower or any of its Subsidiaries shall (i) file a
voluntary petition or commence a voluntary case seeking liquidation, winding-up, reorganization, dissolution,
arrangement, readjustment of debts or any other relief under the Bankruptcy Code or under any other applicable
bankruptcy, insolvency or similar law now or hereafter in effect, (ii) consent to the institution of, or fail
to controvert in a timely and appropriate manner, any petition or case of the type described in Section 9.1(g),
(iii) apply for or consent to the appointment of or taking possession by a custodian, trustee, receiver or
similar official for or of itself or all or a substantial part of its properties or assets, (iv) fail
generally, or admit in writing its inability, to pay its debts generally as they become due, (v) make a general
assignment for the benefit of creditors or (vi) take any corporate action to authorize or approve any of the
foregoing;

         (g)      Involuntary Proceedings. Any involuntary petition or case shall be filed or commenced against
any Borrower or any of its Subsidiaries seeking liquidation, winding-up, reorganization, dissolution,
arrangement, readjustment of debts, the appointment of a custodian,

                                                      59

trustee, receiver or similar official for it or all or a substantial part of its properties or any other relief
under the Bankruptcy Code or under any other applicable bankruptcy, insolvency or similar law now or hereafter
in effect, and such petition or case shall continue undismissed and unstayed for a period of 60 days; or an
order, judgment or decree approving or ordering any of the foregoing shall be entered in any such proceeding;

         (h)    Judgments. Any one or more money judgments, writs or warrants of attachment, executions
or similar processes involving an aggregate amount (to the extent not paid or fully bonded or covered by
insurance as to which the surety or insurer, as the case may be, has the financial ability to perform and has
not disputed coverage) in excess of $50,000,000 shall be entered or filed against any Borrower or any of its
Subsidiaries or any of their respective properties and the same shall not be paid, dismissed, bonded, vacated,
stayed or discharged within a period of 30 days or in any event later than five days prior to the date of any
proposed sale of such property thereunder;

         (i)    ERISA. Any ERISA Event (other than as set forth on Schedule 4.11) or any other event or
condition shall occur or exist with respect to any Plan or Multiemployer Plan and, as a result thereof,
together with all other ERISA Events and other events or conditions then existing, any Borrower or Subsidiary
thereof and its ERISA Affiliates have incurred, or would reasonably be expected to incur, liability to any one
or more Plans or Multiemployer Plans or to the PBGC (or to any combination thereof) in excess of $10,000,000;

         (j)    Loss of Licenses. Any one or more licenses, permits, accreditations or authorizations of
any Borrower or any Subsidiary thereof shall be suspended, limited or terminated or shall not be renewed, or
any other action shall be taken, by any Governmental Authority in response to any alleged failure by any
Borrower or Subsidiary thereof to be in compliance with applicable Requirements of Law, and such action,
individually or in the aggregate, has or would reasonably be expected to have a Material Adverse Effect;

         (k)    Environmental. Any one or more Environmental Claims shall have been asserted against any
Borrower or any Subsidiary thereof (or a reasonable basis shall exist therefor) or any Borrower or any
Subsidiary thereof shall have incurred or would reasonably be expected to incur liability, interruption of
operations or other adverse effects as a result thereof; and such Environmental Claims, liability or other
effect, individually or in the aggregate, has or would reasonably be expected to have a Material Adverse
Effect;

         (l)    Change of Control. Either (i) a Person, or two or more Persons acting in concert, shall
have acquired beneficial ownership (within the meaning of Rule 13d-3 of the Securities and Exchange Commission
under the Securities Exchange Act of 1934) of 30% or more of the voting power of the Parent; or (ii) the Parent
shall cease to own, directly or indirectly, free and clear of all Liens or other encumbrances, 100% of the
issued and outstanding Capital Stock of each other Borrower.

         9.2    Remedies: Termination of Commitments, Acceleration, etc. Upon and at any time after the
occurrence and during the continuance of any Event of Default, the Administrative Agent shall at the direction,
or may with the consent, of the Required Lenders, take any or all of the following actions at the same or
different times:

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         (a)    Declare the Commitments to be terminated, whereupon the same shall terminate; provided
that, upon the occurrence of a Bankruptcy Event, the Commitments shall automatically be terminated;

         (b)    Declare all or any part of the outstanding principal amount of the Loans to be immediately due
and payable, whereupon the principal amount so declared to be immediately due and payable, together with all
interest accrued thereon and all other amounts payable under this Agreement and the other Credit Documents,
shall become immediately due and payable without presentment, demand, protest, notice of intent to accelerate
or other notice or legal process of any kind, all of which are hereby knowingly and expressly waived by the
Borrowers; provided that, upon the occurrence of a Bankruptcy Event, all of the outstanding principal
amount of the Loans and all other amounts described in this Section 9.2(b) shall automatically become
immediately due and payable without presentment, demand, protest, notice of intent to accelerate or other
notice or legal process of any kind, all of which are hereby knowingly and expressly waived by the Borrowers;

         (c)    Appoint or direct the appointment of a receiver for the properties and assets of the Borrowers
and their Subsidiaries, both to operate and to sell such properties and assets, and each Borrower, for itself
and on behalf of its Subsidiaries, hereby consents to such right and such appointment and hereby waives any
objection any Borrower or any Subsidiary may have thereto or the right to have a bond or other security posted
by the Administrative Agent on behalf of the Lenders, in connection therewith; and

         (d)    Exercise all rights and remedies available to it under this Agreement, the other Credit
Documents and applicable law.

         9.3    Remedies: Set-Off. Upon and at any time after the occurrence and during the continuance
of any Event of Default, each Lender and each of their respective Affiliates is hereby authorized at any time
and from time to time, to the fullest extent permitted by applicable law, to set off and apply any and all
deposits (general or special, time or demand, provisional or final, in whatever currency) at any time held and
other obligations (in whatever currency) at any time owing by such Lender or any such Affiliate to or for the
credit or the account of any Borrower against any and all of the obligations of such Borrower now or hereafter
existing under this Agreement or any other Credit Document to such Lender, including, without limitation, the
obligations of the Parent under Article VIII, irrespective of whether or not such Lender shall have made
any demand under this Agreement or any other Credit Document and although such obligations of such Borrower may
be contingent or unmatured or are owed to a branch or office of such Lender different from the branch or office
holding such deposit or obligated on such indebtedness. The rights of each Lender and their respective
Affiliates under this Section are in addition to other rights and remedies (including other rights of setoff)
that such Lenders or their respective Affiliates may have. Each Lender agrees to notify the Borrowers and the
Administrative Agent promptly after any such setoff and application; provided that the failure to give such
notice shall not affect the validity of such setoff and application.

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                                                   ARTICLE X

                                            THE ADMINISTRATIVE AGENT

         10.1   Appointment and Authority. Each of the Lenders hereby irrevocably appoints Wachovia to
act on its behalf as the Administrative Agent hereunder and under the other Credit Documents and authorizes the
Administrative Agent to take such actions on its behalf and to exercise such powers as are delegated to the
Administrative Agent by the terms hereof or thereof, together with such actions and powers as are reasonably
incidental thereto. The provisions of this Article are solely for the benefit of the Administrative Agent and
the Lenders, and neither the Borrowers nor any Subsidiary thereof shall have rights as a third party
beneficiary of any of such provisions.

         10.2   Rights as a Lender. The Person serving as the Administrative Agent hereunder shall have
the same rights and powers in its capacity as a Lender as any other Lender and may exercise the same as though
it were not the Administrative Agent and the term "Lender" or "Lenders" shall, unless otherwise expressly
indicated or unless the context otherwise requires, include the Person serving as the Administrative Agent
hereunder in its individual capacity. Such Person and its Affiliates may accept deposits from, lend money to,
act as the financial advisor or in any other advisory capacity for and generally engage in any kind of business
with any Borrower or any Subsidiary or other Affiliate thereof as if such Person were not the Administrative
Agent hereunder and without any duty to account therefor to the Lenders.

         10.3   Exculpatory Provisions. The Administrative Agent shall not have any duties or
obligations except those expressly set forth herein and in the other Credit Documents. Without limiting the
generality of the foregoing, the Administrative Agent:

         (a)    shall not be subject to any fiduciary or other implied duties, regardless of whether a Default
or Event of Default has occurred and is continuing;

         (b)    shall not have any duty to take any discretionary action or exercise any discretionary powers,
except discretionary rights and powers expressly contemplated hereby or by the other Credit Documents that the
Administrative Agent is required to exercise as directed in writing by the Required Lenders (or such other
number or percentage of the Lenders as shall be expressly provided for herein or in the other Credit
Documents), provided that the Administrative Agent shall not be required to take any action that, in its
opinion or the opinion of its counsel, may expose the Administrative Agent to liability or that is contrary to
any Credit Document or applicable law; and

         (c)    shall not, except as expressly set forth herein and in the other Credit Documents, have any
duty to disclose, and shall not be liable for the failure to disclose, any information relating to the
Borrowers or any of their Affiliates that is communicated to or obtained by the Person serving as the
Administrative Agent or any of its Affiliates in any capacity.

         The Administrative Agent shall not be liable for any action taken or not taken by it (i) with the
consent or at the request of the Required Lenders (or such other number or percentage of the Lenders as shall
be necessary, or as the Administrative Agent shall believe in good faith shall be necessary, under the
circumstances as provided in Sections 11.5 and 9.2) or

                                                      62

(ii) in the absence of its own gross negligence or willful misconduct. The Administrative Agent shall be deemed
not to have knowledge of any Default or Event of Default unless and until notice describing such Default or
Event of Default is given to the Administrative Agent by the Borrowers or a Lender.

         The Administrative Agent shall not be responsible for or have any duty to ascertain or inquire into
(i) any statement, warranty or representation made in or in connection with this Agreement or any other Credit
Document, (ii) the contents of any certificate, report or other document delivered hereunder or thereunder or
in connection herewith or therewith, (iii) the performance or observance of any of the covenants, agreements or
other terms or conditions set forth herein or therein or the occurrence of any Default or Event of Default,
(iv) the validity, enforceability, effectiveness or genuineness of this Agreement, any other Credit Document or
any other agreement, instrument or document or (v) the satisfaction of any condition set forth in Article IV or
elsewhere herein, other than to confirm receipt of items expressly required to be delivered to the
Administrative Agent.

         10.4   Reliance by Administrative Agent. The Administrative Agent shall be entitled to rely upon, and
shall not incur any liability for relying upon, any notice, request, certificate, consent, statement,
instrument, document or other writing (including any electronic message, internet or intranet website posting
or other distribution) believed by it to be genuine and to have been signed, sent or otherwise authenticated by
the proper Person. The Administrative Agent also may rely upon any statement made to it orally or by telephone
and believed by it to have been made by the proper Person, and shall not incur any liability for relying
thereon. In determining compliance with any condition hereunder to the making of a Loan that by its terms must
be fulfilled to the satisfaction of a Lender, the Administrative Agent may presume that such condition is
satisfactory to such Lender unless the Administrative Agent shall have received notice to the contrary from
such Lender prior to the making of such Loan. The Administrative Agent may consult with legal counsel (who may
be counsel for the Borrowers), independent accountants and other experts selected by it, and shall not be
liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants
or experts.

         10.5   Delegation of Duties. The Administrative Agent may perform any and all of its duties and
exercise its rights and powers hereunder or under any other Credit Document by or through any one or more
sub-agents appointed by the Administrative Agent. The Administrative Agent and any such sub-agent may perform
any and all of its duties and exercise its rights and powers by or through their respective Related Parties.
The exculpatory provisions of this Article shall apply to any such sub-agent and to the Related Parties of the
Administrative Agent and any such sub-agent, and shall apply to their respective activities in connection with
the syndication of the credit facilities provided for herein as well as activities as Administrative Agent.

         10.6   Resignation of Administrative Agent. The Administrative Agent may at any time give notice of
its resignation to the Lenders and the Borrowers. Upon receipt of any such notice of resignation, the Required
Lenders shall have the right, in consultation with the Borrowers, to appoint a successor, which shall be a bank
with an office in the United States, or an Affiliate of any such bank with an office in the United States. If
no such successor shall have been so appointed by the Required Lenders and shall have accepted such appointment
within 30 days after the retiring Administrative Agent gives notice of its resignation, then the retiring

                                                      63

Administrative Agent may, on behalf of the Lenders, appoint a successor Administrative Agent meeting the
qualifications set forth above; provided that if the Administrative Agent shall notify the Borrowers and the
Lenders that no qualifying Person has accepted such appointment, then such resignation shall nonetheless become
effective in accordance with such notice and (1) the retiring Administrative Agent shall be discharged from its
duties and obligations hereunder and under the other Credit Documents (except that in the case of any
collateral security held by the Administrative Agent on behalf of the Lenders under any of the Credit
Documents, the retiring Administrative Agent shall continue to hold such collateral security until such time as
a successor Administrative Agent is appointed) and (2) all payments, communications and determinations provided
to be made by, to or through the Administrative Agent shall instead be made by or to each Lender directly,
until such time as the Required Lenders appoint a successor Administrative Agent as provided for above in this
Section. Upon the acceptance of a successor's appointment as Administrative Agent hereunder, such successor
shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring (or
retired) Administrative Agent, and the retiring Administrative Agent shall be discharged from all of its duties
and obligations hereunder or under the other Credit Documents (if not already discharged therefrom as provided
above in this Section). The fees payable by the Borrowers to a successor Administrative Agent shall be the same
as those payable to its predecessor unless otherwise agreed between the Borrowers and such successor. After the
retiring Administrative Agent's resignation hereunder and under the other Credit Documents, the provisions of
this Article and Section 11.1 shall continue in effect for the benefit of such retiring Administrative Agent,
its sub-agents and their respective Related Parties in respect of any actions taken or omitted to be taken by
any of them while the retiring Administrative Agent was acting as Administrative Agent.

         10.7   Non-Reliance on Administrative Agent and Other Lenders. Each Lender acknowledges that it has,
independently and without reliance upon the Administrative Agent or any other Lender or any of their Related
Parties and based on such documents and information as it has deemed appropriate, made its own credit analysis
and decision to enter into this Agreement. Each Lender also acknowledges that it will, independently and
without reliance upon the Administrative Agent or any other Lender or any of their Related Parties and based on
such documents and information as it shall from time to time deem appropriate, continue to make its own
decisions in taking or not taking action under or based upon this Agreement, any other Credit Document or any
related agreement or any document furnished hereunder or thereunder.

         10.8   No Other Duties, Etc. Anything herein to the contrary notwithstanding, none of the Bookrunners,
Arrangers, Syndication Agent, Documentation Agent or other agents listed on the cover page hereof shall have
any powers, duties or responsibilities under this Agreement or any of the other Credit Documents, except in its
capacity, as applicable, as the Administrative Agent or a Lender hereunder.

                                                 ARTICLE XI

                                               MISCELLANEOUS

         11.1   Expenses; Indemnity; Damage Waiver.

                                                      64

         (a)    The Borrowers shall pay (i) all reasonable out-of-pocket expenses incurred by the
Administrative Agent and its Affiliates (including the reasonable fees, charges and disbursements of counsel
for the Administrative Agent), in connection with the syndication of the credit facilities provided for herein,
the preparation, negotiation, execution, delivery and administration of this Agreement and the other Credit
Documents or any amendments, modifications or waivers of the provisions hereof or thereof (whether or not the
transactions contemplated hereby or thereby shall be consummated) and (ii) all out-of-pocket expenses incurred
by the Administrative Agent or any Lender (including the fees, charges and disbursements of any counsel for the
Administrative Agent or any Lender), in connection with the enforcement or protection of its rights (A) in
connection with this Agreement and the other Credit Documents, including its rights under this Section, or (B)
in connection with the Loans made hereunder, including all such out-of-pocket expenses incurred during any
workout, restructuring or negotiations in respect of such Loans.

         (b)    The Borrowers shall indemnify the Administrative Agent (and any sub-agent thereof), each
Lender, and each Related Party of any of the foregoing persons (each such person being called an
"Indemnitee") against, and hold each Indemnitee harmless from, any and all losses, claims, damages,
liabilities and related expenses (including the fees, charges and disbursements of any counsel for any
Indemnitee), incurred by any Indemnitee or asserted against any Indemnitee by any third party or by the
Borrowers or any Subsidiary thereof arising out of, in connection with, or as a result of (i) the execution or
delivery of this Agreement, any other Credit Document or any agreement or instrument contemplated hereby or
thereby, the performance by the parties hereto of their respective obligations hereunder or thereunder or the
consummation of the transactions contemplated hereby or thereby, (ii) any Loan or the use or proposed use of
the proceeds therefrom, (iii) any actual or alleged presence or release of Hazardous Substances on or from any
property owned or operated by any Borrower or Subsidiary thereof, or any Environmental Claim related in any way
to any Borrower or Subsidiary thereof, or (iv) any actual or prospective claim, litigation, investigation or
proceeding relating to any of the foregoing, whether based on contract, tort or any other theory, whether
brought by a third party or by any Borrower or any Subsidiary thereof, and regardless of whether any Indemnitee
is a party thereto; provided that such indemnity shall not, as to any Indemnitee, be available to the
extent that such losses, claims, damages, liabilities or related expenses (x) are determined by a court of
competent jurisdiction by final and nonappealable judgment to have resulted from the gross negligence or
willful misconduct of such Indemnitee or (y) result from a claim brought by any Borrower or any Subsidiary
thereof against an Indemnitee for breach in bad faith of such Indemnitee's obligations hereunder or under any
other Credit Document, if such Borrower or such Subsidiary has obtained a final and nonappealable judgment in
its favor on such claim as determined by a court of competent jurisdiction; provided further, that the
Indemnitees shall, at the request of the Borrowers, only use one counsel among them in any single matter or
related matters unless any such Indemnitee determines in its sole discretion that its interests may differ from
any other Indemnitee.

         (c)    To the extent that any Borrower for any reason fails to indefeasibly pay any amount required
under Section 11.1(a) or Section 11.1(b) to be paid by it to the Administrative Agent (or any
sub-agent thereof) or any Related Party of any of the foregoing, each Lender severally agrees to pay to the
Administrative Agent (or any such sub-agent) or such Related Party, as the case may be, such Lender's
proportion (based on the percentages as used in

                                                      65

determining the Required Lenders as of the time that the applicable unreimbursed expense or indemnity payment
is sought) of such unpaid amount, provided that the unreimbursed expense or indemnified loss, claim, damage,
liability or related expense, as the case may be, was incurred by or asserted against the Administrative Agent
(or any such sub-agent) or against any Related Party of any of the foregoing acting for the Administrative
Agent (or any such sub-agent) in connection with such capacity. The obligations of the Lenders under this
Section 11.1(c) are subject to the provisions of Section 2.3(c).

         (d)    To the fullest extent permitted by applicable law, no Borrower shall assert, and each Borrower
hereby waives, any claim against any Indemnitee, on any theory of liability, for special, indirect,
consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with,
or as a result of, this Agreement, any other Credit Document or any agreement or instrument contemplated
hereby, the transactions contemplated hereby or thereby, any Loan or the use of the proceeds thereof. No
Indemnitee referred to in Section 11.1(b) shall be liable for any damages arising from the use by unintended
recipients of any information or other materials distributed by it through telecommunications, electronic or
other information transmission systems (including Intralinks, SyndTrak or similar systems) in connection with
this Agreement or the other Credit Documents or the transactions contemplated hereby or thereby.

         (e)    All amounts due under this Section shall be payable by the Borrowers upon demand therefor.

         11.2   Governing Law; Submission to Jurisdiction; Waiver of Venue; Service of Process.

         (a)    This Agreement and the other Credit Documents shall (except as may be expressly otherwise
provided in any Credit Document) be governed by, and construed in accordance with, the law of the State of New
York (including Sections 5-1401 and 5-1402 of the New York General Obligations Law, but excluding all other
choice of law and conflicts of law rules).

         (b)    Each Borrower irrevocably and unconditionally submits, for itself and its property, to the
nonexclusive jurisdiction of the courts of the State of New York sitting in New York City and of the United
States District Court for the Southern District of New York, and any appellate court from any thereof, in any
action or proceeding arising out of or relating to this Agreement or any other Credit Document, or for
recognition or enforcement of any judgment, and each of the parties hereto irrevocably and unconditionally
agrees that all claims in respect of any such action or proceeding may be heard and determined in such state
court or, to the fullest extent permitted by applicable law, in such federal court. Each of the parties hereto
agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other
jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Agreement or in
any other Credit Document shall affect any right that the Administrative Agent, any Lender may otherwise have
to bring any action or proceeding relating to this Agreement or any other Credit Document against any Borrower
or any Subsidiary thereof or its properties in the courts of any jurisdiction.

                                                      66

         (c)    Each Borrower irrevocably and unconditionally waives, to the fullest extent permitted by
applicable law, any objection that it may now or hereafter have to the laying of venue of any action or
proceeding arising out of or relating to this Agreement or any other Credit Document in any court referred to
in Section 11.2(b). Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by
applicable law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any
such court.

         (d)    Each party hereto irrevocably consents to service of process in the manner provided for notices
in Section 11.4. Nothing in this Agreement will affect the right of any party hereto to serve process in
any other manner permitted by applicable law.

         11.3   Waiver of Jury Trial. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR
INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER CREDIT DOCUMENT OR THE TRANSACTIONS
CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A)
CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR
OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER
AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND
THE OTHER CREDIT DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

         11.4   Notices; Effectiveness; Electronic Communication.

         (a)    Except in the cases of notices and other communications expressly permitted to be given by
telephone (and except as provided in Section 11.4(b)), all notices and other communications provided for herein
shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or
registered mail or sent by telecopier as follows:

                (i)    if to the Borrowers or the Administrative Agent, to it at the address (or telecopier
         number) specified for such person on Schedule 1.1(a); and

                (ii)   if to any Lender, to it at its address (or telecopier number) set forth in its
         Administrative Questionnaire.

Notices sent by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed
to have been given when received; notices sent by telecopier shall be deemed to have been given when sent
(except that, if not given during normal business hours for the recipient, shall be deemed to have been given
at the opening of business on the next business day for the recipient). Notices delivered through electronic
communications to the extent provided in Section 11.4(b) shall be effective as provided in Section 11.4(b).

         (b)    Notices and other communications to the Lenders hereunder may be delivered or furnished by
electronic communication (including e-mail and internet or intranet websites)

                                                      67

pursuant to procedures approved by the Administrative Agent, provided that the foregoing shall not apply to
notices to the Administrative Agent or any Lender pursuant to Article II. The Administrative Agent or the
Borrowers may, in their discretion, agree to accept notices and other communications to it hereunder by
electronic communication pursuant to procedures approved by it, provided that approval of such procedures may
be limited to particular notices or communications. Unless the Administrative Agent otherwise prescribes, (i)
notices and other communications sent to an e-mail address shall be deemed received upon the sender's receipt
of an acknowledgement from the intended recipient (such as by the "return receipt requested" function, as
available, return e-mail or other written acknowledgement), provided that if such notice or other communication
is not sent during the normal business hours of the recipient, such notice or communication shall be deemed to
have been sent at the opening of business on the next business day for the recipient, and (ii) notices or other
communications posted to an internet or intranet website shall be deemed received upon the deemed receipt by
the intended recipient at its e-mail address as described in the foregoing clause (i) of notification that such
notice or communication is available and identifying the website address therefor.

         (c)    Any party hereto may change its address or telecopier number for notices and other
communications hereunder by notice to the other parties hereto (except that each Lender need not give notice of
any such change to the other Lenders in their capacities as such).

         11.5   Amendments, Waivers, etc. No amendment, modification, waiver or discharge or termination of, or
consent to any departure by any Borrower or Subsidiary thereof from, any provision of this Agreement or any
other Credit Document shall be effective unless in a writing signed by the Required Lenders (or by the
Administrative Agent at the direction or with the consent of the Required Lenders), and then the same shall be
effective only in the specific instance and for the specific purpose for which given; provided, however, that
no such amendment, modification, waiver, discharge, termination or consent shall:

         (a)    unless agreed to by each Lender directly affected thereby, (i) reduce or forgive the principal
amount of any Loan, reduce the rate of or forgive any interest thereon (provided that only the consent of the
Required Lenders shall be required to waive the applicability of any post-default increase in interest rates),
or reduce or forgive any fees hereunder (other than fees payable to the Administrative Agent or the Arranger
for its own account), (ii) extend the final scheduled maturity date or any other scheduled date for the payment
of any principal of or interest on any Loan (including any scheduled date for the mandatory reduction or
termination of any Commitments, but excluding any mandatory prepayment of the Loans pursuant to Sections 2.6(c)
and 2.6(d) or reduction or termination of the Commitments in connection therewith), or extend the time of
payment of any fees hereunder (other than fees payable to the Administrative Agent or the Arranger for its own
account), or (iii) increase any Commitment of any such Lender over the amount thereof in effect or extend the
maturity thereof (it being understood that a waiver of any condition precedent set forth in Section 3.2 or of
any Default or Event of Default or mandatory reduction in the Commitments, if agreed to by the Required Lenders
or all Lenders (as may be required hereunder with respect to such waiver), shall not constitute such an
increase); or

         (b)    unless agreed to by all of the Lenders, (i) release the Parent from its obligations under
Article VIII other than as may be otherwise specifically provided in this Agreement,

                                                      68

(ii) reduce the percentage of the aggregate Commitments or of the aggregate unpaid principal amount of the
Loans, or the number or percentage of Lenders, that shall be required for the Lenders or any of them to take or
approve, or direct the Administrative Agent to take, any action hereunder or under any other Credit Document
(including as set forth in the definition of "Required Lenders"), (iii) change any other provision of this
Agreement or any of the other Credit Documents requiring, by its terms, the consent or approval of all the
Lenders for such amendment, modification, waiver, discharge, termination or consent, (iv) change or waive any
provision of Section 2.15, any other provision of this Agreement or any other Credit Document requiring pro
rata treatment of any Lenders, or this Section 11.5 or (v) amend, modify or waive any condition precedent to
any Borrowing set forth in Section 3.2 (including in connection with any waiver of an existing Default or Event
of Default);

and provided further that the Fee Letter may only be amended or modified, and any rights
thereunder waived, in a writing signed by the parties thereto.

Notwithstanding the fact that the consent of all Lenders is required in certain circumstances as set forth
above, each Lender is entitled to vote as such Lender sees fit on any bankruptcy reorganization plan that
affects the Loans, and each Lender acknowledges that the provisions of Section 1126(c) of the Bankruptcy Code
supersedes the unanimous consent provisions set forth herein.

         11.6   Successors and Assigns.

         (a)    The provisions of this Agreement shall be binding upon and inure to the benefit of the parties
hereto and their respective successors and assigns permitted hereby, except that neither the Borrowers nor any
Subsidiary thereof may assign or otherwise transfer any of its rights or obligations hereunder without the
prior written consent of the Administrative Agent and each Lender and no Lender may assign or otherwise
transfer any of its rights or obligations hereunder except (i) to an assignee in accordance with the provisions
of Section 11.6(b), (ii) by way of participation in accordance with the provisions of Section 11.6(d) or (iii)
by way of pledge or assignment of a security interest subject to the restrictions of Section 11.6(e) (and any
other attempted assignment or transfer by any party hereto shall be null and void). Nothing in this Agreement,
expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their
respective successors and assigns permitted hereby, Participants to the extent provided in Section 11.6(d) and,
to the extent expressly contemplated hereby, the Related Parties of each of the Administrative Agent and the
Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement.

         (b)    Any Lender may at any time assign to one or more assignees all or a portion of its rights and
obligations under this Agreement (including all or a portion of its Commitments and the Loans at the time owing
to it); provided that any such assignment shall be subject to the following conditions:

                (i)    (A) in the case of an assignment of the entire remaining amount of the assigning
         Lender's Commitment and the Loans at the time owing to it or in the case of an assignment to a Lender,
         an Affiliate of a Lender or an Approved Fund, no minimum amount need be assigned, and (B) in any case
         not described in clause (A) above, the

                                                      69

         aggregate amount of the Commitment (which for this purpose includes Loans outstanding thereunder) or,
         if the applicable Commitment is not then in effect, the principal outstanding balance of the Loans of
         the assigning Lender subject to each such assignment (determined as of the date the Assignment and
         Assumption with respect to such assignment is delivered to the Administrative Agent or, if "Trade
         Date" is specified in the Assignment and Assumption, as of the Trade Date) shall not be less than
         $5,000,000, in any case, treating assignments to two or more Approved Funds under common management as
         one assignment for purposes of the minimum amounts, unless each of the Administrative Agent and, so
         long as no Default or Event of Default has occurred and is continuing, the Borrowers otherwise consent
         (each such consent not to be unreasonably withheld or delayed);

                (ii)   each partial assignment shall be made as an assignment of a proportionate part of all
         the assigning Lender's rights and obligations under this Agreement with respect to the Loan or the
         Commitment assigned;

                (iii)  no consent shall be required for any assignment except to the extent required by clause
         (B) of Section 11.6(b)(i) and, in addition:

                       (A)    the consent of the Borrowers (such consent not to be unreasonably withheld or
                delayed) shall be required unless (y) an Default or Event of Default has occurred and is
                continuing at the time of such assignment or (z) such assignment is to a Lender, an Affiliate
                of a Lender or an Approved Fund; and

                       (B)    the consent of the Administrative Agent (such consent not to be unreasonably
                withheld or delayed) shall be required for assignments to a Person who is not a Lender, an
                Affiliate of a Lender or an Approved Fund;

                (iv)   the parties to each assignment shall execute and deliver to the Administrative Agent an
         Assignment and Assumption, together with a processing and recordation fee of $3,500 for each
         assignment and the assignee, if it is not a Lender, shall deliver to the Administrative Agent an
         Administrative Questionnaire;

                (v)    no such assignment shall be made to any Borrower or any of such Borrower's Affiliates or
         Subsidiaries; and

                (vi)   no such assignment shall be made to a natural person.

Subject to acceptance and recording thereof by the Administrative Agent pursuant to Section 11.6(c),
from and after the effective date specified in each Assignment and Assumption, the assignee thereunder shall be
a party to this Agreement and, to the extent of the interest assigned by such Assignment and Assumption, have
the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the
extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this
Agreement (and, in the case of an Assignment and Assumption covering all of the assigning Lender's rights and
obligations under this Agreement, such Lender shall cease to be a party hereto) but shall continue to be
entitled to the benefits of Sections 2.16(a), 2.16(b), 2.17, 2.18 and 11.1 with respect to facts
and circumstances occurring prior to the effective date of such assignment. If

                                                      70

requested by or on behalf of the assignee, the Borrowers, at their own expense, will execute and deliver to the
Administrative Agent a new Note or Notes to the order of the assignee (and, if the assigning Lender has
retained any portion of its rights and obligations hereunder, to the order of the assigning Lender), prepared
in accordance with the applicable provisions of Section 2.4 as necessary to reflect, after giving effect to the
assignment, the Commitments and/or outstanding Loans, as the case may be, of the assignee and (to the extent of
any retained interests) the assigning Lender, in substantially the form of Exhibit A. Any assignment or
transfer by a Lender of rights or obligations under this Agreement that does not comply with this Section
11.6(b) shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such
rights and obligations in accordance with Section 11.6(d).

         (c)    The Administrative Agent, acting solely for this purpose as an agent of the Borrowers, shall
maintain at its address for notices referred to in Schedule 1.1(a) a copy of each Assignment and Assumption
delivered to it and a register for the recordation of the names and addresses of the Lenders, and the
Commitments of, and principal amounts of the Loans owing to, each Lender pursuant to the terms hereof from time
to time (the "Register"). The entries in the Register shall be conclusive, and the Borrowers, the
Administrative Agent and the Lenders may treat each Person whose name is recorded in the Register pursuant to
the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the
contrary. The Register shall be available for inspection by the Borrowers, at any reasonable time and from time
to time upon reasonable prior notice.

         (d)    Any Lender may at any time, without the consent of, or notice to, the Borrowers or the
Administrative Agent, sell participations to any Person (other than a natural person, any Borrower or any of
such Borrower's Affiliates or Subsidiaries) (each, a "Participant") in all or a portion of such Lender's rights
and/or obligations under this Agreement (including all or a portion of its Commitments and/or the Loans;
provided that (i) such Lender's obligations under this Agreement shall remain unchanged, (ii) such Lender shall
remain solely responsible to the other parties hereto for the performance of such obligations and (iii) the
Borrowers, the Administrative Agent and the Lenders shall continue to deal solely and directly with such Lender
in connection with such Lender's rights and obligations under this Agreement. Any agreement or instrument
pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole
right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this
Agreement; provided that such agreement or instrument may provide that such Lender will not, without the
consent of the Participant, agree to any amendment, waiver or other modification described in Section 11.5(a)
and clause (i) of Section 11.5(b) that affects such Participant. Subject to Section 11.6(e), each Borrower
agrees that each Participant shall be entitled to the benefits of Sections 2.16(a), 2.16(b), 2.17 and 2.18 to
the same extent as if it were a Lender and had acquired its interest by assignment pursuant to Section 11.6(b).
To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 9.3 as
though it were a Lender; provided such Participant agrees to be subject to Section 2.15(b) as though it were a
Lender.

         (e)    A Participant shall not be entitled to receive any greater payment under Section 2.16(a),
Section 2.16(b) or Section 2.17 than the applicable Lender would have been entitled to receive with respect to
the participation sold to such Participant, unless the sale of the participation to such Participant is made
with the Borrowers' prior written consent. A

                                                      71

Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section
2.17 unless the Borrowers are notified of the participation sold to such Participant and such Participant
agrees, for the benefit of the Borrowers, to comply with Section 2.17(e) as though it were a Lender.

         (f)    Any Lender may at any time pledge or assign a security interest in all or any portion of its
rights under this Agreement (including under its Notes, if any) to secure obligations of such Lender, including
any pledge or assignment to secure obligations to a Federal Reserve Bank; provided that no such pledge or
assignment shall release such Lender from any of its obligations hereunder or substitute any such pledgee or
assignee for such Lender as a party hereto.

         (g)    The words "execution," "signed," "signature," and words of like import in any Assignment and
Assumption shall be deemed to include electronic signatures or the keeping of records in electronic form, each
of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the
use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any
applicable law, including the Federal Electronic Signatures in Global and National Commerce Act or any state
laws based on the Uniform Electronic Transactions Act.

         (h)    Any Lender or participant may, in connection with any assignment, participation, pledge or
proposed assignment, participation or pledge pursuant to this Section 11.6, disclose to the Assignee,
Participant or pledgee or proposed Assignee, Participant or pledgee any information relating to the Borrowers
and their respective Subsidiaries furnished to it by or on behalf of any other party hereto, provided that such
Assignee, Participant or pledgee or proposed Assignee, Participant or pledgee agrees in writing to keep such
information confidential to the same extent required of the Lenders under Section 11.11.

         11.7   No Waiver. The rights and remedies of the Administrative Agent and the Lenders expressly set
forth in this Agreement and the other Credit Documents are cumulative and in addition to, and not exclusive of,
all other rights and remedies available at law, in equity or otherwise. No failure or delay on the part of the
Administrative Agent or any Lender in exercising any right, power or privilege shall operate as a waiver
thereof, nor shall any single or partial exercise of any such right, power or privilege preclude other or
further exercise thereof or the exercise of any other right, power or privilege or be construed to be a waiver
of any Default or Event of Default. No course of dealing between any Borrower or Subsidiary thereof, the
Administrative Agent or the Lenders or their agents or employees shall be effective to amend, modify or
discharge any provision of this Agreement or any other Credit Document or to constitute a waiver of any Default
or Event of Default. No notice to or demand upon any Borrower or Subsidiary thereof in any case shall entitle
any Borrower or Subsidiary to any other or further notice or demand in similar or other circumstances or
constitute a waiver of the right of the Administrative Agent or any Lender to exercise any right or remedy or
take any other or further action in any circumstances without notice or demand.

         11.8   Survival. All representations, warranties and agreements made by or on behalf of the Borrowers
or their Subsidiaries in this Agreement and in the other Credit Documents shall survive the execution and
delivery hereof or thereof, the making and repayment of the Loans. In

                                                      72

addition, notwithstanding anything herein or under applicable law to the contrary, the provisions of this
Agreement and the other Credit Documents relating to indemnification or payment of costs and expenses,
including, without limitation, the provisions of Sections 2.16(a), 2.16(b), 2.17, 2.18 and 11.1, shall survive
the payment in full of all Loans, the termination of the Commitments and any termination of this Agreement or
any of the other Credit Documents.

         11.9   Severability. To the extent any provision of this Agreement is prohibited by or invalid under
the applicable law of any jurisdiction, such provision shall be ineffective only to the extent of such
prohibition or invalidity and only in such jurisdiction, without prohibiting or invalidating such provision in
any other jurisdiction or the remaining provisions of this Agreement in any jurisdiction.

         11.10  Construction. The headings of the various articles, sections and subsections of this Agreement
and the table of contents have been inserted for convenience only and shall not in any way affect the meaning
or construction of any of the provisions hereof. Except as otherwise expressly provided herein and in the other
Credit Documents, in the event of any inconsistency or conflict between any provision of this Agreement and any
provision of any of the other Credit Documents, the provision of this Agreement shall control.

         11.11  Confidentiality. Each of the Administrative Agent and the Lenders agree to maintain the
confidentiality of the Information (as defined below), except that Information may be disclosed (a) to its
Affiliates and to its and its Affiliates' respective partners, directors, officers, employees, agents, advisors
and other representatives (it being understood that the Persons to whom such disclosure is made will be
informed of the confidential nature of such Information and instructed to keep such Information confidential to
the same extent required of the Administrative Agent and the Lenders hereunder), (b) to the extent requested by
any regulatory authority purporting to have jurisdiction over it (including any self-regulatory authority, such
as the National Association of Insurance Commissioners), (c) to the extent required by applicable Requirements
of Law or by any subpoena or similar legal process, (d) to any other party hereto, (e) to the extent reasonably
required in connection with the exercise of any remedies hereunder or under any other Credit Document or any
action or proceeding relating to this Agreement or any other Credit Document or the enforcement of rights
hereunder or thereunder, (f) subject to a written agreement containing provisions substantially the same as
(but no less restrictive than) those of this Section, to (i) any assignee of or Participant in, or any
prospective assignee of or Participant in, any of its rights or obligations under this Agreement, or (ii) any
actual or prospective counterparty (or its advisors) to any swap or derivative transaction relating to each
Borrower and its obligations, (g) with the prior written consent of the Borrowers or (h) to the extent such
Information (x) becomes publicly available other than as a result of a breach of this Section or (y) becomes
available to the Administrative Agent, any Lender or any of their respective Affiliates on a nonconfidential
basis from a source other than any Borrower or any of its Subsidiaries or Affiliates (provided that such source
is not bound by a confidentiality agreement with a Borrower or Subsidiary thereof with respect to such
information).

