Document:

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                                                                     EXHIBIT 4.4

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                             AMKOR TECHNOLOGY, INC.

                                       AND

                         U.S. BANK NATIONAL ASSOCIATION,

                                   AS TRUSTEE

                          ____________________________

                                    INDENTURE

                          Dated as of ___________, 200_

                          ____________________________

                          SUBORDINATED DEBT SECURITIES

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                                TABLE OF CONTENTS

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ARTICLE I DEFINITIONS...............................................................................       1

   Section 1.01. Definitions........................................................................       1
   Section 1.02. Other Definitions..................................................................       8
   Section 1.03. Incorporation by Reference of Trust Indenture Act..................................       9
   Section 1.04. Rules of Construction..............................................................       9

ARTICLE II THE SECURITIES...........................................................................      10

   SECTION 2.01. Forms Generally....................................................................      10
   SECTION 2.02. Amount Unlimited; Issuable in Series...............................................      10
   SECTION 2.03. Execution and Authentication.......................................................      13
   SECTION 2.04. The Trustee Registrar, Paying Agent and Conversion Agent...........................      14
   SECTION 2.05. Paying Agent To Hold Money in Trust................................................      15
   SECTION 2.06. Holder Lists.......................................................................      15
   SECTION 2.07. Transfer and Exchange..............................................................      15
   SECTION 2.08. Replacement Securities.............................................................      17
   SECTION 2.09. Outstanding Securities.............................................................      17
   SECTION 2.10. When Treasury Securities Disregarded...............................................      18
   SECTION 2.11. Temporary Securities...............................................................      18
   SECTION 2.12. Cancellation.......................................................................      19
   SECTION 2.13. Defaulted Interest.................................................................      19
   SECTION 2.14. CUSIP Number.......................................................................      20

ARTICLE III REDEMPTION..............................................................................      20

   SECTION 3.01. Applicability of Article...........................................................      20
   SECTION 3.02. Notices to Trustee.................................................................      20
   SECTION 3.03. Selection of Securities To Be Redeemed.............................................      20
   SECTION 3.04. Notice of Redemption...............................................................      21
   SECTION 3.05. Deposit of Redemption Price........................................................      22
   SECTION 3.06. Securities Redeemed in Part........................................................      22
   SECTION 3.07. Conversion Arrangement on Call for Redemption......................................      23

ARTICLE IV COVENANTS................................................................................      23

   SECTION 4.01. Payment of Securities..............................................................      23
   SECTION 4.02. Compliance Certificate.............................................................      23
   SECTION 4.03. Maintenance of Office or Agency....................................................      24
   SECTION 4.04. Money for Securities Payments to be Held in Trust..................................      24
   SECTION 4.05. Continued Existence................................................................      25
   SECTION 4.06. Appointments to Fill Vacancies in Trustee's Office.................................      25
   SECTION 4.07. Stay, Extension and Usury Laws.....................................................      25
   SECTION 4.08. Taxes..............................................................................      26
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                                TABLE OF CONTENTS
                                   (Continued)

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   SECTION 4.09. Reports by Company.................................................................      26
   SECTION 4.10. Waiver of Certain Covenants........................................................      26

ARTICLE V SUCCESSORS................................................................................      26

   SECTION 5.01. When the Company May Merge, Etc....................................................      26
   SECTION 5.02. Successor Corporation Substituted..................................................      27

ARTICLE VI DEFAULTS AND REMEDIES....................................................................      27

   SECTION 6.01. Events of Default..................................................................      27
   SECTION 6.02. Acceleration.......................................................................      29
   SECTION 6.03. Other Remedies.....................................................................      30
   SECTION 6.04. Waiver of Past Defaults............................................................      30
   SECTION 6.05. Control by Majority................................................................      30
   SECTION 6.06. Limitation on Suits................................................................      30
   SECTION 6.07. Rights of Holders To Receive Payment...............................................      31
   SECTION 6.08. Collection Suit by Trustee.........................................................      31
   SECTION 6.09. Trustee May File Proofs of Claim...................................................      31
   SECTION 6.10. Priorities.........................................................................      31
   SECTION 6.11. Undertaking for Costs..............................................................      32

ARTICLE VII THE TRUSTEE.............................................................................      32

   SECTION 7.01. Duties of the Trustee..............................................................      32
   SECTION 7.02. Rights of the Trustee..............................................................      33
   SECTION 7.03. Individual Rights of the Trustee...................................................      35
   SECTION 7.04. Trustee's Disclaimer...............................................................      35
   SECTION 7.05. Notice of Defaults.................................................................      35
   SECTION 7.06. Reports by the Trustee to Holders..................................................      35
   SECTION 7.07. Compensation and Indemnity.........................................................      36
   SECTION 7.08. Replacement of the Trustee.........................................................      36
   SECTION 7.09. Successor Trustee by Merger, etc...................................................      37
   SECTION 7.10. Eligibility, Disqualification......................................................      38
   SECTION 7.11. Preferential Collection of Claims Against Company..................................      38

ARTICLE VIII SATISFACTION AND DISCHARGE OF INDENTURE................................................      38

   SECTION 8.01. Discharge of Indenture.............................................................      38
   SECTION 8.02. Deposited Monies to be Held in Trust by Trustee....................................      38
   SECTION 8.03. Paying Agent to Repay Monies Held..................................................      39
   SECTION 8.04. Return of Unclaimed Monies.........................................................      39
   SECTION 8.05. Reinstatement......................................................................      39

ARTICLE IX AMENDMENTS AND SUPPLEMENTAL INDENTURES...................................................      39

   SECTION 9.01. Without the Consent of Holders.....................................................      39
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                                TABLE OF CONTENTS
                                   (Continued)

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   SECTION 9.02. With the Consent of Holders........................................................      40
   SECTION 9.03. Compliance with the Trust Indenture Act............................................      42
   SECTION 9.04. Revocation and Effect of Consents..................................................      42
   SECTION 9.05. Notation on or Exchange of Securities..............................................      42
   SECTION 9.06. Effect of Supplemental Indentures..................................................      43
   SECTION 9.07. Trustee Protected..................................................................      43
   SECTION 9.08. Subordination Unimpaired...........................................................      43

ARTICLE X GENERAL PROVISIONS........................................................................      43

   SECTION 10.01. Trust Indenture Act Controls......................................................      43
   SECTION 10.02. Notices...........................................................................      43
   SECTION 10.03. Communication by Holders With Other Holders.......................................      44
   SECTION 10.04. Certificate and Opinion as to Conditions Precedent................................      44
   SECTION 10.05. Statements Required in Certificate or Opinion.....................................      44
   SECTION 10.06. Rules by Trustee and Agents.......................................................      45
   SECTION 10.07. Legal Holidays....................................................................      45
   SECTION 10.08. No Recourse Against Others........................................................      45
   SECTION 10.09. Counterparts......................................................................      46
   SECTION 10.10. Other Provisions..................................................................      46
   SECTION 10.11. Governing Law.....................................................................      46
   SECTION 10.12. No Adverse Interpretation of Other Agreements.....................................      46
   SECTION 10.13. Successors........................................................................      47
   SECTION 10.14. Severability......................................................................      47
   SECTION 10.15. Table of Contents, Headings, Etc..................................................      47

ARTICLE XI SUBORDINATION............................................................................      47

   SECTION 11.01. Agreement to Subordinate..........................................................      47
   SECTION 11.02. Liquidation; Dissolution; Bankruptcy..............................................      47
   SECTION 11.03. Default on Senior Debt and/or Designated Senior Debt..............................      48
   SECTION 11.04. Acceleration of Securities........................................................      48
   SECTION 11.05. When Distribution Must Be Paid Over...............................................      49
   SECTION 11.06. Notice by Company.................................................................      49
   SECTION 11.07. Subrogation.......................................................................      49
   SECTION 11.08. Relative Rights...................................................................      49
   SECTION 11.09. Subordination May Not Be Impaired by Company......................................      50
   SECTION 11.10. Distribution or Notice to Representative..........................................      50
   SECTION 11.11. Rights of Trustee and Paying Agent................................................      50
   SECTION 11.12. Authorization to Effect Subordination.............................................      51
   SECTION 11.13. Article Applicable to Paying Agents...............................................      51
   SECTION 11.14. Senior Debt Entitled to Rely......................................................      51
   SECTION 11.15. Permitted Payments................................................................      51
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                                TABLE OF CONTENTS
                                   (Continued)

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   SECTION 11.16. Certain Conversions Deemed Payment................................................      51

ARTICLE XII CONVERSION OF SECURITIES................................................................      52

   SECTION 12.01. Applicability of Article..........................................................      52
   SECTION 12.02. Exercise of Conversion Privilege..................................................      52
   SECTION 12.03. Cash Payments in Lieu of Fractional Shares........................................      53
   SECTION 12.04. Taxes on Shares Issued............................................................      53
   SECTION 12.05. Adjustment of Conversion Price....................................................      53
   SECTION 12.06. Effect of Reclassification, Consolidation, Merger or Sale.........................      61
   SECTION 12.07. Reservation of Shares; Shares to Be Fully Paid; Listing of Common Stock...........      62
   SECTION 12.08. Responsibility of Trustee.........................................................      63
   SECTION 12.09. Notice to Holders Prior to Certain Actions........................................      63

ARTICLE XIII SINKING FUNDS..........................................................................      64

   SECTION 13.01. Applicability of Article..........................................................      64
   SECTION 13.02. Satisfaction of Sinking Fund Payments with Securities.............................      64
   SECTION 13.03. Redemption of Securities for Sinking Fund.........................................      65

ARTICLE XIV DEFEASANCE OF COVENANT DEFEASANCE.......................................................      65

   SECTION 14.01. Company's Option to Effect Defeasance or Covenant Defeasance......................      65
   SECTION 14.02. Defeasance and Discharge..........................................................      65
   SECTION 14.03. Covenant Defeasance...............................................................      66
   SECTION 14.04. Conditions to Defeasance or Covenant Defeasance...................................      66
   SECTION 14.05. Deposited Money, U.S. Government Obligations and Foreign Government Obligations
                  to be Held in Trust; Miscellaneous Provisions.....................................      69
   SECTION 14.06. Reinstatement.....................................................................      69
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                             Amkor Technology, Inc.

      Certain Sections of this Indenture relating to Sections 3.10 through 3.18,
inclusive, of the Trust Indenture Act of 1939:

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<S>                                                                                                <C>
Section 3.10  (a)(1).....................................................................            7.03, 7.10
              (a)(2).....................................................................            7.03, 7.10
              (a)(3).....................................................................          Not Applicable
              (a)(4).....................................................................          Not Applicable
              (b)........................................................................            7.03, 7.06, 7.10
Section 3.11  (a)........................................................................                7.11
              (b)........................................................................                7.11
Section 3.12  (a)........................................................................                2.06
              (b)........................................................................               10.03
              (c)........................................................................               10.03
Section 3.13  (a)........................................................................                7.06
              (b)(2).....................................................................                7.06
              (c)........................................................................                7.06
              (d)........................................................................                7.06
Section 3.14  (a)........................................................................                4.09
              (a)(4).....................................................................            1.01, 4.02
              (b)........................................................................          Not Applicable
              (c)(1).....................................................................          1.01, 10.04(1), 10.05
              (c)(2).....................................................................          1.01, 10.04(2) 10.05
              (c)(3).....................................................................          Not Applicable
              (d)........................................................................          Not Applicable
              (e)........................................................................               10.05
Section 3.15  (a)........................................................................                7.01(b
              (b)........................................................................                7.05
              (c)........................................................................                7.01(a)
              (d)........................................................................                7.01(c)
              (e)........................................................................                6.11
Section 3.16  (a)........................................................................                6.04, 6.05
              (a)(1)(A)..................................................................                6.05
              (a)(1)(B)..................................................................                6.04
              (a)(2).....................................................................          Not Applicable
              (a)(2).....................................................................          Not Applicable
              (b)........................................................................                6.07
              (c)........................................................................                1.01, 2.02
Section 3.17  (a)(1).....................................................................                6.08
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              (a)(2).....................................................................                6.09
              (b)........................................................................                2.05
Section 3.18  (a)........................................................................               10.01
              (b)........................................................................               10.01
</TABLE>

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

                                      -vi-

<PAGE>

      THIS INDENTURE, dated as of _________, 200_, is between Amkor Technology,
Inc., a Delaware corporation (the "Company"), and U.S. Bank National
Association, a national banking association (the "Trustee").

                             RECITALS OF THE COMPANY

      The Company has duly authorized the execution and delivery of this
Indenture to provide for the issuance from time to time of its unsecured
debentures, notes or other evidences of indebtedness (herein called the
"Securities"), to be issued in one or more series as provided in this Indenture.

      All things necessary to make this Indenture a valid agreement of the
Company, in accordance with its terms, have been done.

                   NOW, THEREFORE, THIS INDENTURE WITNESSETH:

      For and in consideration of the premises and the purchase of the
Securities by the Holders thereof, it is mutually covenanted and agreed, for the
equal and proportionate benefit of all Holders of the Securities or of series
thereof appertaining, as follows:

                                   ARTICLE I

                                   DEFINITIONS

Section 1.01. Definitions.

      "Affiliate" means, when used with reference to any Person, any other
Person directly or indirectly controlling, controlled by, or under direct or
indirect common control of, the referent 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 management or policies of the referent
Person, directly or indirectly, whether through the ownership of voting
securities, by contract or otherwise. The terms "controlling" and "controlled"
have meanings correlative of the foregoing.

      "Agent" means any Registrar, Paying Agent or co-registrar.

      "Agent Member" means any member of, or participant in, the Depositary.

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

      "Board of Directors" means (i) with respect to a corporation, the board of
directors of the corporation or any committee thereof duly authorized to act on
behalf of the board of directors, (ii) with respect to a partnership, the
general partner or the board of directors of the general partner, as applicable,
of the partnership and (iii) with respect to any other entity, the board or
committee of that entity serving a similar function.

<PAGE>

      "Capital Stock" of any Person means any and all shares, interests, rights
to purchase, warrants, options, participations or other equivalents of or
interests in (however designated) equity of such Person, but excluding any debt
securities convertible into such equity.

      "Commission" means the Securities and Exchange Commission.

      "Common Stock" means any stock of any class of the Company which has no
preference in respect of dividends or of amounts payable in the event of any
voluntary or involuntary liquidation, dissolution or winding up of the Company
and which is not subject to redemption by the Company. Subject to the provisions
of Section 12.06, however, shares issuable on conversion of Securities shall
include only shares of the class designated as Common Stock of the Company at
the Issue Date or shares of any class or classes resulting from any
reclassification or reclassifications thereof and which have no preference in
respect of dividends or of amounts payable in the event of any voluntary or
involuntary liquidation, dissolution or winding up of the Company and which are
not subject to redemption by the Company; provided that if at any time there
shall be more than one such resulting class, the shares of each such class then
so issuable shall be substantially in the proportion which the total number of
shares of such class resulting from all such reclassifications bears to the
total number of shares of all such classes resulting from all such
reclassifications.

      "Company" means the party named as such above until a successor replaces
it in accordance with Article V and thereafter means the successor.

      "Continuing Directors" means, as of any date of determination, any member
of the Board of Directors who (i) was a member of such Board of Directors on the
Issue Date or (ii) was nominated for election or elected to such Board of
Directors with the approval of a majority of the Continuing Directors who were
members of such Board at the time of such nomination or election.

      "Corporate Trust Office" means the corporate trust office of the Trustee
at which at any particular time the trust created by this Indenture shall
principally be administered; as of the Issue Date, the Corporate Trust Office is
located at One Federal Street, 3rd Floor, Boston, MA 02110, Attention Corporate
Trust Services -- Subordinated Debt Securities.

      "Covenant Defeasance" has the meaning specified in Section 14.03.

      ["Credit Agreement" " means (i) the Credit Agreement, dated as of June 29,
2004 (as amended, supplemented or otherwise modified from time to time), among
the Company, each financial institution or other entity that (a) is listed on
the signature pages thereof as a lender or (b) from time to time becomes a party
thereto by execution of an assignment and acceptance, each lender or affiliates
of a lender that (a) is listed on the signature pages thereof as an issuer or
(b) becomes an issuer with the approval of the administrative agent and the
Company, Citicorp North America, Inc., as administrative agent for the lenders
and the issuers, Citigroup Global Markets Inc., as sole lead arranger and sole
bookrunner, JPMorgan Chase Bank, as syndication agent for the lenders and the
issuers and Merrill Lynch Capital Corporation, as documentation agent, as such
agreement may be amended, restated, modified, renewed, refunded, replaced or
refinanced, in whole or in part, from time to time, and (ii) the Credit
Agreement, dated as of October 27, 2004 (as

                                      -2-
<PAGE>

amended, supplemented or otherwise modified from time to time), among the
Company, each financial institution or other entity that (a) is listed on the
signature pages thereof as a lender or (b) from time to time becomes a party
thereto by execution of an assignment and acceptance, Citicorp North America,
Inc., as administrative agent for the lenders and as collateral agent for the
secured parties, Merrill Lynch, Pierce, Fenner & Smith Inc., as syndication
agent for the lenders, JPMorgan Chase Bank, as documentation agent, Citigroup
Global Markets Inc., as sole lead arranger, and Citigroup Global Markets Inc,
Merrill Lynch, Pierce, Fenner & Smith Inc., and J.P. Morgan Securities Inc., as
joint bookrunners, as such agreement may be amended, restated, modified,
renewed, refunded, replaced or refinanced, in whole or in part, from time to
time.]

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

      "Defeasance" has the meaning specified in Section 14.02.

      "Depositary" means, with respect to any Global Securities, a clearing
agency that is registered as such under the Exchange Act and is designated by
the Company to act as Depositary for such Global Securities (or any successor
securities clearing agency so registered), which shall initially be DTC.

      "Designated Senior Debt" means (i) any Senior Debt outstanding under the
Credit Agreement, (ii) Senior Debt outstanding under the Company's 9.25% Senior
Notes due 2008, its 7.125% Senior Notes due 2011, its 7.75% Senior Notes due
2013 and its 10.50% Senior Subordinated Notes due May 1, 2009, as such notes or
the related indentures may be amended, restated, supplemented, modified,
renewed, refunded, replaced or refinanced, in whole or in part, from time to
time, and (iii) any particular Senior Debt if the instrument creating or
evidencing the same or the assumption or guarantee thereof (or related
agreements or documents to which the Company is a party) expressly provides that
such Indebtedness shall be "Designated Senior Debt" for purposes of the
Indenture (provided that such instrument, agreement or other document may place
limitations and conditions on the right of such Senior Debt to exercise the
rights of Designated Senior Debt).

      "DTC" means The Depository Trust Company, a New York corporation.

      "euro" or "euros" means the currency adopted by those nations
participating in the third stage of the economic and monetary union provisions
of the Treaty on European Union, signed at Maastricht on February 7, 1992.

      "European Economic Area" means the member nations of the European Economic
Area pursuant to the Oporto Agreement on the European Economic Area dated May 2,
1992, as amended.

      "European Union" means the member nations of the European Union
established by the Treaty of European Union, signed at Maastricht on February 2,
1992, which amended the Treaty of Rome establishing the European Community.

                                      -3-
<PAGE>

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

      "Existing Convertible Subordinated Notes" means all of the Company's
outstanding indebtedness under its 5-3/4% Convertible Subordinated Notes due
2006, its 5% Convertible Subordinated Notes due 2007 and its 6.25% Convertible
Subordinated Notes due 2013.

      "Foreign Government Obligation" means with respect to Securities of any
series which are not denominated in the currency of the United States of America
(x) any security which is (i) a direct obligation of the government which issued
or caused to be issued the currency for the payment of which obligations its
full faith and credit is pledged or, with respect to Securities of any series
which are denominated in euros, a direct obligation of any member nation of the
European Union for the payment of which obligation the full faith and credit of
the respective nation is pledged so long as such nation has a credit rating at
least equal to that of the highest rated member nation of the European Economic
Area, or (ii) an obligation of a Person controlled or supervised by and acting
as an agency or instrumentality of a government specified in Clause (i) above
the payment of which is unconditionally guaranteed as a full faith and credit
obligation by the such government, which, in either case (i) or (ii), is not
callable or redeemable at the option of the issuer thereof, and (y) any
depositary receipt issued by a bank (as defined in Section 3(a)(2) of the
Securities Act) as custodian with respect to any Foreign Government Obligation
which is specified in Clause (x) above and held by such bank for the account of
the holder of such depositary receipt, or with respect to any specific payment
of principal of or interest on any Foreign Government Obligation which is so
specified and held, provided that (except as required by law) such custodian is
not authorized to make any deduction from the amount payable to the holder of
such depositary receipt from any amount received by the custodian in respect of
the Foreign Government Obligation or the specific payment of principal or
interest evidenced by such depositary receipt.

      "GAAP" means generally accepted accounting principles set forth in the
opinions and pronouncements of the Accounting Principles Board of the American
Institute of Certified Public Accountants and statements and pronouncements of
the Financial Accounting Standards Board or in such other statements by such
other entity as may be approved by a significant segment of the accounting
profession of the United States, which are in effect from time to time.

      "Global Security" means a Security that is registered in the Register.

      "Global Securities Legend" means the legend labeled as such and that is
set forth in Exhibit A hereto, which is incorporated in and expressly made a
part of this Indenture.

