Document:

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                                                                    EXHIBIT 4.46

                                                                  EXECUTION COPY

                            CHIPPAC, INC., as Company

                          STATS CHIPPAC LTD., as Parent

                                       and

                   U.S. BANK NATIONAL ASSOCIATION, as Trustee

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

                          THIRD SUPPLEMENTAL INDENTURE

                    TO THE INDENTURE DATED AS OF MAY 28, 2003

                          Dated as of November 2, 2004

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

                  2.50% Convertible Subordinated Notes Due 2008

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            THIRD SUPPLEMENTAL INDENTURE (this "Third Supplemental Indenture"),
dated as of November 2, 2004, between ChipPAC, Inc., a corporation duly
organized and existing under the laws of the State of Delaware (the "Company"),
STATS ChipPAC Ltd., a Singapore public company limited by shares (the "Parent"),
and U.S. Bank National Association, a banking association duly organized and
existing under the laws of the United States of America, as trustee (the
"Trustee").

                                    RECITALS

            WHEREAS, the Company and the Trustee have executed an Indenture (the
"Base Indenture", as amended and supplemented by a First Supplemental Indenture
dated as of August 4, 2004 (the "First Supplemental Indenture") and as further
amended and supplemented by a Second Supplemental Indenture dated as of October
11, 2004 (the "Second Supplemental Indenture", and as amended hereby, the
"Indenture"), pursuant to which the Company issued $150,000,000 aggregate
principal amount of 2.50% Convertible Subordinated Notes due 2008 (the
"Securities");

            WHEREAS, pursuant to the Agreement and Plan of Merger and
Reorganization dated as of February 10, 2004 (the "Merger Agreement") by and
among the Company, Parent (f.k.a. ST Assembly Test Services Ltd) and Camelot
Merger, Inc., a Delaware corporation and a wholly owned subsidiary of Parent
("Acquisition Corp"), Acquisition Corp merged (the "Merger") with and into the
Company, with the Company continuing as the surviving corporation of the Merger,
and each share of the Company's Class A common stock, $0.01 par value per share
immediately prior to the effective time of the Merger converted into the right
to receive 0.87 American depositary shares of Parent ("ADSs"), each of which
represents the right to receive ten ordinary shares of Parent;

            WHEREAS, pursuant to Section 5.11 of the Indenture and as a
condition precedent to the Merger, Parent entered into the First Supplemental
Indenture providing that the Securities be convertible into ADSs;

            WHEREAS, Parent entered into the Second Supplemental Indenture
providing for a guarantee of the Securities on a subordinated basis;

            WHEREAS, the Company and Parent desire to amend the Securities and
Exchange Commission reporting obligations of the Company under Section 4.02 of
the Indenture;

            WHEREAS, pursuant to Section 10.02 of the Indenture, written consent
of the Holders of at least a majority in principal amount of the Securities then
outstanding have been obtained approving this Third Supplemental Indenture,
including without limitation the amendment of the Securities and Exchange
Commission reporting obligation of the Company under Section 4.02 of the
Indenture; and

            WHEREAS, all conditions and requirements necessary to make this
Third Supplemental Indenture a valid, binding and legal instrument in accordance
with the terms of the Indenture have been performed and fulfilled and the
execution and delivery hereof by the Company and Parent have been in all
respects duly authorized;

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            NOW, THEREFORE, for and in consideration of the above premises, it
is hereby covenanted and agreed, for the equal and proportionate benefit of the
Holders of the Securities, as follows:

                                    ARTICLE 1

                       RELATION TO INDENTURE, DEFINITIONS

            Section 1.01 Relation to Indenture. This Third Supplemental
Indenture constitutes an integral part of the Indenture. In the event of
inconsistencies between the Base Indenture, the First Supplemental Indenture,
the Second Supplemental Indenture and this Third Supplemental Indenture, the
terms of this Third Supplemental Indenture shall govern.

            Section 1.02 Definitions. For all purposes of this Third
Supplemental Indenture, except as otherwise expressly provided or unless the
context otherwise requires:

            (a)   capitalized terms used herein without definition have the
meanings specified in the Indenture;

            (b)   all other terms used herein without definition which are
defined in the TIA, either directly or by reference therein, have the meanings
assigned to them therein; and

            (c)   unless the context otherwise requires, any reference to an
"Article" or a "Section" refers to an Article or a Section, as the case may be,
of this Third Supplemental Indenture.