         For purposes of this Section, "Information" means all information received from the Borrowers and
their Subsidiaries relating to any such Borrower or Subsidiary or any of their respective businesses, other
than any such information that is available to the Administrative Agent or any Lender on a nonconfidential
basis prior to disclosure by any Borrower or

                                                      73

Subsidiary, provided that, in the case of information received from any Borrower or Subsidiary after the date
hereof, such information is clearly identified at the time of delivery as confidential. Any Person required to
maintain the confidentiality of Information as provided in this Section shall be considered to have complied
with its obligation to do so if such Person has exercised the same degree of care to maintain the
confidentiality of such Information as such Person would accord to its own confidential information.

         11.12  Separateness of Obligations. The Obligations with respect to each Loan, the interest payable
with respect thereto, and any fees, costs, or expenses directly related to such Loan shall be the several
Obligations of the Borrower that borrowed such Loan, and such Obligations shall not be the joint Obligations of
any other Borrower as a co-borrower, guarantor or surety except as specifically agreed in Article VIII hereof.

         11.13  Counterparts; Integration; Effectiveness. This Agreement may be executed in counterparts (and
by different parties hereto in different counterparts), each of which shall constitute an original, but all of
which when taken together shall constitute a single contract. This Agreement and the other Credit Documents
constitute the entire contract among the parties relating to the subject matter hereof and supersede any and
all previous agreements and understandings, oral or written, relating to the subject matter hereof (except for
the Fee Letter). Except as provided in Section 3.1, this Agreement shall become effective when it shall have
been executed by the Administrative Agent and when the Administrative Agent shall have received counterparts
hereof that, when taken together, bear the signatures of each of the other parties hereto. Delivery of an
executed counterpart of a signature page of this Agreement by telecopy shall be effective as delivery of a
manually executed counterpart of this Agreement.

         11.14  Amendment and Restatement. This Agreement amends and restates the Credit Agreement, dated as of
November 22, 2004, among the Parent, PLIC, PXP, the lenders party thereto, Wachovia, as administrative agent,
The Bank of New York, as syndication agent and PNC Bank National Association, JPMorgan Chase Bank and Harris
Nesbitt Financing, Inc., as documentation agents. All Notes and other Obligations (as such terms are defined in
such previous Credit Agreement) issued, existing or arising under such previous Credit Agreement shall continue
in full force and effect hereunder, except to the extent amended, modified or replaced, as of the Closing Date
or thereafter, pursuant to this Credit Agreement and the other Credit Documents.

         11.15  Disclosure of Information. Each Borrower agrees and consents to the Administrative Agent's and
the Arranger's disclosure of information relating to this transaction to Gold Sheets and other similar bank
trade publications. Such information will consist of deal terms and other information customarily found in such
publications.

         11.16  PATRIOT Act Notice. Each Lender that is subject to the PATRIOT Act and the Administrative Agent
(for itself and not on behalf of any Lender) hereby notifies the Borrowers that pursuant to the requirements of
the PATRIOT Act, it is required to obtain, verify and record information that identifies each Borrower, which
information includes the name and address of such Borrower and other information that will allow such Lender or
the Administrative Agent, as applicable, to identify such Borrower in accordance with the PATRIOT Act.

                                                      74

         IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
executed by their duly authorized officers as of the date first above written.

                                                     THE PHOENIX COMPANIES, INC.

                                                     By:      /s/ Daniel J. Moskey                 

                                                     Title:   Vice President and Treasurer         

                                                     PHOENIX LIFE INSURANCE COMPANY

                                                     By:      /s/ Daniel J. Moskey                 

                                                     Title:   Vice President and Treasurer         

                                                     PHOENIX INVESTMENT PARTNERS, LTD.

                                                     By:      /s/ Glenn H. Pease                   

                                                     Title:   Vice President, Finance and Treasurer

                                             (signatures continued)

Credit Agreement                                      S-1
The Phoenix Companies, Inc., et al.
June 2006

                                                     WACHOVIA BANK, NATIONAL ASSOCIATION, as
                                                     Administrative Agent and as a Lender

                                                     By:      /s/ William R. Goley                 

                                                     Title:   Director                             

Credit Agreement                                      S-2
The Phoenix Companies, Inc., et al.
June 2006

                                                     THE BANK OF NEW YORK, as Syndication Agent
                                                     and as a Lender

                                                     By:      /s/ Richard G. Shaw                  

                                                     Title:   Vice President                       

Credit Agreement                                      S-3
The Phoenix Companies, Inc., et al.
June 2006

                                                     HARRIS NESBITT FINANCING, INC., as Documentation Agent
                                                     and as a Lender

                                                     By:      /s/ Stephen A. Maenhout              

                                                     Title:   Vice President                       

Credit Agreement                                      S-4
The Phoenix Companies, Inc., et al.
June 2006

                                                     JPMORGAN CHASE BANK, N.A., as Documentation Agent
                                                     and as a Lender

                                                     By:      /s/ Lawrence Palumbo, Jr.            

                                                     Title:   Vice President                       

Credit Agreement                                      S-5
The Phoenix Companies, Inc., et al.
June 2006

                                                     PNC BANK, NATIONAL ASSOCIATION, as Documentation Agent
                                                     and as a Lender

                                                     By:      /s/ Paul Devine                      

                                                     Title:   Vice President & Credit Manager      

Credit Agreement                                      S-6
The Phoenix Companies, Inc., et al.
June 2006

                                                     FIFTH THIRD BANK, N.A., as a Lender

                                                     By:      /s/ Brooke Balcom                    

                                                     Title:   Assistant Vice President             

Credit Agreement                                      S-7
The Phoenix Companies, Inc., et al.
June 2006

                                                     STATE STREET BANK AND TRUST COMPANY, as a Lender

                                                     By:      /s/ Anne W. Muita                    

                                                     Title:   Assistant Vice President             

Credit Agreement                                      S-8
The Phoenix Companies, Inc., et al.
June 2006

                                                     WEBSTER BANK, as a Lender

                                                     By:      /s/ Lawrence Davis                   

                                                     Title:   Vice President                       

Credit Agreement                                      S-9
The Phoenix Companies, Inc., et al.
June 2006

                                                  EXHIBIT A

                                                  FORM OF NOTE

                                                           Borrower's Taxpayer Identification No. _____________

$150,000,000                                                                                       June 6, 2006

         FOR VALUE RECEIVED, [NAME OF BORROWER], a ________________ corporation (the "Borrower"), hereby
promises to pay to the order of

         ______________________________ (the "Lender"), at the offices of Wachovia Bank, National Association
(the "Administrative Agent") located at One Wachovia Center, 301 South College Street, Charlotte, North
Carolina (or at such other place or places as the Administrative Agent may designate), at the times and in the
manner provided in the Credit Agreement, dated as of June 6, 2006 (as amended, modified, restated or
supplemented from time to time, the "Credit Agreement"), among The Phoenix Companies, Inc., Phoenix Life
Insurance Company, Phoenix Investment Partners, Ltd., the Lenders from time to time parties thereto, Wachovia
Bank, National Association, as Administrative Agent, and the other named agents identified therein, the
principal sum of

         ONE HUNDRED-FIFTY MILLION DOLLARS ($150,000,000) or such lesser amount as may constitute the unpaid
principal amount of the Loans made by the Lender, under the terms and conditions of this promissory note (this
"Note") and the Credit Agreement. The defined terms in the Credit Agreement are used herein with the same
meaning. The Borrower also promises to pay interest on the aggregate unpaid principal amount of this Note at
the rates applicable thereto from time to time as provided in the Credit Agreement.

         This Note is one of a series of Notes referred to in the Credit Agreement and is issued to evidence
the Loans made by the Lender pursuant to the Credit Agreement. All of the terms, conditions and covenants of
the Credit Agreement are expressly made a part of this Note by reference in the same manner and with the same
effect as if set forth herein at length, and any holder of this Note is entitled to the benefits of and
remedies provided in the Credit Agreement and the other Credit Documents. Reference is made to the Credit
Agreement for provisions relating to the interest rate, maturity, payment, prepayment and acceleration of this
Note.

         In the event of an acceleration of the maturity of this Note, this Note shall become immediately due
and payable, without presentation, demand, protest or notice of any kind, all of which are hereby waived by the
Borrower.

         In the event this Note is not paid when due at any stated or accelerated maturity, the Borrower agrees
to pay, in addition to the principal and interest, all costs of collection, including reasonable attorneys'
fees.

         This Note shall be governed by and construed in accordance with the internal laws and judicial
decisions of the State of New York (including Sections 5-1401 and 5-1402 of the New York General Obligations
Law, but excluding all other choice of law and conflicts of law rules). The Borrower hereby submits to the
nonexclusive jurisdiction and venue of the federal and state courts located in New York City, New York,
although the Lender shall not be limited to bringing an action in such courts.

         IN WITNESS WHEREOF, the Borrower has caused this Note to be executed by its duly authorized corporate
officer as of the day and year first above written.

                                                     [NAME OF APPLICABLE BORROWER]

                                                     By:      ________________________________

                                                     Title:   ________________________________

                                                  EXHIBIT B-1

                                          FORM OF NOTICE OF BORROWING

                                              ________________, ____

Wachovia Bank, National Association,
as Administrative Agent
Charlotte Plaza Building
201 South College Street, 8th Floor NC 0680
Charlotte, North Carolina 28288
Attention:  Syndication Agency Services

Ladies and Gentlemen:

         The undersigned, [NAME OF BORROWER] (the "Borrower"), refers to the Credit Agreement, dated as of June
6, 2006 (as amended, modified, restated or supplemented from time to time, the "Credit Agreement," the terms
defined therein being used herein as therein defined), among The Phoenix Companies, Inc., Phoenix Life Insurance
Company, Phoenix Investment Partners Ltd., certain Lenders from time to time parties thereto, you, as
Administrative Agent for the Lenders, and the other named agents identified therein, and, pursuant to
Section 2.2(b) of the Credit Agreement, hereby gives you, as Administrative Agent, irrevocable notice that the
Borrower requests a Borrowing of Loans under the Credit Agreement, and to that end sets forth below the
information relating to such Borrowing (the "Proposed Borrowing") as required by Section 2.2(b) of the Credit
Agreement:

                  (i)   The aggregate principal amount of the Proposed Borrowing is $_______________.

                  (ii)  The Loans comprising the Proposed Borrowing shall be initially made as [Base Rate
         Loans] [LIBOR Loans].

                  (iii) [The initial Interest Period for the LIBOR Loans comprising the Proposed Borrowing
         shall be [one/two/three/six months].]

                  (iv) The Proposed Borrowing is requested to be made on __________________ (the "Borrowing 
         Date").

         The Borrower hereby certifies that the following statements are true on and as of the date hereof and
will be true on and as of the Borrowing Date:

                  A.   Each of the representations and warranties contained in Article IV of the Credit
         Agreement and in the other Credit Documents is and will be true and correct both immediately before
         and after giving effect to the Proposed Borrowing (except to the extent any such representation or
         warranty is expressly stated to have been made as of a

         specific date, in which case such representation or warranty shall be true and correct as of such
         date);

                  B.   No Default or Event of Default has occurred and is continuing both immediately before
         and after giving effect to the Proposed Borrowing; and

                  C.   After giving effect to the Proposed Borrowing, the sum of the aggregate principal amount
         of Loans outstanding will not exceed the aggregate Credit Commitments.

                                                     Very truly yours,

                                                     [NAME OF APPLICABLE BORROWER]

                                                     By:      _________________________________

                                                     Title:   _________________________________

                                                  EXHIBIT B-2

                                   FORM OF NOTICE OF CONVERSION/CONTINUATION

                                               _____________, _____

Wachovia Bank, National Association,
as Administrative Agent
Charlotte Plaza Building
201 South College Street, 8th Floor NC 0680
Charlotte, North Carolina 28288
Attention:  Syndication Agency Services

Ladies and Gentlemen:

         The undersigned, [NAME OF BORROWER] (the "Borrower"), refers to the Credit Agreement, dated as of June
6, 2006 (as amended, modified, restated or supplemented from time to time, the "Credit Agreement," the terms
defined therein being used herein as therein defined), among The Phoenix Companies, Inc., Phoenix Life Insurance
Company, Phoenix Investment Partners Ltd., certain Lenders from time to time parties thereto, you, as
Administrative Agent for the Lenders, and the other named agents identified therein, and, pursuant to
Section 2.11(b) of the Credit Agreement, hereby gives you, as Administrative Agent, irrevocable notice that the
Borrower requests a [conversion] [continuation] of Loans under the Credit Agreement, and to that end sets forth
below the information relating to such [conversion] [continuation] (the "Proposed [Conversion] [Continuation]")
as required by Section 2.11(b) of the Credit Agreement:

                 (i)   The Proposed [Conversion] [Continuation] is requested to be made on _______________.(1)

                 (ii)  The Proposed [Conversion] [Continuation] involves $____________ in aggregate principal
         amount of Loans made pursuant to a Borrowing on ________________, which Loans are presently maintained
         as [Base Rate] [LIBOR] Loans and are proposed hereby to be [converted into Base Rate Loans] [converted
         into LIBOR Loans] [continued as LIBOR Loans].

                 (iii) [The initial Interest Period for the Loans being [converted into] [continued as] LIBOR
         Loans pursuant to the Proposed [Conversion] [Continuation] shall be [one/two/three/six months].]

__________________________________

         (1) Shall be on the same Business Day as the intended conversion (in the case of any conversion of
LIBOR Loans into Base Rate Loans) or at least three Business Days after the date hereof (in the case of any
conversion of Base Rate Loans into, or continuation of, LIBOR Loans), and additionally, in the case of any
conversion of LIBOR Loans into Base Rate Loans, or continuation of LIBOR Loans, shall be the last day of the
Interest Period applicable to such LIBOR Loans.

         The Borrower hereby certifies that the following statement is true both on and as of the date hereof and
on and as of the effective date of the Proposed [Conversion] [Continuation]: no Default or Event of Default has
or will have occurred and is continuing or would result from the Proposed [Conversion] [Continuation].

                                                     Very truly yours,

                                                     [NAME OF APPLICABLE BORROWER]

                                                     By:      _________________________________

                                                     Title:   _________________________________

                                                   EXHIBIT C

                                         FORM OF COMPLIANCE CERTIFICATE

         THIS CERTIFICATE is delivered pursuant to the Credit Agreement, dated as of June 6, 2006 (the "Credit
Agreement"), among The Phoenix Companies, Inc., a Delaware corporation (the "Parent"), Phoenix Life Insurance
Company, a New York stock insurance company, Phoenix Investment Partners Ltd., a Delaware corporation, the
Lenders from time to time parties thereto, Wachovia Bank, National Association, as Administrative Agent, and
the other named agents identified therein. Capitalized terms used herein without definition shall have the
meanings given to such terms in the Credit Agreement.

         Each of the undersigned hereby certifies that:

         1.     He is a duly elected Financial Officer of the Borrowers.

         2.     Enclosed with this Certificate are copies of the financial statements of the Parent and its
Subsidiaries as of _____________, and for the [quarter] [year] then ended, required to be delivered under
Sections 5.1(a) through (d), as applicable, of the Credit Agreement. Such financial statements have been
prepared in accordance with the requirements set forth in the Credit Agreement and fairly present the financial
condition of the Parent and its Subsidiaries on a consolidated basis as of the date indicated and the results
of operation of the Parent and its Subsidiaries on a consolidated basis for the period covered thereby.

         3.     The undersigned has reviewed the terms of the Credit Agreement and has made, or caused to be
made under the supervision of the undersigned, a review in reasonable detail of the transactions and condition
of the Parent and its Subsidiaries during the accounting period covered by such financial statements.

         4.     The examination described in paragraph 3 above did not disclose, and the undersigned has no
knowledge of the existence of, any Default or Event of Default during or at the end of the accounting period
covered by such financial statements or as of the date of this Certificate. [, except as set forth below.

Describe here or in a separate attachment any exceptions to paragraph 4 above by listing, in reasonable detail,
the nature of the Default or Event of Default, the period during which it existed and the action that the Parent
has taken or proposes to take with respect thereto.]

         5.     Attached to this Certificate as Attachment A is a worksheet reflecting the computation of the
financial covenants and information set forth in Article VI of the Credit Agreement as of the last day of and
for the period covered by the financial statements enclosed herewith.

         IN WITNESS WHEREOF, the undersigned has executed and delivered this Certificate as of the _______ day
of _____________, ____

                                                     THE PHOENIX COMPANIES, INC.

                                                     By:      ___________________________________

                                                     Name:    ___________________________________

                                                     Title:   ___________________________________

                                                     PHOENIX LIFE INSURANCE COMPANY

                                                     By:      ___________________________________

                                                     Name:    ___________________________________

                                                     Title:   ___________________________________

                                                     PHOENIX INVESTMENT PARTNERS, LTD.

                                                     By:      ___________________________________

                                                     Name:    ___________________________________

                                                     Title:   ___________________________________

                                                  ATTACHMENT A

                                         COVENANT COMPLIANCE WORKSHEET

                                       [To be attached by the Borrowers.]

                                                   EXHIBIT D

                                       FORM OF ASSIGNMENT AND ASSUMPTION

         THIS ASSIGNMENT AND ASSUMPTION (this "Assignment and Assumption") is dated as of the Effective Date
set forth below and is entered into by and between [NAME OF ASSIGNOR] (the "Assignor") and [NAME OF ASSIGNEE]
(the "Assignee"). Capitalized terms used but not defined herein shall have the meanings given to them in the
Credit Agreement identified below, receipt of a copy of which is hereby acknowledged by the Assignee. The
Standard Terms and Conditions set forth in Annex 1 attached hereto (the "Standard Terms and Conditions") are
hereby agreed to and incorporated herein by reference and made a part of this Assignment and Assumption as if
set forth herein in full.

         For an agreed consideration, the Assignor hereby irrevocably sells and assigns to the Assignee, and
the Assignee hereby irrevocably purchases and assumes from the Assignor, subject to and in accordance with the
Standard Terms and Conditions and the Credit Agreement, as of the Effective Date inserted by the Administrative
Agent as contemplated below (i) all of the Assignor's rights and obligations in its capacity as a Lender under
the Credit Agreement and any other documents or instruments delivered pursuant thereto to the extent related to
the amount and percentage interest identified below of all of such outstanding rights and obligations of the
Assignor under the respective facilities identified below (including any guarantees included in such
facilities) and (ii) to the extent permitted to be assigned under applicable law, all claims, suits, causes of
action and any other right of the Assignor (in its capacity as a Lender) against any Person, whether known or
unknown, arising under or in connection with the Credit Agreement, any other documents or instruments delivered
pursuant thereto or the loan transactions governed thereby or in any way based on or related to any of the
foregoing, including, but not limited to, contract claims, tort claims, malpractice claims, statutory claims
and all other claims at law or in equity related to the rights and obligations sold and assigned pursuant to
clause (i) above (the rights and obligations sold and assigned pursuant to clauses (i) and (ii) above being
referred to herein collectively as the "Assigned Interest"). Such sale and assignment is without recourse to
the Assignor and, except as expressly provided in this Assignment and Assumption, without representation or
warranty by the Assignor.

         1.       Assignor:                 ______________________________

         2.       Assignee:                 ______________________________
                                            [and is an Affiliate/Approved Fund of [NAME OF LENDER](1)]

         3.       Borrowers:                THE PHOENIX COMPANIES INC.
                                            PHOENIX LIFE INSURANCE COMPANY
                                            PHOENIX INVESTMENT PARTNERS, LTD.

_______________________________

(1)Select as applicable.

         4.       Administrative Agent:  Wachovia Bank, National Association, as the Administrative Agent
under the Credit Agreement.

         5.       Credit Agreement:   The Credit Agreement, dated as of June 6, 2006 (as amended, modified,
restated or supplemented from time to time, the "Credit Agreement"), among The Phoenix Companies, Inc., Phoenix
Life Insurance Company, Phoenix Investment Partners Ltd., certain lenders from time to time parties thereto
(the "Lenders"), Wachovia Bank, National Association, as Administrative Agent, and the other named agents
identified therein.

         6.       Assigned Interest:

------------------------------------------------------------------------------------
     Aggregate Amount of              Amount of              Percentage Assigned
  Commitment/Loans for all         Commitment/Loans                   of
         Lenders(2)                  Assigned(2)             Commitment/Loans(3)
------------------------------ ------------------------- ---------------------------
$                              $                                  %
------------------------------ ------------------------- ---------------------------
$                              $                                  %
------------------------------ ------------------------- ---------------------------
$                              $                                  %
-------------------------------------------------------- ---------------------------

         [7.      Trade Date:               ______________](4)

         8.       Effective Date:   ______________ [TO BE INSERTED BY THE ADMINISTRATIVE AGENT AND WHICH SHALL BE
THE EFFECTIVE DATE OF RECORDATION OF TRANSFER IN THE REGISTER THEREFOR.]

____________________________________

(2)Amount to be adjusted by the counterparties to take into account any payments or prepayments made between the
Trade Date and the Effective Date.
(3)Set forth, to at least 9 decimals, as a percentage of the Commitment/Loans of all Lenders thereunder.
(4)To be completed if the Assignor and the Assignee intend that the minimum assignment amount is to be determined
as of the Trade Date.

                                                       2

         The terms set forth in this Assignment and Assumption are hereby agreed to:

                                                     ASSIGNOR:

                                                     [NAME OF ASSIGNOR]

                                                     By:      _________________________________

                                                     Title:   _________________________________

                                                     ASSIGNEE:

                                                     [NAME OF ASSIGNEE]

                                                     By:      _________________________________

                                                     Title:   _________________________________

[Consented to and](5) Accepted:

WACHOVIA BANK, NATIONAL ASSOCIATION,
as Administrative Agent

By:      _________________________________

Title:   _________________________________

[Signatures continued on next page.]

________________________________

(5)To be added only if the consent of the Administrative Agent is required by the terms of the Credit
Agreement.

                                                       3

[Consented to:](6)

THE PHOENIX COMPANIES, INC.

By:      ___________________________________

Name:    ___________________________________

Title:   ___________________________________

PHOENIX LIFE INSURANCE COMPANY

By:      ___________________________________

Name:    ___________________________________

Title:   ___________________________________

PHOENIX INVESTMENT PARTNERS, LTD.

By:      ___________________________________

Name:    ___________________________________

Title:   ___________________________________

________________________________

(6)To be added only if the consent of the Borrowers is required by the terms of the Credit Agreement.

                                                       4

                                                                           ANNEX 1 to Assignment and Assumption

         The Credit Agreement, dated as of June 6, 2006 (as amended, modified, restated or supplemented from
time to time, the "Credit Agreement," the terms defined therein being used herein as therein defined),
among The Phoenix Companies, Inc., Phoenix Life Insurance Company, Phoenix Investment Partners Ltd.
(collectively, the "Borrowers"), certain Lenders from time to time parties thereto, Wachovia Bank, National
Association, as Administrative Agent, and the other named agents identified therein

                                       STANDARD TERMS AND CONDITIONS FOR
                                           ASSIGNMENT AND ASSUMPTION

         1.       Representations and Warranties.

         1.1      Assignor. The Assignor (a) represents and warrants that (i) it is the legal and beneficial
owner of the Assigned Interest, (ii) the Assigned Interest is free and clear of any lien, encumbrance or other
adverse claim and (iii) it has full power and authority, and has taken all action necessary, to execute and
deliver this Assignment and Assumption and to consummate the transactions contemplated hereby; and (b) assumes
no responsibility with respect to (i) any statements, warranties or representations made in or in connection
with the Credit Agreement or any other Credit Document, (ii) the execution, legality, validity, enforceability,
genuineness, sufficiency or value of the Credit Documents or any collateral thereunder, (iii) the financial
condition of the Borrowers, any of its Subsidiaries or Affiliates or any other Person obligated in respect of
any Credit Document or (iv) the performance or observance by the Borrowers, any of their Subsidiaries or
Affiliates or any other Person of any of their respective obligations under any Credit Document.

         1.2.     Assignee. The Assignee (a) represents and warrants that (i) it has full power and authority,
and has taken all action necessary, to execute and deliver this Assignment and Assumption and to consummate the
transactions contemplated hereby and to become a Lender under the Credit Agreement, (ii) it meets all
requirements of an Eligible Assignee under the Credit Agreement (subject to receipt of such consents as may be
required under the Credit Agreement), (iii) from and after the Effective Date, it shall be bound by the
provisions of the Credit Agreement as a Lender thereunder and, to the extent of the Assigned Interest, shall
have the obligations of a Lender thereunder, (iv) it has received a copy of the Credit Agreement, together with
copies of the most recent financial statements delivered pursuant to Section 5.1 thereof, as applicable, and
such other documents and information as it has deemed appropriate to make its own credit analysis and decision
to enter into this Assignment and Assumption and to purchase the Assigned Interest on the basis of which it has
made such analysis and decision independently and without reliance on the Administrative Agent or any other
Lender, and (v) if it is a Foreign Lender, attached to the Assignment and Assumption is any documentation
required to be delivered by it pursuant to the terms of the Credit Agreement, duly completed and executed by
the Assignee; and (b) agrees that (i) it will, independently and without reliance on the Administrative Agent,
the Assignor or any other Lender, and based on such documents and information as it shall deem appropriate at
the time, continue to make its own credit decisions in

taking or not taking action under the Credit Documents, and (ii) it will perform in accordance with their terms
all of the obligations that by the terms of the Credit Documents are required to be performed by it as a
Lender.

         2.       Payments. From and after the Effective Date, the Administrative Agent shall make all payments
in respect of the Assigned Interest (including payments of principal, interest, fees and other amounts) to the
Assignor for amounts that have accrued to but excluding the Effective Date and to the Assignee for amounts that
have accrued from and after the Effective Date.

         3.       General Provisions. This Assignment and Assumption shall be binding upon, and inure to the
benefit of, the parties hereto and their respective successors and assigns. This Assignment and Assumption may
be executed in any number of counterparts, which together shall constitute one instrument. Delivery of an
executed counterpart of a signature page of this Assignment and Assumption by telecopy shall be effective as
delivery of a manually executed counterpart of this Assignment and Assumption. This Assignment and Assumption
shall be governed by, and construed in accordance with, the laws of the State of New York (including Sections
5-1401 and 5-1402 of the New York General Obligations Law, but excluding all other choice of law and conflicts
of law rules).

                                                Schedule 1.1(a)

                                                Commitments and
                                                Notice Addresses

                                                  Commitments

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

                                                                             Commitment
                               Lender
               ------------------------------------------------------- ----------------------
                Wachovia Bank, National Association                         $25,000,000
               ------------------------------------------------------- ----------------------
                The Bank of New York                                        $20,000,000
               ------------------------------------------------------- ----------------------
                Harris Nesbitt Financing, Inc.                              $20,000,000
               ------------------------------------------------------- ----------------------
                JPMorgan Chase Bank, N.A.                                   $20,000,000
               ------------------------------------------------------- ----------------------
                PNC Bank, National Association                              $20,000,000
               ------------------------------------------------------- ----------------------
                Fifth Third Bank                                            $20,000,000
               ------------------------------------------------------- ----------------------
                State Street Bank and Trust Company                         $15,000,000
               ------------------------------------------------------- ----------------------
                Webster Bank                                                $10,000,000
               ------------------------------------------------------------------------------

                TOTAL                                                      $150,000,000
               ------------------------------------------------------------------------------

                                                Notice Addresses

---------------------------------------------------------------------------------------------------------------
                           Party                                                     Address

------------------------------------------------------------ --------------------------------------------------
 Borrowers                                                    One American Row
                                                              H3-W-2
                                                              Hartford, CT 06102-5056
                                                              Attention: Daniel J. Moskey, Vice President and
                                                              Treasurer
                                                              Telephone: (860) 403.5418
                                                              Telecopy: (860) 947.1516

                                                              With copies also marked "Attention: General
                                                              Counsel"

------------------------------------------------------------ --------------------------------------------------
 Wachovia Bank, National Association                          Instructions for wire transfers to the
                                                              Administrative Agent:

                                                              Wachovia Bank, National Association
                                                              ABA Routing No. 053000219
                                                              Charlotte, North Carolina
---------------------------------------------------------------------------------------------------------------

                                                       1

---------------------------------------------------------------------------------------------------------------
                                                              Account Number: 50000000_______
                                                              Account Name: _________________
                                                              Attention:  Syndication Agency Services

                                                              Address for notices as Administrative Agent:

                                                              Wachovia Bank, National Association
                                                              Charlotte Plaza Building
                                                              201 South College Street, 8th Floor NC 0680
                                                              Charlotte, North Carolina 28288
                                                              Attention: Syndication Agency Services
                                                              Telephone: (704) 383-3721
                                                              Telecopy: (704) 383-0288

                                                              Address for notices as a Lender:

                                                              Wachovia Bank, National Association
                                                              One Wachovia Center, 15th Floor
                                                              301 South College Street
                                                              Charlotte, North Carolina 28288-0760
                                                              Attention: Will Goley
                                                              Telephone: (704) 383-8180
                                                              Telecopy: (704) 374-3300

------------------------------------------------------------ --------------------------------------------------
 The Bank of New York                                         One Wall Street
                                                              New York, New York 10286
                                                              Attn: Tonny G. Pinilla
                                                              Phone: (212) 635-7912
                                                              Fax: (212) 809-9520

------------------------------------------------------------ --------------------------------------------------
 Harris Nesbitt Financing, Inc.                               115 S. LaSalle Street
                                                              Chicago, Illinois 60603
                                                              Attn: Stephen A. Maenhout
                                                              Phone: (312) 750-6043
                                                              Fax: (312) 750-6057

------------------------------------------------------------ --------------------------------------------------
 JPMorgan Chase Bank, N.A.                                    270 Park Avenue, 4th Floor
                                                              New York, New York 10017
                                                              Attn: Lawrence Palumbo
                                                              Phone: (212) 270-7525
                                                              Fax: (212) 270-1511

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

                                                       2

---------------------------------------------------------------------------------------------------------------
 PNC Bank, National Association                               500 First Avenue
                                                              Pittsburgh, Pennsylvania 15219
                                                              Attn: Marc Accamando
                                                              Phone: (412) 768-7647
                                                              Fax: (412) 768-4586

------------------------------------------------------------ --------------------------------------------------
 Fifth and Third Bank                                         38 Fountain Square Plaza
                                                              MD: 109046
                                                              Cincinnati, OH 45202
                                                              PH: 513-534-0836
                                                              FX: 513-534-5947

------------------------------------------------------------ --------------------------------------------------
 State Street Bank and Trust Company                          225 Franklin Avenue MAO 11
                                                              Boston, Massachusetts 02110
                                                              Attn: Nicole Bertone
                                                              Phone: (617) 664-3833
                                                              Fax: (617) 664-3941

------------------------------------------------------------ --------------------------------------------------
 Webster Bank                                                 CityPlace II, 5th Floor
                                                              185 Asylum Street
                                                              Hartford, Connecticut 06103
                                                              Attn: Donna A. Long
                                                              Phone: (860) 692-1353
                                                              Fax: (860) 947-1872

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

                                                       3

                                                  SCHEDULE 4.6

IRS --- Examination of Federal income tax returns for tax years ended December 31, 2002 and December 31, 2003.
The statute of limitations has been extended until June 30, 2007 for the tax year ended December 31, 2002.

IRS -- Examination of employment taxes for tax years ended December 31, 2002 and 2003. Statutes of limitations
has been extended to June 30, 2007 for both years.

State & local income franchise and premium tax:

                                          The Phoenix Companies, Inc.
                                Status of State and Local Tax Audits and Appeals
                                               As of June 2, 2006

State Income/Franchise Tax Audits

                 Company                         Jurisdiction
-------------------------------------------     ------------------------
Phoenix Investment Counsel, Inc.                   Florida
Phoenix Investment Partners, Ltd.                  New York

State Income/Franchise Tax Desk Audits and Appeals

                 Company                         Jurisdiction
-------------------------------------------     ------------------------
Phoenix Equity Planning Corporation             Pennsylvania
PFG Holdings Inc.                               Pennsylvania
Phoenix Investment Counsel, Inc.                New Jersey
DPCM Holdings, Inc.                             New York

State Premium Tax Audits, Appeals and            Jurisdiction
Protests
                                                ------------------------
Phoenix Life Insurance Company                     Florida
Phoenix Life Insurance Company                      Texas
Phoenix Life Insurance Company                        Puerto Rico
Phoenix Life Insurance Company                  Pennsylvania

State Sales Tax Audits, Appeals and              Jurisdiction
Protests
                                                ------------------------
Phoenix Life Insurance Company                        Connecticut
Phoenix Equity Planning Corporation                   Connecticut

Extension of statutes for assessment             Jurisdiction     Description
------------------------------------            ----------------------------------
Phoenix Life Insurance Company                   Connecticut   extended sales tax assessment through 7/31/06
                                                               for the period 5/99 to 4/02
Phoenix Life Insurance Company                   Connecticut   extended sales tax assessment through 1/31/07
                                                               for the period 5/02 to 4/05
Phoenix Investment Partners, Ltd.                  New York    extended franchise tax assessment through
                                                               12/15/06 for period 1999 through 2001.
Phoenix Equity Planning Corporation              Connecticut   extended sales tax assessment through 1/31/07
                                                               for the period 5/02 to 4/05

                                                  SCHEDULE 4.7
                                              PRIMARY SUBSIDIARIES

---------------------------------------------------------------------------------------------------------------
Company Name                                    State of Incorporation              Ownership
---------------------------------------------------------------------------------------------------------------
American Phoenix Life & Reassurance Company           Connecticut         PM Holdings, Inc (100%)
---------------------------------------------------------------------------------------------------------------
PHL Variable Insurance Company                        Connecticut         PM Holdings, Inc (100%)
---------------------------------------------------------------------------------------------------------------
Phoenix Investment Partners, LTD.                      Delaware           Phoenix Investment Management
                                                                            Company (100%)
---------------------------------------------------------------------------------------------------------------
Phoenix Life and Annuity Company                      Connecticut         PM Holdings, Inc (100%)
---------------------------------------------------------------------------------------------------------------
Phoenix Life Insurance Company                         New York           The Phoenix Companies, Inc. (100%)
---------------------------------------------------------------------------------------------------------------
Phoenix Investment Management Company                 Connecticut         The Phoenix Companies, Inc. (100%)
---------------------------------------------------------------------------------------------------------------
PM Holdings, Inc                                      Connecticut         Phoenix Life Insurance Company (100%)
---------------------------------------------------------------------------------------------------------------

                                                 SCHEDULE 4.11

Contribution to Agent Savings and Investment Plan

On March 19, 2004, April 6, 2004 and April 21, 2004 the Company inadvertently missed the payment of the
employer match contribution on behalf of one participant in The Phoenix Companies, Inc. Agent Savings and
Investment Plan. As of this date this contribution and lost earnings have been restored in full to the
participant's account.

The Company is terminating The Phoenix Companies, Inc. Agent Savings and Investment Plan and The Phoenix
Companies, Inc. Agent Pension Plan.

DOL Settlement

The U.S. Department of Labor conducted an audit of the Employee Pension Plan in September 1999, for the years
1996-1999. The audit was completed in September 2001.

DOL accuses Phoenix of "prohibited transactions" under the Employee Retirement Income Security Act of 1974
(ERISA). Specifically, they maintain management fees charged to the pension plan by Phoenix Investment Counsel
were too high. Although Phoenix contested those claims, in 2002 it agreed to settle the dispute by imposing a
"fee holiday" to the plan, under which it will repay $2.5 million over a period of time.

DOL also imposed a $250,000 penalty.

                                                  SCHEDULE 7.1
                                           SCHEDULED PERMITTED LIENS

NoneExhibit 4.1

EXECUTION COPY

     CHARLES RIVER LABORATORIES INTERNATIONAL, INC. 

 

as Issuer 

 

AND

 

     U.S. BANK NATIONAL ASSOCIATION 

 

     as Trustee 

 

 

 

INDENTURE

          Dated as of June 12, 2006

 

     2.25% Convertible Senior Notes due 2013

     TABLE OF CONTENTS 

 

	 	 	 	 	 	 	Page 
	 	 	 	 	 	 	 
	
          ARTICLE 1
		 	          DEFINITIONS 	 
		
          1
	
	
          Section 1.01.
		 	 	
          Definitions
		 
		
          1
	
	
          ARTICLE 2
		 	ISSUE, DESCRIPTION, EXECUTION,
          REGISTRATION AND EXCHANGE OF NOTES  	 
		12

	
	
          Section 2.01.
		 	 	
          Designation and Amount
		 
		
          12
	
	
          Section 2.02.
		 	 	
          Form of Notes
		 
		
          12
	
	
          Section 2.03.
		 	 	
          Date and Denomination of Notes; Payments of Interest
		 
		
          13
	
	
          Section 2.04.
		 	 	
          Payments of Additional Interest
		 
		
          14
	
	
          Section 2.05.
		 	 	
          Execution, Authentication and Delivery of Notes
		 
		
          14
	
	
          Section 2.06.
		 	 	
          Exchange and Registration of Transfer of Notes; Restrictions on
Transfer; Depositary
		 	15
	
          Section 2.07.
		 	 	
          Mutilated, Destroyed, Lost or Stolen Notes
		 
		
          21
	
	
          Section 2.08.
		 	 	
          Temporary Notes
		 
		
          21
	
	
          Section 2.09.
		 	 	
          Cancellation of Notes Paid, Etc
		 
		
          22
	
	
          Section 2.10.
		 	 	
          CUSIP Numbers
		 
		
          22
	
	
          Section 2.11.
		 	 	
          Additional Notes; Repurchases
		 
		
          22
	
	
          ARTICLE 3
		 	[INTENTIONALLY OMITTED] 	 
		
          23
	
	
          ARTICLE 4
		 	SATISFACTION AND DISCHARGE 	 
		
          23
	
	
          Section 4.01.
		 	 	