      "Indebtedness" means, with respect to any Person, all obligations, whether
or not contingent, of such Person (i) (a) for borrowed money (including, but not
limited to, any indebtedness secured by a security interest, mortgage or other
lien on the assets of that Person that is (1) given to secure all or part of the
purchase price of property subject thereto, whether given to the vendor of such
property or to another, or (2) existing on property at the time of acquisition
thereof), (b) evidenced by a note, debenture, bond or other written instrument,
(c) under a lease required to be capitalized on the balance sheet of the lessee
under GAAP or under any lease or related document (including a

                                      -4-
<PAGE>

purchase agreement) that provides that such Person is contractually obligated to
purchase or cause a third party to purchase and thereby guarantee a minimum
residual value of the lease property to the lessor and the obligations of the
Company under such lease or related document to purchase or to cause a third
party to purchase such leased property, (d) in respect of letters of credit,
bank guarantees or bankers' acceptances (including reimbursement obligations
with respect to any of the foregoing), (e) with respect to Indebtedness secured
by a mortgage, pledge, lien, encumbrance, charge or adverse claim affecting
title or resulting in an encumbrance to which the property or assets of such
Person are subject, whether or not the obligation secured thereby shall have
been assumed by or shall otherwise be such Person's legal liability, (f) in
respect of the balance of deferred and unpaid purchase price of any property or
assets, (g) under interest rate or currency swap agreements, cap, floor and
collar agreements, spot and forward contracts and similar agreements and
arrangements; (ii) with respect to any obligation of others of the type
described in the preceding clause (i) or under clause (iii) below assumed by or
guaranteed in any manner by such Person through an agreement to purchase
(including, without limitation, "take or pay" and similar arrangements),
contingent or otherwise (and the obligations of such Person under any such
assumptions, guarantees or other such arrangements); and (iii) any and all
deferrals, renewals, extensions, refinancings and refundings of, or amendments,
modifications or supplements to, any of the foregoing.

      "Indenture" means this instrument as originally executed and as it may
from time to time be supplemented or amended by one or more indentures
supplemental hereto entered into pursuant to the applicable provisions hereof,
including, for all purposes of this instrument and any such supplemental
indenture, the provisions of the Trust Indenture Act that are deemed to be a
part of and govern this instrument and any such supplemental indenture,
respectively. The term "Indenture" shall also include the terms of particular
series of Securities established as contemplated by Section 2.02; provided,
however, that if at any time more than one Person is acting as Trustee under
this Indenture due to the appointment of one or more separate Trustees for any
one or more separate series of Securities, "Indenture" shall mean, with respect
to such series of Securities for which any such Person is Trustee, this
instrument as originally executed or as it may from time to time be supplemented
or amended by one or more indentures supplemental hereto entered into pursuant
to the applicable provisions hereof and shall include the terms of particular
series of Securities for which such Person is Trustee established as
contemplated by Section 2.02, exclusive, however, of any provisions or terms
which relate solely to other series of Securities for which such Person is not
Trustee, regardless of when such terms or provisions were adopted, and exclusive
of any provisions or terms adopted by means of one or more indentures
supplemental hereto executed and delivered after such Person had become such
Trustee, but to which such person, as such Trustee, was not a party; provided,
further that in the event that this Indenture is supplemented or amended by one
or more indentures supplemental hereto which are only applicable to certain
series of Securities, the term "Indenture" for a particular series of Securities
shall only include the supplemental indentures applicable thereto.

      "interest," when used with respect to an Original Issue Discount Security,
which by its terms bears interest only after Maturity, means interest payable
after Maturity.

                                      -5-
<PAGE>

      "Interest Payment Date," when used with respect to any Security, means the
Stated Maturity of an installment of interest on such Security.

      "Material Subsidiary" means any Subsidiary of the Company which at the
date of determination is a "significant Subsidiary" as defined in Rule 1-02(w)
of Regulation S-X under the Securities Act and the Exchange Act.

      "Maturity," when used with respect to any Security, means the date on
which the principal of such Security or an installment of principal becomes due
and payable as therein or herein provided, whether at the Stated Maturity or by
declaration of acceleration, repurchase at the option of the holder of such
Security or otherwise.

      "Obligations" means any principal, interest, penalties, fees,
indemnifications, reimbursements, damages and other liabilities payable under
the documentation governing any Indebtedness.

      "Officer" means the Chairman of the Board, the Chief Executive Officer,
the President, the Chief Financial Officer, the Chief Accounting Officer, any
Executive Vice President, Senior Vice President or Vice President (whether or
not designated by a number or numbers or word or words before or after the title
"Vice President"), the Treasurer, any other executive officer, the Secretary and
any Assistant Treasurer or any Assistant Secretary of the Company.

      "Officers' Certificate" means a certificate signed by the principal
executive officer, principal financial officer or principal accounting officer
of the Company.

      "Opinion of Counsel" means a written opinion from legal counsel who may be
an employee of or counsel to the Company or the Trustee except to the extent
otherwise indicated in this Indenture.

      "Original Issue Discount Security" means any Security that provides for an
amount less than the principal amount thereof to be due and payable upon a
declaration of acceleration of the Maturity thereof pursuant to Section 6.02.

      "Person" means any individual, corporation, partnership, joint venture,
trust, estate, unincorporated organization, limited liability company or
government or any agency or political subdivision thereof.

      "Predecessor Security" of any particular Security means every previous
Security evidencing all or a portion of the same debt as that evidence by such
particular Security, and, for the purposes of this definition, any Security
authenticated and delivered under Section 2.08 in exchange for or in lieu of a
mutilated, destroyed, lost or stolen Security shall be deemed to evidence the
same debt as the mutilated, destroyed, lost or stolen Security.

                                      -6-
<PAGE>

      "Redemption Date" when used with respect to any of the Securities to be
redeemed, means the date fixed by the Company for such redemption pursuant to
Article III of this Indenture and the Securities.

      "Redemption Price" when used with respect to any of the Securities to be
redeemed, means the price fixed for such redemption pursuant to Article III of
this Indenture and the Securities.

      "Regular Record Date" for the interest payable on any Interest Payment
Date on the Securities of any series means the date specified for that purpose
as contemplated by Section 2.02.

      "Representative" means (a) the indenture trustee or other trustee, agent
or representative for any Senior Debt or (b) with respect to any Senior Debt
that does not have any such trustee, agent or other representative, (i) in the
case of such Senior Debt issued pursuant to an agreement providing for voting
arrangements as among the holders or owners of such Senior Debt, any holder or
owner of such Senior Debt acting with the consent of the required Persons
necessary to bind such holders or owners of such Senior Debt and (ii) in the
case of all other such Senior Debt, the holder or owner of such Senior Debt.

      "Securities" has the meaning stated in the first recital of this Indenture
and more particularly means any Securities authenticated and delivered under
this Indenture.

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

      "Senior Debt" means the principal of, premium, if any, and interest on,
rent under, and any other amounts payable on or in respect of any Indebtedness
of the Company (including, without limitation, any Obligations in respect of
such Indebtedness and, in the case of Designated Senior Debt, any interest
accruing after the filing of a petition by or against the Company under any
bankruptcy law, whether or not allowed as a claim after such filing in any
proceeding under such bankruptcy law), whether outstanding on the Issue Date or
thereafter created, incurred, assumed, guaranteed or in effect guaranteed by the
Company (including all deferrals, renewals, extensions or refundings of, or
amendments, modifications or supplements to the foregoing); provided, however,
that Senior Debt does not include (u) Indebtedness evidenced by the Securities,
(v) the Existing Convertible Subordinated Notes, (w) any liability for federal,
state, local or other taxes owed or owing by the Company, (x) Indebtedness of
the Company to any Subsidiary of the Company except to the extent such
Indebtedness is of a type described in clause (ii) of the definition of
Indebtedness, (y) trade payables of the Company for goods, services or materials
purchased in the ordinary course of business (other than, to the extent they may
otherwise constitute trade payables, any obligations of the type described in
clause (ii) of the definition of Indebtedness), and (z) any particular
Indebtedness in which the instrument creating or evidencing the same expressly
provides that such Indebtedness shall not be senior in right of payment to, or
is pari passu with, or is subordinated or junior to, the Securities.

                                      -7-
<PAGE>

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

      "Subsidiary" means, with respect to any Person, (i) any corporation,
association or other business entity of which more than 50% of the total voting
power of shares of Capital Stock entitled (without regard to the occurrence of
any contingency) to vote in the election of directors, managers or trustees
thereof is at the time owned or controlled, directly or indirectly, by such
Person or one or more of the other subsidiaries of that Person (or a combination
thereof) and (ii) any partnership (a) the sole general partner or managing
general partner of which is such Person or a Subsidiary of such Person or (b)
the only general partners of which are such Person or of one or more
Subsidiaries of such Person (or any combination thereof).

      "TIA" means the Trust Indenture Act of 1939 (15 U.S. Code Sections
77aaa-77bbbb) as in effect on the Issue Date, except as provided in Sections
9.03 and 12.06.

      "Trustee" means the party named as such above until a successor replaces
it in accordance with the applicable provisions of this Indenture and thereafter
means the successor.

      "Trust Officer" means an officer in the Corporate Trust Office of the
Trustee.

      "U.S. Government Obligations" means direct obligation of the United States
of America for the payment of which the full faith and credit of the United
States of America is pledged. In order to have money available on a payment date
to pay principal or interest on the Securities, the U.S. Government Obligations
shall be payable as to principal or interest on or before such payment date in
such amounts as will provide the necessary money. U.S. Government Obligations
shall not be callable at the issuer's option.

      Section 1.02. Other Definitions.

<TABLE>
<CAPTION>
                                                                                      DEFINED IN SECTION
                                                                                      ------------------
<S>                                                                                   <C>
"Bankruptcy Law"...................................................................     SECTION 6.01
"Business Day".....................................................................     SECTION 10.07
"Current Market Price".............................................................     SECTION 12.05
"Closing Price"....................................................................     SECTION 2.04
"Conversion Agent".................................................................     SECTION 6.01
"Custodian"........................................................................     SECTION 2.01
"Distributions"....................................................................     SECTION 12.05
"Event of Default".................................................................     SECTION 12.05
"Expiration Time"..................................................................     SECTION 12.05
"fair market value"................................................................     SECTION 2.01
"Global Security"..................................................................     SECTION 10.07
"Legal Holiday"....................................................................     SECTION 12.05
"non-electing share"...............................................................     SECTION 2.04
"Paying Agent".....................................................................     SECTION 2.04
</TABLE>

                                      -8-
<PAGE>

<TABLE>
<CAPTION>
                                                                                      DEFINED IN SECTION
                                                                                      ------------------
<S>                                                                                   <C>
"Payment Blockage Notice"..........................................................     SECTION 11.03
"Purchased Shares".................................................................     SECTION 12.05
"Record Date"......................................................................     SECTION 12.05
"Register".........................................................................     SECTION 2.04
"Registrar"........................................................................     SECTION 2.04
"trading day"......................................................................     SECTION 12.05
"Trigger Event"....................................................................     SECTION 12.05
</TABLE>

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

      "Commission" means the Commission;

      "indenture securities" means the Securities;

      "indenture security holder" means a holder of a Security;

      "indenture to be qualified" means this Indenture;

      "indenture trustee" or "institutional trustee" means the Trustee; and

      "obligor" on the Securities means the Company or any other obligor on the
Securities.

      All other terms in this Indenture that are defined by the TIA, defined by
TIA reference to another statute or defined by Commission rule under the TIA
have the meanings so assigned to them.

      Section 1.04. Rules of Construction. Unless the context otherwise
requires:

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

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

                  (3) "or" is not exclusive;

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

                  (5) the male, female and neuter genders include one another.

      The terms and provisions contained in the Securities shall constitute, and
are hereby expressly made, a part of this Indenture and the Company and the
Trustee, by their execution and

                                      -9-
<PAGE>

delivery of this Indenture, expressly agree to such terms and provisions and to
be bound thereby. However, to the extent any provision of any Security conflicts
with the express provisions of this Indenture, the provisions of this Indenture
shall govern and be controlling.

                                   ARTICLE II

                                 THE SECURITIES

      SECTION 2.01. Forms Generally. The Securities of each series shall be in
substantially the form set forth in Exhibit A, or in such other form as shall be
established by or pursuant to a Board Resolution or in one or more indentures
supplemental hereto, in each case with such appropriate insertions, omissions,
substitutions and other variations as are required or permitted by this
Indenture, and may have such letters, numbers or other marks of identification
and such legends or endorsements placed thereon as may be required to comply
with the rules of any securities exchange or Depositary therefore or as may,
consistently herewith, be determined by the officers executing such Securities,
as evidenced by their execution thereof. If the form of Securities of any series
is established by action taken pursuant to a Board Resolution, a copy of an
appropriate record of such action shall be certified by the Secretary or an
Assistant Secretary of the Company and delivered to the Trustee at or prior to
the delivery of the Company Order contemplated by Section 2.03 for the
authentication and delivery of such Securities. Any such Board Resolution or
record of such action shall have attached thereto a true and correct copy of the
form of Security referred to therein approved by or pursuant to such Board
Resolution.

      The definitive Securities shall be printed, lithographed or engraved on
steel engraved borders or may be produced in any other manner, all as determined
by the officers executing such Securities, as evidenced by their execution of
such Securities.

      SECTION 2.02. Amount Unlimited; Issuable in Series. The aggregate
principal amount of Securities that may be authenticated and delivered under
this Indenture is unlimited. The Securities may be issued in one or more series.
There shall be established in or pursuant to a Board Resolution and, subject to
Section 2.03, set forth, or determined in the manner provided, in an Officers'
Certificate, or established in one or more indentures supplemental hereto, prior
to the issuance of Securities of any series,

                  (1) the title of the Securities of the series (which shall
distinguish the Securities of the series from Securities of any other series);

                  (2) any limit upon the aggregate principal amount of the
Securities of the series which may be authenticated and delivered under this
Indenture (except for Securities authenticated and delivered upon registration
of transfer of, or in exchange for, or in lieu of, other Securities of the
series pursuant to Section 2.07, 2.08, 2.11, 3.06 or 9.05 and except for any
Securities which, pursuant to Section 2.03, are deemed never to have been
authenticated and delivered hereunder);

                                      -10-
<PAGE>

                  (3) the Person to whom any interest on a Security of the
series shall be payable, if other than the Person in whose name that Security
(or one or more Predecessor Securities) is registered at the close of business
on the Regular Record Date for such interest;

                  (4) the date or dates on which the principal of any Securities
of the series is payable;

                  (5) the rate or rates at which any Securities of the series
shall bear interest, if any, the date or dates from which any such interest
shall accrue, the Interest Payment Dates on which any such interest shall be
payable and the Regular Record Date for any such interest payable on any
Interest Payment Date;

                  (6) the place or places where the principal of and any premium
and interest on any Securities of the series shall be payable;

                  (7) the period or periods within which, the price or prices at
which and the terms and conditions upon which any Securities of the series may
be redeemed, in whole or in part, at the option of the Company and, if other
than by a Board Resolution, the manner in which any election by the Company to
redeem the Securities shall be evidenced;

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

                  (9) if other than denominations of $1,000 and any integral
multiple thereof, the denominations in which any Securities of the series shall
be issuable;

                  (10) if the amount of principal of or any premium or interest
on any Securities of the series may be determined with reference to an index or
pursuant to a formula, the manner in which such amounts shall be determined;

                  (11) if other than the currency of the United States of
America, the currency, currencies or currency units in which the principal of or
any premium or interest on any Securities of the series shall be payable and the
manner of determining the equivalent thereof in the currency of the United
States of America for any purpose;

                  (12) if the principal of or any premium or interest on any
Securities of the series is to be payable, at the election of the Company or the
Holder thereof, in one or more currencies or currency units other than that or
those in which such Securities are stated to be payable, the currency,
currencies or currency units in which the principal of or any premium or
interest on such Securities as to which such election is made shall be payable,
the periods within which and the terms and conditions upon which such election
is to be made and the amount so payable (or the manner in which such amount
shall be determined);

                                      -11-
<PAGE>

                  (13) if other than the entire principal amount thereof, the
portion of the principal amount of any Securities of the series which shall be
payable upon declaration of acceleration of the Maturity thereof pursuant to
Section 6.02;

                  (14) if the principal amount payable at the Stated Maturity of
any Securities of the series will not be determinable as of any one or more
dates prior to the Stated Maturity, the amount which shall be deemed to be the
principal amount of such Securities as of any such date for any purpose
thereunder or hereunder, including the principal amount thereof which shall be
due and payable upon any Maturity other than the Stated Maturity or which shall
be deemed to be outstanding as of any date prior to the Stated Maturity (or, in
any such case, the manner in which such amount deemed to be the principal amount
shall be determined);

                  (15) if applicable, that the Securities of the series, in
whole or any specified part, shall be defeasible pursuant to Section 14.02 or
Section 14.03 or both such Sections, or any other defeasance provisions
applicable to any Securities of the series, and, if other than by a Board
Resolution, the manner in which any election by the Company to defease such
Securities shall be evidenced;

                  (16) if applicable, the terms of any right to convert or
exchange Securities of the series into shares of Common Stock of the Company or
other securities or property;

                  (17) if applicable, that any Securities of the series shall be
issuable in whole or in part in the form of one or more Global Securities and,
in such case, the respective Depositaries for such Global Securities, the form
of any legend or legends which shall be borne by any such Global Security in
addition to or in lieu of that set forth in Exhibit A and any circumstances in
addition to or in lieu of those set forth in Section 2.07 in which any such
Global Security may be exchanged in whole or in part for Securities registered,
and any transfer of such Global Security in whole or in part may be registered,
in the name or names of Persons other than the Depositary for such Global
Security or a nominee thereof;

                  (18) any addition to or change in the Events of Default which
applies to any Securities of the series and any change in the right of the
Trustee or the requisite Holders of such Securities to declare the principal
amount thereof due and payable pursuant to Section 6.02;

                  (19) any addition to or change in the covenants set forth in
Article IV which applies to Securities of the series;

                  (20) any Authenticating Agents, Paying Agents, Security
Registrars or such other agents necessary in connection with the issuance of the
Securities of such series, including, without limitation, Exchange Rate Agents
and Calculation Agents;

                  (21) if applicable, the terms of any security that will be
provided for a series of Securities;

                                      -12-
<PAGE>

                  (22) any addition to or change in or modification to the
subordinated provisions of this Indenture relating to the Securities of that
series (including the provisions of Article XI), or different subordination
provisions, including a different definition of "Senior Debt" or "Designated
Senior Debt," will apply to Securities of the series; and

                  (23) any other terms of the series (which terms shall not be
inconsistent with the provisions of this Indenture, except as permitted by
Section 9.03).

      All Securities of any one series shall be substantially identical except
as to denomination and except as may otherwise be provided in or pursuant to the
Board Resolution referred to above and (subject to Section 2.03) set forth, or
determined in the manner provided, in the Officers' Certificate referred to
above or in any such indenture supplemental hereto.

      If any of the terms of the series are established by action taken pursuant
to a Board Resolution, a copy of an appropriate record of such action shall be
certified by the Secretary or an Assistant Secretary of the Company and
delivered to the Trustee at or prior to the delivery of the Officers'
Certificate setting forth the terms of the series.

      The Securities shall be subordinated in right of payment to Senior Debt as
provided in Article XI.

      The Securities of each series shall be issuable only in registered form
without coupons and only in such denominations as shall be specified as
contemplated by this section. In the absence of any such specified denomination
with respect to the Securities of any series, the Securities of such series
shall be issuable in denominations of $1,000 and any integral multiple thereof.

      SECTION 2.03. Execution and Authentication. Two Officers shall sign the
Securities for the Company by manual or facsimile signature. The Company's seal
may be reproduced on the Securities.

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

      No Security shall be valid until authenticated by the manual signature of
the Trustee. The signature shall be conclusive evidence that such Security has
been authenticated under this Indenture.

      At any time and from time to time after the execution and delivery of this
Indenture, the Company may deliver Securities of any series executed by the
Company to the Trustee for authentication, together with a Company Order for the
authentication and delivery of such Securities, and the Trustee in accordance
with the Company Order shall authenticate and deliver such Securities. If the
form or terms of the Securities of the series have been established by or
pursuant to one or more Board Resolutions as permitted by Sections 2.01 and
2.02, in authenticating such Securities, and accepting the additional
responsibilities under this Indenture in relation to such Securities, the
Trustee shall be entitled to receive, and (subject to Section 7.01) shall be
fully

                                      -13-
<PAGE>

protected in relying upon, a copy of such Board Resolution, the Officers'
Certificate setting forth the terms of the series and an Opinion of Counsel,
with such Opinion of Counsel stating,

                  (1) if the form of such Securities has been established by or
pursuant to Board Resolution as permitted by Section 2.01, that such form has
been established in conformity with the provisions of this Indenture;

                  (2) if the terms of such Securities have been established by
or pursuant to Board Resolution as permitted by Section 2.02, that such terms
have been established in conformity with the provisions of this Indenture; and

                  (3) that such Securities, when authenticated and delivered by
the Trustee and issued by the Company in the manner and subject to any
conditions specified in such Opinion of Counsel, will constitute valid and
legally binding obligations of the Company enforceable in accordance with their
terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganization,
moratorium and similar laws of general applicability relating to or affecting
creditors' rights and to general equity principles.

      If such form or terms have been so established, the Trustee shall not be
required to authenticate such Securities if the issue of such Securities
pursuant to this Indenture will affect the Trustee's own rights, duties or
immunities under the Securities and this Indenture or otherwise in a manner
which is not reasonably acceptable to the Trustee.