                                    ARTICLE 2

                             AMENDMENT TO COVENANTS

            Section 4.02 of Article 4 of the Indenture is hereby deleted and
replaced in its entirety as follows:

            Section 4.02. "SEC Reports. Whether or not subject to the reporting
requirements of Section 13 or 15(d) of the Exchange Act, Parent will file with
the SEC and provide the Trustee with such annual reports and such information,
documents and other reports as are specified in Sections 13 and 15(d) of the
Exchange Act and applicable to a foreign corporation subject to such sections,
at the times specified for such filings under such sections. Parent also shall
comply with the other provisions of TIA Section 314(a) as may be required under
the provisions of the TIA. 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 or Parent's compliance with any of their covenants hereunder (as to
which the Trustee is entitled to rely on an Officer's Certificate)."

                                        2
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                                    ARTICLE 3

                                  MISCELLANEOUS

            Section 3.01 Separability Clause. In case any provision in this
Third Supplemental Indenture shall be invalid, illegal or unenforceable, the
validity, legality and enforceability of the remaining provisions shall not in
any way be affected or impaired thereby.

            Section 3.02 Confirmation; Effectiveness. As amended by this Third
Supplemental Indenture, the Second Supplemental Indenture and the First
Supplemental Indenture, the Indenture and the Securities are ratified and
confirmed in all respects and the Indenture as so amended shall be read, taken
and construed as one and the same instrument. The provisions of this Third
Supplemental Indenture shall become operative as of the date of this Third
Supplemental Indenture.

            Section 3.03 GOVERNING LAW. THIS THIRD SUPPLEMENTAL INDENTURE AND
THE SECURITIES SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS
OF THE STATE OF NEW YORK BUT WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF
CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER
JURISDICTION WOULD BE REQUIRED THEREBY.

            Section 3.04 Successors. All agreements of the Company and Parent in
this Third Supplemental Indenture, the Indenture and the Securities shall bind
their successors. All agreements of the Trustee in this Third Supplemental
Indenture, the Indenture and the Securities shall bind its successors.

            Section 3.05 Multiple Originals. The parties may sign any number of
copies of this Third Supplemental Indenture. Each signed copy shall be an
original, but all of them together represent the same agreement. One signed copy
is enough to prove this Third Supplemental Indenture.

            Section 3.06 Table of Contents; Headings. The table of contents,
cross-reference sheet and headings of the Articles and Sections of this Third
Supplemental Indenture and the Indenture have been inserted for convenience of
reference only, are not intended to be considered a part hereof and shall not
modify or restrict any of the terms or provisions hereof.

                                        3
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            IN WITNESS WHEREOF, the parties hereto have caused this Third
Supplemental Indenture to be executed by their duly authorized officers as of
the date first above written.

                              CHIPPAC, INC.

                              By: /s/ Tan Lay Koon
                                  ----------------------------------------------
                                  Name: Tan Lay Koon
                                  Title: President and Chief Executive Officer

                              STATS CHIPPAC LTD.

                              By: /s/ Tan Lay Koon
                                  ----------------------------------------------
                                  Name: Tan Lay Koon
                                  Title: President and Chief Executive Officer

                              U.S. BANK NATIONAL ASSOCIATION

                              By: /s/ Richard Prokosch
                                  ----------------------------------------------
                                  Name: Richard Prokosch
                                  Title: Vice President

                                       S-1Exhibit 4.02(c)

                                  March 7, 2005

VIA FACSIMILE AND FEDERAL EXPRESS
---------------------------------

Keith G. Frey
Chief Financial Officer
Occupational Health + Rehabilitation Inc
175 Derby Street
Suite 36
Hingham, MA 02043

     RE: Waiver under the Amended and Restated Revolving Credit and Security
     Agreement, dated as of December 15, 2003 (as amended, modified or
     supplemented to date, the "Agreement"), between Occupational Health +
     Rehabilitation Inc, CM Occupational Health, Limited Liability Company and
     OHR-SSM, LLC (individually and collectively referred to herein as the
     "Borrower") and CapitalSource Finance LLC ("Lender")

Dear Mr. Frey,

          Reference is hereby made to the Agreement. All capitalized terms used
herein without definition shall have the meanings ascribed to such terms in the
Agreement.