          Satisfaction And Discharge
		 
		
          23
	
	
          ARTICLE 5
		 	 	 
	PARTICULAR COVENANTS OF THE COMPANY 	 
		
          23
	
	
          Section 5.01.
		 	 	
          Payment of Principal, Premium, Interest and Additional Interest
		 
		23

	
	
          Section 5.02.
		 	 	
          Maintenance of Office or Agency
		 
		
          24
	
	
          Section 5.03.
		 	 	
          Appointments to Fill Vacancies in Trustee’s
          Office
		 
		
          24
	
	
          Section 5.04.
		 	 	
          Provisions as to Paying Agent
		 
		
          24
	
	
          Section 5.05.
		 	 	
          Existence
		 
		
          25
	
	
          Section 5.06.
		 	 	
          Rule 144A Information Requirement and Annual Reports
		 
		
          25
	
	
          Section 5.07.
		 	 	
          Stay, Extension and Usury Laws
		 
		
          26
	
	
          Section 5.08.
		 	 	
          Compliance Certificate; Statements as to Defaults
		 
		
          26
	
	
          Section 5.09.
		 	 	
          Additional Interest
		 
		
          27
	
	
          Section 5.10.
		 	 	
          Further Instruments and Acts
		 
		
          27
	
	
          Section 5.11.
		 	 	
          Resale of the Notes
		 
		
          27
	
	 
	 	 	 	i	 	 

     TABLE OF CONTENTS

(continued) 

 

	 	 	 	 	 	 	Page 
	 	 	 	 	 	 	 
	
          ARTICLE 6  
		 	LISTS OF NOTEHOLDERS AND REPORTS
          BY THE COMPANY AND THE TRUSTEE	 	27
	
          Section 6.01.
		 	 
		
          Lists of Noteholders
		 
		
          27
	
	
          Section 6.02.
		 	 
		
          Preservation and Disclosure of Lists
		 
		
          27
	
	
          Section 6.03.
		 	 
		
          Reports by Trustee
		 
		
          28
	
	
          ARTICLE 7 	 	DEFAULTS AND REMEDIES 	 
		
          28
	
	
          Section 7.01.
		 	 
		
          Events of Default
		 
		
          28
	
	
          Section 7.02.
		 	 
		
          Payments of Notes on Default; Suit Therefor
		 
		
          30
	
	
          Section 7.03.
		 	 
		
          Application of Monies Collected by Trustee
		 
		
          32
	
	
          Section 7.04.
		 	 
		
          Proceedings by Noteholders
		 
		
          32
	
	
          Section 7.05.
		 	 
		
          Proceedings by Trustee
		 
		
          33
	
	
          Section 7.06.
		 	 
		
          Remedies Cumulative and Continuing
		 
		
          33
	
	
          Section 7.07.
		 	 
		
          Direction of Proceedings and Waiver of Defaults by Majority
of Noteholders
		 	34
	
          Section 7.08.
		 	 
		
          Notice of Defaults
		 
		
          34
	
	
          Section 7.09.
		 	 
		
          Undertaking to Pay Costs
		 
		
          35
	
	
          ARTICLE 8 	 	 	 	CONCERNING THE TRUSTEE 	 
		
          35
	
	
          Section 8.01.
		 	 
		
          Duties and Responsibilities of Trustee
		 
		
          35
	
	
          Section 8.02.
		 	 
		
          Reliance on Documents, Opinions, Etc
		 
		
          37
	
	
          Section 8.03.
		 	 
		
          No Responsibility for Recitals, Etc
		 
		
          38
	
	
          Section 8.04.
		 	 
		
          Trustee, Paying Agents, Conversion Agents or Registrar May
Own Notes
		 	38
	
          Section 8.05.
		 	 
		
          Monies to Be Held in Trust
		 
		
          38
	
	
          Section 8.06.
		 	 
		
          Compensation and Expenses of Trustee
		 
		
          38
	
	
          Section 8.07.
		 	 
		
          Officers’ Certificate as Evidence
		 
		
          39
	
	
          Section 8.08.
		 	 
		
          Conflicting Interests of Trustee
		 
		
          39
	
	
          Section 8.09.
		 	 
		
          Eligibility of Trustee
		 
		
          39
	
	
          Section 8.10.
		 	 
		
          Resignation or Removal of Trustee
		 
		
          40
	
	
          Section 8.11.
		 	 
		
          Acceptance by Successor Trustee
		 
		
          41
	
	
          Section 8.12.
		 	 
		
          Succession by Merger, Etc
		 
		
          41
	
	
          Section 8.13.
		 	 
		
          Limitation on Rights of Trustee as Creditor
		 
		
          42
	
	 
	 	 	 	ii 	 	 

     TABLE OF CONTENTS

(continued) 

	 	 	 	 	 	 	Page 
	 	 	 	 	 	 	 
	 Section 8.14.
		 	 
		
          Trustee’s Application for Instructions
          from the Company
		 
		
          42
	
	
          ARTICLE 9	 	 CONCERNING THE NOTEHOLDERS 	 
		
          42
	
	
          Section 9.01.
		 	 
		
          Action by Noteholders
		 
		
          42
	
	
          Section 9.02.
		 	 
		
          Proof of Execution by Noteholders
		 
		
          43
	
	
          Section 9.03.
		 	 
		
          Who Are Deemed Absolute Owners
		 
		
          43
	
	
          Section 9.04.
		 	 
		
          Company-Owned Notes Disregarded
		 
		
          43
	
	
          Section 9.05.
		 	 
		
          Revocation of Consents; Future Holders Bound
		 
		
          44
	
	
          ARTICLE 10 	 	NOTEHOLDERS’ MEETINGS 	 
		
          44
	
	
          Section 10.01.
		 	 
		
          Purpose of Meetings
		 
		
          44
	
	
          Section 10.02.
		 	 
		
          Call of Meetings by Trustee
		 
		
          44
	
	
          Section 10.03.
		 	 
		
          Call of Meetings by Company or Noteholders
		 
		
          45
	
	
          Section 10.04.
		 	 
		
          Qualifications for Voting
		 
		
          45
	
	
          Section 10.05.
		 	 
		
          Regulations
		 
		
          45
	
	
          Section 10.06.
		 	 
		
          Voting
		 
		
          46
	
	
          Section 10.07.
		 	 
		
          No Delay of Rights by Meeting
		 
		
          46
	
	
          ARTICLE 11 
		 	 	 	SUPPLEMENTAL INDENTURES	 
		
          46
	
	
          Section 11.01.
		 	 
		
          Supplemental Indentures Without Consent of Noteholders
		 
		
          46
	
	
          Section 11.02.
		 	 
		
          Supplemental Indentures With Consent of Noteholders
		 
		
          47
	
	
          Section 11.03.
		 	 
		
          Effect of Supplemental Indentures
		 
		
          48
	
	
          Section 11.04.
		 	 
		
          Notation on Notes
		 
		
          49
	
	
          Section 11.05.
		 	 
		
          Evidence of Compliance of Supplemental Indenture to Be
		 
		

	
	

		 	 	 
		
          Furnished Trustee
		 
		
          49
	
	
          ARTICLE 12 	 	CONSOLIDATION, MERGER, SALE, CONVEYANCE
          AND LEASE  	 
		49

	
	
          Section 12.01.
		 	 
		
          Company May Consolidate, Etc. on Certain Terms
		 
		
          49
	
	
          Section 12.02.
		 	 
		
          Successor Corporation to Be Substituted
		 
		
          50
	
	
          Section 12.03.
		 	 
		
          Opinion of Counsel to Be Given Trustee
		 
		
          50
	
	
          ARTICLE 13 	 	IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS
          AND DIRECTORS 	 
		50

	
	
          Section 13.01.
		 	 
		
          Indenture and Notes Solely Corporate Obligations
		 
		
          51
	
	
          ARTICLE 14 	 	[INTENTIONALLY OMITTED] 	 
		
          51
	
	 
	 	 	 	iii	 	 

     TABLE OF CONTENTS

(continued) 

	

		 	 	 
		

		 
		
          Page
	     
	 	 	 	 	 	 	 
	
          ARTICLE 15 	 	CONVERSION OF NOTES 	 
		
          51
	
	
          Section 15.01.
		 	 
		
          Conversion Privilege
		 
		
          51
	
	
          Section 15.02.
		 	 
		
          Conversion Procedure
		 
		
          53
	
	
          Section 15.03.
		 	 
		
          Increased Conversion Rate Applicable to Certain Notes Surrendered
in Connection With 
		 
		

	
	

		 	 	 
		
          Make-Whole Fundamental Changes
		 
		
          57
	
	
          Section 15.04.
		 	 
		
          Adjustment of Conversion Rate
		 
		
          58
	
	
          Section 15.05.
		 	 
		
          Shares to Be Fully Paid
		 
		
          67
	
	
          Section 15.06.
		 	 
		
          Effect of Reclassification, Consolidation, Merger or Sale
		 
		
          67
	
	
          Section 15.07.
		 	 
		
          Certain Covenants
		 
		
          69
	
	
          Section 15.08.
		 	 
		
          Responsibility of Trustee
		 
		
          69
	
	
          Section 15.09.
		 	 
		
          Notice to Holders Prior to Certain Actions
		 
		
          70
	
	
          Section 15.10.
		 	 
		
          Shareholder Rights Plans
		 
		
          71
	
	
          ARTICLE 16
		 	 REPURCHASE OF NOTES AT OPTION OF
          HOLDERS	 
		
          71
	
	
          Section 16.01.
		 	 
		
          [Reserved.]
		 
		
          71
	
	
          Section 16.02.
		 	 
		
          Repurchase at Option of Holders Upon a Fundamental Change
		 
		
          71
	
	
          Section 16.03.
		 	 
		
          Withdrawal of Fundamental Change Repurchase Notice
		 
		
          74
	
	
          Section 16.04.
		 	 
		
          Deposit of Fundamental Change Repurchase Price
		 
		
          74
	
	
          ARTICLE 17 	 	MISCELLANEOUS PROVISIONS	 
		
          75
	
	
          Section 17.01.
		 	 
		
          Provisions Binding on Company’s Successors
		 
		
          75
	
	
          Section 17.02.
		 	 
		
          Official Acts by Successor Corporation
		 
		
          75
	
	
          Section 17.03.
		 	 
		
          Addresses for Notices, Etc
		 
		
          75
	
	
          Section 17.04.
		 	 
		
          Governing Law
		 
		
          76
	
	
          Section 17.05.
		 	 
		
          Evidence of Compliance with Conditions Precedent; Certificates
and Opinions of Counsel to Trustee
		 
		76

	
	
          Section 17.06.
		 	 
		
          Legal Holidays
		 
		
          76
	
	
          Section 17.07.
		 	 
		
          No Security Interest Created
		 
		
          76
	
	
          Section 17.08.
		 	 
		
          Trust Indenture Act
		 
		
          76
	
	
          Section 17.09.
		 	 
		
          Benefits of Indenture
		 
		
          77
	
	
          Section 17.10.
		 	 
		
          Table of Contents, Headings, Etc
		 
		
          77
	
	
          Section 17.11.
		 	 
		
          Authorizing Agent
		 
		
          77
	
	 
	 	 	 	iv 	 	 

     TABLE OF CONTENTS

(continued) 

	 	 	 	 	 	Page 
	 	 	 	 	 	 
	
          Section 17.12.
		 	 
		
          Execution in Counterparts
		 
		
          78
	
	
          Section 17.13.
		 	 
		
          Severability
		 
		
          78
	

     v
     

     

     

     CROSS-REFERENCE TABLE  

	TIA

	     Section     	 	
          Indenture

Section
	     	 
	

		

		 	

		

	
	310

		
          (a)(1)
		 	
          8.09
		

	
	 
		
          (a)(2)
		 	
          8.09
		

	
	 
		
          (a)(3)
		 	
          N.A.
		

	
	 
		
          (a)(4)
		 	
          N.A.
		

	
	 
		
          (a)(5)
		 	
          8.09
		

	
	

		
          (b)
		 	
          8.08
		

	
	

		
          (c)
		 	
          N.A.
		

	
	311

		(a)
	 	
          8.13
		

	
	

		
          (b)
		 	
          8.13
		

	
	

		
          (c)
		 	
          N.A.
		

	
	312

		
          (a)
		 	
          6.01
		

	
	

		
          (b)
		 	
          6.02(b)
		 
	
	

		
          (c)
		 	
          6.02(c)
		 
	
	313

		(a)
		 	
          6.03
		

	
	 
		
          (b)(1)
		 	
          N.A.
		

	
	 
		
          (b)(2)
		 	
          6.03
		

	
	

		
          (c)
		 	
          6.03; 17.03
		 
	
	

		
          (d)
		 	
          6.03(b)
		 
	
	314

		(a)
	 	
          5.06; 5.08
		 
	
	

		
          (b)
		 	
          N.A.
		

	
	 
		
          (c)(1)
		 	
          17.05
		

	
	 
		
          (c)(2)
		 	
          17.05
		

	
	 
		
          (c)(3)
		 	
          N.A.
		

	
	

		
          (d)
		 	
          N.A.
		

	
	

		
          (e)
		 	
          17.05
		

	
	

		
          (f)
		 	
          N.A.
		

	
	315

		(a)
	 	
          8.01; 8.02
		 
	
	

		
          (b)
		 	
          7.08; 17.03
		 
	
	

		
          (c)
		 	
          8.01
		

	
	

		
          (d)
		 	
          8.01
		

	
	

		
          (e)
		 	
          7.09
		

	
	316

		
          (a)(last sentence)
		 	
          9.04
		

	
	

		
          (a)(1)(A)
		 	
          7.07
		

	
	

		
          (a)(1)(B)
		 	
          7.07
		

	
	 
		
          (a)(2)
		 	
          N.A.
		

	
	

		
          (b)
		 	
          7.04
		

	
	

		
          (c)
		 	
          9.01
		

	
	317

		
          (a)(1)
		 	
          7.02; 7.05
		 
	
	 
		
          (a)(2)
		 	
          7.02
		

	
	

		
          (b)
		 	
          5.04
		

	
	318

		(a)
	 	
          17.08
		

	
	

		

		
	

		

	

     N.A. means not applicable  

Note: This Cross-Reference table shall not, for any purpose, be deemed to be part of this Indenture.

vi
     

     

     

               INDENTURE
     dated as of June 12, 2006 between Charles River Laboratories International,
     Inc., a Delaware corporation, as issuer (hereinafter sometimes called the “Company”,
     as more fully set forth in Section 1.01), and U.S. Bank National Association,
     a national banking association organized under the laws of the United States,
     as trustee (hereinafter sometimes called the “Trustee”,
as more fully set forth in Section 1.01). 

W I T N E S S E T H:

               WHEREAS,
     for its lawful corporate purposes, the Company has duly authorized the issue
     of its 2.25% Convertible Senior Notes due 2013 (hereinafter sometimes called
     the “Notes”), initially in an aggregate principal amount
     not to exceed $300,000,000 (or $350,000,000 if the Initial Purchasers exercise
     their option to purchase additional Notes in full as set forth in the Purchase
     Agreement), and in order to provide the terms and conditions upon which
     the Notes are to be authenticated, issued and delivered, the Company has
duly authorized the execution and delivery of this Indenture; and 

               WHEREAS, the Form of Note, the certificate of authentication to be borne by each Note, the Form of Notice of Conversion, the Form of Fundamental Change Repurchase Notice and the Form of Assignment and
Transfer to be borne by the Notes are to be substantially in the forms hereinafter provided for; and 

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

          NOW, THEREFORE, THIS INDENTURE WITNESSETH: 

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

ARTICLE 1 

               DEFINITIONS

               Section 1.01. Definitions.
     The terms defined in this Section 1.01 (except as herein otherwise expressly
     provided or unless the context otherwise requires) for all purposes of this
     Indenture and of any indenture supplemental hereto shall have the respective
     meanings specified in this Section 1.01. All other terms used in this Indenture
     that are defined in the Trust Indenture Act or that are by reference therein
     defined in the Securities Act (except as herein otherwise expressly provided
     or unless the context otherwise requires) shall have the meanings assigned
     to such terms in said Trust Indenture Act and in said Securities Act as
     in force at the date of the execution of this Indenture. The words “herein,” “hereof,” “hereunder,” and
words of

     similar import refer to this Indenture as a whole and not to any particular Article, Section or other subdivision. The terms defined in this Article include the plural as well as the singular. 

               “Additional Interest” means
all Additional Interest as defined in the Registration Rights Agreement. 

               “Affiliate” of
     any specified Person means any other Person directly or indirectly controlling
     or controlled by or under direct or indirect common control with such specified
     Person. For the purposes of this definition, “control,” when used with respect to any specified Person means the power to direct 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. 

               “Applicable Increase” shall
have the meaning specified in Section 15.03(a). 

               “Board of Directors” means
     the board of directors of the Company or a committee of such board duly
authorized to act for it hereunder. 

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

               “Business Day” means
     each Monday, Tuesday, Wednesday, Thursday and Friday that is not a day on
     which the banking institutions in The City of New York are authorized or
obligated by law or executive order to close or be closed. 

               “Capital Stock” means,
     for any entity, any and all shares, interests, rights to purchase, warrants,
     options, participations or other equivalents of or interests in (however
designated) stock issued by that entity. 

               “Cash Percentage” shall
have the meaning specified in Section 15.02(b)(iv). 

               “Cash Percentage Notice” shall
have the meaning specified in Section 15.02(b)(iv). 

               “Cash Settlement Averaging Period” means,
     with respect to any Note surrendered for conversion, the thirty consecutive
     Settlement Trading Day period beginning on and including the second Settlement
     Trading Day after the relevant holder has delivered a Notice of Conversion
     with respect to such Note to the Conversion Agent; provided that
     with respect to any Notice of Conversion received during the period beginning
     on April 15, 2013 and ending at the close of business on the second Scheduled
     Trading Day immediately preceding the Maturity Date, the “Cash Settlement Averaging Period” shall
     be the thirty consecutive Settlement Trading Days beginning on and including
the thirty-second Scheduled Trading Day prior to the Maturity Date. 

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

2
          

          

          

               “Commission” means
the Securities and Exchange Commission. 

               “Common Equity” of
     any Person means Capital Stock of such Person that is generally entitled
     to (a) vote in the election of directors of such Person or (b) if such Person
     is not a corporation, vote or otherwise participate in the selection of
     the governing body, partners, managers or others that will control the management
or policies of such Person. 

               “Common Stock” means,
     subject to Section 15.06, shares of common stock of the Company, par value
     $0.01 per share, at the date of this Indenture or shares of any class or
     classes resulting from any reclassification or reclassifications thereof
     and that have no preference in respect of dividends or of amounts payable
     in the event of any voluntary or involuntary liquidation, dissolution or
     winding up of the Company and that are not subject to redemption by the
     Company; provided that if at any time there shall be more than one such resulting class, the shares of
each such class then so issuable shall be substantially in the proportion that the total number of shares of such class resulting from all such reclassifications bears to the total number of shares of all such classes resulting from all such
reclassifications. 

               “Company” means
     Charles River Laboratories International, Inc., a Delaware corporation,
     and subject to the provisions of Article 12, shall include its successors
and assigns. 

               “Company Order” means a written order of the Company, signed by (a) the Company’s Chief Executive Officer, President,
Executive or Senior Vice President, Managing Director or any Vice President (whether or not designated by a number or numbers or word or words added before or after the title “Vice President”) and (b) any such other officer designated in
clause (a) of this definition or the Company’s Treasurer or Assistant Treasurer
or Secretary or any Assistant Secretary, and delivered to the Trustee. 

               “Continuing Director” means
     a director who either was a member of the Board of Directors on the date
     of the Purchase Agreement or who becomes a member of the Board of Directors
     subsequent to that date and whose election, appointment or nomination for
     election by the stockholders of the Company, is duly approved by a majority
     of the continuing directors on the Board of Directors at the time of such
     approval, either by a specific vote or by approval of the proxy statement
     issued by the Company on behalf of the entire Board of Directors in which
such individual is named as nominee for director. 

               “Conversion Agent” shall
have the meaning specified in Section 5.02. 

          “Conversion Date” shall
       have the meaning specified in Section 15.02(e). “Conversion Obligation” shall
  have the meaning specified in Section 15.01(a). 

               “Conversion Price” means
as of any date $1,000 divided by the Conversion Rate as of such date. 

               “Conversion Rate” shall
have the meaning specified in Section 15.01(a). 

               “Conversion Trigger Price” shall
have the meaning specified in Section 15.01(b)(iv). 

3
          

          

          

               “Corporate
     Trust Office” or
     other similar term means the office of the Trustee at which at any particular
     time its corporate trust business relating to this Indenture shall be principally
     administered, which office is, at the date as of which this Indenture is
     dated, located at U.S. Bank  National Association, Goodwin Square,
225 Asylum Street, Hartford, CT 06103, Attention: E. Hammer, Corporate Trust. 

               “Custodian” means
     U.S. Bank National Association, as custodian for The Depository Trust Company,
with respect to the Notes in global form, or any successor entity thereto. 

               “Daily Conversion Value” means,
     for each of the thirty consecutive Settlement Trading Days during the Cash
     Settlement Averaging Period, one-thirtieth (1/30th) of the product of (a) the applicable Conversion Rate on such Settlement Trading Day (subject to increase, if any, pursuant to Section 15.03) and (b) the
Daily VWAP of the Common Stock (or the consideration into which the Common Stock has been converted in connection with certain corporate transactions contemplated hereby) on such Settlement Trading Day. 

               “Daily Excess Amount” means
     the difference between the Daily Conversion Value and the Daily Measurement
Value. 

               “Daily Measurement Value” is
equal to $1,000 divided by 30. 

               “Daily Settlement Amount,” for
     each of the thirty Settlement Trading Days during the Cash Settlement Averaging
Period, shall consist of: 

     
               (a) cash equal to the lesser of the Daily Measurement Value and the Daily Conversion Value relating to such Settlement Trading Day; and 

     
               (b) to the extent such Daily Conversion Value exceeds the Daily Measurement Value, a number of shares of Common Stock equal to (i) the Daily Excess Amount, divided by (ii) the Daily VWAP of the Common Stock (or the consideration into which the Common Stock has been converted in connection with certain corporate transactions contemplated hereby) for such
          Settlement Trading Day. 

               “Daily VWAP” for the Common Stock means, for each of the thirty consecutive Settlement Trading Days during the Cash Settlement
Averaging Period, the per share volume-weighted average price on The New York Stock Exchange as displayed under the heading “Bloomberg VWAP” on Bloomberg page “CRL <equity> AQR” (or
any successor page thereto) in respect of the period from 9:30 a.m. to 4:00 p.m.
(New York City time) on such Settlement Trading Day (or if such volume-weighted
average price is unavailable, the market value of one share of the Common Stock
on such Settlement Trading Day as determined in a commercially reasonable manner
by the Board of Directors in consultation with a nationally recognized independent
investment banking firm using a volume-weighted method). 

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

4
          

          

          

               “Defaulted Interest” means
     any interest on any Note that is payable, but is not punctually paid or
duly provided for, on any June 15 or December 15. 

               “Depositary” means,
     with respect to the Notes issuable or issued in whole or in part in global
     form, the Person specified in Section 2.06(d) as the Depositary with respect
     to such Notes, until a successor shall have been appointed and become such
     pursuant to the applicable provisions of this Indenture, and thereafter, “Depositary” shall
mean or include such successor. 

               “Distributed Property” shall
have the meaning specified in Section 15.04(c). 

          “Effective Date” shall
       have the meaning specified in Section 15.03(a). “Event of Default” shall
  have the meaning specified in Section 7.01. 

               “Ex-Dividend Date” means,
     with respect to any dividend, distribution or other transaction or event
     in which the holders of Common Stock (or other security) have the right
     to receive any cash, securities or other property or in which the Common
     Stock (or other security) is exchanged for or converted into any combination
     of cash, securities or other property, the first date on which the shares
     of the Common Stock (or other security) trade on the applicable exchange
     or in the applicable market, regular way, without the right to receive the
issuance, dividend or distribution in question. 

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

               “Fiscal Quarter” means
a fiscal quarter of any Fiscal Year. 

               “Fiscal Year” means
     a fiscal year of the Company and its Subsidiaries ending on the last Saturday
on or prior to December 31 of each calendar year. 

               “Fundamental Change” means
     the occurrence after the original issuance of the Notes of any of the following
events: 

     
               (a) any “person” or “group” (within
               the meaning of Section 13(d) of the Exchange Act) other than the Company,
               its Subsidiaries or the employee benefit plans of the Company or any such
               Subsidiary, files a Schedule TO or any schedule, form or report under the
               Exchange Act disclosing that such person or group has become the direct
               or indirect “beneficial owner,” as defined in Rule 13d-3 under the Exchange Act, of the Company’s Common Equity representing more than 50% of the voting
          power of the Company’s Common Equity;

     
               (b) consummation
               of any share exchange, exchange offer, tender offer, consolidation or merger
               of the Company pursuant to which the Common Stock will be converted into
               cash, securities or other property or any sale, lease or other transfer
               in one transaction or a series of transactions of all or substantially all
               of the consolidated assets of the Company and its Subsidiaries, taken as
               a whole, to any Person other than one of the Company’s Subsidiaries; provided, however, that (i) a transaction where the holders of more than 50% of all classes of the
     

5
          

          

          

     
               Company’s Common Equity immediately prior
               to such transaction own, directly or indirectly, more than 50% of all classes
               of Common Equity of the continuing or surviving corporation or transferee
               immediately after such event shall not be a Fundamental Change, or (ii)
               if at least 90% of the consideration, excluding cash payments for fractional
               shares, in the share exchange, exchange offer, tender offer, consolidation,
               merger, binding share exchange, sale, lease or other transfer consists of
               shares of Publicly Traded Securities, and as a result of such share exchange,
               exchange offer, tender offer, consolidation, merger, sale, lease or other
               transfer, the Notes become convertible into such Publicly Traded Securities,
               excluding cash payments for fractional shares, such event shall not be a
          Fundamental Change;

     
                    (c) the stockholders of the Company approve any plan or proposal for the liquidation or dissolution of the Company;

     
                    (d) the Common Stock ceases to be listed on a national securities exchange or quoted on the Nasdaq National Market (or its successors) (at a time when the Nasdaq National Market is not a U.S. national
          securities exchange) or another established automated over-the-counter trading market in the United States; or 

     
                    (e) Continuing Directors cease to constitute at least a majority of the Board of Directors. 

     For purposes of this definition, whether a “person” is
     a “beneficial owner” shall be
determined in accordance with Rule 13d-3 under the Exchange Act and “person” includes
any syndicate or group that would be deemed to be a “person” under
Section 13(d)(3) of the Exchange Act. 

               “Fundamental Change Company Notice” shall
have the meaning specified in Section 16.02(b). 

               “Fundamental Change Expiration Time” shall
have the meaning specified in Section 16.02(b)(ix). 

               “Fundamental Change Payment Date” shall
have the meaning specified in Section 16.04(a). 

               “Fundamental Change Repurchase Date” shall
have the meaning specified in Section 16.02(a). 

               “Fundamental Change Repurchase Notice” shall
have the meaning specified in Section 16.02(a)(i). 

               “Fundamental Change Repurchase Price” shall
have the meaning specified in Section 16.02(a). 

               “Global Note” shall
have the meaning specified in Section 2.06(b). 

6
          

          

          

               “Indenture” means
     this instrument as originally executed or, if amended or supplemented as
herein provided, as so amended or supplemented. 

               “Initial Purchasers” means
     J.P. Morgan Securities Inc., Credit Suisse Securities (USA) LLC, Banc of
     America Securities LLC, Wachovia Capital Markets, LLC and SG Americas Securities,
LLC. 

               “Interest Payment Date” means
     each June 15 and December 15 of each year, beginning on December 15, 2006; provided, however, that if any Interest Payment Date falls on a date that is not a Business Day, such payment of interest (or principal in the case
of the Maturity Date) will be postponed until the next succeeding Business Day, and no interest or other amount will be paid as a result of such postponement. 

               “Last Reported Sale Price” of
     the Common Stock on any date means, as determined by the Company, the closing
     sale price per share (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 that date as reported
     in composite transactions for the principal U.S. national or regional securities
     exchange on which the Common Stock is listed for trading or quoted or, if
     the Common Stock is not listed for trading or quoted on a U.S. national
     or regional securities exchange and the Nasdaq National Market (or its successors)
     is not a U.S. national securities exchange, as reported by the Nasdaq National
     Market (or its successors). If the Common Stock is not listed for trading
     on a U.S. national or regional securities exchange or reported by the Nasdaq
     National Market (or its successors) on the relevant date, then the “Last Reported Sale Price” will
     be the last quoted bid price for the Common Stock in the over-the-counter
     market on the relevant date as reported by the National Quotation Bureau
     or similar organization. If the Common Stock is not so quoted, the “Last Reported Sale Price” will
     be the average of the mid-point 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. 

               “Majority Owned” means having “beneficial ownership” (as defined in Rule 13d-3 under the Exchange Act) of more than 50%
of the total voting power of all shares of an entity’s Capital Stock that
are entitled to vote generally in the election of directors. 

               “Make-Whole Conversion Rate Adjustment” shall
have the meaning specified in Section 15.03(a). 

               “Make-Whole Fundamental Change” means
     any transaction or event that constitutes a Fundamental Change as described
in clause (a) or (b) of the definition thereof. 

               “Market Disruption Event” means
     (a) a failure by the primary exchange or quotation system on which the Common
     Stock trades or is quoted, as the case may be, to open for trading during
     its regular trading session or (b) the occurrence or existence prior to
     1:00 p.m. on any Trading Day for the Common Stock for an aggregate one-half
     hour period of any suspension or limitation imposed on trading (by reason
     of movements in price exceeding limits permitted by the stock exchange or
     otherwise) in the Common Stock or in any options, contracts or future contracts
relating to the Common Stock. 

7
          

          

          

          “Maturity Date” means June 15, 2013.

               “Measurement Period” shall
have the meaning specified in Section 15.01(b)(i). 

               “Merger Event” shall
have the meaning specified in Section 15.06. 

               “Note” or “Notes” shall
     mean any note or notes, as the case may be, authenticated and delivered
under this Indenture. 

               “Noteholder” or “holder,” as applied to any Note, or other
similar terms (but excluding the term “beneficial holder”), shall mean
any person in whose name at the time a particular Note is registered on the Note
register. 

               “Note register” shall
have the meaning specified in Section 2.06(a). 

          “Note registrar” shall
  have the meaning specified in Section 2.06(a). 

          “Notice of Conversion” shall
     have the meaning specified in Section 15.02(d). 

               “Offering
Memorandum” means the offering memorandum dated June 6, 2006 relating to the offering and sale of the Notes. 

               “Officers’ Certificate,” when used with respect to the Company, means a certificate signed by (a) one of the President, the
Chief Executive Officer, any Executive or Senior Vice President, Managing Director or any Vice President (whether or not designated by a number or numbers or word added before or after the title “Vice President”) and (b) by any such other
officer designated in (a) or by one of the Treasurer or any Assistant Treasurer, Secretary or any Assistant Secretary or Controller of the Company that is delivered to the Trustee. Each such certificate shall include the statements provided for in
Section 17.05 if and to the extent required by the provisions of such Section. One of the officers giving an Officers’ Certificate
pursuant to Section 5.08 shall be the principal executive, financial or accounting
officer of the Company. 

               “opening of business” means 9:00 a.m. (New York City time). 

               “Opinion of Counsel” means
     an opinion in writing signed by legal counsel, who may be an employee of
     or counsel to the Company, or other counsel acceptable to the Trustee that
     is delivered to the Trustee. Each such opinion shall include the statements
     provided for in Section 17.05 if and to the extent required by the provisions
of such Section. 

               “outstanding,” when
     used with reference to Notes, shall, subject to the provisions of Section
     9.04, mean, as of any particular time, all Notes authenticated and delivered
by the Trustee under this Indenture, except: 

     
                    (a) Notes theretofore canceled by the Trustee or accepted by the Trustee for cancellation; 

     
                    (b) Notes, or portions thereof, for the payment or repurchase of which monies in the necessary amount shall have been deposited in trust with the 

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               Trustee or with any Paying Agent (other than the Company) or shall have been set aside and segregated in trust by the Company (if the Company shall act as its own Paying Agent); provided that, if any such Note is repurchased, the holder thereof shall have delivered a Fundamental Change Repurchase Notice in accordance with 16.02; 

     
                         (c) Notes that have been paid pursuant to Section 2.07 or Notes in lieu of which, or in substitution for which, other Notes shall have been authenticated and delivered pursuant to the terms of Section
          2.07 unless proof satisfactory to the Trustee is presented that any such Notes are held by protected purchasers in due course; and 

               (d) Notes converted pursuant to Article 15.
     

               “Paying Agent” shall
have the meaning specified in Section 5.02. 

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

               “Portal Market” means
     The Portal Market operated by the National Association of Securities Dealers,
Inc. or any successor thereto. 

               “Predecessor Note” of
     any particular Note means every previous Note evidencing all or a portion
     of the same debt as that evidenced by such particular Note; and, for the
     purposes of this definition, any Note authenticated and delivered under
     Section 2.07 in lieu of or in exchange for a mutilated, lost, destroyed
     or stolen Note shall be deemed to evidence the same debt as the mutilated,
lost, destroyed or stolen Note that it replaces. 

               “Publicly Traded Securities” means
     shares of common stock traded on a national securities exchange or quoted
     on the Nasdaq National Market (or its successors) (at a time when the Nasdaq
     National Market is not a U.S. national securities exchange) or that will
     be so traded or quoted when issued or exchanged in connection with a Fundamental
Change described in clause (b) of the definition thereof. 

               “Purchase Agreement” means
     that certain Purchase Agreement, dated as of June 6, 2006, among the Company
and the Initial Purchasers. 

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

               “record date,” with
     respect to any Interest Payment Date, shall mean the June 1 or December
     1 (whether or not such day is a Business Day) preceding the applicable June
15 or December 15 Interest Payment Date, respectively. 

               “Record Date” shall have the meaning specified in Section 15.04(f). 

               “Reference Property” shall
have the meaning specified in Section 15.06(b). 

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               “Registration Rights Agreement” means
     that certain Registration Rights Agreement, dated as of June 12, 2006, among
the Company and the Initial Purchasers. 

               “Resale Restriction Termination Date” shall
have the meaning specified in Section 2.06(d). 

               “Responsible Officer” shall mean an officer of the Trustee in the Corporate Trust Office, having direct responsibility for the
administration of this Indenture, and also, with respect to a particular matter, any other officer to whom such matter is referred because of such officer’s
knowledge of and familiarity with the particular subject. 

               “Restricted Securities” shall
have the meaning specified in Section 2.06(d). 

               “Rule 144A” means
Rule 144A as promulgated under the Securities Act. 

               “Scheduled Trading Day” means
     any day on which The New York Stock Exchange is scheduled to be open for
     trading for its regular trading session; provided, however,
     that if the Common Stock ceases to be listed or quoted on The New York Stock
     Exchange for any reason (other than a Merger Event as a result of which
     the common stock underlying the Notes is listed or quoted on The New York
     Stock Exchange, The American Stock Exchange or the Nasdaq National Market
     (or their respective successors) (the “Successor Exchange”)),
     but the Common Stock is immediately re-listed on a Successor Exchange upon
     ceasing to be listed or quoted on The New York Stock Exchange, “Scheduled Trading Day” shall
     mean any day on which the Successor Exchange is scheduled to be open for
trading for its regular trading session. The foregoing proviso shall similarly apply if the Common Stock ceases to be listed or quoted on a Successor Exchange but is immediately re-listed on a different Successor Exchange. 

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

               “Settlement Trading Day” means
     a day during which (a) trading in the Common Stock generally occurs and
(b) there is no Market Disruption Event. 

               “Spin-Off” shall
have the meaning specified in Section 15.04(c). 

               “Stock Price” means
     (a) in the case of a Make-Whole Fundamental Change described in clause (b)
     of the definition of Fundamental Change, the price paid per share of the
     Common Stock in such Make-Whole Fundamental Change or the amount of cash
     paid per share of the Common Stock if holders of the Common Stock receive
     only cash consideration for such Make-Whole Fundamental Change, or (b) in
     the case of a Make-Whole Fundamental Change described in clause (a) of the
     definition of Fundamental Change, the average of the Last Reported Sale
     Prices per share of Common Stock for the five consecutive Trading Days immediately
     preceding the Effective Date of the Make-Whole Fundamental Change. The Board
     of Directors will make appropriate adjustments, in its good faith determination,
     to account for any adjustment to the Conversion Rate that becomes effective,
     or any event requiring an adjustment to the Conversion Rate where the Ex-Dividend
Date of the event occurs, during such five consecutive Trading Days. 

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               “Subsidiary” of
     the Company means (a) a corporation a majority of whose Capital Stock with
     voting power, under ordinary circumstances, to elect directors is at the
     time, directly or indirectly, owned by the Company, by the Company and one
     or more Subsidiaries of the Company or by one or more Subsidiaries of the
     Company or (b) any other Person (other than a corporation) in which the
     Company, one or more Subsidiaries of the Company or the Company and one
     or more Subsidiaries of the Company, directly or indirectly, at the date
of determination thereof, has greater than a 50% ownership interest. 

               “Successor Company” shall
have the meaning specified in Section 12.01(a). 

               “Trading Day” means
     a day during which (a) trading in the Common Stock generally occurs, (b)
     there is no Trading Day Market Disruption Event and (c) a Last Reported
     Sale Price for the Common Stock (other than a Last Reported Sale Price referred
     to in the last sentence of the definition thereof) is available for such
day. 

               “Trading Day Market Disruption Event” means
     if the Common Stock is listed on a U.S. national or regional securities
     exchange or quoted on the Nasdaq National Market (or its successors), the
     occurrence or existence during the one-half hour period ending on the scheduled
     close of trading on any Trading Day for the Common Stock of any suspension
     or limitation imposed on trading (by reason of movements in price exceeding
     limits permitted by the stock exchange or otherwise) in the Common Stock
     or in any options, contracts or future contracts relating to the Common
Stock. 