      Notwithstanding the provisions of Section 2.02 and of the preceding
paragraph, if all Securities of a series are not to be originally issued at one
time, it shall not be necessary to deliver the Officers' Certificate otherwise
required pursuant to Section 2.02 or the Company Order and Opinion of Counsel
otherwise required pursuant to such preceding paragraph at or prior to the
authentication of each Security of such series if such documents are delivered
at or prior to the authentication upon original issuance of the first Security
of such series to be issued.

      Each Security shall be dated the date of its authentication.

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

      SECTION 2.04. The Trustee Registrar, Paying Agent and Conversion Agent.
The Company shall maintain or cause to be maintained in such locations as it
shall determine, which may be the Corporate Trust Office, an office or agency:
(i) where Securities may be presented for registration of transfer or for
exchange ("Registrar"); (ii) where Securities may be presented for payment
("Paying Agent"); (iii) an office or agency where Securities may be presented
for conversion, if applicable, (the "Conversion Agent"); and (iv) where notices
and demands to or upon the Company in respect of Securities and this Indenture
may be served by the holders of the

                                      -14-
<PAGE>

Securities. The Registrar shall keep a Register ("Register") of any Securities
of a series and of their transfer and exchange. The Company may appoint one or
more co-registrars, one or more additional paying agents and one or more
additional conversion agents for any series of Securities. The term "Paying
Agent" includes any additional paying agent and the term "Conversion Agent"
includes any additional Conversion Agent. The Company may change any Paying
Agent, Registrar, Conversion Agent or co-registrar without prior notice. The
Company shall notify the Trustee of the name and address of any Agent not a
party to this Indenture and shall enter into an appropriate agency agreement
with any Registrar, Paying Agent, Conversion Agent or co-registrar not a party
to this Indenture. The agreement shall implement the provisions of this
Indenture that relate to such Agent. The Company or any of its subsidiaries may
act as Paying Agent, Registrar, Conversion Agent or co-registrar, except that
for purposes of Articles III and VIII, neither the Company nor any of its
subsidiaries shall act as Paying Agent. If the Company fails to appoint or
maintain another entity as Registrar, or Paying Agent or Conversion Agent, the
Trustee shall act as such, and the Trustee shall initially act as such.

      SECTION 2.05. Paying Agent To Hold Money in Trust. The Company shall
require each Paying Agent (other than the Trustee, who hereby so agrees), to
agree in writing that the Paying Agent will hold in trust for the benefit of
holders of the Securities of any series or the Trustee all money held by the
Paying Agent for the payment of principal or interest on the Securities of such
series, and will notify the Trustee of any default by the Company in respect of
making any such payment. While any such default continues, the Trustee may
require a Paying Agent to pay all money held by it to the Trustee. The Company
at any time may require a Paying Agent to pay all money held by it to the
Trustee. Upon payment over to the Trustee, the Paying Agent (if other than the
Company or a Subsidiary of the Company) shall have no further liability for the
money. If the Company or a Subsidiary of the Company acts as Paying Agent, it
shall segregate and hold in a separate trust fund for the benefit of the holders
of the Securities of any series all money held by it as Paying Agent.

      SECTION 2.06. Holder Lists. The Trustee of any series of Securities shall
preserve in as current a form as is reasonably practicable the most recent list
available to it of the names and addresses of holders of Securities of such
series and shall otherwise comply with TIA Section 312(a). If the Trustee is not
the Registrar of such series, the Company shall furnish to the Trustee at least
seven Business Days before each Interest Payment Date, and as the Trustee may
request in writing within fifteen (15) 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 and as of such date as the Trustee may reasonably require of
the names and addresses of holders of Securities of such series.

      SECTION 2.07. Transfer and Exchange. When any Securities of a series are
presented to the Registrar or a co-registrar with a request to register a
transfer or to exchange them for an equal principal amount of new Securities of
such series for other denominations, the Registrar shall register the transfer
or make the exchange if its requirements for such transactions are met. To
permit registrations of transfers and exchanges, the Company shall issue and the
Trustee shall authenticate new Securities of the same series at the Registrar's
request, bearing registration

                                      -15-
<PAGE>

numbers not contemporaneously outstanding. No service charge shall be made to a
holder for any registration of transfer or exchange (except as otherwise
expressly permitted herein), but the Company may require payment of a sum
sufficient to cover any transfer tax or other governmental charge payable upon
exchanges pursuant to Sections 2.11, 3.07, 9.05 or 12.02.

      The Company or the Registrar shall not be required (i) to issue, register
the transfer of or exchange any Securities of a series during a period beginning
at the opening of business fifteen (15) days before the day of any selection of
any Securities of that series for redemption under Section 3.03 and ending at
the close of business on the day of selection or (ii) to register the transfer
or exchange of any Security of that series so selected for redemption in whole
or in part, except the unredeemed portion of any Security of that series being
redeemed in part.

      All Securities of any series issued upon any transfer or exchange of new
Securities of that series 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 Securities surrendered upon such
registration of transfer or exchange.

      The provisions of Clauses (1), (2), (3) and (4) below shall apply only to
Global Securities:

                  (1) Each Global Security authenticated under this Indenture
shall be registered in the name of the Depositary designated for such Global
Security or a nominee thereof and delivered to such Depositary or a nominee
thereof or custodian therefore, and each such Global Security shall constitute a
single Security for all purposes of this Indenture.

                  (2) Notwithstanding any other provision in this Indenture, no
Global Security may be exchanged in whole or in part for Securities registered,
and no transfer of a Global Security in whole or in part may be registered, in
the name of any Person other than the Depositary for such Global Security or a
nominee thereof unless (A) such Depositary (i) has notified the Company that it
is unwilling or unable to continue as Depositary for such Global Security or
(ii) has ceased to be a clearing agency registered under the Exchange Act, (B)
there shall have occurred and be continuing an Event of Default with respect to
such Global Security or (C) there shall exist such circumstances, if any, in
addition to or in lieu of the foregoing as have been specified for this purpose
as contemplated by Section 2.02.

                  (3) Subject to Clause (2) above, any exchange of a Global
Security for other Securities may be made in whole or in part, and all
Securities issued in exchange for a Global Security or any portion thereof shall
be registered in such names as the Depositary for such Global Security shall
direct.

                  (4) Every Security authenticated and delivered upon
registration of transfer of, or in exchange for or in lieu of, a Global Security
or any portion thereof, whether pursuant to this Section, Section 2.08, 2.11,
3.06 or 9.05 or otherwise, shall be authenticated and delivered in the form of,
and shall be, a Global Security, unless such Security is registered in the name
of a Person other than the Depositary for such Global Security or a nominee
thereof.

                                      -16-
<PAGE>

      SECTION 2.08. Replacement Securities. If the holder of a Security of any
series claims that such Security has been lost, destroyed or wrongfully taken,
the Company shall issue and the Trustee shall authenticate a replacement
Security of that series if the Trustee's requirements are met. If required by
the Trustee or the Company as a condition of receiving a replacement Security,
the holder of a Security must provide a certificate of loss and an indemnity
and/or an indemnity bond sufficient, in the judgment of both the Company and the
Trustee, to fully protect the Company, the Trustee, any Agent and any
authenticating agent from any loss, liability, cost or expense which any of them
may suffer or incur if the Security is replaced. The Company and the Trustee may
charge the relevant holder for their expenses in replacing any Security.

      The Trustee or any authenticating agent may authenticate any such
substituted Security, 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 Security, the Company
may require the payment of a sum sufficient to cover any tax or other
governmental charge that may be imposed in relation thereto and any other
expenses connected therewith. In case any Security of a series which has matured
or is about to mature, or has been called for redemption pursuant to Article
III, or is about to be converted into Common Stock pursuant to Article XII,
shall become mutilated or be destroyed, lost or stolen, the Company may, instead
of issuing a substitute Security of that series, 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 Security), 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 the 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 case of destruction, loss or theft, evidence satisfactory to the Company, the
Trustee and, if applicable, any paying agent or conversion agent of the
destruction, loss or theft of such Security and of the ownership thereof.

      Every replacement Security of any series is an additional obligation of
the Company and shall be entitled to all the benefits provided under this
Indenture equally and proportionately with all other Securities of that series
duly issued, authenticated and delivered hereunder.

      SECTION 2.09. Outstanding Securities. The Securities of any series
outstanding at any time are all the Securities of that series, as of the date of
determination, properly authenticated and delivered by the Trustee under this
Indenture, except

                  (1) Securities theretofore canceled by the Trustee or
delivered to the Trustee for cancellation;

                  (2) Securities for whose payment or redemption money in the
necessary amount has been theretofore deposited with the Trustee or any Paying
Agent (other than the Company) in trust or set aside and segregated in trust by
the Company (if the Company shall act as its own Paying Agent) for the holders
of such Securities; provided that, if such Securities are to be redeemed, notice
of such redemption has been duly given pursuant to this Indenture or provision
therefore satisfactory to the Trustee has been made;

                                      -17-
<PAGE>

                  (3) Securities as to which Defeasance has been effected
pursuant to Section 14.02; and

                  (4) Securities which have been paid pursuant to Section 2.08
or in exchange for or in lieu of which other Securities have been authenticated
and delivered pursuant to this Indenture, other than any such Securities in
respect of which there shall have been presented to the Trustee proof
satisfactory to it that such Securities are held by a bona fide purchaser in
whose hands such Securities are valid obligations of the Company;

      provided, however, that in determining whether the holders of the
requisite principal amount of the outstanding Securities have given, made or
taken any request, demand, authorization, direction, notice, consent, waiver or
other action hereunder as of any date, (A) the principal amount of an Original
Issue Discount Security which shall be deemed to be outstanding shall be the
amount of the principal thereof which would be due and payable as of such date
upon acceleration of the Maturity thereof to such date pursuant to Section 6.02,
(B) if, as of such date, the principal amount payable at the Stated Maturity of
a Security is not determinable, the principal amount of such Security which
shall be deemed to be outstanding shall be the amount as specified or determined
as contemplated by Section 2.02, (C) the principal amount of a Security
denominated in one or more foreign currencies or currency units which shall be
deemed to be outstanding shall be the U.S. dollar equivalent, determined as of
such date in the manner provided as contemplated by Section 2.02, of the
principal amount of such Security (or, in the case of a Security described in
Clause (A) or (B) above, of the amount determined as provided in such Clause),
and (D) Securities owned by the Company or any other obligor upon the Securities
or any Affiliate of the Company or of such other obligor shall be disregarded
and deemed not to be outstanding, except that, in determining whether the
Trustee shall be protected in relying upon any such request, demand,
authorization, direction, notice, consent, waiver or other action, only
Securities which the Trustee knows to be so owned shall be so disregarded.
Securities so owned which have been pledged in good faith may be regarded as
outstanding if the pledgee establishes to the satisfaction of the Trustee the
pledgee's right so to act with respect to such Securities and that the pledgee
is not the Company or any other obligor upon the Securities or any Affiliate of
the Company or of such other obligor.

      SECTION 2.10. When Treasury Securities Disregarded. In determining whether
the holders of the required principal amount of Securities of any series have
concurred in any direction, waiver or consent, Securities of that series owned
by the Company or an Affiliate of the Company shall be considered as though they
are not outstanding except that for the purposes of determining whether the
Trustee shall be protected in relying on any such direction, waiver or consent,
only Securities of that series which the Trustee knows are so owned shall be so
disregarded.

      SECTION 2.11. Temporary Securities.

            (a) Until definitive Securities of any series are ready for
delivery, the Company may prepare and the Trustee shall authenticate temporary
Securities of that series. Temporary Securities shall be substantially in the
form of definitive Securities of that series but may have variations that the
Company considers appropriate for temporary Securities of that series and shall
be reasonably acceptable to the Trustee. Without unreasonable delay, the Company
shall prepare and

                                      -18-
<PAGE>

the Trustee shall authenticate definitive Securities of any series in exchange
for temporary Securities.

            (b) Except for transfers made in accordance with Section 2.07, a
Global Security deposited with the Depositary or with the Trustee as custodian
for the Depositary shall be transferred to the beneficial owners thereof in the
form of certificated Securities of that series in definitive form only if such
transfer complies with Section 2.07 and (i) the Depositary notifies the Company
that it is unwilling or unable to continue as Depositary for such Global
Security or if at any time such Depositary ceases to be a "clearing agency"
registered under the Exchange Act and a successor Depositary is not appointed by
the Company within 90 days of such notice, or (ii) an Event of Default has
occurred and is continuing.

            (c) Any Global Security of any series or interest thereon that is
transferable to the beneficial owners thereof in the form of certificated
Securities of that series in definitive form shall, if held by the Depository,
be surrendered by the Depositary to the Trustee, without charge, and the Trustee
shall authenticate and deliver, upon such transfer of each portion of such
Global Security of that series, an equal aggregate principal amount of
Securities of that series of authorized denominations in the form of
certificated Securities of that series in definitive form. Any portion of a
Global Security transferred pursuant to this Section shall be executed,
authenticated and delivered only in denominations of $1,000 and any integral
multiple thereof and registered in such names as the Depositary shall direct.

            (d) Prior to any transfer pursuant to Section 2.11(b), the
registered holder of a Global Security of any series may grant proxies and
otherwise authorize any Person, including Agent Members and Persons that may
hold interests through Agent Members, to take any action which a holder is
entitled to take under this Indenture or the Securities of that series.

            (e) The Company will make available to the Trustee a reasonable
supply of certificated Securities of any series in definitive form without
interest coupons.

      SECTION 2.12. Cancellation. The Company at any time may deliver Securities
to the Trustee for cancellation. The Registrar and Paying Agent shall forward to
the Trustee any Securities of any series surrendered to them for registration of
transfer, exchange or payment. The Trustee and no one else may cancel Securities
of any series surrendered for registration of transfer, exchange, payment,
replacement, conversion, redemption, repurchase or cancellation. Upon written
instructions of the Company, the Trustee shall destroy and dispose of canceled
Securities of any series as the Company directs and, after such destruction,
shall deliver a certificate of destruction to the Company. The Company may not
issue new Securities of any series to replace Securities of such series that it
has paid, redeemed or repurchased or that have been delivered to the Trustee for
cancellation or that any holder has (i) converted pursuant to Article XII hereof
or (ii) submitted for redemption pursuant to Article III hereof.

      SECTION 2.13. Defaulted Interest. If the Company fails to make a payment
of interest on any Security of any series, it shall pay such defaulted interest
plus, to the extent lawful, any interest payable on the defaulted interest. It
may pay such defaulted interest, plus any such interest

                                      -19-
<PAGE>

payable on it, to the Persons who are holders of Securities of such series on a
subsequent special record date. The Company shall fix any such special record
date and payment date. At least 15 days before any such special record date, the
Company shall mail to holders of the Securities of such series a notice that
states the special record date, payment date and amount of such interest to be
paid.

      SECTION 2.14. CUSIP Number. The Company in issuing any Securities of any
series may use a "CUSIP" number, and if so, such CUSIP number shall be included
in notices of redemption, repurchase or exchange as a convenience to holders of
Securities of such series; provided, however, that any such notice may state
that no representation is made as to the correctness or accuracy of the CUSIP
number printed in the notice or on the Securities of that series and that
reliance may be placed only on the other identification numbers printed on such
Securities. The Company will promptly notify the Trustee of any change in the
CUSIP number.

                                  ARTICLE III

                                   REDEMPTION

      SECTION 3.01. Applicability of Article. Securities of any series that are
redeemable before then Stated Maturity shall be redeemable in accordance with
their terms and (except as otherwise specified as contemplated by Section 2.02
for such Securities) in accordance with this Article.

      SECTION 3.02. Notices to Trustee. The election of the Company to redeem
any Securities shall be evidenced by a Board Resolution or in another manner
specified as contemplated by Section 2.02 for such Securities. If the Company
elects to redeem any Securities, it shall furnish to the Trustee, at least 15
(20 if less than all of the then outstanding Securities of any series are to be
redeemed or if the Company requests the Trustee to give notice of redemption
pursuant to Section 3.04) days but not more than 60 days before a Redemption
Date (unless a shorter period shall be satisfactory to the Trustee), an
Officers' Certificate setting forth (i) the Section of this Indenture pursuant
to which the redemption shall occur, (ii) the Redemption Date, (iii) the
principal amount of Securities (if less than all) to be redeemed, (iv) the
Redemption Price and (v) the CUSIP number of the Securities being redeemed.

      SECTION 3.03. Selection of Securities To Be Redeemed. If less than all the
Securities of any series are to be redeemed, the Trustee shall select the
Securities to be redeemed by a method that complies with the requirements of the
principal national securities exchange, if any, on which the Securities of such
series are listed or quoted or, if such Securities are not so listed, on a pro
rata basis by lot or by any other method that the Trustee considers fair and
appropriate. The Trustee shall make the selection not more than 60 days and not
less than 15 days before the Redemption Date from Securities of that series
outstanding and not previously called for redemption. The Trustee may select for
redemption a portion of the principal of any Securities of that series that has
a denomination larger than $1,000. Securities and portions thereof will be
redeemed in the amount of $1,000 or integral multiples of $1,000.

                                      -20-
<PAGE>

      Provisions of this Indenture that apply to Securities of any series called
for redemption also apply to portions of such Securities called for redemption.
The Trustee shall notify the Company promptly of the Securities of any series or
portions of such Securities to be called for redemption.

      If any Security of any series selected for partial redemption is converted
in part after such selection, the converted portion of such Security shall be
deemed (so far as may be) to be the portion to be selected for redemption. The
Securities (or portion thereof) so selected shall be deemed duly selected for
redemption for all purposes hereof, notwithstanding that any such Security is
converted in whole or in part before the mailing of the notice of redemption.
Upon any redemption of less than all the Securities of any series, the Company
and the Trustee may treat as outstanding any Securities of that series
surrendered for conversion during the period of 15 days next preceding the
mailing of a notice of redemption and need not treat as outstanding any Security
of that series authenticated and delivered during such period in exchange for
the unconverted portion of any Security of that series converted in part during
such period.

      SECTION 3.04. Notice of Redemption. At least 30 days but not more than 60
days before a Redemption Date, the Company shall mail by first class mail a
notice of redemption to each holder whose Securities are to be redeemed.

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

                  (1) the Redemption Date;

                  (2) the Redemption Price;

                  (3) if any Security of any series is being redeemed in part,
the portion of the principal amount of such Security to be redeemed and that,
after the Redemption Date, upon surrender of such Security, a new Security or
Securities of the same series in principal amount equal to the unredeemed
portion will be issued in the name of the holder thereof;

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

                  (5) that interest on Securities called for redemption and for
which funds have been set apart for payment, ceases to accrue on and after the
Redemption Date (unless the Company defaults in the payment of the Redemption
Price or the Paying Agent is prohibited from making such payment pursuant to the
terms of this Indenture);

                  (6) the paragraph of the Securities pursuant to which the
Securities called for redemption are being redeemed;

                  (7) the aggregate principal amount of Securities of that
series (if less than all) that are being redeemed;

                                      -21-
<PAGE>

                  (8) the CUSIP number of the Securities (provided that the
disclaimer permitted by Section 2.14 may be made);

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

                  (10) that Securities called for redemption may be converted at
any time prior to the close of business on the last trading day immediately
preceding the Redemption Date and if not converted prior to the close of
business on such Redemption Date, the right of conversion will be lost; and

                  (11) that in the case of Securities or portions thereof called
for redemption on a date that is also an Interest Payment Date, the interest
payment, due on such date shall be paid to the Person in whose name the Security
is registered at the close of business on the relevant Regular Record Date.

      The notice if mailed in the manner herein provided shall be conclusively
presumed to have been given, whether or not the holder receives such notice. In
any case, failure to give such notice by mail or any defect in the notice to the
holder of any Security designated for redemption as a whole or in part shall not
affect the validity of the proceedings for the redemption of any Security of
that series.

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

      SECTION 3.05. Deposit of Redemption Price. On or before the Redemption
Date, the Company shall deposit with the Trustee or with the Paying Agent money
in immediately available funds sufficient to pay the Redemption Price of and
accrued interest on all Securities to be redeemed on that date. The Trustee or
the Paying Agent shall return to the Company any money not required for that
purpose.

      On and after the Redemption Date, unless the Company shall default in the
payment of the Redemption Price, interest will cease to accrue on the principal
amount of the Securities or portions thereof called for redemption and for which
funds have been set apart for payment and such Securities, or portions thereof,
shall cease after the close of business on the Business Day immediately
preceding the Redemption Date to be convertible into Common Stock and, except as
provided in this Section 3.05 and 8.04, to be entitled to any benefit or
security under this Indenture, and the holders thereof shall have no right in
respect of such Securities, or portions thereof, except the right to receive the
Redemption price thereof and unpaid interest, to (but excluding) the Redemption
Date. In the case of Securities or portions thereof redeemed on a Redemption
Date which is also an Interest Payment Date, the interest payment due on such
Interest Payment Date shall be paid to the Person in whose name the Security is
registered at the close of business on the relevant Regular Record Date.

      SECTION 3.06. Securities Redeemed in Part. Upon surrender of a Security
that is redeemed in part only, the Company shall issue and the Trustee shall
authenticate and deliver to the

                                      -22-
<PAGE>

holder of a Security a new Security of the same series equal in principal amount
to the unredeemed portion of the Security surrendered, at the expense of the
Company, except as specified in Section 2.07.