          Reference is made to Section 8.1(f) of the Agreement which states in
part:

     "VIII. EVENTS OF DEFAULT

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

               (f) (i) any default occurs, which is not cured or waived, (x) in
               the payment of any amount with respect to any Indebtedness (other
               than the Obligations) of any Borrower or Guarantor in excess of
               $100,000, (y) in the performance, observance or fulfillment of
               any provision contained in any agreement, contract, document or
               instrument to which any Borrower or Guarantor is a party or to
               which any of their properties or assets are subject or bound
               under or pursuant to which any Indebtedness was issued, created,
               assumed, guaranteed or secured and such default continues for
               more than any applicable grace period or permits the holder of
               any Indebtedness to accelerate the maturity thereof, or (z) in
               the performance, observance or fulfillment of any provision
               contained in any agreement, contract, document or instrument
               between any Borrower or Guarantor and Lender or any Affiliate of
               Lender (other than the Loan Documents), or (ii) any Indebtedness
               of any Borrower or Guarantor is declared to be due and payable or
               is required to be prepaid (other than by a regularly scheduled
               payment) prior to the stated maturity thereof, or any obligation
               of such Person for the payment of Indebtedness (other than the
               Obligations) is not paid when due or within any applicable grace
               period, or any such obligation becomes or is declared to be due
               and payable before the expressed maturity thereof, or there
               occurs an event which, with the giving of notice or lapse of
               time, or both, would cause any such obligation to become, or
               allow any such obligation to be declared to be, due and payable;"

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          On or about March 24, 2004, Borrower advised Lender that it had failed
to make a scheduled payment due March 24, 2004, with respect to the Investor
Notes, and that the failure to make such payment constituted a default (the
"Investor Notes Default") with respect to the Indebtedness evidenced by the
Investor Notes. Lender waived any Default of Event of Default that occurred
under the Agreement or any other Loan Document, with respect to Borrower's
Investor Notes Default; provided, however, that such waiver would automatically
terminate, without further notice required, upon the holders of the Investor
Notes attempting to exercise any remedies with respect to the Investor Notes
Default.

          Borrower has advised Lender that it has failed to pay the Investor
Notes in full when due and that the failure to make such payment constitutes a
default (the "Investor Notes Default") with respect to the Indebtedness
evidenced by the Investor Notes.

          Subject to the terms hereof, through December 31, 2005, Lender hereby
waives any Default or Event of Default that has occurred under the Agreement or
any other Loan Document with respect to Borrower's Investor Notes Default;
provided, however, that this waiver shall automatically terminate, with no
further notice required, upon the holders of the Investor Notes attempting to
exercise any remedies with respect to the Investor Notes Default.

          Except as expressly set forth herein, this letter agreement shall not
be deemed to be a waiver of any provisions of the Agreement or any other Loan
Document. This letter agreement also shall not preclude the future exercise of
any right, power, or privilege available to Lender whether under the Agreement,
the other Loan Documents or otherwise.

          This letter agreement (i) constitutes the entire understanding of the
parties with respect to the subject matter hereof, and any other prior or
contemporaneous agreements, whether written or oral, with respect thereto are
expressly superseded hereby, (ii) shall be governed by and construed in
accordance with the laws of the State of Maryland, and (iii) shall be binding
upon and inure to the benefit of the successors and assigns of the parties
hereto.

<PAGE>

          Please indicate your consent to the terms and conditions of this
letter agreement by signature of your authorized officer in the space indicated
below.

                                                 Very truly yours,

                                                 CAPITALSOURCE FINANCE LLC

                                                 By: /s/ J. Anthony Romero
                                                     ---------------------
                                                 Name:   J. Anthony Romero
                                                 Title:  Director

ACKNOWLEDGED AND AGREED TO as of
March 7, 2005.

OCCUPATIONAL HEALTH + REHABILITATION INC

By: /s/ Keith G. Frey
    -----------------
Name:   Keith G. Frey
Title:  Chief Financial Officer

CM OCCUPATIONAL HEALTH, LIMITED LIABILITY COMPANY

By: /s/ Keith G. Frey
    -----------------
Name:   Keith G. Frey
Title:  Chief Financial Officer, Occupational Health + Rehabilitation Inc
        Its Member and Manager

OHR-SSM, LLC

By: /s/ Keith G. Frey
    -----------------
Name:   Keith G. Frey
Title:  Chief Financial Officer, Occupational Health + Rehabilitation Inc
        Its Member and Manager

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