               “Trading Price” with
     respect to the Notes, on any date of determination means the average of
     the secondary market bid quotations obtained by the Trustee for $2.0 million
     principal amount of Notes at approximately 3:30 p.m., New York City time,
     on such determination date from three independent nationally recognized
     securities dealers selected by the Company; provided that if three such bids cannot reasonably be obtained by the Trustee, but two such bids are obtained, then the average of the two bids shall be used, and if only one such bid can reasonably be
obtained by the Trustee, that one bid shall be used. If the Trustee cannot reasonably obtain at least one bid for $2.0 million principal amount of Notes from any such nationally recognized securities dealer, then the Trading Price per $1,000
principal amount of Notes will be deemed to be less than 98% of the product of the Last Reported Sale Price of the Common Stock and the Conversion Rate. 

               “transfer” shall
have the meaning specified in Section 2.06(d). 

               “Trigger Event” shall
have the meaning specified in Section 15.04(c). 

               “Trust Indenture Act” means
     the Trust Indenture Act of 1939, as amended, as it was in force at the date
     of execution of this Indenture, except as provided in Section 11.03 and
     Section 15.06; provided, however, that in the event the Trust
     Indenture Act of 1939 is amended after the date hereof, the term “Trust Indenture Act” shall
     mean, to the extent required by such amendment, the Trust Indenture Act
of 1939, as so amended. 

               “Trustee” means the Person named as the “Trustee” in
     the first paragraph of this Indenture until a successor Trustee shall have
become such pursuant to the applicable provisions 

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     of this Indenture, and thereafter “Trustee” shall
mean or include each Person who is then a Trustee hereunder. 

               “Weighted Average Consideration” shall
have the meaning specified in Section 15.06(c)(iv). 

     ARTICLE 2 

ISSUE, DESCRIPTION, EXECUTION, REGISTRATION 

AND EXCHANGE OF NOTES 

               Section 2.01. Designation and Amount.
     The Notes shall be designated as the “2.25% Convertible Senior
Notes due 2013.” The aggregate principal amount of Notes that may be authenticated
and delivered under this Indenture is initially limited to $300,000,000 (or $350,000,000
if the Initial Purchasers exercise their option to purchase additional Notes
in full as set forth in the Purchase Agreement), subject to Section 2.11 and
except for Notes authenticated and delivered upon registration or transfer of,
or in exchange for, or in lieu of other Notes pursuant to Section 2.06, Section
2.07, Section 11.04, Section 15.02, Section 16.01 and Section 16.04 hereof. 

               Section 2.02. Form of Notes.
     The Notes and the Trustee’s certificate of authentication to be borne
     by such Notes shall be substantially in the respective forms set forth in
Exhibit A, which are incorporated in and made a part of this Indenture. 

               Any Global Note may be endorsed with or have incorporated in the text thereof such legends or recitals or changes not inconsistent with the provisions of this Indenture as may be required by the
Custodian, the Depositary or by the National Association of Securities Dealers, Inc. in order for the Notes to be tradable on The Portal Market or as may be required for the Notes to be tradable on any other market developed for trading of
securities pursuant to Rule 144A or required to comply with any applicable law or any regulation thereunder or with the rules and regulations of any securities exchange or automated quotation system upon which the Notes may be listed or traded or
designated for issuance or to conform with any usage with respect thereto, or to indicate any special limitations or restrictions to which any particular Notes are subject. 

               Any of the Notes may have such letters, numbers or other marks of identification and such notations, legends or endorsements as the officers executing the same may approve (execution thereof to be
conclusive evidence of such approval) and as are not inconsistent with the provisions of this Indenture, or as may be required to comply with any law or with any rule or regulation made pursuant thereto or with any rule or regulation of any
securities exchange or automated quotation system on which the Notes may be listed or designated for issuance, or to conform to usage or to indicate any special limitations or restrictions to which any particular Notes are subject. 

               The Global Note shall represent such principal amount of the outstanding Notes as shall be specified therein and shall provide that it shall represent the aggregate principal amount of outstanding
Notes from time to time endorsed thereon and that the aggregate principal

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     amount of outstanding Notes represented thereby may from time to time be increased or reduced to reflect repurchases, conversions, transfers or exchanges permitted hereby. Any endorsement of the Global Note to reflect the amount
of any increase or decrease in the amount of outstanding Notes represented thereby shall be made by the Trustee or the Custodian, at the direction of the Trustee, in such manner and upon instructions given by the holder of such Notes in accordance
with this Indenture. Payment of principal, accrued and unpaid interest, and Additional Interest, if any, and premium, if any (including any Fundamental Change Repurchase Price), on the Global Note shall be made to the holder of such Note on the date
of payment, unless a record date or other means of determining holders eligible to receive payment is provided for herein. 

               The terms and provisions contained in the form of Note attached as Exhibit A hereto shall constitute, and are hereby expressly made, a part of this Indenture and, to the extent applicable, the Company
and the Trustee, by their execution and delivery of this Indenture, expressly agree to such terms and provisions and to be bound thereby. 

               Section 2.03. Date and Denomination of Notes; Payments of Interest. The Notes shall be issuable in registered
form without coupons in denominations of $1,000 principal amount and integral multiples thereof. Each Note shall be dated the date of its authentication and shall bear interest from the date specified on the face of the form of Note attached as
Exhibit A hereto. Interest on the Notes shall be computed on the basis of a 360-day year comprised of twelve 30-day months. 

               The Person in whose name any Note (or its Predecessor Note) is registered on the Note register at the close of business on any record date with respect to any Interest Payment Date shall be entitled
to receive the interest payable on such Interest Payment Date. Interest (including Additional Interest, if any) shall be payable at the office or agency of the Company maintained by the Company for such purposes in The Borough of Manhattan, City of
New York, which shall initially be the office of the Trustee at Two Wall Street, 16th Floor,
New York, New York 10005. The Company shall pay interest (including Additional
Interest, if any) (a) on any Notes in certificated form by check mailed to the
address of the Person entitled thereto as it appears in the Note register (or
upon written application by such Person to the Trustee and Paying Agent not later
than the relevant record date, by wire transfer in immediately available funds
to such Person’s account within the United States, if such Person is entitled
to interest on an aggregate principal in excess of $1,000,000) or (b) on any
Global Note by wire transfer of immediately available funds to the account of
the Depositary or its nominee.

               Any Defaulted Interest shall forthwith cease to be payable to the Noteholder on the relevant record date by virtue of its having been such Noteholder, and such Defaulted Interest shall be paid by the
Company, at its election in each case, as provided in clause (1) or (2) below: 

               (1) The Company may elect to make payment of any Defaulted Interest to the Persons in whose names the Notes (or their respective Predecessor Notes) are registered at the close of business on a special
record date for the payment of such Defaulted Interest, which shall be fixed in the following manner. The Company shall notify the Trustee in writing of the amount of Defaulted Interest proposed to be paid on each Note and the date of the proposed
payment (which shall be not less than twenty-five days after the receipt by the Trustee of such notice, unless the Trustee shall consent to an earlier date), and at the same time the Company 

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     shall deposit with the Trustee an amount of money equal to the aggregate amount to be paid in respect of such Defaulted Interest or shall make arrangements satisfactory to the Trustee for such deposit on or prior to the date of
the proposed payment, such money when deposited to be held in trust for the benefit of the Persons entitled to such Defaulted Interest as in this clause provided. Thereupon the Company shall fix a special record date for the payment of such
Defaulted Interest which shall be not more than fifteen days and not less than ten days prior to the date of the proposed payment, and not less than ten days after the receipt by the Trustee of the notice of the proposed payment. The Company shall
promptly notify the Trustee of such special record date and the Trustee, in the name and at the expense of the Company, shall cause notice of the proposed payment of such Defaulted Interest and the special record date therefor to be mailed,
first-class postage prepaid, to each holder at its address as it appears in the Note Register, not less than ten days prior to such special record date. Notice of the proposed payment of such Defaulted Interest and the special record date therefor
having been so mailed, such Defaulted Interest shall be paid to the Persons in whose names the Notes (or their respective Predecessor Notes) are registered at the close of business on such special record date and shall no longer be payable pursuant
to the following clause (2) of this Section 2.03. 

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

               Section 2.04. Payments of Additional Interest.
     If required by the Registration Rights Agreement, each Note shall pay Additional
     Interest in the manner and to the Persons set forth in the Registration
     Rights Agreement. Whenever in this Indenture there is mentioned, in any
     context, the payment of the principal of, premium, if any, or interest on,
     or in respect of, any Note, such mention shall be deemed to include mention
     of the payment of “Additional Interest” provided for in the Registration
     Rights Agreement to the extent that, in such context, Additional Interest
     is, was or would be payable in respect thereof pursuant to the provisions
     of the Registration Rights Agreement and express mention of the payment
     of Additional Interest (if applicable) in any provisions hereof shall not
     be construed as excluding Additional Interest in those provisions hereof
where such express mention is not made. 

               Section 2.05. Execution, Authentication and Delivery of Notes. The Notes shall be signed in the name and on
behalf of the Company by the manual or facsimile signature of its Chief Executive Officer, President or any of its Executive or Senior Vice Presidents. 

               At any time and from time to time after the execution and delivery of this Indenture, the Company may deliver Notes executed by the Company to the Trustee for authentication, together with a Company
Order for the authentication and delivery of such Notes, and the Trustee in accordance with such Company Order shall authenticate and deliver such Notes, without any further action by the Company hereunder. 

               Only such Notes as shall bear thereon a certificate of authentication substantially in the form set forth on the form of Note attached as Exhibit A hereto, manually executed by an 

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     authorized officer of the Trustee (or an authenticating agent appointed by the Trustee as provided by Section 17.11), shall be entitled to the benefits of this Indenture or be valid or obligatory for any purpose. Such certificate
by the Trustee (or such an authenticating agent) upon any Note executed by the Company shall be conclusive evidence that the Note so authenticated has been duly authenticated and delivered hereunder and that the holder is entitled to the benefits of
this Indenture. 

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

               Section 2.06. Exchange and Registration of Transfer of Notes; Restrictions on Transfer; Depositary. 

               (a) The
     Company shall cause to be kept at the Corporate Trust Office a register
     (the register maintained in such office or in any other office or agency
     of the Company designated pursuant to Section 5.02 being herein sometimes
     collectively referred to as the “Note register”)
     in which, subject to such reasonable regulations as it may prescribe, the
     Company shall provide for the registration of Notes and of transfers of
     Notes. Such register shall be in written form or in any form capable of
     being converted into written form within a reasonable period of time. The
     Trustee is hereby appointed “Note registrar” for the purpose
     of registering Notes and transfers of Notes as herein provided. The Company
may appoint one or more co-registrars in accordance with Section 5.02. 

               Upon surrender for registration of transfer of any Note to the Note registrar or any co-registrar, and satisfaction of the requirements for such transfer set forth in this Section 2.06, the Company
shall execute, and the Trustee shall authenticate and deliver, in the name of the designated transferee or transferees, one or more new Notes of any authorized denominations and of a like aggregate principal amount and bearing such restrictive
legends as may be required by this Indenture. 

               Notes may be exchanged for other Notes of any authorized denominations and of a like aggregate principal amount, upon surrender of the Notes to be exchanged at any such office or agency maintained by
the Company pursuant to Section 5.02. Whenever any Notes are so surrendered for exchange, the Company shall execute, and the Trustee shall authenticate and deliver, the Notes that the Noteholder making the exchange is entitled to receive, bearing
registration numbers not contemporaneously outstanding. 

               All Notes presented or surrendered for registration of transfer or for exchange, repurchase or conversion shall (if so required by the Company, the Trustee, the Note registrar or any co-registrar) be
duly endorsed, or be accompanied by a written instrument or instruments of 

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     transfer in form satisfactory to the Company and duly executed, by the Noteholder thereof or its attorney-in-fact duly authorized in writing. 

               No service charge shall be charged to the Noteholder for any exchange or registration of transfer of Notes, but the Company or the Trustee may require payment of a sum sufficient to cover any tax,
assessments or other governmental charges that may be imposed in connection therewith. 

               None of the Company, the Trustee, the Note registrar or any co-registrar shall be required to exchange or register a transfer of (i) any Notes surrendered for conversion or, if a portion of any Note
is surrendered for conversion, such portion thereof surrendered for conversion or (ii) any Notes, or a portion of any Note, surrendered for repurchase (and not withdrawn) in accordance with Article 16 hereof.

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

               (b) So
     long as the Notes are eligible for book-entry settlement with the Depositary,
     unless otherwise required by law, all Notes shall be represented by one
     or more Notes in global form (each, a “Global Note”)
     registered in the name of the Depositary or the nominee of the Depositary.
     The transfer and exchange of beneficial interests in a Global Note that
     does not involve the issuance of a definitive Note, shall be effected through
     the Depositary (but not the Trustee or the Custodian) in accordance with
     this Indenture (including the restrictions on transfer set forth herein)
and the procedures of the Depositary therefor. 

          (c) [Reserved.]

               (d) Every
     Note that bears or is required under this Section 2.06(d) to bear the legend
     set forth in this Section 2.06(d) (together with any Common Stock issued
     upon conversion of the Notes and required to bear the legend set forth in
     Section 2.06(e), collectively, the “Restricted Securities”) shall be subject to the
restrictions on transfer set forth in this Section 2.06(d) (including the legend set forth below), unless such restrictions on transfer shall be waived by written consent of the Company, and the holder of each such Restricted Security, by such
holder’s acceptance thereof, agrees to be bound by all such restrictions
on transfer. As used in Section 2.06(d) and Section 2.06(e), the term “transfer” encompasses
any sale, pledge, transfer or other disposition whatsoever of any Restricted
Security. 

               Until the
     date (the “Resale Restriction Termination Date”) that is
     two years after the last original issue date of the Notes, any certificate
     evidencing such Note (and all securities issued in exchange therefor or
     substitution thereof, other than Common Stock, if any, issued upon conversion
     thereof which shall bear the legend set forth in Section 2.06(e) , if applicable)
     shall bear a legend in substantially the following form (unless such Notes
     have been transferred pursuant to a registration statement that has become
     or been declared effective under the Securities Act and that continues to
     be effective at the time of such transfer, pursuant to the exemption from
     registration provided by Rule 144 or any similar provision then in force
under 

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     the Securities Act, or unless otherwise agreed by the Company in writing, with notice thereof to the Trustee): 

     
          THIS SECURITY HAS NOT BEEN REGISTERED UNDER
               THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”),
               AND ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT AS SET FORTH IN THE FOLLOWING
               SENTENCE. BY ITS ACQUISITION HEREOF, THE HOLDER AGREES (1) THAT IT WILL
               NOT WITHIN THE LATER OF (X) TWO YEARS AFTER THE LATEST ISSUE DATE OF THIS
               SECURITY AND (Y) THREE MONTHS AFTER IT CEASES TO BE AN AFFILIATE (WITHIN
          THE MEANING OF RULE 144 UNDER THE SECURITIES ACT) OF THE ISSUER OR A SUBSIDIARY THEREOF, RESELL OR OTHERWISE TRANSFER THE SECURITY EVIDENCED HEREBY OR THE COMMON STOCK ISSUABLE UPON CONVERSION OF SUCH SECURITY, EXCEPT (A) TO THE ISSUER OR A SUBSIDIARY THEREOF; (B)
          UNDER A REGISTRATION STATEMENT THAT HAS BECOME OR BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT; (C) TO A PERSON THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) THAT IS
          PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER QUALIFIED INSTITUTIONAL BUYER AND TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, ALL IN COMPLIANCE WITH RULE 144A (IF AVAILABLE); OR (D) UNDER ANY OTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT; AND (2) THAT IT WILL, PRIOR TO ANY TRANSFER OF THIS SECURITY WITHIN THE LATER OF (X) TWO YEARS AFTER THE LATEST ISSUE DATE OF THIS SECURITY AND (Y) THREE MONTHS AFTER IT CEASES TO BE AN
          AFFILIATE (WITHIN THE MEANING OF RULE 144 UNDER THE SECURITIES ACT) OF THE ISSUER OR A SUBSIDIARY THEREOF, FURNISH TO THE TRUSTEE AND THE ISSUER SUCH CERTIFICATIONS, LEGAL OPINIONS OR OTHER INFORMATION AS MAY BE REQUIRED INCLUDING PURSUANT TO THE INDENTURE TO CONFIRM THAT SUCH TRANSFER IS BEING MADE PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. 

               No transfer of any Note prior to the Resale Restriction Termination Date will be registered by the Note registrar unless the applicable box on the Form of Assignment and Transfer has been checked.

               Any Note (or security issued in exchange or substitution therefor) as to which such restrictions on transfer shall have expired in accordance with their terms may, upon surrender of such Note for
exchange to the Note registrar in accordance with the provisions of this Section 2.06, be exchanged for a new Note or Notes, of like tenor and aggregate principal amount, which shall not bear the restrictive legend required by this Section 2.06(d).
The 

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     Company shall notify the Trustee upon the occurrence of the Resale Restriction Termination Date and promptly after a Registration Statement with respect to the Notes or the Common Stock has been declared effective under the
Securities Act. 

               Notwithstanding any other provisions of this Indenture (other than the provisions set forth in this Section 2.06(d)), a Global Note may not be transferred as a whole or in part except (i) by the
Depositary to a nominee of the Depositary or by a nominee of the Depositary to the Depositary or another nominee of the Depositary or by the Depositary or any such nominee to a successor Depositary or a nominee of such successor Depositary and (ii)
for transfers of portions of a Global Note in certificated form made upon request of a member of, or a participant in, the Depositary (for itself or on behalf of a beneficial owner) by written notice given to the Trustee by or on behalf of the
Depositary in accordance with customary procedures of the Depositary and in compliance with this Section. 

               The Depositary
     shall be a clearing agency registered under the Exchange Act. The Company
     initially appoints The Depository Trust Company to act as Depositary with
     respect to the Global Note. Initially, the Global Note shall be issued to
the Depositary, registered in the name of Cede & Co., as the nominee of the Depositary, and deposited with the Trustee as custodian for Cede & Co. 

               If at any
     time the Depositary for a Global Note (a) notifies the Company that it is
     unwilling or unable to continue as Depositary for such Note or (b) ceases
     to be registered as a clearing agency under the Exchange Act, the Company
     may appoint a successor Depositary with respect to such Note. If (i) a successor
     Depositary for such Global Note is not appointed by the Company within ninety
     days after the Company receives such notice or the Depositary ceasing to
     be a registered clearing agency, (ii) the Company, at its option, notifies
     the Trustee that it elects to cause the issuance of Notes in definitive
     form in exchange for all or any part of the Notes represented by a Global
     Notes, subject to the procedures of the Depositary, or (iii) an Event of
     Default has occurred and is continuing and the Note registrar has received
     a request from the Depositary for the issuance of Notes in definitive form
     in exchange for a Global Note, the Company will execute, and the Trustee,
     upon receipt of an Officers’ Certificate and a Company Order for the
     authentication and delivery of Notes, will authenticate and deliver Notes
     in definitive form in an aggregate principal amount equal to the principal
     amount of such Global Note, in exchange for such Global Note, and upon delivery
of the Global Note to the Trustee such Global Note shall be canceled. 

               Definitive Notes issued in exchange for all or a part of the Global Note pursuant to this Section 2.06(d) shall be registered in such names and in such authorized denominations as the Depositary,
pursuant to instructions from its direct or indirect participants or otherwise, shall instruct the Trustee. Upon execution and authentication, the Trustee shall deliver such definitive Notes to the Persons in whose names such definitive Notes are so
registered. 

               At such time as all interests in a Global Note have been converted, canceled, repurchased or transferred, such Global Note shall be, upon receipt thereof, canceled by the Trustee in accordance with
standing procedures and instructions existing between the Depositary and the Custodian. At any time prior to such cancellation, if any interest in a Global Note is exchanged for definitive Notes, converted, canceled, repurchased or transferred to a
transferee 

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     who receives definitive Notes therefor or any definitive Note is exchanged or transferred for part of such Global Note, the principal amount of such Global Note shall, in accordance with the standing procedures and instructions
existing between the Depositary and the Custodian, be appropriately reduced or increased, as the case may be, and an endorsement shall be made on such Global Note, by the Trustee or the Custodian, at the direction of the Trustee, to reflect such
reduction or increase. 

               None of the Company, the Trustee nor any agent of the Company or the Trustee will have any responsibility or liability for any aspect of the records relating to or payments made on account of
beneficial ownership interests of a Global Note or maintaining, supervising or reviewing any records relating to such beneficial ownership interests. 

               (e) Until the Resale Restriction Termination Date, any stock certificate representing Common Stock issued upon conversion of such Note shall
bear a legend in substantially the following form (unless the Note or such Common Stock has been transferred pursuant to a registration statement that has become or been declared effective under the Securities Act and that continues to be effective
at the time of such transfer or pursuant to the exemption from registration provided by Rule 144 under the Securities Act or any similar provision then in force under the Securities Act, or such Common Stock has been issued upon conversion of Notes
that have been transferred pursuant to a registration statement that has become or been declared effective under the Securities Act and that continues to be effective at the time of such transfer or pursuant to the exemption from registration
provided by Rule 144 under the Securities Act, or unless otherwise agreed by the Company with written notice thereof to the Trustee and any transfer agent for the Common Stock): 

     
          THIS SECURITY HAS NOT BEEN REGISTERED UNDER
               THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”),
               AND ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT AS SET FORTH IN THE FOLLOWING
               SENTENCE. BY ITS ACQUISITION HEREOF, THE HOLDER AGREES (1) THAT IT WILL
               NOT WITHIN THE LATER OF (X) TWO YEARS AFTER THE LATEST ISSUE DATE OF THE
               NOTES UPON THE CONVERSION OF WHICH THIS SECURITY WAS ISSUED AND (Y) THREE
          MONTHS AFTER IT CEASES TO BE AN AFFILIATE (WITHIN THE MEANING OF RULE 144 UNDER THE SECURITIES ACT) OF THE ISSUER OR A SUBSIDIARY THEREOF, RESELL OR OTHERWISE TRANSFER THE SECURITY EVIDENCED HEREBY, EXCEPT (A) TO THE ISSUER OR A SUBSIDIARY THEREOF; (B) UNDER A
          REGISTRATION STATEMENT THAT HAS BECOME OR BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT; (C) TO A PERSON THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) THAT IS PURCHASING FOR
          ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER QUALIFIED INSTITUTIONAL BUYER AND TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, ALL IN COMPLIANCE WITH RULE 144A (IF AVAILABLE); OR (D) UNDER ANY OTHER AVAILABLE
          EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE 

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               SECURITIES ACT; AND (2) THAT IT WILL, PRIOR TO ANY TRANSFER OF THIS SECURITY WITHIN THE LATER OF (X) TWO YEARS AFTER THE LATEST ISSUE DATE OF THE NOTES UPON THE CONVERSION OF WHICH THIS SECURITY WAS ISSUED AND (Y) THREE MONTHS
          AFTER IT CEASES TO BE AN AFFILIATE (WITHIN THE MEANING OF RULE 144 UNDER THE SECURITIES ACT) OF THE ISSUER OR A SUBSIDIARY THEREOF, FURNISH TO THE TRANSFER AGENT AND THE ISSUER SUCH CERTIFICATIONS, LEGAL OPINIONS OR OTHER INFORMATION AS MAY BE
          REQUIRED TO CONFIRM THAT SUCH TRANSFER IS BEING MADE PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. 

               Any such Common Stock as to which such restrictions on transfer shall have expired in accordance with their terms may, upon surrender of the certificates representing such shares of Common Stock for
exchange in accordance with the procedures of the transfer agent for the Common Stock, be exchanged for a new certificate or certificates for a like aggregate number of shares of Common Stock, which shall not bear the restrictive legend required by
this Section 2.06(e). 

               (f) Any
     Note or Common Stock issued upon the conversion or exchange of a Note that,
     prior to the expiration of the holding period applicable to sales thereof
     under Rule 144(k) under the Securities Act (or any successor provision),
     is purchased or owned by the Company or any Affiliate thereof may not be
     resold by the Company or such Affiliate unless registered under the Securities
     Act or resold pursuant to an exemption from the registration requirements
     of the Securities Act in a transaction that results in such Notes or Common
     Stock, as the case may be, no longer being “restricted securities” (as
defined under Rule 144). 

               (g) Notwithstanding
     any provision of Section 2.06 to the contrary, in the event Rule 144(k)
     as promulgated under the Securities Act (or any successor rule) is amended
     to change the two-year period under Rule 144(k) (or the corresponding period
     under any successor rule), from and after receipt by the Trustee of the
     Officers’ Certificate and Opinion of Counsel provided for in this
Section 2.06(g), (i) each reference in Section 2.06(d) to “two years” and in the restrictive legend set forth in such paragraph to “TWO YEARS” shall be deemed for all purposes hereof to be references to such changed period, (ii)
each reference in Section 2.06(e) to “two years” and in the restrictive legend set forth in such paragraph to “TWO YEARS” shall
be deemed for all purposes hereof to be references to such changed period and
(iii) all corresponding references in the Notes (including the definition of
Resale Restriction Termination Date) and the restrictive legends thereon shall
be deemed for all purposes hereof to be references to such changed period, provided that such changes shall not
become effective if they are otherwise prohibited by, or would otherwise cause
a violation of, the then-applicable federal securities laws. The provisions of
this Section 2.06(g) will not be effective until such time as the Opinion of
Counsel and Officers’ Certificate have been received by the Trustee hereunder.
This Section 2.06(g) shall apply to successive amendments to Rule 144(k) (or
any successor rule) changing the holding period thereunder. 

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               Section 2.07. Mutilated, Destroyed, Lost or Stolen Notes. In case any Note shall become mutilated or be
destroyed, lost or stolen, the Company in its discretion may execute, and upon its written request the Trustee or an authenticating agent appointed by the Trustee shall authenticate and deliver, a new Note, bearing a number not contemporaneously
outstanding, in exchange and substitution for the mutilated Note, or in lieu of and in substitution for the Note so destroyed, lost or stolen. In every case the applicant for a substituted Note shall furnish to the Company, to the Trustee and, if
applicable, to such authenticating agent such security or indemnity as may be required by them to save each of them harmless from any loss, liability, cost or expense caused by or connected with such substitution, and, in every case of destruction,
loss or theft, the applicant shall also furnish to the Company, to the Trustee and, if applicable, to such authenticating agent evidence to their satisfaction of the destruction, loss or theft of such Note and of the ownership thereof. 

               The Trustee
     or such authenticating agent may authenticate any such substituted Note
     and deliver the same upon the receipt of such security or indemnity as the
     Trustee, the Company and, if applicable, such authenticating agent may require.
     Upon the issuance of any substituted Note, the Company or the Trustee may
     require the payment by the holder of a sum sufficient to cover any tax,
     assessment or other governmental charge that may be imposed in relation
     thereto and any other expenses connected therewith. In case any Note that
     has matured or is about to mature or has been tendered for repurchase upon
     a Fundamental Change or is about to be converted into cash and shares of
     Common Stock (or, at the Company’s election, cash in lieu of some or
     all of such Common Stock), if any, shall become mutilated or be destroyed,
     lost or stolen, the Company may, in its sole discretion, instead of issuing
     a substitute Note, pay or authorize the payment of or convert or authorize
     the conversion of the same (without surrender thereof except in the case
     of a mutilated Note), as the case may be, if the applicant for such payment
     or conversion shall furnish to the Company, to the Trustee and, if applicable,
     to such authenticating agent such security or indemnity as may be required
     by them to save each of them harmless for any loss, liability, cost or expense
     caused by or connected with such substitution, and, in every case of destruction,
     loss or theft, evidence satisfactory to the Company, the Trustee and, if
     applicable, any Paying Agent or Conversion Agent evidence of their satisfaction
of the destruction, loss or theft of such Note and of the ownership thereof. 

               Every substitute Note issued pursuant to the provisions of this Section 2.07 by virtue of the fact that any Note is destroyed, lost or stolen shall constitute an additional contractual obligation of
the Company, whether or not the destroyed, lost or stolen Note shall be found at any time, and shall be entitled to all the benefits of (but shall be subject to all the limitations set forth in) this Indenture equally and proportionately with any
and all other Notes duly issued hereunder. To the extent permitted by law, all Notes shall be held and owned upon the express condition that the foregoing provisions are exclusive with respect to the replacement or payment or conversion or
repurchase of mutilated, destroyed, lost or stolen Notes and shall preclude any and all other rights or remedies notwithstanding any law or statute existing or hereafter enacted to the contrary with respect to the replacement or payment or
conversion of negotiable instruments or other securities without their surrender. 

               Section 2.08. Temporary Notes. Pending the preparation of Notes in certificated form, the Company may execute
and the Trustee or an authenticating agent appointed by the Trustee shall, upon written request of the Company, authenticate and deliver temporary Notes 

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     (printed or lithographed). Temporary Notes shall be issuable in any authorized denomination, and substantially in the form of the Notes in certificated form but with such omissions, insertions and variations as may be appropriate
for temporary Notes, all as may be determined by the Company. Every such temporary Note shall be executed by the Company and authenticated by the Trustee or such authenticating agent upon the same conditions and in substantially the same manner, and
with the same effect, as the Notes in certificated form. Without unreasonable delay the Company will execute and deliver to the Trustee or such authenticating agent Notes in certificated form (other than in the case of Notes in global form) and
thereupon any or all temporary Notes (other than any Global Note) may be surrendered in exchange therefor, at each office or agency maintained by the Company pursuant to Section 5.02 and the Trustee or such authenticating agent shall authenticate
and deliver in exchange for such temporary Notes an equal aggregate principal amount of Notes in certificated form. Such exchange shall be made by the Company at its own expense and without any charge therefor. Until so exchanged, the temporary
Notes shall in all respects be entitled to the same benefits and subject to the same limitations under this Indenture as Notes in certificated form authenticated and delivered hereunder. 

               Section 2.09. Cancellation of Notes Paid, Etc. All
     Notes surrendered for the purpose of payment, repurchase, conversion, exchange
     or registration of transfer, shall, if surrendered to the Company or any
     Paying Agent or any Note registrar or any Conversion Agent, be surrendered
     to the Trustee and promptly canceled by it, or, if surrendered to the Trustee,
     shall be promptly canceled by it, and no Notes shall be issued in lieu thereof
     except as expressly permitted by any of the provisions of this Indenture.
     The Trustee shall dispose of canceled Notes in accordance with its customary
     procedures and, after such disposition, shall deliver a certificate of such
     disposition to the Company, at the Company’s written request. If the
     Company shall acquire any of the Notes, such acquisition shall not operate
     as satisfaction of the indebtedness represented by such Notes unless and
until the same are delivered to the Trustee for cancellation. 

               Section 2.10. CUSIP Numbers.
     The Company in issuing the Notes may use “CUSIP” numbers (if then
generally in use), and, if so, the Trustee shall use “CUSIP” numbers
in all notices issued to Noteholders as a convenience to holders of the Notes; provided,
that any such notice may state that no representation is made as to the correctness
of such numbers either as printed on the Notes or on such notice and that reliance
may be placed only on the other identification numbers printed on the Notes.
The Company will promptly notify the Trustee in writing of any change in the “CUSIP” numbers. 

               Section 2.11. Additional Notes; Repurchases. The Company may, without the consent of the Noteholders and
notwithstanding Section 2.01, reopen the Notes and issue additional Notes hereunder with the same terms and with the same CUSIP number as the Notes initially issued hereunder in an unlimited aggregate principal amount, which will form the same
series with the Notes initially issued hereunder, provided that no such
additional Notes may be issued unless they will be fungible with the original
Notes for U.S. federal income tax and securities law purposes. Prior to the issuance
of any such additional Notes, the Company shall deliver to the Trustee a Company
Order, an Officers’ Certificate and an Opinion of Counsel, such Officers’ Certificate
and Opinion of Counsel to cover such matters, in addition to those required by
Section 17.05, as the Trustee shall reasonably request. The Company may also
from 

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     time to time repurchase the Notes in open market purchases or negotiated transactions without prior notice to Noteholders. 

ARTICLE 3 

               [INTENTIONALLY OMITTED] 

 

     ARTICLE 4 

     SATISFACTION AND DISCHARGE

               Section 4.01. Satisfaction And Discharge.
     This Indenture shall upon request of the Company contained in an Officers’ Certificate cease to be of further effect, and the Trustee, at the expense of the Company, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture, when (a) all Notes theretofore authenticated and
delivered (other than (i) Notes which have been destroyed, lost or stolen and which have been replaced or paid as provided in Section 2.07 and (ii) Notes for whose payment money has theretofore been deposited in trust or segregated and held in trust
by the Company and thereafter repaid to the Company or discharged from such trust, as provided in Section 5.04(d)) have been delivered to the Trustee for cancellation; (b) the Company has paid or caused to be paid, or delivered or caused to be
delivered, all other sums payable and consideration to be delivered 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 8.06 shall survive. 

     ARTICLE 5 

PARTICULAR COVENANTS OF THE COMPANY 

               Section 5.01. Payment of Principal, Premium, Interest and Additional Interest. The Company covenants and
agrees that it will cause to be paid the principal of and premium, if any (including the Fundamental Change Repurchase Price), and accrued and unpaid interest and Additional Interest, if any, on each of the Notes at the places, at the respective
times and in the manner provided herein and in the Notes. Each installment of accrued and unpaid interest, and Additional Interest, if any, on the Notes due on any Additional Interest Payment Date (as defined in the Registration Rights Agreement),
may be paid by mailing checks for the amount payable to Noteholders entitled thereto as they shall appear on the registry books of the Company; provided that,
with respect to any Noteholder with an aggregate principal amount in excess of
$1,000,000, at the application of such holder in writing to the Note registrar
not later than the relevant record date, accrued and unpaid interest and Additional
Interest, if any, on such holder’s Notes shall be paid by wire transfer in immediately available funds to such holder’s
account in the United States supplied by such holder from time to time to the
Trustee and Paying Agent (if different from Trustee); provided further that payment of accrued and unpaid interest and Additional Interest, if any, made to the Depositary shall be paid
by wire transfer in immediately available funds in accordance with such wire transfer instructions and other procedures provided by the Depositary from time to time. 

23
          

          

          

               Section 5.02. Maintenance of Office or Agency. The Company will maintain in the Borough of Manhattan, The City
of New York, an office or agency where the Notes may be surrendered for registration of transfer or exchange or for presentation for payment or repurchase (“Paying Agent”)
     or for conversion (“Conversion Agent”) and where notices
     and demands to or upon the Company in respect of the Notes and this Indenture
     may be served. The Company will give prompt written notice to the Trustee
     of the location, and any change in the location, of such office or agency.
     If at any time the Company shall fail to maintain any such required office
     or agency or shall fail to furnish the Trustee with the address thereof,
     such presentations, surrenders, notices and demands may be made or served
     at the Corporate Trust Office or the office or agency of the Trustee in
the Borough of Manhattan, The City of New York. 

               The Company may also from time to time designate co-registrars one or more other offices or agencies where the Notes may be presented or surrendered for any or all such purposes and may from time to
time rescind such designations; provided that no such designation or rescission
shall in any manner relieve the Company of its obligation to maintain an office
or agency in the Borough of Manhattan, The City of New York, for such purposes.
The Company will give prompt written notice to the Trustee of any such designation
or rescission and of any change in the location of any such other office or agency.
The terms “Paying
Agent” and “Conversion Agent” include any such additional or other
offices or agencies, as applicable. 

               The Company hereby initially designates the Trustee as the Paying Agent, Note registrar, Custodian and Conversion Agent and the Corporate Trust Office and the office or agency of the Trustee in the
Borough of Manhattan each shall be considered as one such office or agency of the Company for each of the aforesaid purposes.

               Section 5.03. Appointments
     to Fill Vacancies in Trustee’s Office. The Company, whenever necessary to
avoid or fill a vacancy in the office of Trustee, will appoint, in the manner provided in Section 8.10, a Trustee, so that there shall at all times be a Trustee hereunder. 

          Section 5.04. Provisions as to Paying Agent.

               (a) If the Company shall appoint a Paying Agent other than the Trustee, the Company will cause such Paying Agent to execute and deliver to the
Trustee an instrument in which such agent shall agree with the Trustee, subject to the provisions of this Section 5.04: 

               (i) that it will hold all sums held by it as such agent for the payment of the principal of and premium, if any, and accrued and unpaid
interest and Additional Interest, if any, on the Notes (whether such sums have been paid to it by the Company or by any other obligor on the Notes) in trust for the benefit of the holders of the Notes; 

               (ii) that it will give the Trustee prompt notice of any failure by the Company (or by any other obligor on the Notes) to make any payment of
the principal of and premium, if any, and accrued and unpaid interest and Additional Interest, if any, on the Notes when the same shall be due and payable; and 

               (iii) that at any time during the continuance of an Event of Default, upon request of the Trustee, it will forthwith pay to the Trustee all
sums so held in trust. 

     24 

               The Company shall, on or before each due date of the principal of, or premium, if any, or accrued and unpaid interest or Additional Interest, if any, on the Notes, deposit with the Paying Agent a sum
sufficient to pay such principal, premium, if any, or accrued and unpaid interest or Additional Interest, if any, and (unless such Paying Agent is the Trustee) the Company will promptly notify the Trustee of any failure to take such action,
provided that if such deposit is made on the due date, such deposit must be received by the Paying Agent by 11:00 a.m., New York City time, on such date. 

               (b) If the Company shall act as its own Paying Agent, it will, on or before each due date of the principal of, premium, if any, accrued and
unpaid interest and Additional Interest, if any, on the Notes, set aside, segregate and hold in trust for the benefit of the holders of the Notes a sum sufficient to pay such principal, premium, if any, accrued and unpaid interest and Additional
Interest, if any, so becoming due and will promptly notify the Trustee in writing of any failure to take such action and of any failure by the Company (or any other obligor under the Notes) to make any payment of the principal of, premium, if any,
accrued and unpaid interest and Additional Interest, if any, on the Notes when the same shall become due and payable. 

               (c) Anything in this Section 5.04 to the contrary notwithstanding, the Company may, at any time, for the purpose of obtaining a satisfaction
and discharge of this Indenture, or for any other reason, pay or cause to be paid to the Trustee all sums held in trust by the Company or any Paying Agent hereunder as required by this Section 5.04, such sums to be held by the Trustee upon the
trusts herein contained and upon such payment by the Company or any Paying Agent to the Trustee, the Company or such Paying Agent shall be released from all further liability with respect to such sums. 