      SECTION 3.07. Conversion Arrangement on Call for Redemption. In connection
with any redemption of Securities of any series, the Company may arrange for the
purchase and conversion of any Securities of that series by an arrangement with
one or more investment bankers or other purchasers to purchase such Securities
by paying to the Trustee in trust for the holders, on or before the Redemption
Date, an amount not less than the applicable Redemption Price, together with
interest accrued to the Redemption Date, of such Securities. Notwithstanding
anything to the contrary contained in this Article III, the obligation of the
Company to pay the Redemption Price of such Securities, together with interest
accrued to the Redemption Date, shall be deemed to be satisfied and discharged
to the extent such amount is so paid by the purchasers. If such an agreement is
entered into, a copy of which will be filed with the Trustee prior to the
Redemption Date, any Securities of that series not duly surrendered for
conversion by the holders thereof may, at the option of the Company, be deemed,
to the fullest extent permitted by law, acquired by such purchasers from such
holders and (notwithstanding anything to the contrary contained in Article XII)
surrendered by such purchasers for conversion, all as of immediately prior to
the close of business on the Redemption Date (and the right to convert any such
Securities shall be deemed to have been extended through such time), subject to
payment of the above amount as aforesaid. At the direction of the Company, the
Trustee shall hold and dispose of any such amount paid to it in the same manner
as it would monies deposited with it by the Company for the redemption of
Securities of that series. Without the Trustee's prior written consent, no
arrangement between the Company and such purchasers for the purchase and
conversion of any Securities of any series shall increase or otherwise affect
any of the powers, duties, responsibilities or obligations of the Trustee as set
forth in this Indenture, and the Company agrees to indemnify the Trustee from,
and hold it harmless against, any loss, liability or expense arising out of or
in connection with any such arrangement for the purchase and conversion of any
Securities of any series between the Company and such purchasers to which the
Trustee has not consented in writing, including the costs and expenses incurred
by the Trustee in the defense of any claim or liability arising out of or in
connection with the exercise or performance of any of its powers, duties,
responsibilities or obligations under this Indenture.

                                   ARTICLE IV

                                    COVENANTS

      SECTION 4.01. Payment of Securities. The Company covenants and agrees for
the benefit of each series of Securities that it will pay the principal of and
any premium and interest on the Securities of that series in accordance with the
terms of the Securities.

      SECTION 4.02. Compliance Certificate. The Company shall deliver to the
Trustee within 120 days after the end of each fiscal year of the Company, an
Officers' Certificate stating that a review of the activities of the Company and
its subsidiaries during the preceding fiscal year has been made under the
supervision of the signing Officers with a view to determining whether the

                                      -23-
<PAGE>

Company has fully performed its obligations under this Indenture and further
stating, as to each such Officer signing such certificate, that to the best of
his or her knowledge, the Company is not in default in the performance or
observance of any of the terms and conditions hereof (or, if any Default or
Event of Default shall have occurred, describing all such Defaults or Events of
Default of which he or she may have knowledge) and, that to the best of his or
her knowledge, no event has occurred and remains in existence by reason of which
payments on account of the principal of or interest (including Liquidated
Damages) on the Securities are prohibited.

      The Company shall, so long as any of the Securities are outstanding,
deliver to the Trustee, forthwith upon becoming aware of any Default or Event of
Default, an Officers' Certificate specifying such Default or Event of Default.

      SECTION 4.03. Maintenance of Office or Agency. The Company shall maintain
or cause to be maintained for any series of Securities the office or agency
required under Section 2.04. The Company shall give prompt written notice to the
Trustee of the location, and any change in the location, of such office or
agency not maintained by the Trustee. If at any time the Company shall fail to
maintain any such required office or agency for any series of Securities or
shall fail to furnish the Trustee with the address thereof, presentations,
surrenders, notices and demands with respect to the Securities for that series
may be made or served at the Corporate Trust Office of the Trustee.

      The Company may also from time to time designate one or more other offices
or agencies where the Securities for that series may be presented or surrendered
for any or all such purposes and may from time to time rescind such designation.

      SECTION 4.04. Money for Securities Payments to be Held in Trust. If the
Company shall at any time act as its own Paying Agent with respect to any series
of Securities, it will, on or before each due date of the principal of or any
premium or interest on any of the Securities of that series, segregate and hold
in trust for the benefit of the Persons entitled thereto a sum sufficient to pay
the principal and any premium and interest so becoming due until such sums shall
be paid to such Persons or otherwise disposed of as herein provided and will
promptly notify the Trustee of its action or failure so to act.

      Whenever the Company shall have one or more Paying Agents for any series
of Securities, it will, on or prior to each due date of the principal of or any
premium or interest on any Securities of that series, deposit with a Paying
Agent a sum sufficient to pay such amount, such sum to be held as provided by
the Trust Indenture Act, and (unless such Paying Agent is the Trustee) the
Company will promptly notify the Trustee of its action or failure so to act.

      The Company will cause each Paying Agent for any series of Securities
other than the Trustee to execute and deliver to the Trustee an instrument in
which such Paying Agent shall agree with the Trustee, subject to the provisions
of this Section, that such Paying Agent will (1) comply with the provisions of
the Trust Indenture Act applicable to it as a Paying Agent and (2) during the
continuance of any default by the Company (or any other obligor upon the
Securities of that series) in the making of any payment in respect of the
Securities of that series, upon the written request of

                                      -24-
<PAGE>

the Trustee, forthwith pay to the Trustee all sums held in trust by such Paying
Agent for payment in respect of the Securities of that series.

      The Company may at any time, for the purpose of obtaining the satisfaction
and discharge of this Indenture or for any other purpose, pay, or by Company
Order direct any Paying Agent to pay, to the Trustee all sums held in trust by
the Company or such Paying Agent, such sums to be held by the Trustee upon the
same trusts as those upon which such sums were held by the Company or such
Paying Agent; and, upon such payment by any Paying Agent to the Trustee, such
Paying Agent shall be released from all further liability with respect to such
money.

      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 any premium or
interest on any Security of any series and remaining unclaimed for a period
ending on the earlier of the date that is ten Business Days prior to the date
such money would escheat to the State or two years after such principal, premium
or interest has become due and payable shall be paid to the Company on Company
Request, or (if then held by the Company) shall be discharged from such trust;
and the Holder of such Security 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 each Place of Payment, notice that
such money remains unclaimed and that, after a date specified therein, which
shall not be less than 30 days from the date of such publication, any unclaimed
balance of such money then remaining will be repaid to the Company.

      SECTION 4.05. Continued Existence. Subject to Article V, the Company shall
do or cause to be done all things necessary to preserve and keep in full force
and effect its corporate existence.

      SECTION 4.06. 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 7.08, a Trustee, so that there
shall at all times be a Trustee hereunder.

      SECTION 4.07. 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 wherever enacted, now or at any time
hereafter enforced, that may affect the Company's obligation to pay the
Securities; and the Company (to the extent that it may lawfully do so) hereby
expressly waives all benefit or advantage of any such law insofar as such law
applies to the Securities, and covenants that it shall not, by resort to any
such law, hinder, delay or impede the execution of any power herein granted to
the Trustee, but will suffer and permit the execution of every such power as
though no such law has been enacted.

                                      -25-
<PAGE>

      SECTION 4.08. Taxes. The Company shall, and shall cause each of its
subsidiaries to, pay prior to delinquency all taxes, assessments and government
levies; provided, however, that the Company shall not be required to pay or
cause to be paid any such tax, assessment or levy (A) if the failure to do so
will not, in the aggregate, have a material adverse impact on the Company and
its subsidiaries taken as a whole, or (B) if the amount, applicability or
validity is being contested in good faith by appropriate proceedings.

      SECTION 4.09. Reports by Company. The Company shall file with the Trustee
and the Commission, and transmit to Holders, such information, documents and
other reports, and such summaries thereof, as may be required pursuant to the
Trust Indenture Act at the times and in the manner provided pursuant to the
Trust Indenture Act; provided that any such information, documents or reports
required to be filed with the Commission pursuant to Section 13 or 15(d) of the
Exchange Act shall be filed with the Trustee within 15 days after the same is so
required to be filed with the Commission.

      SECTION 4.10. Waiver of Certain Covenants. Except as otherwise specified
as contemplated by Section 2.02 for Securities of such series, the Company may,
with respect to the Securities of any series, omit in any particular instance to
comply with any term, provision or condition set forth in any covenant provided
pursuant to Section 2.02(19), 4.08 or 9.01(g) for the benefit of the holders of
the Security of such series if before the time for such compliance the holders
of the Security of at least a majority in principal amount of the Outstanding
Securities of such series shall, by Act of such holders of the Security, either
waive such compliance in such instance or generally waive compliance with such
term, provision or condition, but no such waiver shall extend to or affect such
term, provision or condition except to the extent so expressly waived, and,
until such waiver shall become effective, the obligations of the Company and the
duties of the Trustee in respect of any such term, provision or condition shall
remain in full force and effect.

                                   ARTICLE V

                                   SUCCESSORS

      SECTION 5.01. When the Company May Merge, Etc. The Company may not, in a
single transaction or series of related transactions, consolidate or merge with
or into (whether or not the Company is the surviving corporation), or sell,
assign, transfer, lease, convey or otherwise dispose of all or substantially all
of its properties or assets to, any Person as an entirety or substantially as an
entirety unless:

            (a) either

                  (i) the Company shall be the surviving or continuing
corporation or

                  (ii) the Person formed by or surviving any such consolidation
or into which the Company is merged (if other than the Company) or the Person
which acquires by sale, assignment, transfer, lease, conveyance or other
disposition the properties and assets of the Company substantially as an
entirety

                                      -26-
<PAGE>

                        (1) shall be a corporation organized and validly
existing under the laws of the United States or any State thereof or the
District of Columbia and

                        (2) shall expressly assume, by indenture in form
reasonably satisfactory to the Trustee, executed and delivered to the Trustee,
the due and punctual payment of the principal of, and premium, if any, and
interest on all of the Securities and the performance of every covenant of the
Securities and this Indenture on the part of the Company to be performed or
observed, including, without limitation, conversion rights in accordance with
Section 12.06 to the extent required by such Sections;

            (b) immediately after giving effect to such transaction no Default
and no Event of Default shall have occurred and be continuing; and

            (c) the Company or such Person shall have delivered to the Trustee
an Officers' Certificate and an Opinion of Counsel each stating that such
consolidation, merger, conveyance, transfer or lease and, if a supplemental
indenture is required in connection with such transaction, such supplemental
indenture, comply with this provision of this Indenture and that all conditions
precedent in this Indenture relating to such transaction have been satisfied.

      For purposes of this Section 5.01, the transfer (by lease, assignment,
sale or otherwise, in a single transaction or series of transactions) of all or
substantially all of the properties or assets of one or more subsidiaries of the
Company, the capital stock of which constitutes all or substantially all of the
properties and assets of the Company, shall be deemed to be the transfer of all
or substantially all of the properties and assets of the Company.

      SECTION 5.02. Successor Corporation Substituted. Upon any such
consolidation, merger, sale, assignment, conveyance, lease, transfer or other
disposition in accordance with Section 5.01, the successor Person formed by such
consolidation or into which the Company is merged or to which such sale,
assignment, conveyance, lease, transfer or other disposition is made will
succeed to, and be substituted for, and may exercise every right and power of,
the Company under this Indenture with the same effect as if such successor had
been named as the Company therein, and thereafter (except in the case of a sale,
assignment, transfer, lease, conveyance or other disposition) the predecessor
corporation will be relieved of all further obligations and covenants under this
Indenture and the Securities.

                                   ARTICLE VI

                              DEFAULTS AND REMEDIES

      SECTION 6.01. Events of Default. An "Event of Default" with respect to
Securities of any series occurs if:

            (a) the Company defaults in the payment (whether or not such payment
is prohibited by the subordination provisions set forth in Article XI of this
Indenture) of principal of, or premium, if any, on the Securities of that series
when due at maturity, upon repurchase, upon

                                      -27-
<PAGE>

acceleration or otherwise, including, without limitation, failure of the Company
to make any optional redemption payment when required pursuant to Article III;
or

            (b) the Company defaults in the payment (whether or not such payment
is prohibited by the subordination provisions set forth in Article XI of this
Indenture) of any installment of interest on the Securities of that series when
due (including any interest payable in connection with any optional redemption
payment pursuant to Article III) and continuance of such default for 30 days or
more; or

            (c) default in the deposit of any sinking fund payment, when and as
due by the terms of a Security of that series; or

            (d) the Company defaults (other than a default set forth in clauses
(a) and (b) above and clauses (d) and (e) below) in the performance of, or
breaches, any other covenant or warranty of the Company set forth in this
Indenture (other than a covenant or warranty which has expressly been included
in this Indenture solely for the benefit of series of Securities other than that
series) and fails to remedy such default or breach within a period of 60 days
after the receipt of written notice from the Trustee or the holders of at least
25% in aggregate principal amount of the then outstanding Securities of that
series; or

            (e) the Company or any Material Subsidiary, pursuant to or within
the meaning of any Bankruptcy Law:

                  (i) commences a voluntary case,

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

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

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

                  (v) makes the admission in writing that it generally is unable
to pay its debts as the same become due, or

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

                  (i) is for relief against the Company or any Material
Subsidiary in an involuntary case,

                  (ii) appoints a Custodian of the Company or any Material
Subsidiary, and the order or decree remains unstayed and in effect for 90 days.

                                      -28-
<PAGE>

                  (iii) orders the liquidation of the Company or any Material
Subsidiary, and the order or decree remains unstayed and in effect for 90 days;
or

            (g) any other Event of Default provided with respect to Securities
of that series in the Board Resolution, supplemental indenture or Officers'
Certificate establishing that series.

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

      In the case of any Event of Default, pursuant to the provisions of this
Section 6.01, occurring by reason of any willful action (or inaction) taken (or
not taken) by or on behalf of the Company with the intention of avoiding payment
of any premium which the Company would have had to pay if the Company then had
elected to redeem the Securities of any series, an equivalent premium shall also
become and be immediately due and payable to the extent permitted by law, upon
the acceleration of the Securities of that series notwithstanding anything
contained in this Indenture or in the Securities of that series to the contrary.

      If an Event of Default occurs prior to any date on which the Company is
prohibited from redeeming the Securities of any series, by reason of any willful
action (or inaction) taken (or not taken) by or on behalf of the Company with
the intention of avoiding the prohibition on redemption of the Securities prior
to such date, then the premium specified in this Indenture shall also become
immediately due and payable to the extent permitted by law upon the acceleration
of the Securities of that series.

      SECTION 6.02. Acceleration. Unless the Board Resolution, supplemental
indenture or Officers' Certificate establishing such series provides otherwise,
if an Event of Default (other than an Event of Default with respect to the
Company specified in clauses (e) and (f) of Section 6.01) with respect to any
series of Securities at the time outstanding occurs and is continuing, then and
in every such case the Trustee, by written notice to the Company, or the holders
of at least 25% in aggregate principal amount of the then outstanding Securities
of that series (or, if any Securities of that series are Original Issue Discount
Securities, such portion of the principal amount of such Securities as may be
specified by the terms thereof), by written notice to the Company and the
Trustee, may declare the unpaid principal of, premium, if any, and accrued and
unpaid interest, if any, on all the Securities of that series to be due and
payable. Upon such declaration such principal amount, premium, if any, and
accrued and unpaid interest shall become immediately due and payable,
notwithstanding anything contained in this Indenture or the Securities of that
series to the contrary, but subject to the provisions of Article XI hereof. If
any Event of Default with respect to the Company specified in clauses (e) or (f)
of Section 6.01 occurs, all unpaid principal of and premium, if any, and accrued
and unpaid interest on Securities of any series then outstanding (or, if any
Securities of that series are Original Issue Discount Securities, such portion
of the principal amount of such securities as may be specified by the terms
thereof) shall become automatically due and payable subject to the provisions of
Article XI hereof, without any declaration or other act on the part of the
Trustee or any holder of Securities of that series.

                                      -29-
<PAGE>

      The holders of a majority in aggregate principal amount of the then
outstanding Securities of any series by notice to the Trustee may rescind an
acceleration of the Securities of that series and its consequences if all
existing Events of Default (other than nonpayment of principal of or premium, if
any, and interest on the Securities of that series which has become due solely
by virtue of such acceleration) have been cured or waived and if the rescission
would not conflict with any judgment or decree of any court of competent
jurisdiction. No such rescission shall affect any subsequent Default or Event of
Default or impair any right consequent thereto.

      SECTION 6.03. Other Remedies. If an Event of Default occurs and is
continuing, the Trustee may pursue any available remedy by proceeding at law or
in equity to collect the payment of principal of or interest on Securities or to
enforce the performance of any provision of Securities or this Indenture. The
Trustee may maintain a proceeding even if it does not possess any of the
Securities or does not produce any of them in the proceeding. A delay or
omission by the Trustee or any holder of a Security in exercising any right or
remedy occurring upon an Event of Default shall not impair the right or remedy
or constitute a waiver of or acquiescence in the Event of Default. All remedies
are cumulative to the extent permitted by law.

      SECTION 6.04. Waiver of Past Defaults. The holders of a majority in
aggregate principal amount of the Securities of any series then outstanding may,
on behalf of the holders of all the Securities of that series, waive an existing
Default or Event of Default and its consequences, except a Default or Event of
Default in the payment of the principal of, premium, if any, or interest on the
Securities of that series (other than the non-payment of principal of and
premium, if any, and interest on the Securities of that series which has become
due solely by virtue of an acceleration which has been duly rescinded as
provided above), or in respect of a covenant or provision of this Indenture
which cannot be modified or amended without the consent of all holders of
Securities of that series. When a Default or Event of Default is waived, it is
cured and stops continuing. No waiver shall extend to any subsequent or other
Default or Event of Default or impair any right consequent thereon.

      SECTION 6.05. Control by Majority. The holders of a majority in aggregate
principal amount of the then outstanding Securities of any series may direct the
time, method and place of conducting any proceeding for any remedy available to
the Trustee or exercising any trust or power conferred on it relating to the
Securities of that series. However, the Trustee may refuse to follow any
direction that conflicts with law or this Indenture that the Trustee determines
may be unduly prejudicial to the rights of other holders of Securities or that
may involve the Trustee in personal liability; provided that the Trustee shall
have no duty or obligation (subject to Section 7.01) to ascertain whether or not
such actions of forebearances are unduly prejudicial to such holders; provided,
further, that the Trustee may take any other action the Trustee deems proper
that is not inconsistent with such directions.

      SECTION 6.06. Limitation on Suits. No holder of any Security of any series
may pursue any remedy with respect to this Indenture or the Securities of that
series unless:

                  (1) the holder gives to the Trustee notice of a continuing
Event of Default with respect to the Securities of that series;

                                      -30-
<PAGE>

                  (2) the holders of at least 25% in principal amount of the
then outstanding Securities of that series make a request to the Trustee to
pursue the remedy;

                  (3) such holder or holders offer and, if requested, provide to
the Trustee indemnity satisfactory to the Trustee against any loss, liability or
expense;

                  (4) the Trustee does not comply with the request within 60
days after receipt of the request and the offer and, if requested, the provision
of indemnity; and

                  (5) during such 60-day period the holders of a majority in
principal amount of the then outstanding Securities of that series do not give
the Trustee a direction inconsistent with the request.

      A holder of a Security of any series may not use this Indenture to
prejudice the rights of another holder or to obtain a preference or priority
over another holder.

      SECTION 6.07. Rights of Holders To Receive Payment. Subject to the
provisions of Article XI hereof, notwithstanding any other provision of this
Indenture, the right of any holder of a Security to receive payment of
principal, premium, if any, and interest on the Security, on or after the
respective due dates expressed in the Security, or to bring suit for the
enforcement of any such payment on or after such respective dates, or to bring
suit for the enforcement of the right to convert the Security shall not be
impaired or affected without the consent of the holder of a Security.

      SECTION 6.08. Collection Suit by Trustee. If an Event of Default specified
in Section 6.01(a) or (b) occurs and is continuing with respect to a series of
Securities, the Trustee may recover judgment in its own name and as trustee of
an express trust against the Company for the whole amount of principal and
interest remaining unpaid on the Securities of that series and interest on
overdue principal and interest and such further amount as shall be sufficient to
cover the costs and, to the extent lawful, expenses of collection, including the
reasonable compensation, expenses, disbursements and advances of the Trustee,
its agents and counsel.

      SECTION 6.09. Trustee May File Proofs of Claim. The Trustee may file such
proofs of claim and other papers or documents as may be necessary or advisable
in order to have the claims of the Trustee and the holders of Securities allowed
in any judicial proceedings relative to the Company, its creditors or its
property. Nothing contained herein shall be deemed to authorize the Trustee to
authorize or consent to or accept or adopt on behalf of any holder of a Security
any plan of reorganization, arrangement, adjustment or composition affecting the
Securities of that series or the rights of any holder thereof, or to authorize
the Trustee to vote in respect of the claim of any holder in any such
proceeding.

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

                                      -31-
<PAGE>

            First: to the Trustee for amounts due under Section 7.07, including
      payment of all compensation, expenses and liabilities incurred, and all
      advances made, by the Trustee, and the costs and expenses of collection;

            Second: to holders of Senior Debt to the extent required by Article
      XI;

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

            Fourth: to the Company.

      The Trustee may fix a special record date and payment date for any payment
to holders of Securities of any series made pursuant to this section. At least
15 days before any such special record date, the Trustee shall mail to holders
of the Securities of that series a notice that states the special record date,
payment date and amount of such interest to be paid.

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

                                  ARTICLE VII

                                  THE TRUSTEE

      The Trustee hereby accepts the trust imposed upon it by this Indenture and
covenants and agrees to perform the same, as herein expressed. Whether or not
herein expressly so 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 Article VII.

      SECTION 7.01. Duties of the Trustee.

            (a) If an Event of Default known to the Trustee has occurred and is
continuing with respect to Securities of any series, 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 his or her own affairs.

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

                                      -32-
<PAGE>

                        (1) The duties of the Trustee shall be determined solely
by the express provisions of this Indenture and the Trustee need perform only
those duties that are specifically set forth in this Indenture and no others and
no implied covenants or obligations shall be read into this Indenture against
the Trustee; and

                        (2) In the absence of bad faith on its part, the Trustee
may conclusively rely, as to the truth of the statements and the correctness of
the opinions expressed therein, upon any statements, certificates or opinions
furnished to the Trustee and conforming to the requirements of this Indenture.
However, the Trustee shall examine the certificates and opinions to determine
whether or not they conform to the form required by this Indenture.

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

                        (1) This paragraph does not limit the effect of
paragraph (b) of this Section;

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

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

            (d) Whether or not therein expressly so provided, every provision of
this Indenture that is in any way related to the Trustee is subject to
paragraphs (a), (b) and (c) of this Section 7.01.

            (e) No provision of this Indenture shall require the Trustee to
expend or risk its own funds or incur any financial liability in the performance
of any of its duties or the exercise of any of its rights and powers hereunder,
if it shall have reasonable grounds for believing that repayment of such funds
or adequate indemnity against such risk of liability is not reasonably assured
to it.

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

      SECTION 7.02. Rights of the Trustee.

            (a) The Trustee may rely on and shall be protected in acting or
refraining from acting upon any resolution, Officers' Certificate, or any other
certificate, statement, instrument, opinion, report, notice, request, consent,
order, security or other document believed by it to be

                                      -33-
<PAGE>

genuine and to have been signed or presented by the proper Person. The Trustee
need not investigate any fact or matter contained therein.

            (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 is herein specifically prescribed). In addition,
before the Trustee acts or refrains from acting, it may require an Officers'
Certificate, an Opinion of Counsel or both. The Trustee shall not be liable for
any action it takes or omits to take in good faith in reliance on such Officers'
Certificate or Opinion of Counsel. The Trustee may consult with counsel and the
written advice of such counsel or any Opinion of Counsel shall be full and
complete authorization and protection from liability in respect of any action
taken, suffered or omitted by it hereunder in good faith and in reliance
thereon.

            (c) The Trustee may execute any of the trusts or powers hereunder or
perform any duties hereunder either directly or by or through its attorneys and
agents and other Persons not regularly in its employ and shall not be
responsible for the misconduct or negligence of any attorney or agent appointed
with due care.

            (d) The Trustee shall not be liable for any action it takes or omits
to take in good faith without negligence or willful misconduct which it believes
to be authorized or within its discretion, rights or powers.

            (e) Unless otherwise specifically provided in this Indenture, any
demand, request, direction or notice from the Company shall be sufficient if
signed by Officers of the Company.

            (f) The Trustee shall not be required to give any bond or surety in
respect of the performance of its powers and duties hereunder.

            (g) The Trustee shall be under no obligation to exercise any of the
rights or powers vested in it by this Indenture at the request, order or
discretion of any of the holders of Securities of any series pursuant to the
provisions of this Indenture, unless such holders have offered to the Trustee
security or indemnity satisfactory to it against the costs, expenses and
liabilities which might be incurred therein or thereby.

            (h) 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, consent, order, security or other
document unless requested in writing to do so by the holders of not less than a
majority in aggregate principal amount of the Securities of that series then
outstanding, provided that if the Trustee determines in its discretion to make
any such investigation, then it shall be entitled, upon reasonable prior notice
and during normal business hours, to examine the books and records and the
premises of the Company, personally or by agent or attorney, and the reasonable
expenses of every such examination shall be paid by the Company or, if paid by
the Trustee or any predecessor Trustee, shall be reimbursed by the Company upon
demand.

                                      -34-
<PAGE>

            (i) The permissive rights of the Trustee to do things enumerated in
this Indenture shall not be construed as a duty and the Trustee shall not be
answerable for other than its negligence or willful misconduct.

      SECTION 7.03. Individual Rights of the Trustee. Subject to Sections 7.10
and 7.11, the Trustee in its individual or any other capacity may become the
owner or pledgee of Securities of any series with the same rights it would have
if it were not the Trustee and may otherwise deal with the Company or an
Affiliate of the Company and receive, collect, hold and retain collections from
the Company with the same rights it would have if it were not Trustee. Any Agent
may do the same with like rights.

      SECTION 7.04. Trustee's Disclaimer. The Trustee shall not be responsible
for and makes no representation as to the validity or adequacy of this Indenture
or the Securities of any series. It shall not be accountable for the Company's
use of the proceeds from the Securities of any series or any money paid to the
Company or upon the Company's direction under any provision of this Indenture.
It shall not be responsible for the use or application of any money received by
any Paying Agent other than the Trustee, and it shall not be responsible for any
statement or recital herein or any statement in the Securities of any series or
any other document in connection with the sale of such Securities or pursuant to
this Indenture other than its certificate of authentication.

      SECTION 7.05. Notice of Defaults. If a Default or Event of Default occurs
and is continuing with respect to Securities of any series and if it is known to
the Trustee, the Trustee shall mail to each holder of a Security of that series
a notice of the Default or Event of Default within 60 days after it occurs. A
Default or an Event of Default shall not be considered known to the Trustee
unless it is a Default or Event of Default in the payment of principal or
interest when due under Section 6.01(a) or (b) or the Trustee shall have
received notice thereof, in accordance with this Indenture, from the Company or
from the holders of a majority in principal amount of the outstanding Securities
of that series. Except in the case of a Default or Event of Default in payment
of principal of, premium, if any, or interest on any Security of any series, the
Trustee may withhold the notice if and so long as a committee of its Trust
Officers in good faith determines that withholding the notice is in the interest
of the holders of the Securities.

      SECTION 7.06. Reports by the Trustee to Holders. Within 60 days after the
reporting date stated in Section 10.10, the Trustee shall mail to holders of
Securities of any series a brief report dated as of such reporting date that
complies with TIA Section 313(a) (but if no event described in TIA Section
313(a) has occurred within twelve months preceding the reporting date, no report
need be transmitted). The Trustee also shall comply with TIA Section 313(b)(2).
The Trustee shall also transmit by mail all reports as required by TIA Section
313(c).

      A copy of each report at the time of its mailing to holders of Securities
of any series shall be filed, at the expense of the Company, by the Trustee with
the Commission and each stock exchange or securities market, if any, on which
the Securities of such series are listed. The Company shall timely notify the
Trustee when the Securities of that series are listed or quoted on any stock
exchange or securities market.

                                      -35-
<PAGE>

      SECTION 7.07. Compensation and Indemnity. The Company shall pay to the
Trustee from time to time and the Trustee shall be entitled to reasonable
compensation for its acceptance of this Indenture and its services hereunder.
The Trustee's compensation shall not be limited by any law on compensation of a
trustee of an express trust. The Company shall reimburse the Trustee promptly
upon request for all reasonable disbursements, advances and expenses incurred or
made by or on behalf of it in addition to the compensation for its services.
Such expenses may include the reasonable compensation, disbursements and
expenses of the Trustee's agents, counsel and other persons not regularly in its
employ.

      The Company shall indemnify the Trustee against any loss, liability or
expense incurred by it arising out of or in connection with the acceptance or
administration of its duties under this Indenture and the trusts hereunder,
including the costs and expenses of defending itself against or investigating
any claim of liability in the premises, except as set forth in the next
paragraph. The Trustee shall notify the Company promptly of any claim for which
it may seek indemnity. Failure by the Trustee to so notify the Company shall not
relieve the Company of its obligations hereunder. The Company shall defend the
claim with counsel designated by the Company, who may be outside counsel to the
Company but shall in all events be reasonably satisfactory to the Trustee, and
the Trustee shall cooperate in the defense. In addition, the Trustee may retain
one separate counsel and, if deemed advisable by such counsel, local counsel,
and the Company shall pay the reasonable fees and expenses of such separate
counsel and local counsel. The indemnification herein extends to any settlement,
provided that the Company will not be liable for any settlement made without its
consent, provided, further, that such consent will not be unreasonably withheld.

      The Company need not reimburse any expense or indemnify against any loss
or liability incurred by the Trustee through its own negligence or willful
misconduct.

      The Trustee shall have a lien prior to Securities on any series on all
money or property held or collected by the Trustee to secure the Company's
payment obligations in this Section 7.07, except that held in trust to pay
principal and interest on Securities of that series. Such liens and the
Company's obligations under this Section 7.07 shall survive the satisfaction and
discharge of this Indenture.

      When the Trustee incurs expenses or renders services after an Event of
Default specified in Section 6.01(e) or (f) occurs, the expenses and the
compensation for the services (including the fees and expenses of its agents and
counsel) are intended to constitute expenses of administration under any
Bankruptcy Law.

      SECTION 7.08. Replacement of the Trustee. A resignation or removal of the
Trustee and appointment of a successor Trustee shall become effective only upon
the successor Trustee's acceptance of appointment as provided in this Section
7.08.

      The Trustee may resign at any time and be discharged from the trust hereby
created by so notifying the Company. The holders of a majority in principal
amount of the then outstanding Securities of any series may remove the Trustee
by so notifying the Trustee and the Company in writing and may appoint a
successor Trustee. The Company may remove the Trustee if:

                                      -36-
<PAGE>

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

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

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

                  (4) the Trustee becomes incapable of acting.

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

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

      If the Trustee after written request by any holder of a Security who has
been a holder for at least six months fails to comply with Section 7.10, such
holder may petition any court of competent jurisdiction for the removal of the
Trustee and the appointment of a successor Trustee.

      A successor Trustee shall deliver a written acceptance of its appointment
to the retiring Trustee and to the Company. Thereupon the resignation or removal
of the retiring Trustee shall become effective, and the successor Trustee shall
have all the rights, powers and duties of the Trustee under this Indenture. The
successor Trustee shall mail a notice of its succession to holders of Securities
of that series. The retiring Trustee shall promptly transfer all property held
by it as Trustee to the successor Trustee, provided that all sums owing to the
retiring Trustee hereunder have been paid and subject to the lien provided for
in Section 7.07. Notwithstanding the replacement of the Trustee pursuant to this
Section 7.08, the Company's obligations under Section 7.07 shall continue for
the benefit of the retiring Trustee with respect to expenses and liabilities
incurred by it prior to such replacement.

      Upon request of any such successor Trustee, the Company shall execute any
and all instruments for more fully and certainly vesting in and confirming to
such successor Trustee all such rights, powers and trusts referred to in the
preceding paragraph.

      SECTION 7.09. Successor Trustee by Merger, etc. If the Trustee
consolidates with, merges or converts into, or transfers all or substantially
all of its corporate trust business (including the trust created by this
Indenture) to, another corporation or national banking association, the
resulting, surviving or transferee corporation or national banking association
without any further act

                                      -37-
<PAGE>

shall be the successor Trustee with the same effect as if the successor Trustee
had been named as the Trustee herein.

      SECTION 7.10. Eligibility, Disqualification. This Indenture shall always
have a Trustee who satisfies the requirements of TIA Section 310(a)(1). The
Trustee shall always have a combined capital and surplus as stated in Section
10.10. The Trustee is subject to TIA Section 310(b) regarding the
disqualification of a trustee upon acquiring a conflicting interest.

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

                                  ARTICLE VIII

                     SATISFACTION AND DISCHARGE OF INDENTURE

      SECTION 8.01. Discharge of Indenture. When (a) the Company delivers to the
Trustee for cancellation all Securities theretofore authenticated (other than
any other Securities which have been destroyed, lost or stolen and in lieu of or
in substitution for which other Securities have been authenticated and
delivered) and not theretofore canceled, or (b) all the Securities not
theretofore canceled or delivered to the Trustee for cancellation have become
due and payable, or are by their terms will become due and payable at their
Stated Maturity within one year or are to be called for redemption within one
year under arrangements satisfactory to the Trustee for the giving of notice of
redemption, and the Company deposits with the Trustee, in trust, amounts
sufficient to pay at Stated Maturity or upon the Redemption Date of all of the
Securities (other than any Securities which have been mutilated, destroyed, lost
or stolen and in lieu of or in substitution for which other Securities have been
authenticated and delivered) not theretofore canceled or delivered to the
Trustee for cancellation, including principal and premium, if any, and interest
due or to become due to such date of Stated Maturity or Redemption Date, as the
case may be, and if in either case the Company also pays, or causes to be paid,
all other sums payable hereunder by the Company, then this Indenture shall cease
to be of further effect (except as to (i) rights of registration of transfer,
substitution, replacement and exchange and conversion of Securities, (ii) rights
hereunder of holders of Securities to receive payments of principal of and
premium, if any, and interest on, the Securities, (iii) the obligations under
Sections 2.04 and 8.05 hereof and (iv) the rights, obligations and immunities of
the Trustee hereunder), and the Trustee, on demand of the Company accompanied by
an Officers' Certificate and an Opinion of Counsel as required by Section 10.04
and at the Company's cost and expense, shall execute proper instruments
acknowledging satisfaction of and discharging this Indenture; the Company,
however, hereby agrees to reimburse the Trustee for any costs or expenses
thereafter reasonably and properly incurred by the Trustee and to compensate the
Trustee for any services thereafter reasonably and properly rendered by the
Trustee in connection with this Indenture or the Securities.

      SECTION 8.02. Deposited Monies to be Held in Trust by Trustee. Subject to
Section 8.04, all monies deposited with the Trustee pursuant to Section 8.01
shall be held in trust and

                                      -38-
<PAGE>

applied by it to the payment, notwithstanding the provisions of Article XI,
either directly or through the Paying Agent, to the holders of the particular
Securities for the payment or redemption of which such monies have been
deposited with the Trustee, of all sums due and to become due thereon for
principal and interest, and premium, if any.

      SECTION 8.03. Paying Agent to Repay Monies Held. Upon the satisfaction and
discharge of this Indenture, all monies then held by any Paying Agent (other
than the Trustee) shall, upon the Company's demand, be repaid to it or paid to
the Trustee, and thereupon such Paying Agent shall be released from all further
liability with respect to such monies.

      SECTION 8.04. Return of Unclaimed Monies. Subject to the requirements of
applicable law, any monies deposited with or paid to the Trustee for payment of
the principal of, premium, if any, or interest on Securities and not applied but
remaining unclaimed by the holders thereof for two years after the date upon
which the principal of, premium, if any, or interest on such Securities, as the
case may be, have become due and payable, shall be repaid to the Company by the
Trustee on demand; provided, however, that the Company, or the Trustee at the
request of the Company, shall have first caused notice of such payment to the
Company to be mailed to each holder of a Security entitled thereto no less than
30 days prior to such payment and all liability of the Trustee shall thereupon
cease with respect to such monies; and the holder of any of the Securities shall
thereafter look only to the Company for any payment which such holder may be
entitled to collect unless an applicable abandoned property law designates
another Person.

      SECTION 8.05. Reinstatement. If the Trustee or the Paying Agent is unable
to apply any money in accordance with Section 8.02 by reason of any order or
judgment of any court or governmental authority enjoining, restraining or
otherwise prohibiting such application, the Company's obligations under this
Indenture and the Securities shall be revived and reinstated as though no
deposit had occurred pursuant to Section 8.01 until such time as the Trustee or
the Paying Agent is permitted to apply all such money in accordance with Section
8.02; provided, however, that if the Company makes any payment of interest on or
principal of any Security following the reinstatement of its obligations, the
Company shall be subrogated to the rights of the holders thereof to receive such
payment from the money held by the Trustee or Paying Agent.

                                   ARTICLE IX

                     AMENDMENTS AND SUPPLEMENTAL INDENTURES

      SECTION 9.01. Without the Consent of Holders. The Company and the Trustee
may amend this Indenture or the Securities or enter into one or more indentures
supplement hereto without notice to or the consent of any holder of a Security
for any series for the purposes of:

            (a) curing any ambiguity or correcting or supplementing any
defective or inconsistent provision contained in this Indenture or making any
other changes in the provisions of this Indenture which the Company and the
Trustee may deem necessary or desirable provided such amendment does not
materially and adversely affect the legal rights under the Indenture of the
holders of Securities;

                                      -39-
<PAGE>

            (b) evidencing the succession of another Person to the Company and
providing for the assumption by such successor of the covenants of the Company
thereunder and in the Securities of any series as permitted by Section 5.01;

            (c) to add any additional Events of Default for the benefit of the
holders of all or any series of Securities (and if such additional Events of
Default are to be for the benefit of less than all series of Securities, stating
that such additional Events of Default are expressly being included solely for
the benefit of such series);

            (d) to add to or change any of the provisions of this Indenture to
such extent as shall be necessary to permit or facilitate the issuance of
Securities in bearer form, registrable or not registrable as to principal, and
with or without interest coupons, or to permit or facilitate the issuance of
Securities in uncertificated form;

            (e) to add to, change or eliminate any of the provisions of this
Indenture in respect of one or more series of Securities, provided that any such
addition, change or elimination (A) shall neither (i) apply to any Security of
any series created prior to the execution of such supplemental indenture and
entitled to the benefit of such provision nor (ii) modify the rights of the
Holder of any such Security with respect to such provision or (B) shall become
effective only when there is no such Security Outstanding;

            (f) to secure the Securities;

            (g) to establish the form or terms of Securities of any series as
permitted by Sections 2.01 and 2.02;

            (h) to evidence and provide for the acceptance of appointment
hereunder by a successor Trustee with respect to the Securities of one or more
series and to add to or change any of the provisions of this Indenture as shall
be necessary to provide for or facilitate the administration of the trusts
hereunder by more than one Trustee, pursuant to the requirements of Section
7.08;

            (i) to make provision with respect to the conversion rights of
Holders pursuant to the requirements of Article XII, including providing for the
conversion of the securities into any security (other than the Common Stock of
the Company) or property of the Company; or

            (j) to supplement any of the provisions of the Indenture to such
extent as shall be necessary to permit or facilitate the defeasance and
discharge of any series of Securities pursuant to Articles VIII and XIV,
provided that any such action shall not adversely affect the interests of the
Holders of Securities of such series or any other series of Securities in any
material respect.

      SECTION 9.02. With the Consent of Holders. Subject to Section 6.07, the
Company and the Trustee may amend this Indenture or the Securities or enter into
one or more indentures supplement hereto with the written consent of the holders
of at least a majority in principal amount of the then outstanding Securities of
such series (including consents obtained in connection with a tender offer or
exchange offer for Securities of that series).

                                      -40-
<PAGE>

      Subject to Sections 6.04 and 6.07, the holders of a majority in principal
amount of the Securities then outstanding may also waive compliance in a
particular instance by the Company with any provision of this Indenture or the
Securities of any series.

      However, without the consent of each holder of a Security of any series
affected, an amendment or waiver under this Section may not (with respect to any
Securities of such series held by a non-consenting holder):

            (a) change the Stated Maturity of the principal of, or any
installment of principal of or interest on, any Security, or reduce the
principal amount thereof or the rate of interest thereon or any premium payable
upon the redemption thereof, or reduce the amount of the principal of an
Original Issue Discount Security or any other Security which would be due and
payable upon a declaration of acceleration of the Maturity thereof pursuant to
Section 6.02, or change any Place of Payment where, or the coin or currency in
which, any Security or any premium or interest thereon is payable, or impair the
right to institute suit for the enforcement of any such payment on or after the
Stated Maturity thereof (or, in the case of redemption, on or after the
Redemption Date), or modify the provisions of this Indenture with respect to the
subordination of such series of Securities in a manner adverse to the holders of
Securities of such series, or, in the case of Securities of any series that are
convertible into Securities or other securities of the Company, adversely affect
the right of holders to convert any of the Securities of such series other than
as provided in or pursuant to this Indenture;

            (b) reduce the percentage in principal amount of the outstanding
Securities of any series, the consent of whose holders is required for any such
supplemental indenture, or the consent of whose holders is required for any
waiver (of compliance with certain provisions of this Indenture or certain
defaults hereunder and their consequences) provided for in this Indenture;

            (c) modify any of the provisions of this Section, Section 4.09 or
Section 6.04, except to increase any such percentage or to provide that certain
other provisions of this Indenture cannot be modified or waived without the
consent of the holder of each Outstanding Security affected thereby; provided,
however, that this clause shall not be deemed to require the consent of any
holder with respect to changes in the references to "the Trustee" and
concomitant changes in this Section and Section 4.09, or the deletion of this
proviso, in accordance with the requirements of Sections 7.08 and 9.01(h); or

            (d) if applicable, make any change that adversely affects the right
to convert any security as provided in Article XII or pursuant to Section 2.02
(except as permitted by Section 9.01(i)) or decrease the conversion rate or
increase the conversion price of any such security.

      A supplemental indenture which changes or eliminates any covenant or other
provision of this Indenture which has expressly been included solely for the
benefit of one or more particular series of Securities, or which modifies the
rights of the Holders of Securities of such series with respect to such covenant
or other provision, shall be deemed not to affect the rights under this
Indenture of the Holders of Securities of any other series.