               (d) Any
     money deposited with the Trustee or any Paying Agent, or then held by the
     Company, in trust for the payment of the principal of or premium, if any,
     accrued and unpaid interest and Additional Interest, if any, on any Note
     and remaining unclaimed for two years after such principal, premium, interest
     or Additional Interest has become due and payable shall be paid to the Company
     on request of the Company contained in an Officers’ Certificate, or
     (if then held by the Company) shall be discharged from such trust; and the
     holder of such Note shall thereafter, as an unsecured general creditor,
     look only to the Company for payment thereof, and all liability of the Trustee
     or such Paying Agent with respect to such trust money, and all liability
     of the Company as trustee thereof, shall thereupon cease; provided,
however, that the Trustee or such Paying Agent, before being required to make any such repayment, may at the expense of the Company cause to be published once, in a newspaper published in
the English language, customarily published on each Business Day and of general circulation in The Borough of Manhattan, The City of New York, New York, notice that such money remains unclaimed and that, after a date specified therein, which shall
not be less than thirty days from the date of such publication, any unclaimed balance of such money then remaining will be repaid to the Company. 

               Section 5.05. Existence. Subject to Article 12, the Company will do or cause to be done all things necessary
to preserve and keep in full force and effect its corporate existence. 

               Section 5.06. Rule 144A Information Requirement and Annual Reports. (a) At any time the Company is not subject
to Sections 13 or 15(d) of the Exchange Act, the Company 

25 

     

     shall, so long as any of the Notes or any shares
     of Common Stock issuable upon conversion thereof shall, at such time, constitute “restricted securities” within
     the meaning of Rule 144(a)(3) under the Securities Act, promptly provide
     to the Trustee and shall, upon written request, provide to any holder, beneficial
     owner or prospective purchaser of such Notes or any shares of Common Stock
     issued upon conversion of such Notes, the information required to be delivered
     pursuant to Rule 144A(d)(4) under the Securities Act to facilitate the resale
     of such Notes or shares of Common Stock pursuant to Rule 144A under the
     Securities Act. The Company shall take such further action as any holder
     or beneficial owner of such Notes or such Common Stock may reasonably request
     to the extent required from time to time to enable such holder or beneficial
     holder to sell such Notes or shares of Common Stock in accordance with Rule
     144A under the Securities Act, as such rule may be amended from time to
time. 

               (b) The Company will deliver to the Trustee within fifteen (15) days after the filing of the same with the Commission, copies of the quarterly
and annual reports and of the information, documents and other reports, if any, which the Company is required to file with the Commission pursuant to Section 13 or 15(d) of the Exchange Act, and shall otherwise comply with the requirements of Trust
Indenture Act section 314(a); provided that (i) any failure by the Company to comply with this provision shall not constitute a Default or Event of Default and (ii) only the Trustee may
institute a legal proceeding against the Company to enforce such delivery obligation.

               (c) 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 conclusively rely exclusively on an Officers’ Certificate). 

               Section 5.07. Stay, Extension and Usury Laws. The Company covenants (to the extent that it may lawfully do so)
that it shall 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 or other law that would prohibit or forgive the Company from paying all or any portion of the
principal of or interest on the Notes as contemplated herein, wherever enacted, now or at any time hereafter in force, or that may affect the covenants or the performance of this Indenture; 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 had been enacted. 

               Section 5.08. Compliance Certificate; Statements as to Defaults.
     The Company shall deliver to the Trustee within 120 days after the end of
     each fiscal year of the Company (beginning with the fiscal year ending on
     December 30, 2006) an Officers’ Certificate stating whether or not
     the signer thereof has knowledge of any failure by the Company to comply
     with all conditions and covenants then required to be performed under this
Indenture and, if so, specifying each such failure and the nature thereof. 

               In addition, the Company shall deliver to the Trustee, as soon as possible and in any event within thirty days after the Company becomes aware of the occurrence of any Event of

26 

     

     

     Default or Default, an Officers’ Certificate
     setting forth the details of such Event of Default or Default, its status
and the action that the Company proposes to take with respect thereto. 

               Section 5.09. Additional Interest.
     If Additional Interest is payable by the Company pursuant to the Registration
     Rights Agreement, the Company shall deliver to the Trustee an Officers’ Certificate to that effect stating (a) the amount of such Additional Interest that is payable and (b) the date on which such interest is payable. Unless and
until a Responsible Officer of the Trustee receives at the Corporate Trust Office such a certificate, the Trustee may assume without inquiry that no such Additional Interest is payable. If the Company has paid Additional Interest directly to the
Persons entitled to them, the Company shall deliver to the Trustee an Officers’ Certificate
setting forth the particulars of such payment. 

               Section 5.10. 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 5.11. Resale of the Notes.
     During the period of two years after the last original issuance of the Notes,
     the Company shall not, and shall not permit any of its Affiliates to, resell
     any of the Notes or the shares of Common Stock, if any, issued upon conversion
     of the Notes, that constitute “restricted securities” under Rule
144 under the Securities Act that have been reacquired by any of them. 

     ARTICLE 6 

LISTS OF NOTEHOLDERS AND REPORTS BY 

THE COMPANY AND THE TRUSTEE 

               Section 6.01. Lists of Noteholders. The Company covenants and agrees that it will furnish or cause to be
furnished to the Trustee, semi-annually, not more than fifteen days after each June 1 and December 1 in each year beginning with December 1, 2006, and at such other times as the Trustee may request in writing, within thirty days after receipt by the
Company of any such request (or such lesser time as the Trustee may reasonably request in order to enable it to timely provide any notice to be provided by it hereunder), a list in such form as the Trustee may reasonably require of the names and
addresses of the Noteholders as of a date not more than fifteen days (or such other date as the Trustee may reasonably request in order to so provide any such notices) prior to the time such information is furnished, except that no such list need be
furnished so long as the Trustee is acting as Note registrar. 

               Section 6.02. Preservation and Disclosure of Lists. 

               (a) The Trustee shall preserve, in as current a form as is reasonably practicable, all information as to the names and addresses of the
Noteholders contained in the most recent list furnished to it as provided in Section 6.01 or maintained by the Trustee in its capacity as Note registrar, if so acting. The Trustee may destroy any list furnished to it as provided in Section 6.01 upon
receipt of a new list so furnished. 

               (b) The rights of Noteholders to communicate with other Noteholders with respect to their rights under this Indenture or under the Notes and
the corresponding rights and duties of the Trustee, shall be as provided by the Trust Indenture Act. 

27
          

          

          

               (c) Every Noteholder, by receiving and holding the same, agrees with the Company and the Trustee that neither the Company nor the Trustee nor
any agent of either of them shall be held accountable by reason of any disclosure of information as to names and addresses of Noteholders made pursuant to the Trust Indenture Act. 

          Section 6.03. Reports by Trustee.

               (a) The Trustee shall transmit to holders such reports concerning the Trustee and its actions under this Indenture as may be required pursuant
to the Trust Indenture Act at the times and in the manner provided pursuant thereto. If required by Section 313(a) of the Trust Indenture Act, the Trustee shall, within sixty days after each May 15 following the date of this Indenture, deliver to
holders a brief report, dated as of such May 15, that complies with the provisions of such Section 313(a). 

               (b) A copy of each such report shall, at the time of such transmission to Noteholders, be filed by the Trustee with each stock exchange and
automated quotation system upon which the Notes are listed and with the Company. The Company will notify the Trustee in writing within a reasonable time when the Notes are listed on any stock exchange or automated quotation system and when any such
listing is discontinued. 

ARTICLE 7 

               DEFAULTS AND REMEDIES

               Section 7.01. Events of Default.
     The following events shall be “Events of
Default” with respect to the Notes: 

               (a) default in any payment of interest, including any Additional Interest, on any Note when due and payable and the default continues for a
period of thirty days; 

               (b) default in the payment of principal of any Note when due and payable at its Maturity Date, upon required repurchase, upon declaration of
acceleration or otherwise; 

               (c) failure
     by the Company to comply with its obligation to convert the Notes into cash
     and shares of Common Stock (or, at the Company’s
election, cash in lieu of some or all of such Common Stock), as applicable, upon exercise of a holder’s
conversion right and such failure continues for a period of ten days; 

               (d) failure by the Company to issue a Fundamental Change Company Notice for a period of thirty days after such notice becomes due in accordance
with Section 16.02; 

               (e) failure
     by the Company for ninety days after written notice from the Trustee or
     the holders of at least 25% in principal amount of the Notes then outstanding
     (a copy of which notice, if given by holders, also to be given to the Trustee)
     has been received by the Company to comply with any of its other agreements
     contained in the Notes or this Indenture (other than any covenant or agreement
     in this Indenture that expressly provides that a violation of such covenant
     or agreement shall not constitute an Event of Default), which notice shall
state that it is a “Notice of Default” hereunder; 

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               (f) default by the Company or any Subsidiary of the Company in the payment of the principal or interest on any mortgage, agreement or other
instrument under which there may be outstanding, or by which there may be secured or evidenced, any debt for money borrowed in excess of $50 million in the aggregate of the Company and/or any such Subsidiary, whether such debt now exists or shall
hereafter be created, resulting in such debt becoming or being declared due and payable, and such acceleration shall not have been rescinded or annulled within thirty days after written notice of such acceleration has been received by the Company or
such Subsidiary; 

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

               (h) the
     Company or any Subsidiary of the Company that is a “significant subsidiary” (as defined in Regulation S-X under the Exchange
Act) or any group of Subsidiaries of the Company that in the aggregate would constitute a “significant subsidiary” shall
commence a voluntary case or other proceeding seeking liquidation, reorganization
or other relief with respect to the Company or any such Subsidiary or group of
Subsidiaries or its debts under any bankruptcy, insolvency or other similar law
now or hereafter in effect or seeking the appointment of a trustee, receiver,
liquidator, custodian or other similar official of the Company or any such Subsidiary
or group of Subsidiaries or any substantial part of its property, or shall consent
to any such relief or to the appointment of or taking possession by any such
official in an involuntary case or other proceeding commenced against it, or
shall make a general assignment for the benefit of creditors, or shall fail generally
to pay its debts as they become due;

               (i) an
     involuntary case or other proceeding shall be commenced against the Company
     or any Subsidiary of the Company that is a “significant
subsidiary” (as defined in Regulation S-X under the Exchange Act) or any group of Subsidiaries of the Company that in the aggregate would constitute a “significant subsidiary” seeking
liquidation, reorganization or other relief with respect to the Company or such
Subsidiary or group of Subsidiaries or its debts under any bankruptcy, insolvency
or other similar law now or hereafter in effect or seeking the appointment of
a trustee, receiver, liquidator, custodian or other similar official of the Company
or such Subsidiary or group of Subsidiaries or any substantial part of its property,
and such involuntary case or other proceeding shall remain undismissed and unstayed
for a period of ninety consecutive days; or 

          (j) failure by the Company to comply with its obligations under Article 12. 

               In case one or more Events of Default shall have occurred and be continuing (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation
of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body), then, and in each and every such case (other than an Event of Default specified in Section 7.01(h) or
Section 7.01(i) with respect to the Company), unless the principal of all of the Notes shall have already become due and payable, either the Trustee or the holders of at least 25% in aggregate principal amount 

29
          

          

          

     of the Notes then outstanding determined in
     accordance with Section 9.04, by notice in writing to the Company (and to
     the Trustee if given by Noteholders), may declare 100% of the principal
     of and premium, if any, and accrued and unpaid interest and accrued and
     unpaid Additional Interest, if any, on all the Notes to be due and payable
     immediately, and upon any such declaration the same shall become and shall
     be immediately due and payable, anything in this Indenture or in the Notes
     contained to the contrary notwithstanding. If an Event of Default specified
     in Section 7.01(h) or Section 7.01(i) with respect to the Company occurs
     and is continuing, the principal of all the Notes and accrued and unpaid
     interest and accrued and unpaid Additional Interest, if any, shall be immediately
     due and payable. This provision, however, is subject to the conditions that
     if, at any time after the principal of the Notes shall have been so declared
     due and payable, and before any judgment or decree for the payment of the
     monies due shall have been obtained or entered as hereinafter provided,
     the Company shall pay or shall deposit with the Trustee a sum sufficient
     to pay installments of accrued and unpaid interest and accrued and unpaid
     Additional Interest, if any, upon all Notes and the principal of and premium,
     if any, on any and all Notes that shall have become due otherwise than by
     acceleration (with interest on overdue installments of accrued and unpaid
     interest and accrued and unpaid Additional Interest, if any, (to the extent
     that payment of such interest is enforceable under applicable law) and on
     such principal and premium, if any, at the rate borne by the Notes at such
     time) and amounts due to the Trustee pursuant to Section 8.06, and if (1)
     rescission would not conflict with any judgment or decree of a court of
     competent jurisdiction and (2) any and all Events of Defaults under this
     Indenture, other than the nonpayment of principal of and premium, if any,
     and accrued and unpaid interest and accrued and unpaid Additional Interest,
     if any, on Notes that shall have become due solely by such acceleration,
     shall have been cured or waived pursuant to Section 7.07, then and in every
     such case the holders of a majority in aggregate principal amount of the
     Notes then outstanding, by written notice to the Company and to the Trustee,
     may waive all Defaults or Events of Default with respect to the Notes and
     rescind and annul such declaration and its consequences and 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 or rescission and annulment shall extend to or shall affect any subsequent
Default or Event of Default, or shall impair any right consequent thereon.

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

               Section 7.02. Payments of Notes on Default; Suit Therefor. If an Event of Default described in clause (a) or
(b) of Section 7.01 shall have occurred, the Company shall, upon demand of the Trustee, pay to it, for the benefit of the holders of the Notes, the whole amount then due and payable on the Notes for principal, premium, if any, and interest and
Additional Interest, if any, with interest on any overdue principal, premium, if any, interest and Additional Interest, if any, at the rate borne by the Notes at such time, and, in addition thereto, such further amount as shall be sufficient to
cover any amounts due to the Trustee under Section 8.06. If the Company shall fail to pay such amounts forthwith upon such demand, the Trustee, in

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

               In the event
     there shall be pending proceedings for the bankruptcy or for the reorganization
     of the Company or any other obligor on the Notes under title 11 of the United
     States Code, or any other applicable law, or in case a receiver, assignee
     or trustee in bankruptcy or reorganization, liquidator, sequestrator or
     similar official shall have been appointed for or taken possession of the
     Company or such other obligor, the property of the Company or such other
     obligor, or in the event of any other judicial proceedings relative to the
     Company or such other obligor upon the Notes, or to the creditors or property
     of the Company or such other obligor, the Trustee, irrespective of whether
     the principal of the Notes shall then be due and payable as therein expressed
     or by declaration or otherwise and irrespective of whether the Trustee shall
     have made any demand pursuant to the provisions of this Section 7.02, shall
     be entitled and empowered, by intervention in such proceedings or otherwise,
     to file and prove a claim or claims for the whole amount of principal premium,
     if any, and accrued and unpaid interest and accrued and unpaid Additional
     Interest, if any, in respect of the Notes, and, in case of any judicial
     proceedings, to file such proofs of claim and other papers or documents
     and to take such other actions as it may deem 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 Noteholders allowed in such judicial proceedings
     relative to the Company or any other obligor on the Notes, its or their
     creditors, or its or their property, and to collect and receive any monies
     or other property payable or deliverable on any such claims, and to distribute
     the same after the deduction of any amounts due the Trustee under Section
     8.06; and any receiver, assignee or trustee in bankruptcy or reorganization,
     liquidator, custodian or similar official is hereby authorized by each of
     the Noteholders to make such payments to the Trustee, as administrative
     expenses, and, in the event that the Trustee shall consent to the making
     of such payments directly to the Noteholders, to pay to the Trustee any
     amount due it for reasonable compensation, expenses, advances and disbursements,
     including agents and counsel fees, and including any other amounts due to
     the Trustee under Section 8.06 hereof, incurred by it up to the date of
     such distribution. To the extent that such payment of reasonable compensation,
     expenses, advances and disbursements out of the estate in any such proceedings
     shall be denied for any reason, payment of the same shall be secured by
     a lien on, and shall be paid out of, any and all distributions, dividends,
     monies, securities and other property that the holders of the Notes may
     be entitled to receive in such proceedings, whether in liquidation or under
any plan of reorganization or arrangement or otherwise. 

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

31
          

          

          

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

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

               Section 7.03. Application of Monies Collected by Trustee. Any monies collected by the Trustee pursuant to this
Article 7 with respect to the Notes shall be applied in the order following, at the date or dates fixed by the Trustee for the distribution of such monies, upon presentation of the several Notes, and stamping thereon the payment, if only partially
paid, and upon surrender thereof, if fully paid: 

               First, to the payment of all amounts due the Trustee under Section 8.06; 

               Second, in case the principal of the outstanding Notes shall not have become due and be unpaid, to the payment of interest on the Notes, including Additional Interest, if any, in default in the order
of the maturity date of the installments of such interest, with interest (to the extent that such interest has been collected by the Trustee) upon the overdue installments of interest at the rate borne by the Notes at such time, such payments to be
made ratably to the Persons entitled thereto; 

               Third, in case the principal of the outstanding Notes shall have become due, by declaration or otherwise, and be unpaid to the payment of the whole amount including the payment of the Fundamental
Change Repurchase Price and the cash component of the Conversion Obligation, if any, then owing and unpaid upon the Notes for principal and premium, if any, and interest, including Additional Interest, if any, with interest on the overdue principal
and premium, if any, and (to the extent that such interest has been collected by the Trustee) upon overdue installments of interest at the rate borne by the Notes at such time, and in case such monies shall be insufficient to pay in full the whole
amounts so due and unpaid upon the Notes, then to the payment of such principal and premium, if any, and interest without preference or priority of principal and premium, if any, over interest, or of interest over principal and premium, if any, or
of any installment of interest over any other installment of interest, or of any Note over any other Note, ratably to the aggregate of such principal and premium, if any, and accrued and unpaid interest; and 

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

               Section 7.04. Proceedings by Noteholders. No holder of any Note shall have any right by virtue of or by
availing of any provision of this Indenture to institute any suit, action 

     32 

     or proceeding in equity or at law upon or under or with respect to this Indenture, or for the appointment of a receiver, trustee, liquidator, custodian or other similar official, or for any other remedy hereunder, unless such
holder previously shall have given to the Trustee written notice of an Event of Default and of the continuance thereof, as hereinbefore provided, and unless also the holders of not less than 25% in aggregate principal amount of the Notes then
outstanding shall have made written request upon the Trustee to institute such action, suit or proceeding in its own name as Trustee hereunder and shall have offered to the Trustee such security or indemnity reasonably satisfactory to it against any
loss, liability or expense to be incurred therein or thereby, and the Trustee for sixty days after its receipt of such notice, request and offer of indemnity, shall have neglected or refused to institute any such action, suit or proceeding and no
direction that, in the opinion of the Trustee, is inconsistent with such written request shall have been given to the Trustee by the holders of a majority in principal amount of the Notes outstanding within such sixty-day period pursuant to Section
7.07; it being understood and intended, and being expressly covenanted by the taker and holder of every Note with every other taker and holder and the Trustee that no one or more Noteholders 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 Noteholder, or to obtain or seek to obtain priority over or preference to any other such holder, or to enforce any right under this Indenture,
except in the manner herein provided and for the equal, ratable and common benefit of all Noteholders (except as otherwise provided herein). For the protection and enforcement of this Section 7.04, each and every Noteholder and the Trustee shall be
entitled to such relief as can be given either at law or in equity. 

               Notwithstanding any other provision of this Indenture and any provision of any Note, the right of any Noteholder to receive payment of the principal of and premium, if any (including the Fundamental
Change Repurchase Price upon repurchase pursuant to Section 16.02), and accrued and unpaid interest and accrued and unpaid Additional Interest, if any, on such Note, on or after the respective due dates expressed or provided for in such Note or in
this Indenture, or to institute suit for the enforcement of any such payment on or after such respective dates against the Company shall not be impaired or affected without the consent of such Noteholder. 

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

               Section 7.05. Proceedings by Trustee. In case of an Event of Default the Trustee may in its discretion proceed
to protect and enforce the rights vested in it by this Indenture by such appropriate judicial proceedings as are necessary to protect and enforce any of such rights, either by suit in equity or by action at law or by proceeding in bankruptcy or
otherwise, whether for the specific enforcement of any covenant or agreement contained in this Indenture or in aid of the exercise of any power granted in this Indenture, or to enforce any other legal or equitable right vested in the Trustee by this
Indenture or by law. 

               Section 7.06. Remedies Cumulative and Continuing. Except as provided in the last paragraph of Section 2.07,
all powers and remedies given by this Article 7 to the Trustee or 

     33

     to the Noteholders shall, to the extent permitted by law, be deemed cumulative and not exclusive of any thereof or of any other powers and remedies available to the Trustee or the holders of the Notes, by judicial proceedings or
otherwise, to enforce the performance or observance of the covenants and agreements contained in this Indenture, and no delay or omission of the Trustee or of any holder of any of the Notes to exercise any right or power accruing upon any Default or
Event of Default shall impair any such right or power, or shall be construed to be a waiver of any such Default or any acquiescence therein; and, subject to the provisions of Section 7.04, every power and remedy given by this Article 7 or by law to
the Trustee or to the Noteholders may be exercised from time to time, and as often as shall be deemed expedient, by the Trustee or by the Noteholders. 

               Section 7.07. Direction of Proceedings and Waiver of Defaults by Majority of Noteholders. The holders of a
majority in aggregate principal amount of the Notes at the time outstanding determined in accordance with Section 9.04 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 Notes; provided, however,
that (a) such direction shall not be in conflict with any rule of law or with
this Indenture, and (b) the Trustee may take any other action deemed proper by
the Trustee that is not inconsistent with such direction. The Trustee may refuse
to follow any direction that it determines is unduly prejudicial to the rights
of any other holder or that would involve the Trustee in personal liability.
The holders of a majority in aggregate principal amount of the Notes at the time
outstanding determined in accordance with Section 9.04 may on behalf of the holders
of all of the Notes waive any past Default or Event of Default hereunder and
its consequences except (i) a default in the payment of premium, accrued and
unpaid interest or accrued and unpaid Additional Interest, if any, on, or the
principal (including any Fundamental Change Repurchase Price) of, the Notes when
due that has not been cured pursuant to the provisions of Section 7.01, (ii)
a failure by the Company to deliver cash and shares of Common Stock (or, at the
Company’s election, cash in lieu of some or all of such Common Stock) (or
cash in lieu of fractional shares) upon conversion of the Notes or (iii) a default
in respect of a covenant or provision hereof which under Article 11 cannot be
modified or amended without the consent of each holder of an outstanding Note
affected. Upon any such waiver the Company, the Trustee and the holders of the
Notes shall be restored to their former positions and rights hereunder; but no
such waiver shall extend to any subsequent or other Default or Event of Default
or impair any right consequent thereon. Whenever any Default or Event of Default
hereunder shall have been waived as permitted by this Section 7.07, said Default
or Event of Default shall for all purposes of the Notes and this Indenture be
deemed to have been cured and to be not continuing; but no such waiver shall
extend to any subsequent or other Default or Event of Default or impair any right
consequent thereon. 

               Section 7.08. Notice of Defaults. The Trustee shall, within ninety days after the occurrence and continuance
of a Default of which a Responsible Officer has actual knowledge, mail to all Noteholders as the names and addresses of such holders appear upon the Note register, notice of all Defaults known to a Responsible Officer, unless such Defaults shall
have been cured or waived before the giving of such notice; and provided that, except in the case of a Default in the payment of the principal of, or premium, if any, accrued and unpaid
interest or accrued and unpaid Additional Interest, if any, on any of the Notes, including without limiting the generality of the foregoing any Default in the payment of any Fundamental Change 

34

     

     

     Repurchase Price, then in any such event the Trustee shall be protected in withholding such notice if and so long as a committee of trust officers of the Trustee in good faith determine that the withholding of such notice is in
the interests of the Noteholders. 

               Section 7.09. Undertaking to Pay Costs.
     All parties to this Indenture agree, and each holder of any Note by its
     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 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; provided that the provisions of this Section 7.09 (to the extent permitted by
law) shall not apply to any suit instituted by the Trustee, to any suit instituted by any Noteholder, or group of Noteholders, holding in the aggregate more than 10% in principal amount of the Notes at the time outstanding determined in accordance
with Section 9.04, or to any suit instituted by any Noteholder for the enforcement of the payment of the principal of or premium, if any, accrued and unpaid interest or accrued and unpaid Additional Interest, if any, on any Note (including, but not
limited to, the Fundamental Change Repurchase Price with respect to the Notes being repurchased as provided in this Indenture) on or after the due date expressed or provided for in such Note or to any suit for the enforcement of the right to convert
any Note in accordance with the provisions of Article 15. 

ARTICLE 8 

               CONCERNING THE TRUSTEE

               Section 8.01. Duties and Responsibilities of Trustee.
     The Trustee, prior to the occurrence of an Event of Default and after the
     curing or waiver of all Events of Default that may have occurred, undertakes
     to perform such duties and only such duties as are specifically set forth
     in this Indenture. In case an Event of Default has occurred (which has not
     been cured or waived) the Trustee shall exercise such of the rights and
     powers vested in it by this Indenture, and use the same degree of care and
     skill in their exercise, as a prudent person would exercise or use under
     the circumstances in the conduct of such person’s own affairs; provided that if an Event of Default occurs and is continuing, the Trustee will be under no obligation to exercise any of the rights or powers
under this Indenture at the request or direction of any of the holders unless such holders have offered to the Trustee reasonable indemnity or security against the costs, expenses and liabilities that might be incurred by it in compliance with such
request or direction. 

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

               (a) prior to the occurrence of an Event of Default and after the curing or waiving of all Events of Default that may have occurred: 

               (i) the duties and obligations of the Trustee shall be determined solely by the express provisions of this Indenture and, after it has been
qualified thereunder, the Trust Indenture Act, 

     35

     and the Trustee shall not be liable except for the performance of such duties and obligations as are specifically set forth in this Indenture and no implied covenants or obligations shall be read into this Indenture and the Trust
Indenture Act against the Trustee; and 

               (ii) in the absence of bad faith and willful misconduct on the part of the Trustee, the Trustee may conclusively rely, as to the truth of the
statements and the correctness of the opinions expressed therein, upon any certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture; but, in the case of any such certificates or opinions that by any
provisions hereof are specifically required to be furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine whether or not they conform to the requirements of this Indenture; 

               (b) the Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer or Officers of the Trustee, unless it
shall be proved that the Trustee was negligent in ascertaining the pertinent facts; 

               (c) the Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance with the
direction of the holders of not less than a majority in principal amount of the Notes at the time outstanding determined as provided in Section 9.04 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; 

               (d) whether or not therein provided, 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; 

               (e) the Trustee shall not be liable in respect of any payment (as to the correctness of amount, entitlement to receive or any other matters
relating to payment) or notice effected by the Company or any Paying Agent or any records maintained by any co-registrar with respect to the Notes; 

               (f) if any party fails to deliver a notice relating to an event the fact of which, pursuant to this Indenture, requires notice to be sent to
the Trustee, the Trustee may conclusively rely on its failure to receive such notice as reason to act as if no such event occurred, unless such Responsible Officer of the Trustee had actual knowledge of such event; 

               (g) in the absence of written investment direction from the Company, all cash received by the Trustee shall be placed in a non-interest bearing
trust account. In no event shall the Trustee be liable for the selection of investments or for investment losses incurred thereon or for losses incurred as a result of the liquidation of any such investment prior to its maturity date or the failure
of the party directing such investments prior to its maturity date or the failure of the party directing such investment to provide timely written investment direction, and the Trustee shall have no obligation to invest or reinvest any amounts held
hereunder in the absence of such written investment direction from the Company; and 

               (h) in the event that the Trustee is also acting as Custodian, Note registrar, Paying Agent, Conversion Agent or transfer agent hereunder, the
rights and protections afforded to the 

36

     

     

     Trustee pursuant to this Article 8 shall also be afforded to such Custodian, Note registrar, Paying Agent, Conversion Agent or transfer agent. 

               None of the provisions contained in this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur personal financial liability in the performance of any of its duties or
in the exercise of any of its rights or powers. 

               Section 8.02. Reliance on Documents, Opinions, Etc. Except as otherwise provided in Section 8.01: 

               (a) the Trustee may conclusively rely and shall be fully protected in acting upon any resolution, certificate, statement, instrument, opinion,
report, notice, request, consent, order, bond, Note, coupon or other paper or document believed by it in good faith to be genuine and to have been signed or presented by the proper party or parties; 

               (b) any
     request, direction, order or demand of the Company mentioned herein shall
     be sufficiently evidenced by an Officers’ Certificate
(unless other evidence in respect thereof be herein specifically prescribed);
     and any resolution of the Board of Directors may be evidenced to the Trustee
     by a copy thereof certified by the Secretary or an Assistant Secretary of
the Company; 

               (c) the Trustee may consult with counsel and require an opinion of counsel and any advice of such counsel or Opinion of Counsel shall be full
and complete authorization and protection in respect of any action taken or omitted by it hereunder in good faith and in accordance with such advice or Opinion of Counsel; 

               (d) the Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request, order or
direction of any of the Noteholders pursuant to the provisions of this Indenture, unless such Noteholders shall have offered to the Trustee security or indemnity satisfactory to it against the costs, expenses and liabilities that may be incurred
therein or thereby; 

               (e) the Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement,
instrument, opinion, report, notice, request, direction, consent, order, bond, debenture or other paper or document, but the Trustee, in its discretion, may 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;

               (f) the Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents,
custodians, nominees or attorneys and the Trustee shall not be responsible for any misconduct or negligence on the part of any agent, custodian, nominee or attorney appointed by it with due care hereunder; and 

               (g) the permissive rights of the Trustee enumerated herein shall not be construedas
duties.

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               In no event
     shall the Trustee be liable for any consequential loss or damage of any
     kind whatsoever (including but not limited to lost profits), even if the
     Trustee has been advised of the likelihood of such loss or damage and regardless
     of the form of action other than any such loss or damage caused by the Trustee’s
     willful misconduct or gross negligence. The Trustee shall not be charged
     with knowledge of any Default or Event of Default with respect to the Notes,
     unless either (1) a Responsible Officer shall have actual knowledge of such
     Default or Event of Default or (2) written notice of such Default or Event
     of Default shall have been given to the Trustee by the Company or by any
holder of the Notes. 

               Section 8.03. No Responsibility for Recitals, Etc. The
     recitals contained herein and in the Notes (except in the Trustee’s
     certificate of authentication) shall be taken as the statements of the Company,
     and the Trustee assumes no responsibility for the correctness of the same.
     The Trustee makes no representations as to the validity or sufficiency of
     this Indenture or of the Notes. The Trustee shall not be accountable for
     the use or application by the Company of any Notes or the proceeds of any
     Notes authenticated and delivered by the Trustee in conformity with the
provisions of this Indenture. 

               Section 8.04. Trustee, Paying Agents, Conversion Agents or Registrar May Own Notes. The Trustee, any Paying
Agent, any Conversion Agent or Note registrar, in its individual or any other capacity, may become the owner or pledgee of Notes with the same rights it would have if it were not the Trustee, Paying Agent, Conversion Agent or Note registrar.

               Section 8.05. Monies to Be Held in Trust. All monies received by the Trustee shall, until used or applied as
herein provided, be held in trust for the purposes for which they were received. Money held by the Trustee in trust hereunder need not be segregated from other funds except to the extent required by law. The Trustee shall be under no liability for
interest on any money received by it hereunder except as may be agreed from time to time by the Company and the Trustee. 

               Section 8.06. Compensation and Expenses of Trustee. The Company covenants and agrees to pay to the Trustee
from time to time, and the Trustee shall be entitled to, reasonable compensation for all services rendered by it hereunder in any capacity (which shall not be limited by any provision of law in regard to the compensation of a trustee of an express
trust) as mutually agreed to in writing between the Trustee and the Company, and the Company will pay or reimburse the Trustee upon its request for all reasonable expenses, disbursements and advances reasonably incurred or made by the Trustee in
accordance with any of the provisions of this Indenture in any capacity thereunder (including the reasonable compensation and the expenses and disbursements of its agents and counsel and of all Persons not regularly in its employ) except any such
expense, disbursement or advance as may arise from its negligence, willful misconduct or bad faith. The Company also covenants to indemnify the Trustee in any capacity under this Indenture and any other document or transaction entered into in
connection herewith and its agents and any authenticating agent for, and to hold them harmless against, any loss, liability or expense incurred without negligence, willful misconduct or bad faith on the part of the Trustee, its officers, directors,
agents or employees, or such agent or authenticating agent, as the case may be, and arising out of or in connection with the acceptance or administration of this trust or in any other capacity hereunder, including the costs and expenses of defending
themselves against any claim of liability in the premises. The obligations of the Company under 

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     this Section 8.06 to compensate or indemnify
     the Trustee and to pay or reimburse the Trustee for expenses, disbursements
     and advances shall be secured by a lien prior to that of the Notes upon
     all property and funds held or collected by the Trustee as such, except,
     subject to the effect of Section 7.03, funds held in trust herewith for
     the benefit of the holders of particular Notes. The Trustee’s right
     to receive payment of any amounts due under this Section 8.06 shall not
     be subordinate to any other liability or indebtedness of the Company (even
     though the Notes may be so subordinated). The obligation of the Company
     under this Section 8.06 shall survive the satisfaction and discharge of
     this Indenture and the earlier resignation or removal or the Trustee. The
     Company need not pay for any settlement made without its consent, which
     consent shall not be unreasonably withheld. The indemnification provided
     in this Section 8.06 shall extend to the officers, directors, agents and
employees of the Trustee. 

               Without prejudice to any other rights available to the Trustee under applicable law, when the Trustee and its agents and any authenticating agent incur expenses or render services after an Event of
Default specified in Section 7.01(h) or Section 7.01(i) occurs, the expenses and the compensation for the services are intended to constitute expenses of administration under any bankruptcy, insolvency or similar laws. 

               Section 8.07. Officers’ Certificate
     as Evidence. Except as otherwise provided
     in Section 8.01, whenever in the administration of the provisions of this
     Indenture the Trustee shall deem it necessary or desirable that a matter
     be proved or established prior to taking or omitting any action hereunder,
     such matter (unless other evidence in respect thereof be herein specifically
     prescribed) may, in the absence of negligence, willful misconduct, recklessness
     and bad faith on the part of the Trustee, be deemed to be conclusively proved
     and established by an Officers’ Certificate delivered to the
Trustee, and such Officers’ Certificate, in the absence of negligence, willful
misconduct, recklessness and bad faith on the part of the Trustee, shall be full
warrant to the Trustee for any action taken or omitted by it under the provisions
of this Indenture upon the faith thereof. 

               Section 8.08. Conflicting Interests of Trustee. After qualification of this Indenture under the Trust
Indenture Act, if the Trustee has or shall acquire a conflicting interest within the meaning of the Trust Indenture Act, the Trustee shall either (a) eliminate such interest within ninety days, (b) apply to the Commission for permission to continue
as Trustee or (c) resign, to the extent and in the manner provided by, and subject to the provisions of, the Trust Indenture Act and this Indenture. 

               Section 8.09. Eligibility of Trustee. There shall at all times be a Trustee hereunder which shall be a Person
that is eligible pursuant to the Trust Indenture Act to act as such and has a combined capital and surplus of at least $50,000,000. If such Person publishes reports of condition at least annually, pursuant to law or to the requirements of any
supervising or examining authority, then for the purposes of this Section, the combined capital and surplus of such Person shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at
any time the Trustee shall cease to be eligible in accordance with the provisions of this Section, it shall resign immediately in the manner and with the effect hereinafter specified in this Article. 

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               Section 8.10. Resignation or Removal of Trustee. 

               (a) The
     Trustee may at any time resign by giving written notice of such resignation
     to the Company and by mailing notice thereof to the Noteholders at their
     addresses as they shall appear on the Note register. Upon receiving such
     notice of resignation, the Company shall promptly appoint a successor trustee
     by written instrument, in duplicate, executed by order of the Board of Directors,
     one copy of which instrument shall be delivered to the resigning Trustee
     and one copy to the successor trustee. If no successor trustee shall have
     been so appointed and have accepted appointment within sixty days after
     the mailing of such notice of resignation to the Noteholders, the resigning
     Trustee may, upon ten Business Days’ notice to the Company and the
     Noteholders, petition any court of competent jurisdiction for the appointment
     of a successor trustee, or any Noteholder who has been a bona fide holder
     of a Note or Notes for at least six months may, subject to the provisions
     of Section 7.09, on behalf of himself and all others similarly situated,
     petition any such court for the appointment of a successor trustee. Such
     court may thereupon, after such notice, if any, as it may deem proper and
prescribe, appoint a successor trustee. 

               (b) In case at any time any of the following shall occur: 

               (i) the Trustee shall fail to comply with Section 8.08 within a reasonable time after written request therefor by the Company or by any
Noteholder who has been a bona fide holder of a Note or Notes for at least six months, or 

               (ii) the Trustee shall cease to be eligible in accordance with the provisions of Section 8.09 and shall fail to resign after written request
therefor by the Company or by any such Noteholder, or 

               (iii) the Trustee shall become incapable of acting, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of its
property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, 

     then, in any such case, the Company may by a Board Resolution remove the Trustee and appoint a successor trustee by written instrument, in duplicate, executed by order of the Board of Directors, one copy of which instrument shall
be delivered to the Trustee so removed and one copy to the successor trustee, or, subject to the provisions of Section 7.09, any Noteholder who has been a bona fide holder of a Note or Notes for at least six months may, on behalf of himself and all
others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor trustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, remove the
Trustee and appoint a successor trustee. 

               (c) The holders of a majority in aggregate principal amount of the Notes at the time outstanding, as determined in accordance with Section
9.04, may at any time remove the Trustee and nominate a successor trustee that shall be deemed appointed as successor trustee unless within ten days after notice to the Company of such nomination the Company objects thereto, in which case the
Trustee so removed or any Noteholder, upon the terms and conditions 

40

     

     

     and otherwise as in Section 8.10(a) provided, may petition any court of competent jurisdiction for an appointment of a successor trustee. 

               (d) Any resignation or removal of the Trustee and appointment of a successor trustee pursuant to any of the provisions of this Section 8.10
shall become effective upon acceptance of appointment by the successor trustee as provided in Section 8.11. 