                                      -41-
<PAGE>

      To secure a consent of the holders of Securities under this Section, it
shall not be necessary for such holders to approve the particular form of any
proposed amendment or waiver, but it shall be sufficient if such consent
approves the substance thereof.

      After an amendment or waiver under this Section becomes effective, the
Company shall mail to holders of Securities of such series affected by the
amendment or waiver a notice briefly describing the amendment or waiver.

      In order to amend any provisions of Article XI, holders of at least 75% in
aggregate principal amount of Securities of any series then outstanding must
consent to such amendment if such amendment would adversely affect the rights of
holders of Securities of such series.

      SECTION 9.03. Compliance with the Trust Indenture Act. Every amendment to
this Indenture or the Securities shall be set forth in a supplemental indenture
that complies with the TIA as then in effect.

      SECTION 9.04. Revocation and Effect of Consents. Until an amendment,
supplement or waiver becomes effective, a consent to it by a Holder of a
Security of any series is a continuing consent by the Holder and every
subsequent Holder of a Security or portion of a Security that evidences the same
debt as the consenting Holder's Security, even if notation of the consent is not
made on any Security. However, any such Holder or subsequent Holder may revoke
the consent as to his or her Security or portion of a Security if the Trustee
receives the notice of revocation before the date on which the Trustee receives
an Officers' Certificate certifying that the Holders of the requisite principal
amount of Securities have consented to the amendment or waiver.

      The Company may, but shall not be obligated to, fix a record date for the
purpose of determining the Holders of Securities of any series entitled to
consent to any amendment or waiver. If a record date is fixed, then
notwithstanding the provisions of the immediately preceding paragraph, those
Persons who were holders of Securities of such series at such record date (or
their duly designated proxies), and only those Persons, shall be entitled to
consent to such amendment or waiver or to revoke any consent previously given,
whether or not such Persons continue to be holders after such record date. No
consent shall be valid or effective for more than 90 days after such record date
unless consents from Holders of the principal amount of Securities of such
series required hereunder for such amendment or waiver to be effective shall
have also been given and not revoked within such 90-day period.

      After an amendment, supplement or waiver becomes effective it shall bind
every Holder of a Security of that series, unless it is of the type described in
clauses (a) through (d) of Section 9.02. In such case, the amendment or waiver
shall bind each Holder of a Security who has consented to it and every
subsequent Holder of a Security or portion of a Security that evidences the same
debt as the consenting Holder's Security.

      SECTION 9.05. Notation on or Exchange of Securities. Securities of any
series authenticated and delivered after the execution of any supplemental
indenture pursuant to this Article IX may, and shall if required by the Trustee,
bear a notation in the form approved by the

                                      -42-
<PAGE>

Trustee as to any matter provided for in such supplemental indenture. If the
Company shall so determine, new Securities of any series so modified as to
conform, in the opinion of the Company and the Trustee, to any such supplemental
indenture may be prepared and executed by the Company and authenticated and
delivered by the Trustee in exchange for outstanding Securities of such series
without charge to the Holders of the Securities of such series, except as
specified in Section 2.07.

      SECTION 9.06. Effect of Supplemental Indentures. Upon the execution of any
supplemental indenture under this Article, this Indenture shall be modified in
accordance therewith, and such supplemental indenture shall form a part of this
Indenture for all purposes; and every Holder of Securities theretofore or
thereafter authenticated and delivered hereunder shall be bound thereby.

      SECTION 9.07. Trustee Protected. The Trustee shall sign any amendment or
supplemental indenture authorized pursuant to this Article IX if such amendment
or supplemental indenture does not adversely affect the rights, duties,
liabilities or immunities of the Trustee. If it does, the Trustee may, but need
not, sign it. In signing such amendment or supplemental indenture, the Trustee
shall be entitled to receive, and shall be fully protected in relying upon, an
Officers' Certificate and an Opinion of Counsel as conclusive evidence that such
amendment or supplemental indenture is authorized or permitted by this
Indenture, that it is not inconsistent herewith, and that it will be valid and
binding upon the Company in accordance with its terms.

      SECTION 9.08. Subordination Unimpaired. No provision in any supplemental
indenture that affects the superior position of the holders of Senior Debt shall
be effective against holders of Senior Debt.

                                    ARTICLE X

                               GENERAL PROVISIONS

      SECTION 10.01. Trust Indenture Act Controls. If any provision of this
Indenture limits, qualifies or conflicts with the duties imposed by TIA Section
318(c), such duties imposed by such Section of the TIA shall control. If any
provision of this Indenture expressly modifies or excludes any provision of the
TIA that may be so modified or excluded, the Indenture provision so modifying or
excluding such provision of the TIA shall be deemed to apply.

      SECTION 10.02. Notices. Any notice or communication by the Company or the
Trustee to the other is duly given if in writing and delivered in person or
mailed by first-class mail, with postage prepaid (registered or certified,
return receipt requested), or sent by facsimile or overnight air couriers
guaranteeing next day delivery, to the other's address as stated in Section
10.10. The Company or the Trustee by notice to the other may designate
additional or different addresses for subsequent notices or communications.

      All notices and communications (other than those sent to holders of
Securities) shall be deemed to have been duly given at the time delivered by
hand, if Personally delivered; five Business Days after being deposited in the
mail, postage prepaid, if mailed; when transmission is confirmed, if

                                      -43-
<PAGE>

transmitted by facsimile; and the next Business Day after timely delivery to the
courier, if sent by overnight air courier guaranteeing next day delivery.
Notwithstanding the foregoing, all notices to the Trustee shall be effective
only upon receipt by a Trust Officer.

      Any notice or communication to a holder of a Security of any series shall
be mailed by first-class mail, with postage prepaid, to his or her address shown
on the Register kept by the Registrar. Failure to mail a notice or communication
to a holder or any defect in it shall not affect its sufficiency with respect to
other holders.

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

      If the Company sends a notice or communication to holders of Securities of
any series, it shall send a copy to the Trustee and each Agent at the same time.

      All notices or communications shall be in writing.

      SECTION 10.03. Communication by Holders With Other Holders. Holders may
communicate pursuant to TIA Section 312(b) with other holders with respect to
their rights under this Indenture or the Securities. The Company, the Trustee,
the Registrar and anyone else shall have the protection of TIA Section 312(c).

      SECTION 10.04. Certificate and Opinion as to Conditions Precedent. Upon
any request or application by the Company to the Trustee to take any action
under this Indenture, the Company shall furnish to the Trustee:

                  (1) an Officers' Certificate in form and substance reasonably
satisfactory to the Trustee (which shall include the statements set forth in
Section 10.05) stating that, in the opinion of such person, all conditions
precedent and covenants, if any, provided for in this Indenture relating to the
proposed action have been complied with; and

                  (2) an Opinion of Counsel in form and substance reasonably
satisfactory to the Trustee (which shall include the statements set forth in
Section 10.05) stating that, in the opinion of such counsel, all such conditions
precedent and covenants have been complied with.

      SECTION 10.05. Statements Required in Certificate or Opinion. Each
certificate or opinion with respect to compliance with a condition or covenant
provided for in this Indenture (other than a certificate provided pursuant to
TIA Section 314(a)(4)) shall include:

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

                                      -44-
<PAGE>

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

                  (3) 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

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

      Any Officers' Certificate may be based, insofar as it relates to legal
matters, upon an Opinion of Counsel, unless such Officer knows that the opinion
with respect to the matters upon which his or her certificate may be based as
aforesaid is erroneous. Any Opinion of Counsel may be based, insofar as it
relates to factual matters, upon certificates, statements or opinions of, or
representations by an officer or officers of the Company, or other Persons or
firms deemed appropriate by such counsel, unless such counsel knows that the
certificates, statements or opinions or representations with respect to the
matters upon which his or her opinion may be based as aforesaid are erroneous.

      Any Officers' Certificate, statement or Opinion of Counsel may be based,
insofar as it relates to accounting matters, upon a certificate or opinion of or
representation by an accountant (who may be an employee of the Company), or firm
of accountants, unless such Officer or counsel, as the case may be, knows that
the certificate or opinion or representation with respect to the accounting
matters upon which his or her certificate, statement or opinion may be based as
aforesaid is erroneous.

      SECTION 10.06. Rules by Trustee and Agents. The Trustee may make
reasonable rules for action by, or a meeting of, holders of Securities. The
Registrar or Paying Agent may make reasonable rules and set reasonable
requirements for its functions.

      SECTION 10.07. Legal Holidays. A "Legal Holiday" is a Saturday, a Sunday
or a day on which banking institutions in the City of New York, the city in
which the Corporate Trust Office of the Trustee is located or the City of
Chandler, Arizona are not required to be open, and a "Business Day" is any day
that is not a Legal Holiday. If a payment date is a Legal Holiday at a place of
payment, payment may be made at that place on the next succeeding day that is
not a Legal Holiday, and no interest shall accrue for the intervening period. If
any date specified in this Indenture (notwithstanding any other provision of
this Indenture or the Securities (other than a provision of any Security which
specifically states that such provision shall apply in lieu of this Section)) is
a Legal Holiday, then such date shall be the next succeeding Business Day.

      SECTION 10.08. No Recourse Against Others. No director, officer, employee
or stockholder, as such, of the Company from time to time shall have any
liability for any obligations of the Company under Securities of any series or
this Indenture or for any claim based on, in respect of, or by reason of such
obligations or their creation. Each holder by accepting a Security waives and
releases all such liability. This waiver and release are part of the
consideration for the

                                      -45-
<PAGE>

Securities. Each of such directors, officers, employees and stockholders is a
third party beneficiary of this Section 10.08.

      SECTION 10.09. Counterparts. This Indenture may be executed in any number
of counterparts and by the parties hereto in separate counterparts, each of
which when so executed shall be deemed to be an original and all of which taken
together shall constitute one and the same agreement.

      SECTION 10.10. Other Provisions. The Company initially appoints the
Trustee as Paying Agent, Registrar and authenticating agent.

      The reporting date for Section 7.06 is May 15 of each year. The first
reporting date is the May 15 following the issuance of Securities of any series
hereunder.

      The Trustee shall always have, or shall be a Subsidiary of a bank or bank
holding company which has, a combined capital and surplus of at least
$50,000,000 as set forth in its most recent published annual report of
condition.

      The Company's address is:

                  Amkor Technology, Inc.
                  1900 South Price Road
                  Chandler, AZ  85248
                  Attention: Chief Financial Officer
                  Facsimile: (480) 821-2616
                  Telephone: (480) 821-5000

      The Trustee's address is:

                  U.S. Bank National Association
                  One Federal Street, 3rd Floor
                  Boston, MA 02110
                  Facsimile: (617) 603-6665
                  Telephone: (617) 603-6562
                  Attention: Corporate Trust Services (Amkor Technology, Inc. -
                             Subordinated Debt Securities)

      SECTION 10.11. Governing Law. The internal laws of the State of New York
shall govern this Indenture and the Securities, without regard to the conflict
of laws provisions thereof.

      SECTION 10.12. No Adverse Interpretation of Other Agreements. This
Indenture may not be used to interpret another indenture, loan or debt agreement
of the Company or a Subsidiary of the Company. Any such other indenture, loan or
debt agreement may not be used to interpret this Indenture.

                                      -46-
<PAGE>

      SECTION 10.13. Successors. All agreements of the Company in this Indenture
and the Securities shall bind its successor. All agreements of the Trustee in
this Indenture shall bind its successor.

      SECTION 10.14. Severability. In case any provision in this Indenture or in
the Securities of any series shall be invalid, illegal or unenforceable, the
validity, legality and enforceability of the remaining provisions shall not in
any way be affected or impaired thereby.

      SECTION 10.15. Table of Contents, Headings, Etc. The Table of Contents,
Cross-Reference Table and headings of the Articles and Sections of this
Indenture have been inserted for convenience of reference only, are not to be
considered a part hereof and shall in no way modify or restrict any of the terms
or provisions hereof.

                                   ARTICLE XI

                                  SUBORDINATION

      SECTION 11.01. Agreement to Subordinate. Except as otherwise provided in a
supplemental indenture or pursuant to Section 2.02, the Company agrees, and each
holder of Securities issued hereunder by accepting a Security agrees, that the
indebtedness evidenced by the Security will be subordinated in right of payment,
to the extent and in the manner provided in this Article XI, to the prior
payment in full in cash or payment satisfactory to holders of Senior Debt of all
Senior Debt (whether outstanding on the Issue Date or thereafter created,
incurred, assumed or guaranteed), and that the subordination is for the benefit
of the holders of Senior Debt. The Company agrees, and each holder of Securities
by accepting a Security agrees, that any indebtedness evidenced by the Security
will be pari passu in right of payment to the Existing Convertible Notes.

      SECTION 11.02. Liquidation; Dissolution; Bankruptcy. Upon any distribution
to creditors of the Company in a liquidation or dissolution of the Company or in
a bankruptcy, reorganization, insolvency, receivership or similar proceeding
relating to the Company or its property, in an assignment for the benefit of
creditors or any marshaling of the Company's assets and liabilities:

                  (1) holders of Senior Debt shall be entitled to receive
payment in full of all Obligations due in respect of such Senior Debt (including
interest, after the commencement of any such proceeding at the rate specified in
the applicable Senior Debt) in cash or other payment satisfactory to the holders
of the Senior Debt before holders of any Securities would be entitled to receive
any payment with respect to the Securities of any series; and

                  (2) until all Senior Debt is paid in full in cash or other
payment satisfactory to the holders of the Senior Debt, any distribution to
which holders of Securities of any series would be entitled but for this Article
XI shall be made to holders of Senior Debt, as their interests may appear.

                                      -47-
<PAGE>

      SECTION 11.03. Default on Senior Debt and/or Designated Senior Debt. No
payment or distribution may be made by the Company to the Trustee or any holder
of Securities of any series in respect of Obligations with respect to Securities
of any series and the Company may not acquire from the Trustee or any holder of
Securities any Securities until all Senior Debt has been paid in full in cash or
other payment satisfactory to the holders of the Senior Debt if:

                  (i) a default in the payment of any principal of, premium, if
any, interest, rent or other Obligations in respect of Senior Debt occurs and is
continuing beyond any applicable grace period in the agreement, indenture or
other document governing such Senior Debt; or

                  (ii) a default, other than a payment default, on Designated
Senior Debt occurs and is continuing that then permits holders of such
Designated Senior Debt to accelerate its maturity and the Trustee receives a
notice of the default (a "Payment Blockage Notice") from a Person who may give
it pursuant to Section 11.11 hereof.

      If the Trustee receives any Payment Blockage Notice pursuant to Section
11.03 (ii) hereof, no subsequent Payment Blockage Notice shall be effective for
purposes of such Section unless and until at least 365 days shall have elapsed
since the effectiveness of the immediately prior Payment Blockage Notice. No
nonpayment default that existed or was continuing on the date of delivery of any
Payment Blockage Notice to the Trustee shall be, or be made, the basis for a
subsequent Payment Blockage Notice.

      The Company may and shall resume payments on and distributions in respect
of the Securities and may acquire them upon the earlier of:

                        (1) in the case of a payment default, upon the date upon
which the default is cured or waived or ceases to exist, or

                        (2) in the case of a nonpayment default referred to in
Section 11.03(ii) hereof, the earlier of the date upon which the default is
cured or waived ceases to exist or 179 days after notice is received if the
maturity of such Designated Senior Debt has not been accelerated,

if this Article XI otherwise permits the payment, distribution or acquisition at
the time of such payment or acquisition.

      SECTION 11.04. Acceleration of Securities. In the event of the
acceleration of the Securities because of an Event of Default, the Company may
not make any payment or distribution to the Trustee or any holder of Securities
in respect of Obligations with respect to Securities and may not acquire or
purchase from the Trustee or any holder of Securities any Securities until all
Senior Debt has been paid in full in cash or other payment satisfactory to the
holders of Senior Debt or such acceleration is rescinded in accordance with the
terms of this Indenture.

                                      -48-
<PAGE>

      If payment of the Securities is accelerated because of an Event of
Default, the Company or the Trustee shall promptly notify holders of Senior Debt
or trustee(s) of such Senior Debt of the acceleration.

      SECTION 11.05. When Distribution Must Be Paid Over. In the event that the
Trustee, any holder of Securities or any other Person receives any payment or
distributions of assets of the Company of any kind with respect to the
Securities in contravention of any terms contained in this Indenture, whether in
cash, property or securities, including, without limitation by way of set-off or
otherwise, then such payment shall be held by the recipient in trust for the
benefit of holders of Senior Debt, and shall be immediately paid over and
delivered to the holders of Senior Debt or the representative(s), to the extent
necessary to make payment in full of all Senior Debt remaining unpaid, after
giving effect to any concurrent payment or distribution or provision therefore,
to or for the holders of Senior Debt; provided that the foregoing shall apply to
the Trustee only if the Trustee has actual knowledge (as determined in
accordance with Section 11.11) that such payment or distribution is prohibited
by this Indenture.

      With respect to the holders of Senior Debt, the Trustee undertakes to
perform only such obligations on the part of the Trustee as are specifically set
forth in this Article XI, and no implied covenants or obligations with respect
to the holders of Senior Debt shall be read into this Indenture against the
Trustee. The Trustee shall not be deemed to owe any fiduciary duty to the
holders of Senior Debt, and shall not be liable to any such holders if the
Trustee shall pay over or distribute to or on behalf of holders of Securities or
the Company or any other Person money or assets to which any holders of Senior
Debt shall be entitled by virtue of this Article XI, except if such payment is
made as a result of the willful misconduct or gross negligence of the Trustee.

      SECTION 11.06. Notice by Company. The Company shall promptly notify the
Trustee of any facts known to the Company that would cause a payment of any
Obligations with respect to the Securities or the purchase of any Securities by
the Company to violate this Article XI, but failure to give such notice shall
not affect the subordination of the Securities to the Senior Debt as provided in
this Article XI.

      SECTION 11.07. Subrogation. After all Senior Debt is paid in full and
until the Securities are paid in full, holders of Securities shall be subrogated
(equally and ratably with all other indebtedness pari passu with the Securities)
to the rights of holders of Senior Debt to receive distributions applicable to
Senior Debt to the extent that distributions otherwise payable to the holders of
Securities have been applied to the payment of Senior Debt. A distribution made
under this Article XI to holders of Senior Debt that otherwise would have been
made to holders of Securities is not, as between the Company and holders of
Securities, a payment by the Company on the Securities.

      SECTION 11.08. Relative Rights. This Article XI defines the relative
rights of holders of Securities and holders of Senior Debt. Nothing in this
Indenture shall:

                                      -49-
<PAGE>

                        (1) impair, as between the Company and holders of
Securities, the obligation of the Company, which is absolute and unconditional,
to pay principal of, premium, if any, and interest on the Securities in
accordance with their terms;

                        (2) affect the relative rights of holders of Securities
and creditors (other than with respect to Senior Debt) of the Company, other
than their rights in relation to holders of Senior Debt; or

                        (3) prevent the Trustee or any holder of Securities from
exercising its available remedies upon a Default or Event of Default, subject to
the rights of holders and owners of Senior Debt to receive distributions and
payments otherwise payable to holders of Securities.

      If the Company fails because of this Article XI to pay principal of or
interest on a Security on the due date, the failure is still a Default or Event
of Default.

      SECTION 11.09. Subordination May Not Be Impaired by Company. No right of
any holder of Senior Debt to enforce the subordination of the indebtedness
evidenced by the Securities shall be impaired by any act or failure to act by
the Company or any holder of Securities or by the failure of the Company or any
such holder to comply with this Indenture.

      SECTION 11.10. Distribution or Notice to Representative. Whenever a
distribution is to be made or a notice given to holders of Senior Debt, the
distribution may be made and the notice given to their Representative.

      Upon any payment or distribution of assets of the Company referred to in
this Article XI, the Trustee and the holders of Securities shall be entitled to
rely upon any order or decree made by any court of competent jurisdiction or
upon any certificate of such Representative or of the liquidating trustee or
agent or other Person making any distribution to the Trustee or to the holders
of Securities for the purpose of ascertaining the Persons entitled to
participate in such distribution, the holders of the Senior Debt and other
indebtedness of the Company, the amount thereof or payable thereon, the amount
or amounts paid or distributed thereon and all other facts pertinent thereto or
to this Article XI.

      SECTION 11.11. Rights of Trustee and Paying Agent. Notwithstanding the
provisions of this Article XI or any other provision of this Indenture, the
Trustee shall not be charged with knowledge of the existence of any facts that
would prohibit the making of any payment or distribution by the Trustee (other
than pursuant to Section 11.04), and the Trustee may continue to make payments
on the Securities, unless a Trust Officer shall have received at least two
Business Days prior to the date of such payment or distribution written notice
of facts that would cause such payment or distribution with respect to the
Securities to violate this Article XI. Only the Company or a Representative may
give the notice.

      Nothing in this Article XI shall impair the claims of, or payments to, the
Trustee under or pursuant to Section 7.07 hereof.

                                      -50-
<PAGE>

      The Trustee in its individual or any other capacity may hold Senior Debt
with the same rights it would have if it were not Trustee. Any Agent may do the
same with like rights.

      SECTION 11.12. Authorization to Effect Subordination. Each holder of a
Security by the holder's acceptance thereof authorizes and directs the Trustee
on the holder's behalf to take such action as may be necessary or appropriate to
effectuate the subordination as provided in this Article XI, and appoints the
Trustee to act as the holder's attorney-in-fact for any and all such purposes.
If the Trustee does not file a proper proof of claim or proof of debt in the
form required in any proceeding referred to in Section 6.09 hereof at least 30
days before the expiration of the time to file such claim, the holders of any
Senior Debt or their Representatives are hereby authorized to file an
appropriate claim for and on behalf of the holders of the Securities.

      SECTION 11.13. Article Applicable to Paying Agents. In case at any time
any Paying Agent other than the Trustee shall have been appointed by the Company
and be then acting hereunder, the term "Trustee" as used in this Article XI
shall in such case (unless the context otherwise requires) be construed as
extending to and including such Paying Agent within its meaning as fully for all
intents and purposes as if such Paying Agent were named in this Article XI in
addition to or in place of the Trustee; provided, however, that the second and
third paragraphs of Section 11.11 shall not apply to the Company or any
Subsidiary of the Company if it or such Subsidiary acts as Paying Agent.

      SECTION 11.14. Senior Debt Entitled to Rely. The holders of Senior Debt
shall have the right to rely upon this Article XI, and no amendment or
modification of the provisions contained herein shall diminish the rights of
such holders unless such holders shall have agreed in writing thereto.

      SECTION 11.15. Permitted Payments. Notwithstanding anything to the
contrary in this Article XI, the holders of Securities may receive and retain at
any time on or prior to the Maturity Date (i) securities that are subordinated
to at least the same extent as the Securities to (a) Senior Debt and (b) any
securities issued in exchange for Senior Debt and (ii) payments and other
distributions made from any trust created pursuant to Section 8.01 hereof.

      SECTION 11.16. Certain Conversions Deemed Payment. For the purposes of
this Article XI only, (1) the issuance and delivery of junior securities upon
conversion of Securities in accordance with Article XII shall not be deemed to
constitute a payment or distribution on account of the principal of (or premium,
if any) or interest on Securities or on account of the purchase or other
acquisition of Securities, and (2) the payment, issuance or delivery of cash
(except in satisfaction of fractional shares pursuant to Section 12.03),
property or securities (other than junior securities) upon conversion of a
Security shall be deemed to constitute payment on account of the principal of
such Security. For the purposes of this Section 11.16, the term "junior
securities" means (a) shares of any stock of any class of the Company, or (b)
securities of the Company which are subordinated in right of payment to all
Senior Debt which may be outstanding at the time of issuance or delivery of such
securities to substantially the same extent as, or to a greater extent than, the
Securities are so subordinated as provided in this Article. Nothing contained in
this Article XI or elsewhere in this Indenture or in the Securities is intended
to or shall impair, as among the Company,

                                      -51-
<PAGE>

its creditors other than holders of Senior Debt and the Holders of Securities,
the right, which is absolute and unconditional, of the Holder of any Security to
convert such Security in accordance with Article XII.

                                   ARTICLE XII

                            CONVERSION OF SECURITIES

      SECTION 12.01. Applicability of Article. The provisions of this Article
shall be applicable to the Securities of any series which are convertible into
shares of Common Stock of the Company, and the issuance of such shares of Common
Stock upon the conversion of such Securities, except as otherwise specified as
contemplated by Section 2.02 for the Securities of such series.

      SECTION 12.02. Exercise of Conversion Privilege. In order to exercise a
conversion privilege, the holder of a Security of a series with such a privilege
shall surrender such Security to the Company at the office or agency maintained
for that purpose pursuant to Section 4.03, accompanied by a duly executed
conversion notice to the Company substantially in the form set forth in Exhibit
A stating that the holder elects to convert such Security or a specified portion
thereof. Such notice shall also state, if different from the name and address of
such holder, the name or names (with address) in which the certificate or
certificates for shares of Common Stock, which shall be issuable on such
conversion, shall be issued. Securities surrendered for conversion shall (if so
required by the Company or the Trustee) be duly endorsed by or accompanied by
instruments of transfer in forms satisfactory to the Company and the Trustee
duly executed by the registered holder or its attorney duly authorized in
writing; and Securities so surrendered for conversion (in whole or in part)
during the period from the close of business on any Regular Record Date to the
opening of business on the next succeeding Interest Payment Date (excluding
Securities or portions thereof called for redemption during the period beginning
at the close of business on a Regular Record Date and ending at the opening of
business on the first Business Day after the next succeeding Interest Payment
Date, or if such Interest Payment Date is not a Business Day, the second such
Business Day) shall also be accompanied by payment in funds acceptable to the
Company of an amount equal to the interest payable on such Interest Payment Date
on the principal amount of such Security then being converted, and such interest
shall be payable to such registered holder notwithstanding the conversion of
such Security, subject to the provisions of Section 2.13 relating to the payment
of Defaulted Interest by the Company. As promptly as practicable after the
receipt of such notice and of any payment required pursuant to a Board
Resolution and, subject to Section 2.03, set forth, or determined in the manner
provided, in an Officers' Certificate, or established in one or more indentures
supplemental hereto setting forth the terms of such series of Security, and the
surrender of such Security in accordance with such reasonable regulations as the
Company may prescribe, the Company shall issue and shall deliver, at the office
or agency at which such Security is surrendered, to such holder or on its
written order, a certificate or certificates for the number of full shares of
Common Stock issuable upon the conversion of such Security (or specified portion
thereof), in accordance with the provisions of such Board Resolution, Officers'
Certificate or supplemental indenture, and cash as provided therein in respect
of any fractional share of such Common Stock otherwise issuable upon such
conversion. Such conversion shall be deemed to have been effected

                                      -52-
<PAGE>

immediately prior to the close of business on the date on which such notice and
such payment, if required, shall have been received in proper order for
conversion by the Company and such Security shall have been surrendered as
aforesaid (unless such holder shall have so surrendered such Security and shall
have instructed the Company to effect the conversion on a particular date
following such surrender and such holder shall be entitled to convert such
Security on such date, in which case such conversion shall be deemed to be
effected immediately prior to the close of business on such date) and at such
time the rights of the holder of such Security as such Security Holder shall
cease and the person or persons in whose name or names any certificate or
certificates for shares of Common Stock of the Company shall be issuable upon
such conversion shall be deemed to have become the holder or holders of record
of the shares represented thereby. Except as set forth above, no payment or
adjustment shall be made upon any conversion on account of any interest accrued
on the Securities (or any part thereof) surrendered for conversion or on account
of any dividends on the Common Stock of the Company issued upon such conversion.

      In the case of any Security which is converted in part only, upon such
conversion the Company shall execute and the Trustee shall authenticate and
deliver to or on the order of the holder thereof, at the expense of the Company,
a new Security or Securities of the same series, of authorized denominations, in
aggregate principal amount equal to the unconverted portion of such Security.

      SECTION 12.03. Cash Payments in Lieu of Fractional Shares. No fractional
shares of Common Stock or scrip representing fractional shares shall be issued
upon conversion of Securities. If more than one Security shall be surrendered
for conversion at one time by the same holder, the number of full shares which
shall be issuable upon conversion shall be computed on the basis of the
aggregate principal amount of the Securities (or specified portions thereof to
the extent permitted hereby) so surrendered for conversion. If any fractional
share of stock otherwise would be issuable upon the conversion of any Security
or Securities, the Company shall make an adjustment therefore in cash based upon
the Current Market Price of the Common Stock on the last trading day prior to
the date of conversion.

      SECTION 12.04. Taxes on Shares Issued. The issue of stock certificates on
conversions of Securities shall be made without charge to the converting holder
for any tax in respect of the issue thereof. The Company shall not, however, be
required to pay any tax which may be payable in respect of any transfer involved
in the issue and delivery of stock in any name other than that of the holder of
any Security converted, and the Company shall not be required to issue or
deliver any such stock certificate unless and until the Person or Persons
requesting the issue thereof shall have paid to the Company the amount of such
tax or shall have established to the satisfaction of the Company that such tax
has been paid.

      SECTION 12.05. Adjustment of Conversion Price. The Conversion Price shall
be adjusted from time to time by the Company as follows:

            (a) If the Company shall hereafter pay a dividend or make a
distribution to all holders of the outstanding Common Stock in shares of Common
Stock, the Conversion Price in effect at the opening of business on the date
following the Record Date (as defined in

                                      -53-
<PAGE>

Section 12.05(g)) fixed for the determination of stockholders entitled to
receive such dividend or other distribution shall be reduced by multiplying such
Conversion Price by a fraction of which the numerator shall be the number of
shares of Common Stock outstanding at the close of business on the Record Date
fixed for such determination and the denominator shall be the sum of such number
of shares and the total number of shares constituting such dividend or other
distribution, such reduction to become effective immediately after the opening
of business on the day following the Record Date. If any dividend or
distribution of the type described in this Section 12.05(a) is declared but not
so paid or made, the Conversion Price shall again be adjusted to the Conversion
Price which would then be in effect if such dividend or distribution had not
been declared.

            (b) If the outstanding shares of Common Stock shall be subdivided
into a greater number of shares of Common Stock, the Conversion Price in effect
at the opening of business on the day following the day upon which such
subdivision becomes effective shall be proportionately reduced, and, conversely,
if the outstanding shares of Common Stock shall be combined into a smaller
number of shares of Common Stock, the Conversion Price in effect at the opening
of business on the day following the day upon which such combination becomes
effective shall be proportionately increased, such reduction or increase, as the
case may be, to become effective immediately after the opening of business on
the day following the day upon which such subdivision or combination becomes
effective.

            (c) If the Company shall issue rights or warrants to all or
substantially all holders of its outstanding shares of Common Stock entitling
them to subscribe for or purchase shares of Common Stock at a price per share
less than the Current Market Price (as defined in Section 12.05(g)) on the
Record Date fixed for the determination of stockholders entitled to receive such
rights or warrants, the Conversion Price shall be adjusted so that the same
shall equal the price determined by multiplying the Conversion Price in effect
at the opening of business on the date after such Record Date by a fraction of
which the numerator shall be the number of shares of Common Stock outstanding at
the close of business on the Record Date plus the number of shares which the
aggregate offering price of the total number of shares so offered would purchase
at such Current Market Price, and of which the denominator shall be the number
of shares of Common Stock outstanding on the close of business on the Record
Date plus the total number of additional shares of Common Stock so offered for
subscription or purchase. Such adjustment shall become effective immediately
after the opening of business on the day following the Record Date fixed for
determination of stockholders entitled to receive such rights or warrants. To
the extent that shares of Common Stock are not delivered pursuant to such rights
or warrants, upon the expiration or termination of such rights or warrants the
Conversion Price shall be readjusted to be the Conversion Price which 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 Price shall again be adjusted to be the Conversion Price which
would then be in effect if such Record Date fixed for the determination of
stockholders entitled to receive such rights or warrants had not been fixed. In
determining whether any rights or warrants entitle the holders to subscribe for
or purchase shares of Common Stock at less than such Current Market Price, and
in determining the aggregate offering price of such shares of Common Stock,
there shall be taken into account any consideration received

                                      -54-
<PAGE>

for such rights or warrants, with the value of such consideration, if other than
cash, to be determined by the Board of Directors.

            (d) If the Company shall, by dividend or otherwise, distribute to
all holders of its Common Stock shares of any class of capital stock of the
Company (other than any dividends or distributions to which Section 12.05(a)
applies) or evidences of its indebtedness, cash or other assets (including
securities, but excluding (i) any rights or warrants of a type referred to in
Section 12.05(c) and (ii) dividends and distributions paid exclusively in cash)
(the foregoing hereinafter in this Section 12.05(d) called the "Distributions"),
then, in each such case, the Conversion Price shall be reduced so that the same
shall be equal to the price determined by multiplying the Conversion Price in
effect immediately prior to the close of business on the Record Date (as defined
in Section 12.05(g)) with respect to such distribution by a fraction of which
the numerator shall be the Current Market Price (determined as provided in
Section 12.05(g)) on such date less the fair market value (as determined by the
Board of Directors, whose determination shall be conclusive and described in a
resolution of the Board of Directors) on such date of the portion of the
Distributions so distributed applicable to one share of Common Stock and the
denominator shall be such Current Market Price, such reduction to become
effective immediately prior to the opening of business on the day following the
Record Date; provided, however, that in the event the then fair market value (as
so determined) of the portion of the Distributions so distributed applicable to
one share of Common Stock is equal to or greater than the Current Market Price
on the Record Date, in lieu of the foregoing adjustment, adequate provision
shall be made so that each holder of Securities shall have the right to receive
upon conversion of a Security (or any portion thereof) the amount of
Distributions such holder would have received had such holder converted such
Security (or portion thereof) immediately prior to such Record Date. If such
dividend or distribution is not so paid or made, the Conversion Price shall
again be adjusted to be the Conversion Price which 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 12.05(d) by reference to the actual or when issued trading market for
any securities comprising all or part of such distribution, it must in doing so
consider the prices in such market over the same period used in computing the
Current Market Price pursuant to Section 12.05(g) to the extent possible.

      Notwithstanding any other provision of this Section 12.05(d) to the
contrary, rights, warrants, evidences of indebtedness, other securities, cash or
other assets (including, without limitation, any rights distributed pursuant to
any stockholder rights plan) shall be deemed not to have been distributed for
purposes of this Section 12.05(d) if the Company makes proper provision so that
each holder of Securities who converts a Security (or any portion thereof) after
the Record Date fixed for determination of stockholders entitled to receive such
distribution shall be entitled to receive upon such conversion, in addition to
the shares of Common Stock issuable upon such conversion, the amount and kind of
such distributions that such holder would have been entitled to receive if such
holder had, immediately prior to such determination date, converted such
Security into Common Stock.

      Rights or warrants distributed by the Company to all holders of Common
Stock entitling the holders thereof to subscribe for or purchase shares of the
Company's capital stock (either initially or

                                      -55-
<PAGE>

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 Common Stock; (ii) are not exercisable; and (iii) are also
issued in respect of future issuances of Common Stock, shall be deemed not to
have been distributed for purposes of this Section 12.05(d) (and no adjustment
to the Conversion Price under this Section 12.05(d) shall 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 to the
Conversion Price under this Section 12.05(d) shall be made. If any such rights
or warrants, including any such existing rights or warrants distributed prior to
the Issue Date, are subject to subsequent events, upon the occurrence of each of
which such rights or warrants shall become exercisable to purchase different
securities, evidences of indebtedness or other assets, then the occurrence of
each such event shall be deemed to be such date of issuance and Record Date with
respect to new rights or warrants (and a termination or expiration of the
existing rights or warrants without exercise by the holder thereof). In
addition, in the event of any distribution (or deemed distribution) of rights or
warrants, or any Trigger Event with respect thereto, that was counted for
purposes of calculating a distribution amount for which an adjustment to the
Conversion Price under this Section 12.05 was made, (1) in the case of any such
rights or warrants which shall all have been redeemed or repurchased without
exercise by any holders thereof, the Conversion Price 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 which shall have expired or been terminated without exercise by any
holders thereof, the Conversion Price shall be readjusted as if such rights and
warrants had not been issued.

      For purposes of this Section 12.05(d) and Sections 12.05(a) and (c), any
dividend or distribution to which this Section 12.05(d) 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 12.05(c) applies (or both),
shall be deemed instead to be (1) a dividend or distribution of the evidences of
indebtedness, assets, shares of capital stock, rights or warrants other than
such shares of Common Stock or rights or warrants to which Section 12.05(c)
applies (and any Conversion Price reduction required by this Section 12.05(d)
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 Price reduction required by
Sections 12.05(a) and (c) with respect to such dividend or distribution shall
then be made, except that (A) the Record Date of such dividend or distribution
shall be substituted as "the Record Date fixed for the determination of
stockholders entitled to receive such dividend or other distribution", "Record
Date fixed for such determination" and "Record Date" within the meaning of
Section 12.05(a) and as "the Record Date fixed for the determination of
stockholders entitled to receive such rights or warrants", "the Record Date
fixed for the determination of the stockholders entitled to receive such rights
or warrants" and "such Record Date" within the meaning of Section 12.05(c) and
(B) any shares of Common Stock included in such dividend or distribution shall
not be deemed "outstanding at the close of business on the date fixed for such
determination" within the meaning of Section 12.05(a)).

                                      -56-
<PAGE>

            (e) If the Company shall, by dividend or otherwise, distribute cash
to all holders of its Common Stock (excluding any cash that is distributed upon
a merger or consolidation to which Section 12.06 applies or as part of a
distribution referred to in Section 12.05(d)), then, and in each such case,
immediately after the close of business on such date, the Conversion Price shall
be reduced so that the same shall equal the price determined by multiplying the
Conversion Price in effect immediately prior to the close of business on such
Record Date by a fraction (i) the numerator of which shall be equal to the
Current Market Price on the Record Date less the amount of the distribution per
share of Common Stock (determined on the bases of the number of shares of Common
Stock outstanding on the Record Date) and (ii) the denominator of which shall be
equal to the Current Market Price on such Record Date; provided, however, that
if the portion of the cash so distributed applicable to one share of Common
Stock is equal to or greater than the Current Market Price of the Common Stock
on the Record Date, in lieu of the foregoing adjustment, adequate provision
shall be made so that each holder of Securities shall have the right to receive
upon conversion of a Security (or any portion thereof) the amount of cash such
holder would have received had such holder converted such Security (or portion
thereof) immediately prior to such Record Date. If such dividend or distribution
is not so paid or made, the Conversion Price shall again be adjusted to be the
Conversion Price which would then be in effect if such dividend or distribution
had not been declared. Any cash distribution to all holders of Common Stock as
to which the Company makes the election permitted by Section 12.05(m) and as to
which the Company has complied with the requirements of such Section shall be
treated as not having been made for all purposes of this Section 12.05(e).

            (f) If a tender offer made by the Company or any of its subsidiaries
for all or any portion of the Common Stock expires and such tender offer (as
amended upon the expiration thereof) requires the payment to stockholders (based
on the acceptance (up to any maximum specified in the terms of the tender offer)
of Purchased Shares (as defined below)) of an aggregate consideration having a
fair market value (as determined by the Board of Directors, whose determination
shall be conclusive and described in a resolution of the Board of Directors)
that exceeds the Current Market Price (determined as provided in Section
12.05(g)) as of the last time (the "Expiration Time") tenders could have been
made pursuant to such tender offer (as it may be amended) times the number of
shares of Common Stock outstanding (including any tendered shares) on the
Expiration Time, then, and in each such case, immediately prior to the opening
of business on the day after the date of the Expiration Time, the Conversion
Price shall be adjusted so that the same shall equal the price determined by
multiplying the Conversion Price in effect immediately prior to close of
business on the date of the Expiration Time by a fraction of which the numerator
shall be the number of shares of Common Stock outstanding (including any
tendered shares) on the Expiration Time multiplied by the Current Market Price
of the Common Stock on the trading day next succeeding the Expiration

                                      -57-
<PAGE>

Time and the denominator shall be the sum of (x) the fair market value
(determined as aforesaid) of the aggregate consideration payable to stockholders
based on the acceptance (up to any maximum specified in the terms of the tender
offer) of all shares validly tendered and not withdrawn as of the Expiration
Time (the shares deemed so accepted, up to any such maximum, being referred to
as the "Purchased Shares") and (y) the product of the number of shares of Common
Stock outstanding (less any Purchased Shares) on the Expiration Time and the
Current Market Price of the Common Stock on the Trading Day next succeeding the
Expiration Time, such reduction (if any) to become effective immediately prior
to the opening of business on the day following the Expiration Time. If the
Company is obligated to purchase shares pursuant to any such tender offer, but
the Company is permanently prevented by applicable law from effecting any such
purchases or all such purchases are rescinded, the Conversion Price shall again
be adjusted to be the Conversion Price which would then be in effect if such
tender offer had not been made. If the application of this Section 12.05(f) to
any tender offer would result in an increase in the Conversion Price, no
adjustment shall be made for such tender offer under this Section 12.05(f).

            (g) For purposes of this Section 12.05, the following terms shall
have the meaning indicated:

                        (1) "Closing Price" with respect to any securities on
any day means the closing price on such day or, if no such sale takes place on
such day, the average of the reported high and low prices on such day, in each
case on the Nasdaq National Market or New York Stock Exchange, as applicable,
or, if such security is not listed or admitted to trading on such national
market or exchange, on the principal national securities exchange or quotation
system on which such security is quoted or listed or admitted to trading, or, if
not quoted or listed or admitted to trading on any national securities exchange
or quotation system, the average of the high and low prices of such security on
the over-the-counter market on the day in question as reported by the National
Quotation Bureau Incorporated, or a similar generally accepted reporting
service, or, if not so available, in such manner as furnished by any New York
Stock Exchange member firm selected from time to time by the Board of Directors
for that purpose, or a price determined in good faith by the Board of Directors,
whose determination shall be conclusive and described in a resolution of the
Board of Directors.