               Section 8.11. Acceptance by Successor Trustee. Any successor trustee appointed as provided in Section 8.10
shall execute, acknowledge and deliver to the Company and to its predecessor trustee an instrument accepting such appointment hereunder, and thereupon the resignation or removal of the predecessor trustee shall become effective and such successor
trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, duties and obligations of its predecessor hereunder, with like effect as if originally named as trustee herein; but, nevertheless, on the written
request of the Company or of the successor trustee, the trustee ceasing to act shall, upon payment of any amounts then due it pursuant to the provisions of Section 8.06, execute and deliver an instrument transferring to such successor trustee all
the rights and powers of the trustee so ceasing to act. Upon request of any such successor trustee, the Company shall execute any and all instruments in writing for more fully and certainly vesting in and confirming to such successor trustee all
such rights and powers. Any trustee ceasing to act shall, nevertheless, retain a lien upon all property and funds held or collected by such trustee as such, except for funds held in trust for the benefit of holders of particular Notes, to secure any
amounts then due it pursuant to the provisions of Section 8.06. 

               No successor trustee shall accept appointment as provided in this Section 8.11 unless at the time of such acceptance such successor trustee shall be qualified under the provisions of Section 8.08 and
be eligible under the provisions of Section 8.09. 

               Upon acceptance of appointment by a successor trustee as provided in this Section 8.11, each of the Company and the successor trustee, at the written direction and at the expense of the Company shall
mail or cause to be mailed notice of the succession of such trustee hereunder to the Noteholders at their addresses as they shall appear on the Note register. If the Company fails to mail such notice within ten days after acceptance of appointment
by the successor trustee, the successor trustee shall cause such notice to be mailed at the expense of the Company. 

               Section 8.12. Succession by Merger, Etc. Any corporation or other entity into which the Trustee may be merged
or converted or with which it may be consolidated, or any corporation or other entity resulting from any merger, conversion or consolidation to which the Trustee shall be a party, or any corporation or other entity succeeding to all or substantially
all of the corporate trust business of the Trustee (including the administration of this Indenture), shall be the successor to the Trustee hereunder without the execution or filing of any paper or any further act on the part of any of the parties
hereto, provided that in the case of any corporation or other entity succeeding to all or substantially all of the corporate trust business of the Trustee such corporation or other entity
shall be qualified under the provisions of Section 8.08 and eligible under the provisions of Section 8.09. 

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

               Section 8.13. Limitation on Rights of Trustee as Creditor. If and when the Trustee shall be or become a
creditor of the Company (or any other obligor upon the Notes), after qualification under the Trust Indenture Act, the Trustee shall be subject to the provisions of the Trust Indenture Act regarding the collection of the claims against the Company
(or any such other obligor). 

               Section 8.14. Trustee’s
     Application for Instructions from the Company. Any application by the Trustee for
written instructions from the Company (other than with regard to any action proposed to be taken or omitted to be taken by the Trustee that affects the rights of the holders of the Notes under this Indenture) 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 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 that the Company has
indicated to the Trustee should receive such application 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. 

ARTICLE 9 

               CONCERNING THE NOTEHOLDERS

               Section 9.01. Action by Noteholders. Whenever in this Indenture it is provided that the holders of a specified percentage in aggregate principal amount of the Notes may take any action (including the making of any demand or request, the giving of any notice, consent or waiver
or the taking of any other action), the fact that at the time of taking any such action, the holders of such specified percentage have joined therein may be evidenced (a) by any instrument or any number of instruments of similar tenor executed by
Noteholders in person or by agent or proxy appointed in writing, or (b) by the record of the Noteholders voting in favor thereof at any meeting of Noteholders duly called and held in accordance with the provisions of Article 10, or (c) by a
combination of such instrument or instruments and any such record of such a meeting of Noteholders. Whenever the Company or the Trustee solicits the taking of any action by the holders of the Notes, the Company or the Trustee may fix, but shall not
be required to, in 

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     advance of such solicitation, a date as the record date for determining Noteholders entitled to take such action. The record date if one is selected shall be not more than fifteen days prior to the date of commencement of
solicitation of such action. 

               Section 9.02. Proof of Execution by Noteholders.
     Subject to the provisions of Section 8.01, Section 8.02 and Section 10.05,
     proof of the execution of any instrument by a Noteholder or its agent or
     proxy shall be sufficient if made in accordance with such reasonable rules
     and regulations as may be prescribed by the Trustee or in such manner as
     shall be satisfactory to the Trustee. The holding of Notes shall be proved
     by the Note register or by a certificate of the Note registrar. The record
     of any Noteholders’ meeting shall be proved in the manner provided
in Section 10.06. 

               Section 9.03. Who Are Deemed Absolute Owners.
     The Company, the Trustee, any authenticating agent, any Paying Agent, any
     Conversion Agent and any Note registrar may deem the Person in whose name
     a Note shall be registered upon the Note register to be, and may treat it
     as, the absolute owner of such Note (whether or not such Note shall be overdue
     and notwithstanding any notation of ownership or other writing thereon made
     by any Person other than the Company or any Note registrar) for the purpose
     of receiving payment of or on account of the principal of, premium, if any,
     and (subject to Section 2.03) accrued and unpaid interest and accrued and
     unpaid Additional Interest, if any, on such Note, for conversion of such
     Note and for all other purposes; and neither the Company nor the Trustee
     nor any Paying Agent nor any Conversion Agent nor any Note registrar shall
     be affected by any notice to the contrary. All such payments so made to
     any holder for the time being, or upon its order, shall be valid, and, to
     the extent of the sum or sums so paid, effectual to satisfy and discharge
     the liability for monies payable upon any such Note. Notwithstanding anything
     to the contrary in this Indenture or the Notes following a Default, any
     holder of a beneficial interest in a Global Note may directly enforce against
     the Company, without the consent, solicitation, proxy, authorization or
     any other action of the Depositary or any other Person, such holder’s
     right to exchange such beneficial interest for a Note in certificated form
in accordance with the provisions of this Indenture. 

               Section 9.04. Company-Owned Notes Disregarded. In determining whether the holders of the requisite aggregate
principal amount of Notes have concurred in any direction, consent, waiver or other action under this Indenture, Notes that are owned by the Company or any other obligor on the Notes or by any Person directly or indirectly controlling or controlled
by or under direct or indirect common control with the Company or any other obligor on such Notes shall be disregarded and deemed not to be outstanding for the purpose of any such determination; provided that
for the purposes of determining whether the Trustee shall be protected in relying
on any such direction, consent, waiver or other action only Notes that a Responsible
Officer knows are so owned shall be so disregarded. Notes so owned that have
been pledged in good faith may be regarded as outstanding for the purposes of
this Section 9.04 if the pledgee shall establish to the satisfaction of the Trustee
the pledgee’s right to so act with respect to such Notes and that
the pledgee is not the Company, any other obligor on the Notes or a Person directly or indirectly controlling or controlled by or under direct or indirect common control with the Company or any such other obligor. In the case of a dispute as to such
right, any decision by the Trustee taken upon the advice of counsel shall be full protection to the Trustee. Upon request of the Trustee, the Company shall furnish to the Trustee promptly an Officers’ Certificate
listing and identifying all Notes, if any, known by the Company to be owned or
held by or for the 

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     account of any of the above described Persons;
     and, subject to Section 8.01, the Trustee shall be entitled to accept such
     Officers’ Certificate as conclusive evidence of the facts therein set
     forth and of the fact that all Notes not listed therein are outstanding
for the purpose of any such determination. 

               Section 9.05. Revocation of Consents; Future Holders Bound. At any time prior to (but not after) the
evidencing to the Trustee, as provided in Section 9.01, of the taking of any action by the holders of the percentage in aggregate principal amount of the Notes specified in this Indenture in connection with such action, any holder of a Note that is
shown by the evidence to be included in the Notes the holders of which have consented to such action may, by filing written notice with the Trustee at its Corporate Trust Office and upon proof of holding as provided in Section 9.02, revoke such
action so far as concerns such Note. Except as aforesaid, any such action taken by the holder of any Note shall be conclusive and binding upon such holder and upon all future holders and owners of such Note and of any Notes issued in exchange or
substitution therefor or upon registration of transfer thereof, irrespective of whether any notation in regard thereto is made upon such Note or any Note issued in exchange or substitution therefor or upon registration of transfer thereof.

ARTICLE 10 

               NOTEHOLDERS’ MEETINGS

               Section 10.01. Purpose of Meetings. A meeting of Noteholders may be called at any time and from time to time
pursuant to the provisions of this Article 10 for any of the following purposes: 

               (a) to give any notice to the Company or to the Trustee or to give any directions to the Trustee permitted under this Indenture, or to consent
to the waiving of any Default or Event of Default hereunder and its consequences, or to take any other action authorized to be taken by Noteholders pursuant to any of the provisions of Article 7; 

               (b) to remove the Trustee and nominate a successor trustee pursuant to the provisions of Article 8; 

               (c) to consent to the execution of an indenture or indentures supplemental hereto pursuant to the provisions of Section 11.02; or 

               (d) to take any other action authorized to be taken by or on behalf of the holders of any specified aggregate principal amount of the Notes
under any other provision of this Indenture or under applicable law. 

               Section 10.02. Call of Meetings by Trustee. The Trustee may at any time call a meeting of Noteholders to take
any action specified in Section 10.01, to be held at such time and at such place as the Trustee shall determine. Notice of every meeting of the Noteholders, setting forth the time and the place of such meeting and in general terms the action
proposed to be taken at such meeting and the establishment of any record date pursuant to Section 9.01, shall be mailed to holders of such Notes at their addresses as they shall appear on the Note register. Such notice shall also be mailed to the
Company. Such notices shall be mailed not less than twenty nor more than ninety days prior to the date fixed for the meeting. 

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               Any meeting of Noteholders shall be valid without notice if the holders of all Notes then outstanding are present in person or by proxy or if notice is waived before or after the meeting by the
holders of all Notes outstanding, and if the Company and the Trustee are either present by duly authorized representatives or have, before or after the meeting, waived notice. 

               Section 10.03. Call of Meetings by Company or Noteholders. In case at any time the Company, pursuant to a
resolution of its Board of Directors, or the holders of at least 10% in aggregate principal amount of the Notes then outstanding, shall have requested the Trustee to call a meeting of Noteholders, by written request setting forth in reasonable
detail the action proposed to be taken at the meeting, and the Trustee shall not have mailed the notice of such meeting within twenty days after receipt of such request, then the Company or such Noteholders may determine the time and the place for
such meeting and may call such meeting to take any action authorized in Section 10.01, by mailing notice thereof as provided in Section 10.02. 

               Section 10.04. Qualifications for Voting. To be entitled to vote at any meeting of Noteholders a Person shall
(a) be a holder of one or more Notes on the record date pertaining to such meeting or (b) be a Person appointed by an instrument in writing as proxy by a holder of one or more Notes on the record date pertaining to such meeting. The only Persons who
shall be entitled to be present or to speak at any meeting of Noteholders shall be the Persons entitled to vote at such meeting and their counsel and any representatives of the Trustee and its counsel and any representatives of the Company and its
counsel. 

               Section 10.05. Regulations. Notwithstanding any other provisions of this Indenture, the Trustee may make such
reasonable regulations as it may deem advisable for any meeting of Noteholders, in regard to proof of the holding of Notes and of the appointment of proxies, and in regard to the appointment and duties of inspectors of votes, the submission and
examination of proxies, certificates and other evidence of the right to vote, and such other matters concerning the conduct of the meeting as it shall think fit. 

               The Trustee shall, by an instrument in writing, appoint a temporary chairman of the meeting, unless the meeting shall have been called by the Company or by Noteholders as provided in Section 10.03, in
which case the Company or the Noteholders calling the meeting, as the case may be, shall in like manner appoint a temporary chairman. A permanent chairman and a permanent secretary of the meeting shall be elected by vote of the holders of a majority
in principal amount of the Notes represented at the meeting and entitled to vote at the meeting. 

               Subject to the provisions of Section 9.04, at any meeting of Noteholders each Noteholder or proxyholder shall be entitled to one vote for each $1,000 principal amount of Notes held or represented by
him; provided, however, that no vote shall be cast or counted at any meeting in respect of any Note challenged as not outstanding
and ruled by the chairman of the meeting to be not outstanding. The chairman of the meeting shall have no right to vote other than by virtue of Notes held by it or instruments in writing as aforesaid duly designating it as the proxy to vote on
behalf of other Noteholders. Any meeting of Noteholders duly called pursuant to the provisions of Section 10.02 or Section 10.03 may be adjourned from time to time by the holders of a majority of the aggregate principal amount of Notes represented
at the meeting, whether or not constituting a quorum, and the meeting may be held as so adjourned without further notice. 

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               Section 10.06. Voting. The vote upon any resolution submitted to any meeting of Noteholders shall be by
written ballot on which shall be subscribed the signatures of the Noteholders or of their representatives by proxy and the outstanding principal amount of the Notes held or represented by them. The permanent chairman of the meeting shall appoint two
inspectors of votes who shall count all votes cast at the meeting for or against any resolution and who shall make and file with the secretary of the meeting their verified written reports in duplicate of all votes cast at the meeting. A record in
duplicate of the proceedings of each meeting of Noteholders shall be prepared by the secretary of the meeting and there shall be attached to said record the original reports of the inspectors of votes on any vote by ballot taken thereat and
affidavits by one or more Persons having knowledge of the facts setting forth a copy of the notice of the meeting and showing that said notice was mailed as provided in Section 10.02. The record shall show the principal amount of the Notes voting in
favor of or against any resolution. The record shall be signed and verified by the affidavits of the permanent chairman and secretary of the meeting and one of the duplicates shall be delivered to the Company and the other to the Trustee to be
preserved by the Trustee, the latter to have attached thereto the ballots voted at the meeting. 

               Any record so signed and verified shall be conclusive evidence of the matters therein stated.

               Section 10.07. No Delay of Rights by Meeting. Nothing contained in this Article 10 shall be deemed or
construed to authorize or permit, by reason of any call of a meeting of Noteholders or any rights expressly or impliedly conferred hereunder to make such call, any hindrance or delay in the exercise of any right or rights conferred upon or reserved
to the Trustee or to the Noteholders under any of the provisions of this Indenture or of the Notes. 

ARTICLE 11 

               SUPPLEMENTAL INDENTURES

               Section 11.01. Supplemental Indentures Without Consent of Noteholders.
     The Company, when authorized by the resolutions of the Board of Directors,
     and the Trustee, at the Company’s expense, may from time to time and
     at any time enter into an indenture or indentures supplemental hereto for
one or more of the following purposes: 

               (a) to cure any ambiguity, defect, omission or inconsistency in this Indenture in a manner that does not individually or in the aggregate
adversely affect the rights of any holder of Notes in any material respect; 

               (b) to provide for the assumption by a Successor Company of the obligations of the Company under this Indenture pursuant to Article 12;

               (c) to add guarantees with respect to the Notes; 

               (d) to secure the Notes; 

               (e) to add to the covenants of the Company such further covenants, restrictions or conditions for the benefit of the Noteholders or surrender
any right or power conferred upon the Company; 

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               (f) to comply with any requirements of the Commission in connection with the qualification of this Indenture under the Trust Indenture
Act;

               (g) to make provisions with respect to the conversion of the Notes as required by Section 15.06; or 

               (h) to make any other change that does not materially adversely affect the rights of any holder, provided that any amendment to conform the terms of the Notes to the description contained in this Indenture shall not be deemed to be adverse to any holder, and, provided
further that any amendment to conform the terms of the Notes to the description contained in the Offering Memorandum shall not be deemed to be adverse to any holder. 

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

               Any supplemental indenture authorized by the provisions of this Section 11.01 may be executed by the Company and the Trustee without the consent of the holders of any of the Notes at the time
outstanding, notwithstanding any of the provisions of Section 11.02. 

               Section 11.02. Supplemental Indentures With Consent of Noteholders.
     With the consent (evidenced as provided in Article 9) of the holders of
     at least a majority in aggregate principal amount of the Notes at the time
     outstanding (determined in accordance with Article 9 and including, without
     limitation, consents obtained in connection with a purchase of, or tender
     offer or exchange offer for, Notes), the Company, when authorized by the
     resolutions of the Board of Directors, and the Trustee, at the Company’s
     expense, may from time to time and at any time enter into an indenture or
     indentures supplemental hereto for the purpose of adding any provisions
     to or changing in any manner or eliminating any of the provisions of this
     Indenture or any supplemental indenture or of modifying in any manner the
rights of the holders of the Notes; provided, however, that no such supplemental indenture shall: 

               (a) reduce the percentage in aggregate principal amount of Notes outstanding necessary to modify or amend this Indenture or to waive any past
default; 

               (b) reduce the rate or extend the stated time for payment of interest, including Additional Interest, on any Note; 

               (c) reduce the principal of, or extend the Maturity Date of, any Note; 

               (d) make any change that impairs or adversely affects the conversion rights of any Notes; 

               (e) reduce
     the Fundamental Change Repurchase Price of any Note or amend or modify in
     any manner adverse to the holders of the Notes the Company’s obligation
to make 

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     such payments, whether through an amendment or waiver of provisions in the covenants, definitions or otherwise; 

               (f) make any Note payable in a currency other than that stated in the Note; 

               (g) impair
     the right of any holder to receive payment of principal of and interest,
     including Additional Interest, if any, on such holder’s Notes on or after the due dates therefor or to institute suit for the enforcement of any payment on or with respect to such holder’s
Note; 

               (h) modify the ranking provisions of this Indenture in a manner that is adverse to the holder of the Notes; or 

               (i) make
     any change in this Article 11 that requires each holder’s consent or
in the waiver provisions in Section 7.01 or Section 7.07; 

     in each case without the consent of each holder of an outstanding Note affected. 

               Upon the
     written request of the Company, accompanied by a copy of the Board Resolutions
     authorizing the execution of any such supplemental indenture, and upon the
     filing with the Trustee of evidence of the consent of Noteholders as aforesaid,
     the Trustee shall join with the Company in the execution of such supplemental
     indenture unless such supplemental indenture affects the Trustee’s
     own rights, duties or immunities under this Indenture or otherwise, in which
     case the Trustee may in its discretion, but shall not be obligated to, enter
into such supplemental indenture. 

               It shall not be necessary for the consent of the Noteholders under this Section 11.02 to approve the particular form of any proposed supplemental indenture, but it shall be sufficient if such consent
shall approve the substance thereof. After an amendment under this Indenture becomes effective, the Company shall mail to the holders a notice briefly describing such amendment. However, the failure to give such notice to all the holders, or any
defect in the notice, will not impair or affect the validity of the amendment. 

               Section 11.03. Effect of Supplemental Indentures. Any supplemental indenture executed pursuant to the
provisions of this Article 11 shall comply with the Trust Indenture Act, as then in effect, provided that this Section 11.03 shall not require such supplemental indenture to be qualified
under the Trust Indenture Act prior to the time such qualification is in fact required under the terms of the Trust Indenture Act or this Indenture has been qualified under the Trust Indenture Act, nor shall any such qualification constitute any
admission or acknowledgment by any party to such supplemental indenture that any such qualification is required prior to the time such qualification is in fact required under the terms of the Trust Indenture Act or this Indenture has been qualified
under the Trust Indenture Act. Upon the execution of any supplemental indenture pursuant to the provisions of this Article 11, this Indenture shall be and be deemed to be modified and amended in accordance therewith and the respective rights,
limitation of rights, obligations, duties and immunities under this Indenture of the Trustee, the Company and the Noteholders shall thereafter be determined, exercised and enforced hereunder subject in all respects to such modifications and
amendments and all the terms and conditions of any such supplemental indenture shall be and be deemed to be part of the terms and conditions of this Indenture for any and all purposes. 

48

     

     

               Section 11.04. Notation on Notes.
     Notes authenticated and delivered after the execution of any supplemental
     indenture pursuant to the provisions of this Article 11 may, at the Company’s expense, bear a notation in form approved by the Trustee as to any matter provided for in such supplemental indenture. If the Company or the Trustee shall so
determine, new Notes so modified as to conform, in the opinion of the Trustee and the Board of Directors, to any modification of this Indenture contained in any such supplemental indenture may, at the Company’s
expense, be prepared and executed by the Company, authenticated by the Trustee
(or an authenticating agent duly appointed by the Trustee pursuant to Section
17.11) and delivered in exchange for the Notes then outstanding, upon surrender
of such Notes then outstanding. 

               Section 11.05. Evidence of Compliance of Supplemental Indenture to Be Furnished Trustee.
     In addition to the documents required by Section 17.05, the Trustee shall
     receive an Officers’ Certificate and an Opinion of Counsel as conclusive
     evidence that any supplemental indenture executed pursuant hereto complies
     with the requirements of this Article 11 and is permitted or authorized
by the Indenture. 

     ARTICLE 12 

CONSOLIDATION, MERGER, SALE, CONVEYANCE AND LEASE 

               Section 12.01. Company May Consolidate, Etc. on Certain Terms. 

               Subject to the provisions of Section 12.02, the Company shall not consolidate with, merge with or into, or convey, transfer or lease all or substantially all of its assets and properties to another
Person, unless: 

               (a) the
     resulting, surviving or transferee Person (the “Successor Company”) if not the Company shall be a business entity organized
     and existing under the laws of the United States of America, any State thereof
     or the District of Columbia, and the Successor Company (if not the Company)
     shall expressly assume, by supplemental indenture, executed and delivered
     to the Trustee, in form satisfactory to the Trustee, all the obligations
     of the Company under the Notes, this Indenture and, to the extent that it
is otherwise still operative, the Registration Rights Agreement;

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

               (c) if such Person is not a corporation, the Company has received an opinion of nationally recognized counsel experienced in such matters to
the effect that investors in the Notes will be subject to tax for U.S. federal income tax purposes with respect to their investment in the Notes after such transaction in the same amount, at the same time and otherwise in the same manner as prior to
such transaction. 

               Upon any such consolidation, merger, conveyance, transfer or lease, the resulting, surviving or transferee (by conveyance, lease or otherwise) Person (if not the Company) shall succeed to, and may
exercise every right and power of, the Company under this Indenture. 

               For purposes of this Section 12.01, the sale, lease, conveyance, assignment, transfer, or other disposition of all or substantially all of the properties and assets of one or more 

49
          

          

          

     Subsidiaries of the Company, which properties and assets, if held by the Company instead of such Subsidiaries, would constitute all or substantially all of the properties and assets of the Company on a consolidated basis, shall be
deemed to be the transfer of all or substantially all of the properties and assets of the Company. 

               Section 12.02. Successor Corporation to Be Substituted.
     In case of any such consolidation, merger, conveyance, transfer or lease
     and upon the assumption by the Successor Company, by supplemental indenture,
     executed and delivered to the Trustee and satisfactory in form to the Trustee,
     of the due and punctual payment of the principal of and premium, if any,
     accrued and unpaid interest and accrued and unpaid Additional Interest,
     if any, on all of the Notes, the due and punctual conversion of the Notes
     and the due and punctual performance of all of the covenants and conditions
     of this Indenture to be performed by the Company, such Successor Company
     shall succeed to and be substituted for the Company, with the same effect
     as if it had been named herein as the party of the first part. Such Successor
     Company thereupon may cause to be signed, and may issue either in its own
     name or in the name of the Company any or all of the Notes issuable hereunder
     which theretofore shall not have been signed by the Company and delivered
     to the Trustee; and, upon the order of such Successor Company instead of
     the Company and subject to all the terms, conditions and limitations in
     this Indenture prescribed, the Trustee shall authenticate and shall deliver,
     or cause to be authenticated and delivered, any Notes that previously shall
     have been signed and delivered by the officers of the Company to the Trustee
     for authentication, and any Notes that such Successor Company thereafter
     shall cause to be signed and delivered to the Trustee for that purpose.
     All the Notes so issued shall in all respects have the same legal rank and
     benefit under this Indenture as the Notes theretofore or thereafter issued
     in accordance with the terms of this Indenture as though all of such Notes
     had been issued at the date of the execution hereof. In the event of any
     such consolidation, merger, conveyance or transfer (but not in the case
     of a lease), the Person named as the “Company” in the first paragraph
     of this Indenture or any successor that shall thereafter have become such
     in the manner prescribed in this Article 12 may be dissolved, wound up and
     liquidated at any time thereafter and, except in the case of a lease, such
     Person shall be released from its liabilities as obligor and maker of the
Notes and from its obligations under this Indenture. 

               In case of any such consolidation, merger, conveyance, transfer or lease, such changes in phraseology and form (but not in substance) may be made in the Notes thereafter to be issued as may be
appropriate. 

               Section 12.03. Opinion of Counsel to Be Given Trustee.
     No merger, consolidation, conveyance, transfer or lease shall be effective
     unless the Trustee shall receive an Officers’ Certificate and an Opinion
     of Counsel as conclusive evidence that any such consolidation, merger, conveyance,
     transfer or lease and any such assumption complies with the provisions of
this Article 12. 

     ARTICLE 13 

IMMUNITY OF INCORPORATORS, STOCKHOLDERS, 

OFFICERS AND DIRECTORS

50

     

     

               Section 13.01. Indenture and Notes Solely Corporate Obligations. No recourse for the payment of the principal
of or premium, if any, or accrued and unpaid interest and accrued and unpaid Additional Interest, if any, on any Note, or for any claim based thereon or otherwise in respect thereof, and no recourse under or upon any obligation, covenant or
agreement of the Company in this Indenture or in any supplemental indenture or in any Note, or because of the creation of any indebtedness represented thereby, shall be had against any incorporator, stockholder, employee, agent, officer or director
or Subsidiary, as such, past, present or future, of the Company or of any successor corporation or entity, either directly or through the Company or any successor corporation or entity, whether by virtue of any constitution, statute or rule of law,
or by the enforcement of any assessment or penalty or otherwise; it being expressly understood that all such liability is hereby expressly waived and released as a condition of, and as a consideration for, the execution of this Indenture and the
issue of the Notes. 

ARTICLE 14 

               [INTENTIONALLY OMITTED]

     ARTICLE 15 

CONVERSION OF NOTES 

          Section 15.01. Conversion Privilege.

               (a) Upon
     compliance with the provisions of this Article 15, a Noteholder shall have
     the right, at such holder’s option, to convert all or
any portion (if the portion to be converted is $1,000 principal amount or an
     integral multiple thereof) of such Note (i) subject to satisfaction of the
     conditions described in Section 15.01(b) below, at any time prior to the
     close of business on the Trading Day immediately preceding the Maturity
     Date under the circumstances and during the periods set forth in Section
     15.01(b) below, and (ii) irrespective of the conditions described in Section
     15.01(b) below, on or after April 15, 2013 and prior to the close of business
     on the second Scheduled Trading Day immediately preceding the Maturity Date,
     in each case, at an initial conversion rate (the “Conversion Rate”)
     of 20.4337 shares of Common Stock (subject to adjustment as provided in
Section 15.04 of this Indenture) per $1,000 principal amount Note (the “Conversion Obligation”). 

     
                    (b) (i)
               The Notes may be surrendered for conversion during the five Business Day
               period immediately after any five consecutive Trading Day period (the “Measurement Period”)
               in which the Trading Price per $1,000 principal amount of Notes for each
               day of such Measurement Period was less than 98% of the product of the then-applicable
               Conversion Rate of the Notes on such Trading Day and the Last Reported Sale
               Price of the Common Stock on such Trading Day. The Trading Prices shall
               be determined by the Trustee pursuant to this clause and the definition
          of Trading Price set forth in this Indenture. The Trustee shall have no obligation to determine the Trading
		Price of the Notes unless requested by the Company and unless the Company shall have selected the three independent nationally recognized securities dealers referred to in such definition of Trading Price and provided the Trustee
          with the names of and contact information for such dealers, and the Company shall have no obligation to make such request unless a Noteholder provides the Company with reasonable evidence that the 

51 

     

     

     
               Trading Price per $1,000 principal amount of the Notes would be less than 98% of the product of the then-applicable Conversion Rate of the Notes and the Last Reported Sale Price of the Common Stock at such time, at which time the
          Company shall instruct the Trustee to determine the Trading Price of the Notes beginning on the next Trading Day and on each successive Trading Day until the Trading Price per Note is greater than or equal to 98% of the product of the
          then-applicable Conversion Rate of the Notes and the Last Reported Sale Price of the Common Stock on such Trading Day. If the Trading Price condition set forth above has been met, the Company shall so notify the Noteholders, the Trustee and the
          Conversion Agent. If, at any time after the Trading Price condition set forth above has been met, the Trading Price per $1,000 principal amount of Notes is greater than 98% of the product of the then-applicable Conversion Rate of the Notes and the
          Last Reported Sale Price of the Common Stock on such Trading Day, the Company shall so notify the holders of the Notes, the Trustee and the Conversion Agent. In either case, the Company shall promptly publish a notice indicating that the Trading
          Price condition set forth above has been met or, at any time after the Trading Price condition set forth above has been met, that the Trading Price per $1,000 principal amount of Notes is greater than 98% of the product of the then-applicable
          Conversion Rate of the Notes and the Last Reported Sale Price of the Common Stock on the relevant Trading Day, as the case may be, in a newspaper of general circulation in The City of New York or publish such information on its website or through
          such other public medium as the Company may use at that time. 

     (ii) In the event that the Company elects to:
     

     
          
                              (A) distribute to all or substantially all holders of its Common Stock rights or warrants, entitling them, for a period expiring within sixty
               days after the date of such distribution, to subscribe for or purchase its Common Stock at a price less than the Last Reported Sale Price of the Common Stock for the Trading Day immediately preceding the declaration date for such distribution; or
               

          
                              (B) distribute
                    to all or substantially all holders of its Common Stock the Company’s
                    assets, its debt securities, or rights to purchase securities of the Company,
                    which distribution has a per share value (as determined by the Board of
                    Directors) exceeding 10% of the Last Reported Sale Price of the Common Stock
                    on the Trading Day immediately preceding the date of declaration for such
               distribution, 

     

     
          then, in each case, the Company shall notify
          all holders of the Notes, the Trustee and the Conversion Agent not less
          than twenty Business Days prior to the Ex-Dividend Date for such distribution.
          Once the Company has given such notice, the Notes may be surrendered for
          conversion at any time until the earlier of (1) the close of business on
          the Business Day immediately prior to such Ex-Dividend Date and (2) the
          Company’s announcement that such distribution will not
     take place, even if the Notes are not otherwise convertible at such time. 

52

     

     

               (iii) In the event of a Fundamental Change, a Noteholder may surrender Notes for conversion at any time from and after the twenty-fifth
Business Day prior to (or, if only determinable subsequent to such date, then as promptly as can be determined subsequent to such twenty-fifth Business Day) the effective date of such Fundamental Change until the Trading Day immediately preceding
the Fundamental Change Repurchase Date corresponding to such Fundamental Change. The Company shall give notice of the anticipated effective date of the Fundamental Change in accordance with Section 16.02(b) as promptly as practicable after the
Company first determines the anticipated effective date of such Fundamental Change. 

               (iv) The
     Notes may be surrendered for conversion in any Fiscal Quarter commencing
     at any time after July 1, 2006, and only during such Fiscal Quarter, if
     the Last Reported Sale Price of the Common Stock for at least twenty Trading
     Days in a period of thirty consecutive Trading Days ending on the last Trading
     Day of the immediately preceding Fiscal Quarter is more than 130% of the
     then-applicable Conversion Price on the last day of such preceding Fiscal
     Quarter (such price, the “Conversion Trigger Price”).
     The Conversion Agent, on behalf of the Company, shall determine at the beginning
     of each Fiscal Quarter commencing at any time after July 1, 2006 whether
     the Notes may be surrendered for conversion in accordance with this clause
(iv) and shall notify the Company and the Trustee. 

               Section 15.02. Conversion Procedure. 

               (a) [Reserved]. 

               (b) Subject
     to this Section 15.02, the Company will satisfy the Conversion Obligation
     with respect to each $1,000 principal amount of Notes tendered for conversion
     in cash and shares of fully paid Common Stock (or, at the Company’s
     election, cash in lieu of some or all of such Common Stock), if applicable,
as follows: 

               (i) The
     Company will deliver to each converting Noteholder, on the third Trading
     Day immediately following the last day of the related Cash Settlement Averaging
     Period, cash and shares of Common Stock (or, at the Company’s election,
     cash in lieu of some or all of such Common Stock), if any, equal to the
     sum of the Daily Settlement Amounts for each of the thirty Trading Days
during the related Cash Settlement Averaging Period. 

               (ii) The Company will also deliver to each converting Noteholder cash in lieu of fractional shares of Common Stock as set forth pursuant to
clause (l) below. 

               (iii) The Daily Settlement Amounts shall be determined by the Company promptly following the last day of the Cash Settlement Averaging Period.
Promptly after such determination of the Daily Settlement Amounts and the amount of cash deliverable in lieu of fractional shares, the Company shall notify the Trustee and the Conversion Agent of the Daily Settlement Amounts and the amount of such
cash. The Trustee and the Conversion Agents shall have no responsibility for any such determination. 

               (iv) By
     the close of business on the Trading Day immediately preceding the start
     of the applicable Cash Settlement Averaging Period, the Company may elect
     to specify a percentage of the Daily Excess Amount that will be settled
     in cash (the “Cash Percentage”),
     and, in such event, the Company shall notify the holders of such Cash Percentage
by notifying 

53

     

     

     the Trustee (the “Cash Percentage Notice”).
     If the Company elects to specify a Cash Percentage, the amount of cash that
     the Company will deliver in respect of each Trading Day during the applicable
     Cash Settlement Averaging Period will equal the product of (1) the Cash
     Percentage and (2) the Daily Excess Amount for such Trading Day. The number
     of shares of Common Stock deliverable in respect of each Trading Day during
     the applicable Cash Settlement Averaging Period will equal (A) the product
     of (x) 100% minus the Cash Percentage and (y) the Daily Excess Amount for
     such Trading Day, divided by (B) the daily VWAP of Common Stock (or the
     consideration into which Common Stock has been converted in connection with
     certain corporate transactions) for such Trading Day. If the Company does
     not elect to specify a Cash Percentage by the close of business on the Trading
     Day immediately preceding the start of the applicable Cash Settlement Averaging
     Period, the Company must settle the entire Daily Excess Amount for each
     Trading Day during the applicable Cash Settlement Averaging Period with
     shares of Common Stock; provided, however, that the Company will deliver cash in lieu of any fractional shares of Common Stock as set forth pursuant to clause (l) below.
The Company may, at its option, revoke any Cash Percentage Notice by notifying the Trustee; provided that the Company revokes such Cash Percentage Notice by the close of business on the
Trading Day immediately preceding the start of the applicable Cash Settlement Averaging Period. 

               (c) [Reserved.] 

               (d) Before
     any holder of a Note shall be entitled to convert the same as set forth
     above, such holder shall (i) in the case of a Global Note, comply with the
     procedures of the Depositary in effect at that time and, if required, pay
     funds equal to interest payable on the next Interest Payment Date to which
     such holder is not entitled as set forth in Section 15.02(j) and, if required,
     all transfer or similar taxes, if any, and (ii) in the case of a Note issued
     in certificated form, (1) complete and manually sign and deliver an irrevocable
     notice to the Conversion Agent in the form on the reverse of such certificated
     Note (or a facsimile thereof) (Exhibit B hereto) (a “Notice of Conversion”)
     at the office of the Conversion Agent and shall state in writing therein
     the principal amount of Notes to be converted and the name or names (with
     addresses) in which such holder wishes the certificate or certificates for
     any shares of Common Stock, if any, to be delivered upon settlement of the
     Conversion Obligation to be registered, (2) surrender such Notes, duly endorsed
     to the Company or in blank (and accompanied by appropriate endorsement and
     transfer documents), at the office of the Conversion Agent, (3) if required,
     pay funds equal to interest payable on the next Interest Payment Date to
     which such holder is not entitled as set forth in Section 15.02(j), (4)
     if required, furnish appropriate endorsements and transfer documents, and
     (5) if required, pay all transfer or similar taxes, if any. The Trustee
     (and if different, the relevant Conversion Agent) shall notify the Company
     of any conversion pursuant to this Article 15 on the date of such conversion.
     No Notice of Conversion with respect to any Notes may be tendered by a holder
     thereof if such holder has also tendered a Fundamental Change Repurchase
     Notice and not validly withdrawn such Fundamental Change Repurchase Notice
in accordance with Section 16.03. 

               If more than one Note shall be surrendered for conversion at one time by the same holder, the Conversion Obligation with respect to such Notes, if any, that shall be payable upon conversion shall be
computed on the basis of the aggregate principal amount of the Notes (or specified portions thereof to the extent permitted thereby) so surrendered. 

54 

     

     

               (e) A
     Note shall be deemed to have been converted immediately prior to the close
     of business on the date (the “Conversion Date”) that the holder has complied with the requirements set forth in clause (d). Payment of the shares of Common Stock in cash and shares of Common Stock (or, at the Company’s
election, cash in lieu of some or all of such Common Stock), if any, pursuant to Section 15.02(b) in satisfaction of the Conversion Obligation shall be made by the Company in no event later than the date specified in Section 15.02(b) by paying such
cash and delivering shares of such Common Stock (or, at the Company’s election, cash in lieu of some or all of such Common Stock), if any (in each case, together with any cash in lieu of fractional shares), to the holder of a Note surrendered
for conversion, or such holder’s nominee or nominees, and issuing or causing to be issued, and delivering to the Conversion Agent or to such holder, or such holder’s
nominee or nominees, certificates or a book-entry transfer through the Depositary
for the number of full shares of Common Stock to which such holder shall be entitled
as part of such Conversion Obligation (together with any cash in lieu of fractional
shares). 

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

               (g) If
     a holder submits a Note for conversion, the Company shall pay all stamp
     and other duties, if any, that 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 of Common Stock, if any, upon the conversion.
     However, the holder shall pay any such tax that is due because the holder
     requests any shares of Common Stock to be issued in a name other than the
     holder’s name. The Conversion Agent may refuse to deliver the certificates representing the shares of Common Stock being issued in a name other than the holder’s
name until the Trustee receives a sum sufficient to pay any tax that 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. 

               (h) Except as provided in Section 15.04, no adjustment shall be made for dividends on any shares issued upon the conversion of any Note as
provided in this Article. 

               (i) Upon the conversion of an interest in a Global Note, the Trustee, or the Custodian at the direction of the Trustee, shall make a notation
on such Global Note as to the reduction in the principal amount represented thereby. The Company shall notify the Trustee in writing of any conversion of Notes effected through any Conversion Agent other than the Trustee. 

               (j) Upon
     conversion, a Noteholder shall not receive any separate cash payment for
     accrued and unpaid interest and Additional Interest, if any, except as set
     forth below. The Company’s settlement of the Conversion Obligations
     as described above shall be deemed to satisfy its obligation to pay the
     principal amount of the Note and accrued and unpaid interest and Additional
     Interest, if any, to, but not including, the Conversion Date. As a result,
     accrued and unpaid interest and Additional Interest, if any, to, but not
including, the Conversion Date shall be

55
          

          

          

     deemed to be paid in full rather than cancelled, extinguished or forfeited. Notwithstanding the preceding sentence, if Notes are converted after the close of business on a record date, holders of such Notes as of the close of
business on the record date will receive the interest and Additional Interest, if any, payable on such Notes on the corresponding Interest Payment Date notwithstanding the conversion. Notes surrendered for conversion during the period from the close
of business on any regular record date to the opening of business on the corresponding Interest Payment Date must be accompanied by payment of an amount equal to the interest and Additional Interest, if any, payable on the Notes so converted;
     provided, however, that no such payment shall be required (1) if the Company has specified a Fundamental Change Repurchase Date
that is after a record date but on or prior to the next succeeding Interest Payment Date, (2) to the extent of any overdue interest, if any, existing at the time of conversion with respect to such Note or (3) if the Notes are surrendered for
conversion after the close of business on the regular record date immediately preceding the Maturity Date and before the close of business on the second Scheduled Trading Day immediately preceding the Maturity Date. Except as described above, no
payment or adjustment will be made for accrued and unpaid interest and Additional Interest, if any, on converted Notes. 

               (k) The Person in whose name the certificate for such shares of Common Stock is registered shall be treated as a stockholder of record as of
the close of business on the last day of the Cash Settlement Averaging Period; provided, however, if the last day of the Cash
Settlement Averaging Period occurs on any date when the stock transfer books of the Company shall be closed, such occurrence shall not be effective to constitute the Person or Persons entitled to receive the shares of Common Stock upon such
conversion as the record holder or holders of such shares of Common Stock on such date, but such occurrence shall be effective to constitute the Person or Persons entitled to receive such shares of Common Stock as the record holder or holders
thereof for all purposes at the close of business on the next succeeding day on which such stock transfer books are open. Upon conversion of Notes, such Person shall no longer be a Noteholder. 

               (l) No fractional shares of Common Stock shall be issued upon conversion of any Note or Notes. For each Note surrendered for conversion, the
number of full shares that shall be issued upon conversion thereof shall be computed on the basis of the aggregate Daily Settlement Amounts for the applicable Cash Settlement Averaging Period and any fractional shares remaining after such
computation shall be paid in cash. If more than one Note shall be surrendered for conversion at one time by the same holder, the number of full shares that shall be issued upon conversion thereof shall be computed on the basis of the aggregate
principal amount of the Notes (or specified portions thereof) so surrendered. Instead of any fractional share of Common Stock that would otherwise be issued upon conversion of any Note or Notes (or specified portions thereof), the Company shall pay
a cash adjustment in respect of such fraction (calculated to the nearest one-100th of a share), as determined by the Company, in an amount equal to the same fraction of the Last Reported
Sale Price of the Common Stock on the last Settlement Trading Day of the applicable Cash Settlement Averaging Period. 

56
          

          

          

               Section 15.03. Increased Conversion Rate Applicable to Certain Notes Surrendered in Connection With Make-Whole Fundamental
Changes. 

               (a) Notwithstanding anything herein to the contrary, the Conversion Rate applicable to each Note that is surrendered for conversion, in
accordance with this Article 15, at any time from, and including, the effective date of a Make-Whole Fundamental Change until, and including, the close of business on the Trading Day immediately prior to the related Fundamental Change Repurchase
Date corresponding to such Make-Whole Fundamental Change, shall be increased to an amount equal to the Conversion Rate that would, but for this Section 15.03, otherwise apply to such Note pursuant to this Article 15, plus an amount equal to the Make-Whole Conversion Rate Adjustment. 

               As used
     herein, “Make-Whole Conversion Rate Adjustment” shall mean,
     with respect to each Make-Whole Fundamental Change and each applicable Note,
     an amount equal to the Applicable Increase. As used herein, “Applicable Increase” shall
     mean, with respect to a Make-Whole Fundamental Change, the amount set forth
     in the following table that corresponds to the effective date of such Make-Whole
     Fundamental Change (the “Effective Date”) and the Stock
Price of such Make-Whole Fundamental Change, all as determined by the Company: 

Applicable Increase 

               (per $1,000 principal amount of Notes)

               

	Stock Price
	
          Effective Date
	     	
          $39.95
	     	
          $45.00
	     	
          $50.00
	     	
          $55.00
	     	
          $60.00
	     	
          $65.00
	     	
          $70.00
	     	
          $75.00
	     	
          $80.00
	     	
          $85.00
	     	
          $90.00
	     	
          $95.00
	     	$100.00	$105.00
	
          June 15, 2006
		
          4.5976
		
          3.6934
		
          2.9682
		
          2.4399
		
          2.0450
		
          1.7423
		
          1.5054
		
          1.3161
		
          1.1622
		
          1.0348
		
          0.9279
		
          0.8369
		
          0.7586
		
          0.6905
	
	
          June 15, 2007
		
          4.5976
		
          3.5756
		
          2.8246
		
          2.2869
		
          1.8919
		
          1.5947
		
          1.3660
		
          1.1862
		
          1.0420
		
          0.9243
		
          0.8266
		
          0.7442
		
          0.6738
		
          0.6129
	
	
          June 15, 2008
		
          4.5976
		
          3.4371
		
          2.6538
		
          2.1047
		
          1.7105
		
          1.4207
		
          1.2027
		
          1.0350
		
          0.9031
		
          0.7973
		
          0.7107
		
          0.6386
		
          0.5777
		
          0.5253
	
	
          June 15, 2009
		
          4.5976
		
          3.2625
		
          2.4402
		
          1.8792
		
          1.4884
		
          1.2101
		
          1.0074
		
          0.8561
		
          0.7404
		
          0.6499
		
          0.5773
		
          0.5179
		
          0.4682
		
          0.4260
	
	
          June 15, 2010
		
          4.5976
		
          3.0498
		
          2.1753
		
          1.6003
		
          1.2168
		
          0.9564
		
          0.7757
		
          0.6471
		
          0.5529
		
          0.4819
		
          0.4268
		
          0.3826
		
          0.3464
		
          0.3158
	
	
          June 15, 2011
		
          4.5976
		
          2.7689
		
          1.822
		
          1.2344
		
          0.8698
		
          0.6421
		
          0.4974
		
          0.4030
		
          0.3391
		
          0.2940
		
          0.2606
		
          0.2346
		
          0.2135
		
          0.1959
	
	
          June 15, 2012
		
          4.5976
		
          2.3752
		
          1.3031
		
          0.7113
		
          0.4019
		
          0.2462
		
          0.1689
		
          0.1297
		
          0.1083
		
          0.0953
		
          0.0861
		
          0.0789
		
          0.0727
		
          0.0674
	
	
          June 15, 2013
		
          0.0000
		
          0.0000
		
          0.0000
		
          0.0000
		
          0.0000
		
          0.0000
		
          0.0000
		
          0.0000
		
          0.0000
		
          0.0000
		
          0.0000
		
          0.0000
		
          0.0000
		
          0.0000
	

          provided, however, that:

               (i) if
     the actual Stock Price of such Make-Whole Fundamental Change is between
     two Stock Prices listed in the table above under the column titled “Stock Price,” or if the actual Effective Date of such Make-Whole Fundamental Change is between two Effective Dates listed in the table above in the row immediately below the title “Effective Date,” then
     the Applicable Increase for such Make-Whole Fundamental Change shall be
     determined by the Company by linear interpolation between the Applicable
     Increases set forth for such two Stock Prices, or for such two Effective
Dates based on a 365 day year, as applicable; 

               (ii) if the actual Stock Price of such Make-Whole Fundamental Change is greater than $105.00 per share (subject to adjustment as provided in
Section 15.04), or if the actual Stock Price of such Make-Whole Fundamental Change is less than $39.95 per share (subject to adjustment as provided in Section 15.04), then the Applicable Increase shall be equal to zero and this Section 15.03 shall
not require the Company to increase the Conversion Rate with respect to such Make-Whole Fundamental Change; 

57

     

     

               (iii) if
     an event occurs that requires, pursuant to this Article 15 (other than solely
     pursuant to this Section 15.03), an adjustment to the Conversion Rate, then,
     on the date and at the time such adjustment is so required to be made, each
     price set forth in the table above under the column titled “Stock Price” shall
     be deemed to be adjusted so that such Stock Price, at and after such time,
     shall be equal to the product of (1) such Stock Price as in effect immediately
     before such adjustment to such Stock Price and (2) a fraction whose numerator
     is the Conversion Rate in effect immediately before such adjustment to the
     Conversion Rate and whose denominator is the Conversion Rate to be in effect,
     in accordance with this Article 15, immediately after such adjustment to
the Conversion Rate; 

               (iv) In the case of a Make-Whole Fundamental Change that is a Fundamental Change pursuant to clause (ii) of the definition thereof, upon
effectiveness of such Make-Whole Fundamental Change, the Notes will be convertible into cash and Reference Property as described in Section 15.06; 

               (v) Each Applicable Increase amount set forth in the table above shall be adjusted in the same manner in which, and for the same events for
which, the Conversion Rate is to be adjusted pursuant to Section 15.03 through Section 15.04; and 

               (vi) in no event will the total number of shares of Common Stock issuable upon conversion of the Notes exceed 25.0313 per $1,000 principal
amount of Notes, subject to adjustment in the same manner as the Conversion Rate pursuant to Section 15.04. 

               (b) As
     soon as practicable after the Company determines the anticipated Effective
     Date of any proposed Make-Whole Fundamental Change, the Company shall mail
     to each Holder, the Trustee and the Conversion Agent written notice of,
     and shall publicly announce, through a public medium that is customary for
     such announcements, and publish on the Company’s website, the anticipated
effective date of such proposed Make-Whole Fundamental Change. Each such notice, announcement and publication shall also state that in connection with such Make-Whole Fundamental Change, the Company shall increase, in accordance herewith, the
Conversion Rate applicable to Notes entitled as provided herein to such increase (along with a description of how such increase shall be calculated and the time periods during which Notes must be surrendered in order to be entitled to such
increase). No later than the actual Effective Date of each Make-Whole Fundamental Change, the Company shall mail to each Noteholder, the Trustee and the Conversion Agent written notice of, and shall publicly announce, through a public medium that is
customary for such announcements, and publish on the Company’s website,
such Effective Date and the amount by which the Conversion Rate has been so increased. 

               Nothing in this Section 15.03 shall prevent an adjustment to the Conversion Rate pursuant to Section 15.04 in respect of a Make-Whole Fundamental Change. 

               Section 15.04. Adjustment of Conversion Rate. The Conversion Rate shall be adjusted from time to time by the
Company as follows: 

               (a) In case the Company shall issue shares of Common Stock as a dividend or distribution to all holders of the outstanding Common Stock, on
shares of Common Stock, or if 

58

     

     

     the Company effects a share split or share combination, the Conversion Rate will be adjusted based on the following formula: 

     

     

	 	
          where
		

		

	
	 	 	 	 
	 	
          CR0
	     	
          =
		
          the Conversion Rate in effect immediately
          prior to the Ex-Dividend Date for
          such dividend or distribution, or the effective date of such share
          split or share combination, as the case may be;
	
		

		

		 
    
	 	
          CR’
		
          =
		
          the Conversion Rate in effect immediately
          after the Ex-Dividend Date for such
          dividend or distribution, or the effective date of such share split
          or share combination, as the case may be;
	
		

		

		 
    
	 	
          OS0
	     	
          =
		
          the number of shares of Common Stock outstanding
          immediately prior to the Ex-Dividend Date for such dividend or distribution,
          or the effective date of such share
          split or share combination, as the case may be; and
	
		

		

		 
    
	 	
          OS’
		
          =
		
          the number of shares of Common Stock outstanding
          immediately after the Ex-Dividend Date for such dividend or distribution,
          or the effective date of such share split or share combination, as
          the case may be.
	

               Such adjustment shall become effective immediately after the opening of business on the Ex-Dividend Date fixed for such dividend. If any dividend or distribution of the type described in this Section
15.04(a) is declared but not so paid or made, or the outstanding shares of Common Stock are not subdivided or combined, as the case may be, the Conversion Rate shall be immediately readjusted, effective as of the date the Board of Directors
determines not to pay such dividend or distribution, or subdivide or combine the outstanding shares of Common Stock, as the case may be, to the Conversion Rate that would then be in effect if such dividend, distribution, subdivision or combination
had not been declared. 

               (b) In case the Company shall distribute to all or substantially all holders of its Common Stock any rights or warrants entitling them for a
period of not more than sixty days after the date of distribution to subscribe for or purchase shares of the Common Stock, at a price per share less than the Last Reported Sale Price of the Common Stock on the Trading Day immediately preceding the
declaration date for such distribution, the Conversion Rate shall be adjusted based on the following formula: 

     

     

	 	where 	 	 
	 	 	 	 
	 	CR0 	=	the
                         Conversion Rate in effect immediately prior to the Ex-Dividend
          Date for such distribution; 

59

	 	
          CR’
		
          =
		
          the Conversion Rate in effect immediately
          after the Ex-Dividend Date for such
          distribution;
	
		

		

		 
    
	 	
          OS0
	     	
          =
		
          the number of shares of the Common Stock
          that are outstanding immediately
          prior to the Ex-Dividend Date for such distribution;
	
		

		

		 
    
	 	
          X
		
          =
		
          the total number of shares of the Common
          Stock issuable pursuant to such rights or warrants; and
	
		

		

		 
    
	 	
          Y
		
          =
		
          the number of shares of the Common Stock
          equal to the aggregate price payable to exercise such rights or warrants,
          divided by the average of the Last
          Reported Sale Prices of Common Stock over the ten consecutive Trading
          Day period ending on the Trading Day immediately preceding the Ex-Dividend
          Date relating to such distribution of such rights or warrants.
	

     Such adjustment shall be successively made whenever any such rights or warrants are distributed and shall become effective immediately after the opening of business on the Ex-Dividend Date for such distribution. The Company shall
not issue any such rights or warrants in respect of shares of the Common Stock held in treasury by the Company. To the extent that shares of the Common Stock are not delivered after the expiration of such rights or warrants, the Conversion Rate
shall be readjusted to the Conversion Rate that would then be in effect had the adjustments made upon the issuance of such rights or warrants been made on the basis of delivery of only the number of shares of Common Stock actually delivered. If such
rights or warrants are not so issued, the Conversion Rate shall again be adjusted to be the Conversion Rate that would then be in effect if such Ex-Dividend Date for such distribution had not been fixed. 

     In determining whether any rights or warrants entitle the holders to subscribe for or purchase shares of the Common Stock at less than such Last Reported Sale Price of the Common Stock, and in determining the aggregate offering
price of such shares of the Common Stock, there shall be taken into account any consideration received by the Company for such rights or warrants and any amount payable on exercise or conversion thereof, the value of such consideration, if other
than cash, to be determined by the Board of Directors. 

               (c) In
     case the Company shall distribute shares of its Capital Stock, evidences
     of its indebtedness or other of its assets or property other than (i) dividends
     or distributions and rights or warrants as covered by Section 15.04(a) and
     Section 15.04(b), (ii) dividends or distributions paid exclusively in cash,
     and (iii) Spin-Offs to which the provisions set forth below in this Section
     15.04(c) shall apply (any of such shares of Capital Stock, indebtedness,
     or other asset or property hereinafter in this Section 15.04(c) called the “Distributed Property”),
     to all or substantially all holders of its Common Stock, then, in each such
case the Conversion Rate shall be adjusted based on the following formula: 

          where

60

     

	 	
CR0
        	
=
        	
the Conversion Rate in effect immediately prior to the Ex-Dividend Date
for such distribution;
        
	 

        
	 	
CR’
        	
=
        	
the Conversion Rate in effect immediately after the Ex-Dividend Date for
such distribution;
        
	 

        
	 	
SP0
        	
=
        	
the average of the Last Reported Sale Prices of the Common Stock over
the ten consecutive Trading Day period ending on the Trading Day
immediately preceding the Ex-Dividend Date for such distribution; and
        
	 

        
	 	
FMV
        	
=
        	
the fair market value (as determined by the Board of Directors) of the
shares of Capital Stock, evidences of indebtedness, assets or property
distributed with respect to each outstanding share of the Common Stock
on the Ex-Dividend Date for such distribution.
        

Such adjustment shall become effective immediately prior to the opening of business on the Ex-Dividend Date for such distribution; provided that if the then fair market value (as so determined) of the portion of the Distributed Property so distributed applicable to one share of Common Stock is equal to or greater than SP0 as set forth
above, in lieu of the foregoing adjustment, adequate provision shall be made so that each Noteholder shall have the right to receive on the date on which the Distributed Property is distributed to holders of Common Stock, for each $1,000
principal amount of Notes upon conversion, the amount of Distributed Property such holder would have received had such holder owned a number of shares of Common Stock equal to the Conversion Rate on the Record Date for such distribution. If such
distribution is not so paid or made, the Conversion Rate shall again be adjusted to be the Conversion Rate that would then be in effect if such dividend or distribution had not been declared. If the Board of Directors determines the fair market
value of any distribution for purposes of this Section 15.04(c) by reference to the actual or when issued trading market for any securities, it must in doing so consider the prices in such market over the same period used in computing the Last
Reported Sale Prices of the Common Stock over the ten consecutive Trading Day period ending on the Trading Day immediately preceding the Ex-Dividend Date for such distribution. 

With respect to an adjustment pursuant to this Section 15.04(c) where there has been a payment of a dividend or other distribution on the Common Stock of shares of Capital Stock of any class or series, or similar
equity interest, of or relating to a Subsidiary or other business unit (a “SpinOff”), the Conversion Rate in effect immediately before the close
of business on the tenth Trading Day immediately following, and including, the effective date of the Spin-Off will be increased based on the following formula: 

	 		 

	     where 	 
	 	 	 	 
	 	CR0
        	
=
        	
the Conversion Rate in effect immediately prior to the tenth Trading Day immediately following, and including, the effective date of the Spin-Off;
        

61

	 	 CR’	 = 	 the Conversion Rate in effect immediately after the tenth Trading Day immediately following, and including, the effective date of the Spin-Off; 
	  
	 	 FMV0 	 = 	 the average of the Last Reported Sale Prices of the Capital Stock or similar equity interest distributed to holders of the Common Stock applicable to one share of the Common Stock over the first ten consecutive Trading Day period immediately following and including the effective date of the Spin-Off; and 
	  
	 	 MP0 	 = 	 the average of the Last Reported Sale Prices of the Common Stock over the first ten consecutive Trading Day period immediately following and including the effective date of the Spin-Off. 

The adjustment to the Conversion Rate under the preceding paragraph shall become effective immediately prior to the opening of business on the day immediately following the tenth Trading Day immediately following,
and including, the effective date of the Spin-Off. As a result, any conversion within the ten Trading Days immediately following and including the effective date of any Spin-Off will be deemed not to have occurred until the end of the ten
consecutive Trading Day period.

          Rights or warrants distributed by the Company to all holders of its Common Stock entitling the holders thereof to subscribe for or purchase shares of the Company’s Capital Stock,
  including Common Stock, (either initially or under certain circumstances), which rights or warrants, until the occurrence of a specified event or events (“Trigger Event”): (i) are deemed to be transferred with such shares of the Common Stock; (ii) are not exercisable; and (iii) are also issued in respect of future issuances of the Common Stock, shall be deemed not to have been
  distributed for purposes of this Section 15.04 (and no adjustment to the Conversion Rate under this Section 15.04 will be required) until the occurrence of the earliest Trigger Event, whereupon such rights and warrants shall be deemed to have been
  distributed and an appropriate adjustment (if any is required) to the Conversion Rate shall be made under this Section 15.04(c). If any such right or warrant, including any such existing rights or warrants distributed prior to the date of this
  Indenture, are subject to events, upon the occurrence of which such rights or warrants become exercisable to purchase different securities, evidences of indebtedness or other assets, then the date of the occurrence of any and each such event shall
  be deemed to be the date of distribution and Ex-Dividend Date with respect to new rights or warrants with such rights (and a termination or expiration of the existing rights or warrants without exercise by any of the holders thereof). In addition,
  in the event of any distribution (or deemed distribution) of rights or warrants, or any Trigger Event or other event (of the type described in the preceding sentence) with respect thereto that was counted for purposes of calculating a distribution
  amount for which an adjustment to the Conversion Rate under this Section 15.04 was made, (1) in the case of any such rights or warrants that shall all have been redeemed or repurchased without exercise by any holders thereof, the Conversion Rate
  shall be readjusted upon such final redemption or repurchase to give effect to such distribution or Trigger Event, as the case may be, as though it were a cash distribution, equal to the per share redemption or repurchase price received by a holder
  or holders of Common Stock with respect to such rights or warrants (assuming such holder had retained such rights or warrants), made to all holders of Common Stock as of the date of such redemption or repurchase, and (2) in the case of such rights
  or warrants that shall have 

62

expired or been terminated without exercise by any holders thereof, the Conversion Rate shall be readjusted as if such rights and warrants had not been issued.

          For purposes of this Section 15.04(c), Section 15.04(a), and Section 15.04(b), any dividend or distribution to which this Section 15.04(c) is applicable that also includes shares of
  Common Stock, or rights or warrants to subscribe for or purchase shares of Common Stock to which Section 15.04(b) applies (or both), shall be deemed instead to be (1) a dividend or distribution of the evidences of indebtedness, assets or shares of
  capital stock other than such shares of Common Stock or rights or warrants to which Section 15.04(b) applies (and any Conversion Rate adjustment required by this Section 15.04(c) with respect to such dividend or distribution shall then be made)
  immediately followed by (2) a dividend or distribution of such shares of Common Stock or such rights or warrants (and any further Conversion Rate adjustment required by Section 15.04(a) and Section 15.04(b) with respect to such dividend or
  distribution shall then be made), except (A) the Ex-Dividend Date of such dividend or distribution shall be substituted as “the Ex-Dividend Date,” “the Ex-Dividend Date relating to such distribution of such rights or warrants”
  and “the Ex-Dividend Date for such distribution” within the meaning of Section 15.04(a) and Section 15.04(b) and (B) any shares of Common Stock included in such dividend or distribution shall not be deemed “outstanding immediately
  prior to the Ex-Dividend Date for such dividend or distribution, or the effective date of such share split or share combination, as the case may be” within the meaning of Section 15.04(a) or “outstanding immediately prior to the
  Ex-Dividend Date for such dividend or distribution” within the meaning of Section 15.04(b). 

          (d) (i) If any cash dividend or distribution is made to all or substantially all
holders of its Common Stock, the Conversion Rate shall be adjusted based on the following formula: 

	 		 

	     where	 
	 	 	 	 
	 	 CR0	 = 	 the Conversion Rate in effect immediately prior to the Ex-Dividend Date for such dividend or distribution; 
	  
	 	CR’	 = 	 the Conversion Rate in effect immediately after the Ex-Dividend Date for such dividend or distribution; 
	  	 	 	 
	 	SP0	 	the Last Reported Sale Price of the Common Stock on the Trading Day immediately preceding the Ex-Dividend Date for such dividend or distribution; and 
	 	 	 	 
	 	 C  	 = 	 the amount in cash per share the Company distributes to holders of its Common Stock. 
	 	 	 	 
	 	Such adjustment shall become effective immediately after the opening of business on the Ex-Dividend Date for such dividend or distribution; provided that if the 

63 

	      	portion of the cash so distributed applicable to one share of the Common Stock is equal to or greater than SP0 as above, in lieu of the foregoing adjustment, adequate provision shall be made so that each Noteholder shall have the right to receive on the date on which the Distributed Property is distributed to holders of Common Stock, for each $1,000 principal amount of Notes upon conversion, the amount of cash such holder would have received had such holder owned a number of shares equal to the Conversion Rate on the Record Date for such distribution. If such dividend or distribution is not so paid or made, the Conversion Rate shall again be adjusted to be the Conversion Rate that would then be in effect if such dividend or distribution had not been declared. 

     (ii) [Reserved.]

     (iii) For the avoidance of doubt, for purposes of this Section 15.04(d), in the event of any reclassification of the Common Stock, as a result of which the Notes become convertible into more than one class of Common Stock, if an adjustment to the Conversion Rate is required pursuant to this Section
  15.04(d), references in this Section to one share of Common Stock or Last Reported Sale Price of one share of Common Stock shall be deemed to refer to a unit or to the price of a unit consisting of the number of shares of each class of Common Stock
  into which the Notes are then convertible equal to the numbers of shares of such class issued in respect of one share of Common Stock in such reclassification. The above provisions of this paragraph shall similarly apply to successive
reclassifications. 

          (e) If the Company or any of its Subsidiaries makes a payment in respect of a tender
offer or exchange offer for the Common Stock and the cash and value of any other consideration included in the payment per share of the Common Stock exceeds the Last Reported Sale Price of the Common Stock 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 Conversion Rate shall be increased based on the following formula: 

	 		 

	     where     		
	 

        
	 	 CR0
        	
=
        	
the Conversion Rate in effect on the date such tender or exchange offer
expires;    
	 	 
		
	 	 CR’
        	
=
        	
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 Board of Directors) paid or payable for shares of Common Stock       purchased in such tender or exchange offer; 
	 	 
		
	 	 OS0
        	
=
        	
the number of shares of Common Stock outstanding immediately prior to
the date such tender or exchange offer expires;     

64

	 	
OS’
        	
=
        	
the number of shares of Common Stock outstanding immediately after the
date such tender or exchange offer expires; and     
	 	 
		
	 	
SP’
        	
=
        	
the average of the Last Reported Sale Prices of Common Stock over the
ten consecutive Trading Day period commencing on the Trading Day next succeeding the date such tender or exchange offer expires,        

such adjustment to become effective immediately prior to the opening of business on the day immediately following the tenth Trading Day next succeeding the date such tender or exchange offer expires. As a result,
any conversion within the ten consecutive Trading Day period commencing on the Trading Day next succeeding the date such tender or exchange offer expires will be deemed not to have occurred until the end of such ten consecutive Trading Day period.
If the Company is obligated to purchase shares pursuant to any such tender or exchange offer, but the Company is permanently prevented by applicable law from effecting any or all or any portion of such purchases or all such purchases are rescinded,
the Conversion Rate shall again be adjusted to be the Conversion Rate that would then be in effect if such tender or exchange offer had not been made or had been made only in respect of the purchases that had been effected.

          (f) No adjustment to the Conversion Rate shall be made to the extent that the
  adjustment would reduce the Conversion Price below the par value per share of the Common Stock. For purposes of this Section 15.04, the term “Record Date” shall mean, with respect to any dividend, distribution or other transaction or event in which the holders of Common Stock (or other security) have the right to receive any cash, securities or other property or in which the Common
  Stock (or other applicable security) is exchanged for or converted into any combination of cash, securities or other property, the date fixed for determination of stockholders entitled to receive such cash, securities or other property (whether such
  date is fixed by the Board of Directors or by statute, contract or otherwise).

          (g) Except as stated herein, the Company shall not adjust the Conversion Rate for the
  issuance of shares of its Common Stock or any securities convertible into or exchangeable for shares of its Common Stock or the right to purchase shares of its Common Stock or such convertible or exchangeable securities.   

          (h) [Reserved.]

          (i) In addition to those required by clauses (a), (b), (c), (d) and (e) of this Section
  15.04, and to the extent permitted by applicable law and subject to the applicable rules of the New York Stock Exchange, the Company from time to time may increase the Conversion Rate by any amount for a period of at least twenty Business Days if
  the Board of Directors determines that such increase would be in the Company’s best interest. In addition, the Company may also (but is not required to) increase the Conversion Rate to avoid or diminish any income tax to holders of Common Stock
  or rights to purchase Common Stock in connection with any dividend or distribution of shares (or rights to acquire shares) or similar event. Whenever the Conversion Rate is increased pursuant to the preceding sentence, the Company shall mail to the
  holder of each Note at its last address appearing on the Note register provided for in Section 2.06 a notice of the increase at least fifteen days prior to the date the increased Conversion Rate takes effect, 

65

and such notice shall state the increased Conversion Rate and the period during which it will be in effect.

       (j) The applicable Conversion Rate will not be adjusted:

      (i) upon the issuance of any shares of the Common Stock pursuant to any present or
  future plan providing for the reinvestment of dividends or interest payable on the Company’s securities and the investment of additional optional amounts in shares of the Common Stock under any plan;

     (ii) upon the issuance of any shares of the 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 the Company’s subsidiaries;

     (iii) upon the issuance of any shares of the Common Stock pursuant to any option,
  warrant, right or exercisable, exchangeable or convertible security not described in clause (ii) of this subsection and outstanding as of the date the Notes were first issued;   

     (iv) for a change in the par value of the Common Stock; or   

     (v) for accrued and unpaid interest, including Additional Interest, if any.

           (k) All calculations and other determinations under this Article 15 shall be made by
  the Company and shall be made to the nearest one-ten thousandth (1/10,000) of a share. No adjustment pursuant to this Section 15.04 shall be made to the Conversion Rate unless such adjustment would require a change of at least 1% in the Conversion
  Rate then in effect at such time. However, any adjustments that are less than 1% of the Conversion Rate shall be carried forward and taken into account in any subsequent adjustment, regardless of whether the aggregate adjustment is less than 1%
  within one year of the first adjustment carried forward, upon a Fundamental Change or at the Maturity Date.

           (l) Whenever the Conversion Rate is adjusted as herein provided, the Company shall
  promptly file with the Trustee and any Conversion Agent other than the Trustee an Officers’ Certificate setting forth the Conversion Rate after such adjustment and setting forth a brief statement of the facts requiring such adjustment. Unless
  and until a Responsible Officer of the Trustee shall have received such Officers’ Certificate, the Trustee shall not be deemed to have knowledge of any adjustment of the Conversion Rate and may assume without inquiry that the last Conversion
  Rate of which it has knowledge is still in effect. Promptly after delivery of such certificate, the Company shall prepare a notice of such adjustment of the Conversion Rate setting forth the adjusted Conversion Rate and the date on which each
  adjustment becomes effective and shall mail such notice of such adjustment of the Conversion Rate to the holder of each Note at its last address appearing on the Note register provided for in Section 2.06 of this Indenture, within twenty days of the
  effective date of such adjustment. Failure to deliver such notice shall not affect the legality or validity of any such adjustment.

           (m) For purposes of this Section 15.04, the number of shares of Common Stock at any time outstanding shall not include shares held in the treasury of the Company but shall include
  shares issuable in respect of scrip certificates issued in lieu of fractions of shares of 

66

Common Stock. The Company will not pay any dividend or make any distribution on shares of Common Stock held in the treasury of the Company.

           Section 15.05. Shares to Be Fully Paid. The Company shall provide, free from preemptive rights, out of its authorized but unissued shares or shares held in treasury, sufficient shares of Common Stock to provide for conversion of the Notes from time to time as such Notes are
  presented for conversion. 

          Section 15.06. Effect of Reclassification, Consolidation, Merger or Sale.

          Upon the occurrence of (i) any reclassification or change of the outstanding shares of Common Stock (other than a change in par value, or from par value to no par value, or from no
par value to par value, or as a result of a split, subdivision or combination), (ii) any consolidation, merger or combination of the Company with another Person, or (iii) any sale or conveyance of all or substantially all of the property and assets
of the Company to any other Person, in each case as a result of which holders of Common Stock shall be entitled to receive cash, securities or other property or assets with respect to or in exchange for such Common Stock (any such event a
“Merger Event”), then:

           (a) the Company or the successor or purchasing Person, as the case may be, shall
  execute with the Trustee a supplemental indenture (which shall comply with the Trust Indenture Act as in force at the date of execution of such supplemental indenture if such supplemental indenture is then required to so comply) permitted under
  Section 11.01(h) providing for the conversion and settlement of the Notes as set forth in this Indenture. Such supplemental indenture shall provide for adjustments that shall be as nearly equivalent as may be practicable to the adjustments provided
  for in this Article 15. If, in the case of any Merger Event, the 
  Reference Property includes shares of stock or other securities and assets of a corporation other than the successor or purchasing corporation, as the case may be, in such reclassification, change, consolidation,
  merger, combination, sale or conveyance, then such supplemental indenture shall also be executed by such other corporation and shall contain such additional provisions to protect the interests of the holders of the Notes as the Board of Directors
  shall reasonably consider necessary by reason of the foregoing, including to the extent required by the Board of Directors and practicable the provisions providing for the repurchase rights set forth in Article 16 herein.

           In the event the Company shall execute a supplemental indenture pursuant to this Section 15.06, the Company shall promptly file with the Trustee an Officers’ Certificate briefly
  stating the reasons therefore, the kind or amount of cash, securities or property or asset that will constitute the Reference Property after any such Merger Event, any adjustment to be made with respect thereto and that all conditions precedent have
  been complied with, and shall promptly mail notice thereof to all Noteholders. The Company shall cause notice of the execution of such supplemental indenture to be mailed to each Noteholder, at its address appearing on the Note register provided for
  in this Indenture, within twenty days after execution thereof. Failure to deliver such notice shall not affect the legality or validity of such supplemental indenture.

           (b) Notwithstanding the provisions of Section 15.02(b), and subject to the provisions
  of Section 15.01 and Section 15.03, at the effective time of such Merger Event, (i) the 

67

right to convert each $1,000 principal amount of Notes will be changed to a right to convert such Note into the kind and amount of shares of stock, securities or other property or assets (including cash or any
combination thereof) that a holder of a number of shares of Common Stock equal to the Conversion Rate immediately prior to such transaction would have owned or been entitled to receive (the “Reference Property”) and (ii) the related Conversion Obligation shall be settled as set forth under clause (c) below. The Company shall not become a party to any Merger Event unless
its terms are consistent with this Section 15.06. None of the foregoing provisions shall affect the right of a holder of Notes to convert its Notes into cash and shares of Common Stock (or, at the Company’s election, cash in lieu of some or all
of such Common Stock), as set forth in Section 15.01 and Section 15.02 prior to the effective date of such Merger Event.

          (c) If the Notes are convertible into cash and Reference Property as set forth above,
  the related Conversion Obligation, with respect to each $1,000 principal amount of Notes tendered for conversion after the effective date of any such Merger Event, shall be settled in cash and units of Reference Property in accordance with
  Section 15.02(b) as follows:

     (i) The Company shall deliver, on the third Business Day immediately following the last
  day of the related Cash Settlement Averaging Period, cash and shares of Common Stock (or, at the Company’s election, cash in lieu of some or all of such Common Stock), if any, equal to the sum of the Daily Settlement Amounts for each of the
  thirty Trading Days during the related Cash Settlement Averaging Period (provided that (1) such Daily Settlement Amounts, and the Daily Conversion Value,
  will be determined as if references in such definitions to “the Daily VWAP of the Common Stock” were references instead “the Daily VWAP of a unit of Reference Property composed of the kind and amount of shares of stock, securities or
  other property or assets (including cash or any combination thereof) that a holder of one share of Common Stock immediately prior to such transaction would have owned or been entitled to receive based on the Weighted Average Consideration” and
  (2) the Daily VWAP shall be determined with respect to such a unit of Reference Property).

     (ii) The Company will deliver the cash in lieu of fractional units of Reference
  Property as set forth pursuant to Section 15.02(l) (provided that the amount of such cash shall be determined as if references in such Section to “the
  Last Reported Sale Price of the Common Stock” were a reference instead to “the Last Reported Sale Price of a unit of Reference Property composed of the kind and amount of shares of stock, securities or other property or assets (including
  cash or any combination thereof) that a holder of one share of Common Stock immediately prior to such transaction would have owned or been entitled to receive based on the Weighted Average Consideration.”

     (iii) The Daily Settlement Amounts shall be determined by the Company promptly
  following the last day of the Cash Settlement Averaging Period.

     (iv) For purposes of this Section 15.06, the “Weighted Average Consideration” shall mean the weighted average of the types and amounts of consideration received by the holders of the Common Stock entitled to receive cash,
  securities or other property or assets with respect to or in exchange for such Common Stock in any Merger Event who affirmatively make such an election. 

68

     (v) The Company shall notify the holders of the Weighted Average Consideration as soon
as practicable after the Weighted Average Consideration is determined.

          (d) Notwithstanding clause (c) above, if the Notes are tendered for conversion prior to
  the effective date of any such Merger Event pursuant to Section 15.03 above, and the Company shall be obligated to deliver any additional consideration (other than cash) as a result of an increase in the Conversion Rate pursuant to Section 15.03
  following the effective date of such Merger Event, such additional consideration shall be delivered in the kind and amount of Reference Property as a holder of the relevant number of shares of Common Stock would have received in such Merger Event
  based on the Weighted Average Consideration.

          (e) The above provisions of this Section shall similarly apply to successive Merger
  Events. 

          Section 15.07. Certain Covenants.

          (a) The Company covenants that all shares of Common Stock issued upon conversion of
  Notes will be fully paid and non-assessable by the Company and free from all taxes, liens and charges with respect to the issue thereof.

          (b) The Company covenants that, if any shares of Common Stock to be provided for the
  purpose of conversion of Notes hereunder require registration with or approval of any governmental authority under any federal or state law before such shares may be validly issued upon conversion, the Company will in good faith and as expeditiously
as possible, to the extent then permitted by the rules and interpretations of the Commission (or any successor thereto), endeavor to secure such registration or approval, as the case may be.

          (c) The Company further covenants that if at any time the Common Stock shall be listed
  on any national securities exchange or automated quotation system the Company will, if permitted and required by the rules of such exchange or automated quotation system, list and keep listed, so long as the Common Stock shall be so listed on such
exchange or automated quotation system, all Common Stock issuable upon conversion of the Notes.

          Section 15.08. Responsibility of Trustee. The Trustee and any other Conversion Agent shall not at any time be under any duty or responsibility to any Noteholder to determine the Conversion Rate or whether any facts exist that may require any adjustment (including any
  increase) of the Conversion Rate, or with respect to the nature or extent or calculation of any such adjustment when made, or with respect to the method employed, or herein or in any supplemental indenture provided to be employed, in making the
  same. The Trustee and any other Conversion Agent shall not be accountable with respect to the validity or value (or the kind or amount) of any shares of Common Stock, or of any securities, property or cash that may at any time be issued or delivered
  upon the conversion of any Note; and the Trustee and any other Conversion Agent make no representations with respect thereto. Neither the Trustee nor any Conversion Agent shall be responsible for any failure of the Company to issue, transfer or
  deliver any shares of Common Stock or stock certificates or other securities or property or cash upon the surrender of any Note for the purpose of conversion or to comply with any of the duties, responsibilities or covenants of the Company contained
in this Article. Without limiting 

69

the generality of the foregoing, neither the Trustee nor any Conversion Agent shall be under any responsibility to determine the correctness of any provisions contained in any supplemental indenture entered into
pursuant to Section 15.06 relating either to the kind or amount of shares of stock or securities or property (including cash) receivable by Noteholders upon the conversion of their Notes after any event referred to in such Section 15.06 or to any
adjustment to be made with respect thereto, but, subject to the provisions of Section 8.01, may accept as conclusive evidence of the correctness of any such provisions, and shall be protected in relying upon, the Officers’ Certificate (which
the Company shall be obligated to file with the Trustee prior to the execution of any such supplemental indenture) with respect thereto. Neither the Trustee nor the Conversion Agent shall be responsible for determining whether any event contemplated
by Section 15.01(b) has occurred that makes the Notes eligible for conversion or no longer eligible therefor until the Company has delivered to the Trustee and the Conversion Agent the notices referred to in Section 15.01(b) with respect to the
commencement or termination of such conversion rights, on which notices the Trustee and the Conversion Agent may conclusively rely, and the Company agrees to deliver such notices to the Trustee and the Conversion Agent immediately after the
occurrence of any such event or at such other times as shall be provided for in Section 15.01(b). 

          Section 15.09. Notice to Holders Prior to Certain Actions. In
case:

          (a) the Company shall declare a dividend (or any other distribution) on its Common
Stock that would require an adjustment in the Conversion Rate pursuant to Section 15.04; or

          (b) the Company shall authorize the granting to all of the holders of its Common Stock
  of rights or warrants to subscribe for or purchase any share of any class or any other rights or warrants; or

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

          (d) of the voluntary or involuntary dissolution, liquidation or winding-up of the Company;

the Company shall cause to be filed with the Trustee and to be mailed to each Noteholder at its address appearing on the Note register, provided for in Section 2.06 of this Indenture, as promptly as possible but
  in any event at least twenty days prior to the applicable date hereinafter specified, a notice stating (i) the date on which a record is to be taken for the purpose of such dividend, distribution or rights or warrants, or, if a record is not to be
  taken, the date as of which the holders of Common Stock of record to be entitled to such dividend, distribution or rights are to be determined, or (ii) the date on which such reclassification, consolidation, merger, sale, transfer, dissolution,
  liquidation or winding-up is expected to become effective or occur, and the date as of which it is expected that holders of Common Stock of record shall be entitled to exchange their Common Stock for securities or other property deliverable upon
  such 

70

reclassification, consolidation, merger, sale, transfer, dissolution, liquidation or winding-up. Failure to give such notice, or any defect therein, shall not affect the legality or validity of such dividend,
distribution, reclassification, consolidation, merger, sale, transfer, dissolution, liquidation or winding-up.

           Section 15.10. Shareholder Rights Plans. Each share of Common Stock issued upon conversion of Notes pursuant to this Article 15 shall be entitled to receive the appropriate number of rights, if any, and the certificates representing the Common Stock issued upon such
  conversion shall bear such legends, if any, in each case as may be provided by the terms of any shareholder rights plan adopted by the Company, as the same may be amended from time to time. If at the time of conversion, however, the rights have
  separated from the shares of Common Stock in accordance with the provisions of the applicable shareholder rights agreement so that the holders of the Notes would not be entitled to receive any rights in respect of Common Stock issuable upon
  conversion of the Notes, the Conversion Rate will be adjusted at the time of separation as if the Company has distributed to all holders of Common Stock, shares of Capital Stock of the Company, evidence of indebtedness or assets as provided in
  Section 15.04(c), subject to readjustment in the event of the expiration, termination or redemption of such rights. 

ARTICLE 16 

REPURCHASE OF NOTES AT OPTION OF HOLDERS

          Section 16.01. [Reserved.]

          Section 16.02. Repurchase at Option of Holders Upon a Fundamental Change.

          (a) If there shall occur a Fundamental Change at any time prior to the Maturity Date,
then each Noteholder shall have the right, at such holder’s option, to require the Company to repurchase all of such holder’s Notes for cash, or any portion thereof that is an integral multiple of $1,000 principal amount, on the date
(the “Fundamental Change Repurchase Date”) specified by the Company that is not less than twenty Business Days and not more than thirty five
Business Days after the date of the Fundamental Change Company Notice (as defined below) at a repurchase price equal to 100% of the principal amount thereof, together with accrued and unpaid interest, including unpaid Additional Interest, if any,
thereon to, but excluding, the Fundamental Change Repurchase Date (the “Fundamental Change Repurchase Price”). If such Fundamental Change
Repurchase Date falls after a record date for the payment of interest, and on or prior to the corresponding Interest Payment Date, the Company shall instead pay the principal amount to the Noteholders surrendering the Notes for repurchase pursuant
to this Section 16.02, and pay the full amount of accrued and unpaid interest, including accrued and unpaid Additional Interest, if any, payable on such Interest Payment Date to the holder of record on the close of business on the corresponding
record date. Repurchases of Notes under this Section 16.02 shall be made, at the option of the holder thereof, upon:

     (i) delivery to the Paying Agent by a holder of a duly completed notice (the
“Fundamental Change Repurchase Notice”) in the form set forth on the reverse of the Note as Exhibit C thereto prior to the close of business on or
  prior to the Fundamental Change Repurchase Date; and 

71

     (ii) delivery or book-entry transfer of the Notes to the Paying Agent at any time after
delivery of the Fundamental Change Repurchase Notice (together with all necessary endorsements) at the Corporate Trust Office of the Paying Agent in The Borough of Manhattan, such delivery being a condition to receipt by the holder of the
Fundamental Change Repurchase Price therefor; provided that such Fundamental Change Repurchase Price shall be so paid pursuant to this Section 16.02 only if
the Note so delivered to the Paying Agent shall conform in all respects to the description thereof in the related Fundamental Change Repurchase Notice. 

          The Fundamental Change Repurchase Notice shall state:

     (A) if certificated, the certificate numbers of Notes to be delivered for repurchase;

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

     (C) that the Notes are to be repurchased by the Company pursuant to the applicable
    provisions of the Notes and the Indenture; 

provided, however, that if the Notes are not in certificated form, the
Fundamental Change Repurchase Notice must comply with appropriate Depositary procedures.

          Any repurchase by the Company contemplated pursuant to the provisions of this Section 16.02 shall be consummated by the delivery of the consideration to be received by the holder
promptly following the later of the Fundamental Change Repurchase Date and the time of the book-entry transfer or delivery of the Note as described in Section 16.04(a).

          Notwithstanding anything herein to the contrary, any holder delivering to the Paying Agent the Fundamental Change Repurchase Notice contemplated by this Section 16.02 shall have the
  right to withdraw, in whole or in part, such Fundamental Change Repurchase Notice at any time prior to the close of business on the Business Day prior to the Fundamental Change Repurchase Date by delivery of a written notice of withdrawal to the
  Paying Agent in accordance with Section 16.03 below.

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

          (b) On or before the twentieth day after the occurrence of the effective date of a
  Fundamental Change, the Company shall mail or cause to be mailed to all holders of record of the Notes a notice (the “Fundamental Change Company Notice”) of the occurrence of the effective date of the Fundamental Change and of the repurchase right at the option of the holders arising as a result thereof. Such mailing shall be by first class mail. The Company shall also deliver a
  copy of the Fundamental Change Company Notice to the Trustee, the Paying Agent and the Conversion Agent within five Business Days after the Effective Date of the Fundamental Change. Simultaneously with the providing of such notice, the Company will
  also publish a notice containing the information set forth in the Fundamental Change Company Notice in a newspaper of general circulation in The City of New York or publish such information on the Company’s website or through such other public
  medium as the Company may use at that time.

72

          Each Fundamental Change Company Notice shall specify:

      (i) the events causing the
  Fundamental Change;

      (ii) the effective date of the Fundamental Change;

     (iii) the last date on which a holder may exercise the repurchase right; 

     (iv) the Fundamental Change Repurchase Price;

     (v) the name and address of the Paying Agent and the Conversion Agent, if applicable;
  
  (vi) the Fundamental Change Repurchase Date;

     (vii) if applicable, that the Notes are eligible to be converted, the applicable
  Conversion Rate, any adjustments to the applicable Conversion Rate;

     (viii) if applicable, that the Notes with respect to which a Fundamental Change 
  Repurchase Notice has been delivered by a holder may be converted only if the holder withdraws the Fundamental Change Repurchase Notice in accordance with the terms of the Indenture;

     (ix) that the holder must exercise the repurchase right on or prior to the close of
  business on the Fundamental Change Repurchase Date (the “Fundamental Change Expiration Time”);

     (x) that the holder shall have the right to withdraw any Notes surrendered prior to the
  Fundamental Change Expiration Time; and       (xi) the procedures that holders must follow to require the Company to repurchase their
  Notes.

          No failure of the Company to give the foregoing notices and no defect therein shall limit the Noteholders’ repurchase rights or affect the validity of the proceedings for the
  repurchase of the Notes pursuant to this Section 16.02.

          (c) Notwithstanding the foregoing, no Notes may be repurchased by the Company at the
  option of the holders upon a Fundamental Change if the principal amount of the Notes has been accelerated, and such acceleration has not been rescinded, on or prior to the Fundamental Change Repurchase Date (except in the case of an acceleration
  resulting from a default by the Company in the payment of the Fundamental Change Repurchase Price with respect to such Notes).

            (d) In connection with any purchase offer, the Company will:

     (i) comply with the provisions of Rule 13e-4, Rule 14e-1 and any other tender offer
  rules under the Exchange Act, 

73 

     (ii) file a Schedule TO or any successor or similar schedule, if required under the
Exchange Act, and

     (iii) otherwise comply with all federal and state securities laws in connection with
  any offer by the Company to purchase the Notes. 

          Section 16.03. Withdrawal of Fundamental Change Repurchase Notice.

          (a) A Fundamental Change Repurchase Notice may be withdrawn by means of a written
notice of withdrawal delivered to the Corporate Trust Office of the Paying Agent in accordance with the Fundamental Change Repurchase Notice at any time prior to the close of business on the Business Day prior to the Fundamental Change Repurchase
Date, specifying:

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

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

     (iii) the principal amount, if any, of such Note that remains subject to the original
  Fundamental Change Repurchase Notice, which portion must be in principal amounts of $1,000 or an integral multiple of $1,000;   

provided, however, that if the Notes are not in certificated form, the
    notice must comply with appropriate procedures of the Depositary. 

          Section 16.04. Deposit of Fundamental Change Repurchase Price.

          (a) The Company will deposit with the Trustee (or other Paying Agent appointed by the
Company or if the Company is acting as its own Paying Agent, set aside, segregate and hold in trust as provided in Section 5.04) on or prior to the Business Day immediately following the Fundamental Change Repurchase Date (the “Fundamental Change Payment Date”) an amount of money sufficient to repurchase all of the Notes to be repurchased at the appropriate Fundamental Change Repurchase
Price; provided that if such payment is made on the Fundamental Change Payment Date, it must be received by the Trustee or Paying Agent, as the case may be,
by 11:00 a.m. New York City time, on such date. Subject to receipt of funds and/or Notes by the Trustee (or other Paying Agent appointed by the Company), payment for Notes surrendered for repurchase (and not withdrawn prior to the Fundamental Change
Expiration Time) will be made promptly after the later of (i) the Fundamental Change Repurchase Date with respect to such Note (provided the holder has
satisfied the conditions in Section 16.02) and (ii) the time of book-entry transfer or the delivery of such Note to the Trustee (or other Paying Agent appointed by the Company) by the holder thereof in the manner required by Section 16.02 by mailing
checks for the amount payable to the holders of such Notes entitled thereto as they shall appear in the Note register, provided, however, that payments to the Depositary shall be made by wire transfer of immediately available funds to the account of the Depositary or its nominee. The Trustee shall,
promptly after such payment and upon written demand by the Company, return to the Company any funds in excess of the Fundamental Change Repurchase Price. 

74

          (b) If by 11:00 a.m. New York City time, on the Fundamental Change Payment Date, the
Trustee (or other Paying Agent appointed by the Company) holds money sufficient to make payment on all the Notes or portions thereof that are to be repurchased as a result of the corresponding Fundamental Change, then (i) such Notes will cease to be
outstanding, (ii) interest, including Additional Interest, if any, will cease to accrue on such Notes, and (iii) all other rights of the holders of such Notes will terminate (other than the right to receive the Fundamental Change Repurchase Price,
and previously accrued but unpaid interest, including Additional Interest, if any, upon delivery of the Notes), whether or not book-entry transfer of the Notes has been made or the Notes have been delivered to the Trustee or Paying Agent.

           (c) Upon surrender of a Note that is to be repurchased in part pursuant to 16.02, the
  Company shall execute and the Trustee shall authenticate and deliver to the holder a new Note in an authorized denomination equal in principal amount to the unrepurchased portion of the Note surrendered. 

ARTICLE 17 

MISCELLANEOUS PROVISIONS

          Section 17.01. Provisions Binding on Company’s Successors. All the covenants, stipulations, promises and agreements of the Company contained in this Indenture shall bind its successors and assigns whether so expressed or not.

          Section 17.02. Official Acts by Successor Corporation. Any act or proceeding by any provision of this Indenture authorized or required to be done or performed by any board, committee or officer of the Company shall and may be done and performed with like force and effect
  by the like board, committee or officer of any corporation or other entity that shall at the time be the lawful sole successor of the Company.

          Section 17.03. Addresses for Notices, Etc. Any notice or demand that by any provision of this Indenture is required or permitted to be given or served by the Trustee or by the Noteholders on the Company shall be deemed to have been sufficiently given or made, for all purposes if
  given or served by being deposited postage prepaid by registered or certified mail in a post office letter box addressed (until another address is filed by the Company with the Trustee) to Charles River Laboratories International, Inc., 251
  Ballardvale Street, Wilmington, Massachusetts 01887, Attention: General Counsel. Any notice, direction, request or demand hereunder to or upon the Trustee shall be deemed to have been sufficiently given or made, for all purposes, if given or served
  by being deposited postage prepaid by registered or certified mail in a post office letter box addressed to the Corporate Trust Office.

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

          Any notice or communication mailed to a Noteholder shall be mailed to it by first class mail, postage prepaid, at its address as it appears on the Note register and shall be
  sufficiently given to it if so mailed within the time prescribed. 

75

          Failure to mail a notice or communication to a Noteholder or any defect in it shall not affect its sufficiency with respect to other Noteholders. If a notice or communication is
mailed in the manner provided above, it is duly given, whether or not the addressee receives it.

          In case by reason of the suspension of regular mail service or by reason of any other cause it shall be impracticable to give such notice to holders by mail, then such notification as
  shall be made with the approval of the Trustee shall constitute a sufficient notification for every purpose hereunder.

          Section 17.04. Governing Law. THIS
  INDENTURE AND EACH NOTE SHALL BE DEEMED TO BE A CONTRACT MADE UNDER THE LAWS OF NEW YORK, AND FOR ALL PURPOSES SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF NEW YORK (WITHOUT REGARD TO THE CONFLICTS OF LAWS PROVISIONS THEREOF).

          Section 17.05. Evidence of Compliance with Conditions Precedent; Certificates and
  Opinions of Counsel to Trustee. Upon any application or demand by the Company to the Trustee to take any action under any of the provisions of this Indenture, the Company shall furnish to the Trustee an
  Officers’ Certificate stating that all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied with, and an Opinion of Counsel stating that, in the opinion of such counsel, all such
  conditions precedent have been complied with.

          Each certificate or opinion provided for by or on behalf of the Company in this Indenture and delivered to the Trustee with respect to compliance with a condition or covenant provided
  for in this Indenture (other than the Officers’ Certificates provided for in Section 5.08) 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 statement or opinion contained in such certificate or opinion is based; (c) a statement that, in the opinion of such person, he or she has made such examination or investigation as
  is necessary to enable him or her 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 17.06. Legal Holidays. In any
  case where any Interest Payment Date, Fundamental Change Repurchase Date, Conversion Date or Maturity Date is not be a Business Day, then any action to be taken on such date need not be taken on such date, but may be taken on the next succeeding
  Business Day with the same force and effect as if taken on such date, and no interest shall accrue for the period from and after such date.

          Section 17.07. No Security Interest Created. Nothing in this Indenture or in the Notes, expressed or implied, shall be construed to constitute a security interest under the Uniform Commercial Code or similar legislation, as now or hereafter enacted and in effect, in any
  jurisdiction.

          Section 17.08. Trust Indenture Act.
  This Indenture is hereby made subject to, and shall be governed by, the provisions of the Trust Indenture Act required to be part of and to 

76

govern indentures qualified under the Trust Indenture Act; provided that this Section 17.08 shall not require that this
Indenture or the Trustee be qualified under the Trust Indenture Act prior to the time such qualification is in fact required under the terms of the Trust Indenture Act, nor shall it constitute any admission or acknowledgment by any party hereto that
any such qualification is required prior to the time such qualification is in fact required under the terms of the Trust Indenture Act. If any provision hereof limits, qualifies or conflicts with another provision hereof that is required to be
included in an indenture qualified under the Trust Indenture Act, such required provision shall control.

          Section 17.09. Benefits of Indenture.
  Nothing in this Indenture or in the Notes, expressed or implied, shall give to any Person, other than the parties hereto, any Paying Agent, any Conversion Agent, any authenticating agent, any Note registrar and their successors hereunder or the
  Noteholders, any benefit or any legal or equitable right, remedy or claim under this Indenture.

          Section 17.10. Table of Contents, Headings, Etc. The table of contents and the titles 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 17.11. Authorizing Agent. The
  Trustee may appoint an authenticating agent that shall be authorized to act on its behalf and subject to its direction in the authentication and delivery of Notes in connection with the original issuance thereof and transfers and exchanges of Notes
  hereunder, including under Section 2.05, Section 2.06, Section 2.07, Section 2.08, Section 11.04 and Section 16.04 as fully to all intents and purposes as though the authenticating agent had been expressly authorized by this Indenture and those
  Sections to authenticate and deliver Notes. For all purposes of this Indenture, the authentication and delivery of Notes by the authenticating agent shall be deemed to be authentication and delivery of such Notes “by the Trustee” and a
  certificate of authentication executed on behalf of the Trustee by an authenticating agent shall be deemed to satisfy any requirement hereunder or in the Notes for the Trustee’s certificate of authentication. Such authenticating agent shall at
  all times be a Person eligible to serve as trustee hereunder pursuant to Section 8.09.

          Any corporation or other entity into which any authenticating agent may be merged or converted or with which it may be consolidated, or any corporation or other entity resulting from
  any merger, consolidation or conversion to which any authenticating agent shall be a party, or any corporation or other entity succeeding to the corporate trust business of any authenticating agent, shall be the successor of the authenticating agent
  hereunder, if such successor corporation or other entity is otherwise eligible under this Section, without the execution or filing of any paper or any further act on the part of the parties hereto or the authenticating agent or such successor
corporation or other entity.

          Any authenticating agent may at any time resign by giving written notice of resignation to the Trustee and to the Company. The Trustee may at any time terminate the agency of any
  authenticating agent by giving written notice of termination to such authenticating agent and to the Company. Upon receiving such a notice of resignation or upon such a termination, or in case at any time any authenticating agent shall cease to be
eligible under this 

77

Section, the Trustee may appoint a successor authenticating agent (which may be the Trustee), shall give written notice of such appointment to the Company and shall mail notice of such appointment to all
Noteholders as the names and addresses of such holders appear on the Note register.

          The Company agrees to pay to the authenticating agent from time to time reasonable compensation for its services although the Company may terminate the authenticating agent, if it
  determines such agent’s fees to be unreasonable.       The provisions of Section 8.02, Section 8.03, Section 8.04, Section 9.03 and this Section 17.11 shall be applicable to any authenticating agent.

          If an authenticating agent is appointed pursuant to this Section, the Notes may have endorsed thereon, in addition to the Trustee’s certificate of authentication, an alternative
  certificate of authentication in the following form:  

__________________________, 

as Authenticating Agent, certifies that this is one of the Notes described 

in the within-named Indenture.  

By:
  ____________________

  Authorized Officer

          Section 17.12. Execution in Counterparts. This Indenture may be executed in any number of counterparts, each of which shall be an original, but such counterparts shall together constitute but one and the same instrument.

          Section 17.13. Severability. In the
          event any provision of this Indenture or in the Notes shall be invalid, illegal or unenforceable, then (to the extent permitted by law) the validity, legality or enforceability of the remaining provisions shall not in any way be affected or
impaired.

78

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

  	CHARLES RIVER LABORATORIES 
	         INTERNATIONAL, INC. 
	 	 	 
	By:	/s/ Thomas F. Ackerman
	 	

	 	Name:	Thomas F. Ackerman 
	 	Title:	Corporate Executive
          Vice President

      and Chief Financial Officer 

  
    	 
	U.S. BANK NATIONAL ASSOCIATION, 
	         as Trustee 
	 	 	 
	By:	/s/ Elizabeth C. Hammer 
	 	

	 	Name:	Elizabeth C. Hammer 
	 	Title:	Vice President 

  

EXHIBIT A

[FORM OF FACE OF NOTE]

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

THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT AS SET FORTH IN THE FOLLOWING SENTENCE. BY ITS
ACQUISITION HEREOF, THE HOLDER AGREES (1) THAT IT WILL NOT WITHIN THE LATER OF (X) TWO YEARS AFTER THE LATEST ISSUE DATE OF THIS SECURITY AND (Y) THREE MONTHS AFTER IT CEASES TO BE AN AFFILIATE (WITHIN THE MEANING OF RULE 144 UNDER THE SECURITIES ACT) OF THE ISSUER OR A SUBSIDIARY THEREOF, RESELL OR OTHERWISE TRANSFER THE SECURITY EVIDENCED HEREBY OR ANY COMMON STOCK ISSUABLE UPON CONVERSION OF SUCH SECURITY, EXCEPT (A) TO THE ISSUER OR A SUBSIDIARY THEREOF; (B)
UNDER A REGISTRATION STATEMENT THAT HAS BECOME OR BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT; (C) TO A PERSON THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) THAT IS
PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER QUALIFIED INSTITUTIONAL BUYER AND TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, ALL IN COMPLIANCE WITH RULE 144A (IF AVAILABLE); OR (D) UNDER ANY OTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT; AND (2) THAT IT WILL, PRIOR TO ANY TRANSFER OF THIS SECURITY WITHIN THE LATER OF (X) TWO YEARS AFTER THE LATEST ISSUE DATE OF THIS SECURITY AND (Y) THREE MONTHS AFTER IT CEASES TO BE AN
AFFILIATE (WITHIN THE MEANING OF RULE 144 UNDER THE SECURITIES ACT) OF THE ISSUER OR A SUBSIDIARY THEREOF, FURNISH TO THE TRUSTEE AND THE ISSUER SUCH CERTIFICATIONS, LEGAL OPINIONS OR OTHER INFORMATION AS MAY BE REQUIRED INCLUDING 

A-1

  

PURSUANT TO THE INDENTURE TO CONFIRM THAT SUCH TRANSFER IS BEING MADE PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. 

A-2

  

CHARLES RIVER LABORATORIES INTERNATIONAL, INC.

2.25% Convertible Senior Note due 2013 

	No. [_____]  	$[_________]	 

CUSIP
    No. 159864 AA 5

     Charles River Laboratories International, Inc., a corporation duly organized and validly existing under the laws of the State of Delaware (herein called the “Company,” which term includes any successor corporation or other entity under the Indenture referred to on the reverse hereof), for value received hereby promises to pay to CEDE & CO., or
registered assigns, the principal sum of                          Dollars (which amount may from time to time be increased or decreased to such other principal amounts (which, taken together with the principal amounts of all other outstanding Notes, shall not, unless
permitted by the Indenture, exceed $300,000,000 in aggregate at any time (or $350,000,000 if the Initial Purchasers exercise their option to purchase additional Notes in full as set forth in the Purchase Agreement)) by adjustments made on the
records of the Trustee or the Custodian of the Depositary as set forth in Schedule A hereto, in accordance with the rules and procedures of the Depositary) on June 15, 2013, and interest thereon as set forth below and Additional Interest in the
manner, at the rates and to the Persons set forth in the Registration Rights Agreement. 

     This Note shall bear interest at the rate of 2.25% per year from June 12, 2006, or from the most recent date to which interest had been paid or provided for to, but excluding, the next scheduled
Interest Payment Date until June 15, 2013. Interest is payable semi-annually in arrears on each June 15 and December 15, commencing December 15, 2006, to holders of record at the close of business on the preceding June 1 and December 1 (whether or
not such day is a Business Day), respectively. 

     Payment of the principal of and premium, if any, and accrued and unpaid interest and Additional Interest, if any, on this Note shall be made at the office or agency of the Company maintained for that
purpose in the Borough of Manhattan, The City of New York, in such lawful money of the United States of America as at the time of payment shall be legal tender for the payment of public and private debts; provided, however, interest, including Additional Interest, if any, may be paid by check mailed to such holder’s address as it appears in the
Note register; provided further, however, that, with respect to any
Noteholder with an aggregate principal amount in excess of $1,000,000, at the request of such holder in writing to the Trustee and the Paying Agent (if different than the Trustee), interest, including Additional Interest, if any, on such
holder’s Notes shall be paid by wire transfer in immediately available funds in accordance with the written wire transfer instruction supplied by such holder from time to time to the Trustee and Paying Agent (if different from the Trustee) not
later than the applicable record date; provided that any payment to the Depositary or its nominee shall be paid by 

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wire transfer in immediately available funds in accordance with the wire transfer instruction supplied by the Depositary or its nominee from time to time to the Trustee and Paying Agent (if different from Trustee). 

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

     This Note shall be deemed to be a contract made under the laws of the State of New York, and for all purposes shall be construed in accordance with and governed by the laws of said State (without
regard to the conflicts of laws provisions thereof). 

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

[Remainder of page intentionally left blank]

 

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

  	CHARLES RIVER LABORATORIES

              INTERNATIONAL, INC.
	 	 	 
	By:	 
	 	

	 	Name:	 
	 	Title:	 

Dated:

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

U.S. BANK
NATIONAL ASSOCIATION,

as Trustee, certifies that this is one of the Notes described

in the within-named
Indenture. 

  	 	 
	By:	 
	 	
        

	 	Authorized Officer 

 

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[FORM OF REVERSE OF NOTE] 

CHARLES RIVER LABORATORIES INTERNATIONAL, INC.

2.25%
Convertible Senior Note due 2013 

     This Note is one of a duly authorized issue of Notes of the Company, designated as its 2.25% Convertible Senior Notes due 2013 (herein called the “Notes”), limited to the aggregate principal amount of $300,000,000 (or $350,000,000 if the Initial Purchasers exercise their option to purchase additional Notes in full as set forth in the Purchase
Agreement) all issued or to be issued under and pursuant to an Indenture dated as of June 12, 2006 (herein called the “Indenture”), between the Company and U.S. Bank National
Association (herein called the “Trustee”), to which Indenture and all indentures supplemental thereto reference is hereby made for a description of the rights, limitations of
rights, obligations, duties and immunities thereunder of the Trustee, the Company and the holders of the Notes. Additional Notes may be issued in an unlimited aggregate principal amount, subject to certain conditions specified in the Indenture.

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

     Subject to the terms and conditions of the Indenture, the Company will make all payments and deliveries in respect of the Fundamental Change Repurchase Price and the principal amount on the Maturity
Date, as the case may be, to the holder who surrenders a Note to a Paying Agent to collect such payments in respect of the Note. The Company will pay cash amounts in money of the United States that at the time of payment is legal tender for payment
of public and private debts.

     The Indenture contains provisions permitting the Company and the Trustee in certain circumstances, without the consent of the holders of the Notes, and in other circumstances, with the consent of the
holders of not less than a majority in aggregate principal amount of the Notes at the time outstanding, evidenced as in the Indenture provided, to execute supplemental indentures modifying the terms of the Indenture and the Notes as described
therein. It is also provided in the Indenture that the holders of a majority in aggregate principal amount of the Notes at the time outstanding may on behalf of the holders of all of the Notes waive any past Default or Event of Default under the
Indenture and its consequences except as provided in the Indenture. Any such consent or waiver by the holder of this Note (unless revoked as provided in the Indenture) shall be conclusive and binding upon such holder and upon all future holders and
owners 

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of this Note and any Notes that may be issued in exchange or substitution hereof or upon registration of transfer hereof, irrespective of whether or not any notation thereof is made upon this Note or such other Notes. 

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

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

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

     Upon the occurrence of a Fundamental Change, the holder has the right, at such holder’s option, to require the Company to repurchase all of such holder’s Notes or any portion thereof (in
principal amounts of $1,000 or integral multiples thereof) on the Fundamental Change Repurchase Date at a price equal to 100% of the principal amount of the Notes such holder elects to require the Company to repurchase, together with accrued and
unpaid interest, including accrued and unpaid Additional Interest, if any, to but excluding the Fundamental Change Repurchase Date. The Company or, at the written request of the Company, the Trustee shall mail to all holders of record of the Notes a
notice of the occurrence of the effective date of a Fundamental Change and of the repurchase right arising as a result thereof on or before the twentieth day after the occurrence of the effective date of such Fundamental Change. 

     Subject to the provisions of the Indenture, the holder hereof has the right, at its option, during certain periods and upon the occurrence of certain conditions specified in the Indenture and prior to
the close of business on the Trading Day immediately preceding the Maturity Date or in some circumstances prior to the close of business on the second Scheduled Trading Day immediately preceding the Maturity Date, to convert any Notes or portion
thereof that is $1,000 or an integral multiple thereof, into cash and, if applicable, shares of Common Stock (or, at the Company’s election, cash in lieu of some or all of such Common Stock), at a Conversion Rate specified in the Indenture, as
adjusted from time to time as provided in the Indenture, upon surrender of this Note, together with a conversion notice as provided in the Indenture and this Note, to the Company at the office or agency of the Company maintained for that purpose in
the Borough 

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of Manhattan, The City of New York, and, unless the shares issuable on conversion are to be issued in the same name as this Note, duly endorsed by, or accompanied by instruments of transfer in form satisfactory to the Company duly
executed by, the holder or by its duly authorized attorney. The initial Conversion Rate shall be 20.4337 shares for each $1,000 principal amount of Notes. No fractional shares of Common Stock will be issued upon any conversion, but an adjustment in
cash will be paid to the holder, as provided in the Indenture, in respect of any fraction of a share that would otherwise be issuable upon the surrender of any Note or Notes for conversion. No adjustment shall be made for dividends or any shares
issued upon conversion of such Note except as provided in the Indenture. 

     Upon due presentment for registration of transfer of this Note at the office or agency of the Company in the Borough of Manhattan, The City of New York, a new Note or Notes of authorized denominations
for an equal aggregate principal amount will be issued to the transferee in exchange thereof, subject to the limitations provided in the Indenture, without charge except for any tax, assessments or other governmental charge imposed in connection
therewith. 

     The Company, the Trustee, any authenticating agent, any Paying Agent, any Conversion Agent and any Note registrar may deem and treat the registered holder hereof as the absolute owner of this Note
(whether or not this Note shall be overdue and notwithstanding any notation of ownership or other writing hereon), for the purpose of receiving payment hereof, or on account hereof, for the conversion hereof and for all other purposes, and neither
the Company nor the Trustee nor any other authenticating agent nor any Paying Agent nor any other Conversion Agent nor any Note registrar shall be affected by any notice to the contrary. Notwithstanding the foregoing, the Indenture provides that
following a Default, owners of beneficial interests in a Global Note may directly enforce against the Company such owners’ right to exchange such beneficial interest for Notes in certificated form. All payments made to or upon the order of such
registered holder shall, to the extent of the sum or sums paid, satisfy and discharge liability for monies payable on this Note. 

     No recourse for the payment of the principal of or any premium or accrued and unpaid interest, including Additional Interest, if any, on this Note, or for any claim based hereon or otherwise in
respect hereof, and no recourse under or upon any obligation, covenant or agreement of the Company in the Indenture or any indenture supplemental thereto or in any Note, or because of the creation of any indebtedness represented thereby, shall be
had against any incorporator, stockholder, employee, agent, officer, director or subsidiary, as such, past, present or future, of the Company or of any successor corporation or other entity, either directly or through the Company or any successor
corporation or other entity, whether by virtue of any constitution, statute or rule of law or by the enforcement of any assessment or penalty or otherwise, all such liability being, by the acceptance hereof and as part of the consideration for the
issue hereof, expressly waived and released. 

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

 

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ABBREVIATIONS 

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

	TEN COM - as tenants in common	 	 UNIF GIFT MIN ACT 
	 	 	 
	 	 	_______________ Custodian
	 	 	              (Cust) 
	 	 	 
	TEN ENT - as tenants by the entireties 	 	_______________
	 	 	             (Minor)
	 	 	 
	JT TEN - as joint tenants with right of survivorship
    and

    not as tenants in common 	 	Uniform Gifts to Minors Act
    _________ (State)
	 	 	 
	 	 	 

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

 

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  EXHIBIT B

[FORM OF NOTICE OF CONVERSION] 

To: Charles River Laboratories International, Inc. 

     The undersigned registered owner of this Note hereby exercises the option to convert this Note, or the portion hereof (that is $1,000 principal amount or an integral multiple thereof) below
designated, into cash and shares of Common Stock (or, at the Company’s election, cash in lieu of some or all of such Common Stock), if any, in accordance with the terms of the Indenture referred to in this Note, and directs that the shares
issuable and deliverable upon such conversion, if any, together with any cash comprising a portion of the Daily Settlement Amounts for each of the thirty Trading Days during the Cash Settlement Averaging Period and for fractional shares and any
Notes representing any unconverted principal amount hereof, be issued and delivered to the registered holder hereof unless a different name has been indicated below. If shares or any portion of this Note not converted are to be issued in the name of
a Person other than the undersigned, the undersigned will pay all transfer taxes payable with respect thereto. Any amount required to be paid to the undersigned on account of interest accompanies this Note. 

	Dated:	 	 	 
	 	
	 	

	 	 	 	 	 
	 	 	 	

	 	 	 	Signature(s)

	 
	 
	

	Signature Guarantee
	 
	Signature(s) must be guaranteed by an eligible
        Guarantor Institution (banks, stock brokers, savings and loan associations
        and credit unions) with membership in an approved signature guarantee
        medallion program pursuant to Securities and Exchange Commission Rule
        17Ad-15 if shares of Common Stock are to be issued, or Notes to be delivered,
    other than to and in the name of the registered holder.

 

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

	(Name)
	 
	

	(Street Address) 
	 
	 
	

	(City, State and Zip Code)

      Please
    print name and address

  	 Principal amount to be converted
      (if less than all): $______,000 	 
	 	 
	 NOTICE: The above signature(s)
          of the holder(s) hereof must correspond with the name as written upon
          the face of the Note in every particular without alteration or enlargement
      or any change whatever. 	 
	 	 
	
	 
	Social Security or Other Taxpayer

        Identification
          Number 	 

 

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  EXHIBIT C

[FORM OF FUNDAMENTAL CHANGE REPURCHASE NOTICE] 

To: Charles River Laboratories International, Inc. 

The undersigned registered owner of this Note hereby acknowledges receipt of a notice from Charles River Laboratories International, Inc. (the “Company”) as to the occurrence of a Fundamental Change with respect to the
Company and requests and instructs the Company to repay the entire principal amount of this Note, or the portion thereof (that is $1,000 principal amount or an integral multiple thereof) below designated, in accordance with the applicable provisions
of the Indenture referred to in this Note, together with accrued and unpaid interest, including Additional Interest, if any, to, but excluding, such date, to the registered holder hereof.

In the case of certificated Notes, the certificate numbers of the Notes to be repurchased are as set forth below: 

	Dated:	 	 	 
	 	
	 	

	 	 	 	 	 
	 	 	 	

	 	 	 	Signature(s)
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	

	 	 	 	Social Security or Other Taxpayer Identification
    Number 
	 	 	 	 
	 	 	 	Principal amount to be repaid (if
    less than all): $______,000 
	 	 	 	 
	 	 	 	NOTICE: The above signature(s) of the
      holder(s) hereof must correspond with
      the name as written upon the face of the
      Note in every particular without alteration
    or enlargement or any change whatever.

 

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  EXHIBIT D

[FORM OF ASSIGNMENT AND TRANSFER] 

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

In connection with any transfer of the within Note occurring prior to the Resale Restriction Termination Date, as defined in the Indenture governing such Note, the undersigned confirms that such Note is being transferred: 

	o
	To Charles River Laboratories International,
    Inc. or a subsidiary thereof; or
	 	 
	o	Pursuant to the registration statement that
        has become or been declared effective
    under the Securities Act of 1933, as amended; or
	 	 
	o	Pursuant to and in compliance with Rule 144A
        under the Securities Act of 1933, as
    amended; or
	 	 
	o	Pursuant to and in compliance with Rule 144
        under the Securities Act of 1933, as
    amended; or
	 	 
	o	Pursuant to another available exemption
        from registration under the Securities
    Act of 1933, as amended.

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	Dated:	 	 	 
	 	
	 	 
	 	 	 	 	 

	

	 
	 
	

	Signature(s) 
	 
	 
	

	Signature Guarantee
	 
	 Signature(s) must be guaranteed
        by an eligible Guarantor Institution (banks, stock brokers, savings and
        loan associations and credit unions) with membership in an approved signature
        guarantee medallion program pursuant to Securities and Exchange Commission
        Rule 17Ad-15 Notes are to be delivered, other than to and in the name
    of the registered holder. 

NOTICE: The signature on the assignment must correspond with the name as written upon the face of the Note in every particular without alteration or enlargement or any change whatever. 

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