                        (2) "Current Market Price" means the average of the
daily Closing Prices per share of Common Stock for the 10 consecutive trading
days immediately prior to the date in question; provided, however, that (1) if
the "ex" date (as hereinafter defined) for any event (other than the issuance or
distribution requiring such computation) that requires an adjustment to the
Conversion Price pursuant to Sections 12.05(a), (b), (c), (d), (e) or (f) occurs
during such 10 consecutive trading days, the Closing Price for each trading day
prior to the "ex" date for such other event shall be adjusted by multiplying
such Closing Price by the same fraction by which the Conversion Price is so
required to be adjusted as a result of such other event, (2) if the "ex" date
for any event (other than the issuance or distribution requiring such
computation) that requires an adjustment to the Conversion Price pursuant to
Section 12.05(a), (b), (c), (d), (e) or (f) occurs on or after the "ex" date for
the issuance or distribution requiring such computation and prior to the day in
question, the Closing Price for each trading day on and after the "ex" date for
such other event shall be adjusted by multiplying such Closing Price by the
reciprocal of the fraction by which the Conversion Price is so required to be
adjusted as a result of such other event, and (3) if the "ex" date for the
issuance or distribution requiring such computation is prior to the day in
question, after taking into account any adjustment required pursuant to clause
(1) or (2) of this proviso, the Closing Price for each trading day on or after
such "ex" date shall be adjusted by adding thereto the amount of any cash and
the fair market value (as determined by the Board of Directors in a manner
consistent with any determination of such value for purposes of Sections
12.05(d) or (f), whose

                                      -58-
<PAGE>

determination shall be conclusive and described in a resolution of the Board of
Directors) of the evidences of indebtedness, shares of capital stock or assets
being distributed applicable to one share of Common Stock as of the close of
business on the day before such "ex" date. For purposes of any computation under
Section 12.05(f), the Current Market Price on any date shall be deemed to be the
average of the daily Closing Prices per share of Common Stock for such day and
the next two succeeding trading days; provided, however, that if the "ex" date
for any event (other than the tender offer requiring such computation) that
requires an adjustment to the Conversion Price pursuant to Section 12.05(a),
(b), (c), (d), (e) or (f) occurs on or after the Expiration Time for the tender
or exchange offer requiring such computation and prior to the day in question,
the Closing Price for each trading day on and after the "ex" date for such other
event shall be adjusted by multiplying such Closing Price by the reciprocal of
the fraction by which the Conversion Price is so required to be adjusted as a
result of such other event. For purposes of this paragraph, the term "ex" date,
(1) when used with respect to any issuance or distribution, means the first date
on which the Common Stock trades regular way on the relevant exchange or in the
relevant market from which the Closing Price was obtained without the right to
receive such issuance or distribution, (2) when used with respect to any
subdivision or combination of shares of Common Stock, means the first date on
which the Common Stock trades regular way on such exchange or in such market
after the time at which such subdivision or combination becomes effective, and
(3) when used with respect to any tender or exchange offer means the first date
on which the Common Stock trades regular way on such exchange or in such market
after the Expiration Time of such offer. Notwithstanding the foregoing, whenever
successive adjustments to the Conversion Price are called for pursuant to this
Section 12.05, such adjustments shall be made to the Current Market Price as may
be necessary or appropriate to effectuate the intent of this Section 12.05 and
to avoid unjust or inequitable results as determined in good faith by the Board
of Directors.

                        (3) "fair market value" shall mean the amount which a
willing buyer would pay a willing seller in an arm's length transaction.

                        (4) "Record Date" shall mean, with respect to any
dividend, distribution or other transaction or event in which the holders of
Common Stock 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).

                        (5) "trading day" shall mean (x) if the applicable
security is listed or admitted for trading on the New York Stock Exchange or
another national securities exchange, a day on which the New York Stock Exchange
or another national securities exchange is open for business or (y) if the
applicable security is quoted on the Nasdaq National Market, a day on which
trades may be made thereon or (z) if the applicable security is not so listed,
admitted for trading or quoted, any day other than a Saturday or Sunday or a day
on which banking institutions in the State of New York are authorized or
obligated by law or executive order to close.

                                      -59-
<PAGE>

            (h) The Company may make such reductions in the Conversion Price, in
addition to those required by Sections 12.05(a), (b), (c), (d), (e) and (f), as
the Board of Directors considers to be advisable to avoid or diminish any income
tax to holders of Common Stock or rights to purchase Common Stock resulting from
any dividend or distribution of stock (or rights to acquire stock) or from any
event treated as such for income tax purposes.

      The Company from time to time may, to the extent permitted by law, reduce
the Conversion Price by any amount for any period of at least 20 days, if the
Board of Directors has made a determination that such reduction would be in the
Company's best interests, which determination shall be conclusive and described
in a resolution of the Board of Directors. The reduction in Conversion Price
shall be irrevocable during this period. Whenever the Conversion Price is
reduced pursuant to the preceding sentence, the Company shall mail to the
holders of Securities at his or her last address appearing on the Register of
holders maintained for that purpose a notice of the reduction at least 15 days
prior to the date the reduced Conversion Price takes effect, and such notice
shall state the reduced Conversion Price and the period during which it will be
in effect.

            (i) No adjustment in the Conversion Price shall be required unless
such adjustment would require an increase or decrease of at least 1% in such
price; provided, however, that any adjustments which by reason of this Section
12.05(i) are not required to be made shall be carried forward and taken into
account in any subsequent adjustment. All calculations under this Article XII
shall be made by the Company and shall be made to the nearest cent or to the
nearest one hundredth of a share, as the case may be.

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

            (j) Whenever the Conversion Price 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 Price
after such adjustment and setting forth a brief statement of the facts requiring
such adjustment. Promptly after delivery of such certificate, the Company shall
prepare a notice of such adjustment of the Conversion Price setting forth the
adjusted Conversion Price and the date on which each adjustment becomes
effective and shall mail such notice of such adjustment of the Conversion Price
to each holder of Securities at his or her last address appearing on the
Register of holders maintained for that purpose within 20 days of the effective
date of such adjustment. Failure to deliver such notice shall not affect the
legality or validity of any such adjustment.

            (k) In any case in which this Section 12.05 provides that an
adjustment shall become effective immediately after a Record Date for an event,
the Company may defer until the occurrence of such event issuing to the holder
of any Security converted after such Record Date and before the occurrence of
such event the additional shares of Common Stock issuable upon such conversion
by reason of the adjustment required by such event over and above the Common
Stock issuable upon such conversion before giving effect to such adjustment.

                                      -60-
<PAGE>

            (l) For purposes of this Section 12.05, 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 Common Stock. The Company
shall not pay any dividend or make any distribution on shares of Common Stock
held in the treasury of the Company.

            (m) In lieu of making any adjustment to the Conversion Price
pursuant to Section 12.05(e), the Company may elect to reserve an amount of cash
for distribution to the holders of Securities upon the conversion of the
Securities so that any such holder converting Securities will receive upon such
conversion, in addition to the shares of Common Stock and other items to which
such holder is entitled, the full amount of cash which such holder would have
received if such holder had, immediately prior to the Record Date for such
distribution of cash, converted its Securities into Common Stock, together with
any interest accrued with respect to such amount, in accordance with this
Section 12.05(m). The Company may make such election by providing an Officers'
Certificate to the Trustee to such effect on or prior to the payment date for
any such distribution and depositing with the Trustee on or prior to such date
an amount of cash equal to the aggregate amount that the holders of Securities
would have received if such holders had, immediately prior to the Record Date
for such distribution, converted all of the Securities into Common Stock. Any
such funds so deposited by the Company with the Trustee shall be invested by the
Trustee in U.S. Government Obligations with a maturity not more than three (3)
months from the date of issuance. Upon conversion of Securities by a holder
thereof, such holder shall be entitled to receive, in addition to the Common
Stock issuable upon conversion, an amount of cash equal to the amount such
holder would have received if such holder had, immediately prior to the Record
Date for such distribution, converted its Security into Common Stock, along with
such holder's pro-rata share of any accrued interest earned as a consequence of
the investment of such funds. Promptly after making an election pursuant to this
Section 12.05(m), the Company shall give or shall cause to be given notice to
all holders of Securities of such election, which notice shall state the amount
of cash per $1,000 principal amount of Securities such holders shall be entitled
to receive (excluding interest) upon conversion of the Securities as a
consequence of the Company having made such election.

      SECTION 12.06. Effect of Reclassification, Consolidation, Merger or Sale.
If any of the following events occur: (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 subdivision or combination), (ii) any consolidation, merger or combination of
the Company with another corporation as a result of which holders of Common
Stock shall be entitled to receive stock, securities or other property or assets
(including cash) with respect to or in exchange for such Common Stock, or (iii)
any sale or conveyance of the properties and assets of the Company as an
entirety or substantially as an entirety to any other corporation as a result of
which holders of Common Stock shall be entitled to receive stock, securities or
other property or assets (including cash) with respect to or in exchange for
such Common Stock, then the Company or the successor or purchasing corporation,
as the case may be, shall execute with the Trustee a supplemental indenture
(which shall comply with the TIA as in force at the date of execution of such
supplemental indenture if such supplemental indenture is then required to so
comply) providing that the Securities of a series then outstanding shall be
convertible into the kind

                                      -61-
<PAGE>

and amount of shares of stock and other securities or property or assets
(including cash) receivable upon such reclassification, change, consolidation,
merger, combination, sale or conveyance by a holder of a number of shares of
Common Stock issuable upon conversion of such Securities (assuming, for such
purposes, a sufficient number of authorized shares of Common Stock available to
convert all such Securities) immediately prior to such reclassification, change,
consolidation, merger, combination, sale or conveyance assuming such holder of
Common Stock did not exercise his or her rights of election, if any, as to the
kind or amount of securities, cash or other property receivable upon such
consolidation, merger, statutory exchange, sale or conveyance (provided that, if
the kind or amount of securities, cash or other property receivable upon such
consolidation, merger, statutory exchange, sale or conveyance is not the same
for each share of Common Stock in respect of which such rights of election have
not been exercised ("non-electing share"), then, for the purposes of this
Section 12.06, the kind and amount of securities, cash or other property
receivable upon such consolidation, merger, statutory exchange, sale or
conveyance for each non-electing share shall be deemed to be the kind and amount
so receivable per share by a plurality of the non-electing shares). Such
supplemental indenture shall provide for adjustments which shall be as nearly
equivalent as may be practicable to the adjustments provided for in this Article
XII. If, in the case of any such reclassification, change, consolidation,
merger, combination, sale or conveyance, the stock or other securities and
assets receivable thereupon by a holder of shares of Common Stock 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 Securities as the Board of Directors shall
reasonably consider necessary by reason of the foregoing.

      The Company shall cause notice of the execution of such supplemental
indenture to be mailed to each holder of Securities at his or her address
appearing on the Register of holders for that purpose within 20 days after
execution thereof. Failure to deliver such notice shall not affect the legality
or validity of such supplemental indenture.

      The above provisions of this Section 12.06 shall similarly apply to
successive reclassifications, changes, consolidations, mergers, combinations,
sales and conveyances.

      If this Section 12.06 applies to any event or occurrence, Section 12.05
shall not apply.

      SECTION 12.07. Reservation of Shares; Shares to Be Fully Paid; Listing of
Common Stock. The Company shall provide, free from preemptive rights, out of its
authorized but unissued shares or shares held in treasury, sufficient shares to
provide for the conversion of all outstanding Securities of any series that has
conversion rights.

      Before taking any action which would cause an adjustment reducing the
Conversion Price below the then par value, if any, of the shares of Common Stock
issuable upon conversion of any outstanding Securities of any series that has
conversion rights, the Company shall take all corporate action which may, in the
opinion of its counsel, be necessary in order that the Company may validly and
legally issue shares of such Common Stock at such adjusted Conversion Price;
provided,

                                      -62-
<PAGE>

however, that no shares of Common Stock shall be required to be issued at a
Conversion Price less than the par value of such Common Stock.

      The Company covenants that all shares of Common Stock that may be issued
upon conversion of Securities will be fully paid and non-assessable by the
Company and free from all taxes, liens and charges with respect to the issue
thereof.

      The Company further covenants that as long as the Common Stock is quoted
on the Nasdaq National Market, or its successor, the Company shall cause all
Common Stock issuable upon conversion of Securities of any series that has
conversion rights to be eligible for such quotation in accordance with, and at
the times required under, the requirements of such market, and if at any time
the Common Stock becomes listed on the New York Stock Exchange or any other
national securities exchange, the Company shall cause all Common Stock issuable
upon conversion of such Securities to be so listed and kept listed.

      SECTION 12.08. Responsibility of Trustee. The Trustee shall not at any
time be under any duty of responsibility to any holders of Securities that may
be to determine whether any facts exist which may require any adjustment of the
Conversion Price, 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 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 or property,
which may at any time be issued or delivered upon the conversion of any Security
of any series that has conversion rights; and the Trustee makes no
representations with respect thereto. Subject to the provisions of Section 7.01,
the Trustee shall not 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 Security of any series
that has conversion rights for the purpose of conversion or to comply with any
of the duties, responsibilities or covenants of the Company contained in this
Article XII. Without limiting the generality of the foregoing, the Trustee shall
not have any responsibility to determine the correctness of any provisions
contained in any supplemental indenture entered into pursuant to Section 12.06
relating either to the kind or amount of shares of stock or securities or
property (including cash) receivable by holders of Securities of any series that
has conversions rights upon the conversion of their Securities after any event
referred to in such Section 12.06 or to any adjustment to be made with respect
thereto, but, subject to the provisions of Section 7.01, may accept as
conclusive evidence of the correctness of any such provisions, and shall be
protected in relying upon, the Officers' Certificate and Opinion of Counsel
(which the Company shall be obligated to file with the Trustee prior to the
execution of any such supplemental indenture) with respect thereto.

      SECTION 12.09. Notice to Holders Prior to Certain Actions. If

            (a) the Company declares a dividend (or any other distribution) on
its Common Stock (other than in cash out of retained earnings or other than a
dividend that results in an adjustment in the Conversion Price pursuant to
Section 12.05 as to which the Company has made an election in accordance with
Section 12.05(m)); or

                                      -63-
<PAGE>

            (b) the Company authorizes the granting to the holders of its Common
Stock of rights or warrants to subscribe for or purchase any share of any class
of Common Stock or any other rights or warrants; or

            (c) there is any reclassification of the Common Stock (other than a
subdivision or combination of 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 stockholders of the Company is required, or of the sale or
transfer of all or substantially all of the assets of the Company; or

            (d) there is any voluntary or involuntary dissolution, liquidation
or winding-up of the Company;

then the Company shall cause to be filed with the Trustee and to be mailed to
each holder of Securities at his or her address appearing on the Register
maintained for that purpose as promptly as possible but in any event at least 15
days prior to the applicable date hereinafter specified, a notice stating (x)
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 (y) 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 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.

                                  ARTICLE XIII

                                  SINKING FUNDS

      SECTION 13.01. Applicability of Article. The provisions of this Article
shall be applicable to any sinking fund for the retirement of Securities of any
series except as otherwise specified as contemplated by Section 2.02 for such
Securities.

      The minimum amount of any sinking fund payment provided for by the terms
of any Securities is herein referred to as a "mandatory sinking fund payment,"
and any payment in excess of such minimum amount provided for by the terms of
such Securities is herein referred to as an "optional sinking fund payment." If
provided for by the terms of any Securities, the cash amount of any sinking fund
payment may be subject to reduction as provided in Section 13.02. Each sinking
fund payment shall be applied to the redemption of Securities as provided for by
the terms of such Securities.

      SECTION 13.02. Satisfaction of Sinking Fund Payments with Securities. The
Company (1) may deliver outstanding Securities of a series (other than any
previously called for redemption)

                                      -64-
<PAGE>

and (2) may apply as a credit Securities of a series which have been redeemed
either at the election of the Company pursuant to the terms of such Securities
or through the application of permitted optional sinking fund payments pursuant
to the terms of such Securities, in each case in satisfaction of all or any part
of any sinking fund payment with respect to any Securities of such series
required to be made pursuant to the terms of such Securities as and to the
extent provided for by the terms of such Securities; provided that the
Securities to be so credited have not been previously so credited. The
Securities to be so credited shall be received and credited for such purpose by
the Trustee at the Redemption Price, as specified in the Securities so to be
redeemed, for redemption through operation of the sinking fund and the amount of
such sinking fund payment shall be reduced accordingly.

      SECTION 13.03. Redemption of Securities for Sinking Fund. Not fewer than
60 days prior to each sinking fund payment date for any Securities, the Company
will deliver to the Trustee an Officers' Certificate specifying the amount of
the next ensuing sinking fund payment for such Securities pursuant to the terms
of such Securities, the portion thereof, if any, which is to be satisfied by
payment of cash and the portion thereof, if any, which is to be satisfied by
delivering and crediting Securities pursuant to Section 13.02 and will also
deliver to the Trustee any Securities to be so delivered. Not fewer than 30 days
prior to each such sinking fund payment date, the Trustee shall select the
Securities to be redeemed upon such sinking fund payment date in the manner
specified in Section 3.03 and cause notice of the redemption thereof to be given
in the name of and at the expense of the Company in the manner provided in
Section 3.04. Such notice having been duly given, the redemption of such
Securities shall be made upon the terms and in the manner stated in Sections
3.05 and 3.06.

                                  ARTICLE XIV

                        DEFEASANCE OF COVENANT DEFEASANCE

      SECTION 14.01. Company's Option to Effect Defeasance or Covenant
Defeasance. The Company may elect, at its option at any time, to have Section
14.02 or Section 14.03 applied to any Securities or any series of Securities, as
the case may be, designated pursuant to Section 2.02 as being defeasible
pursuant to such Section 14.02 or 14.03, in accordance with any applicable
requirements provided pursuant to Section 2.02 and upon compliance with the
conditions set forth below in this Article. Any such election shall be evidenced
by a Board Resolution or in another manner specified as contemplated by Section
2.02 for such Securities.

      SECTION 14.02. Defeasance and Discharge. Upon the Company's exercise of
its option (if any) to have this Section applied to any Securities or any series
of Securities, as the case may be, the Company shall be deemed to have been
discharged from its obligations, and the provisions of Article XI shall cease to
be effective, with respect to such Securities as provided in this Section on and
after the date the conditions set forth in Section 14.04 are satisfied
(hereinafter called "Defeasance"). For this purpose, such Defeasance means that
the Company shall be deemed to have paid and discharged the entire indebtedness
represented by such Securities and to have satisfied all its other obligations
under such Securities and this Indenture insofar as such Securities are
concerned (and the Trustee, at the expense of the Company, shall execute proper
instruments acknowledging

                                      -65-
<PAGE>

the same), subject to the following which shall survive until otherwise
terminated or discharged hereunder:

                        (1) the rights of Holders of such Securities to receive,
solely from the trust fund described in Section 14.04 and as more fully set
forth in such Section, payments in respect of the principal of and any premium
and interest on such Securities when payments are due;

                        (2) the Company's obligations with respect to such
Securities under Sections 2.07, 2.08, 2.11, 4.03 and 4.04, and, if applicable,
Article XII;

                        (3) the rights, powers, trusts, duties and immunities of
the Trustee hereunder; and

                        (4) this Article.

      Subject to compliance with this Article, the Company may exercise its
option (if any) to have this Section applied to any Securities notwithstanding
the prior exercise of its option (if any) to have Section 13.03 applied to such
Securities.

      SECTION 14.03. Covenant Defeasance. Upon the Company's exercise of its
option (if any) to have this Section applied to any Securities or any series of
Securities, as the case may be:

                        (1) the Company shall be released from its obligations
under Section 4.08 and any covenants provided pursuant to Sections 2.02(19),
6.01(d) or 9.01(g) for the benefit of the Holders of such Securities;

                        (2) the occurrence of any event specified in Section
6.01(d) (with respect to any of Section 4.08 and any such covenants provided
pursuant to Sections 2.02(19) and 9.01(g)), shall be deemed not to be or result
in an Event of Default; and

                        (3) the provisions of Article XI shall cease to be
effective,

in each case with respect to such Securities or series of Securities as provided
in this Section on and after the date the conditions set forth in Section 14.04
are satisfied (hereinafter called "Covenant Defeasance"). For this purpose, such
Covenant Defeasance means that, with respect to such Securities, the Company may
omit to comply with and shall have no liability in respect of any term,
condition or limitation set forth in any such specified Section (to the extent
so specified in the case of Section 6.01(d)) or Article XI, whether directly or
indirectly by reason of any reference elsewhere herein to any such Section or
Article or by reason of any reference in any such Section or Article to any
other provision herein or in any other document, but the remainder of this
Indenture and such Securities shall be unaffected thereby.

      SECTION 14.04. Conditions to Defeasance or Covenant Defeasance. The
following shall be the conditions to the application of Section 14.02 or Section
14.03 to any Securities or any series of Securities, as the case may be:

                                      -66-
<PAGE>

                        (1) The Company shall irrevocably have deposited or
caused to be deposited with the Trustee (or another trustee which satisfies the
requirements contemplated by Section 10.10 and agrees to comply with the
provisions of this Article applicable to it) as trust funds in trust for the
purpose of making the following payments, specifically pledged as security for,
and dedicated solely to, the benefits of the Holders of such Securities,

                              (A) in the case of Securities of a series
denominated in currency of the United States of America:

                  (i) cash in currency of the United States of America in an
amount; or

                  (ii) U.S. Government Obligations which through the scheduled
payment of principal and interest in respect thereof in accordance with their
terms will provide, not later than one day before the due date of any payment,
an amount in cash; or

                  (iii) a combination thereof; or

                              (B) in the case of Securities of a series
denominated in currency other than that of the United States of America:

                  (i) cash in the currency in which such series of Securities is
denominated in an amount; or

                  (ii) Foreign Government Obligations which through the
scheduled payment of principal and interest in respect thereof in accordance
with their terms will provide, not later than one day before the due date of any
payment, an amount in cash; or

                  (iii) a combination thereof,

in each case sufficient, in the opinion of a nationally recognized firm of
independent public accountants expressed in a written certification thereof
delivered to the Trustee, to pay and discharge, and which shall be applied by
the Trustee (or any such other qualifying trustee) to pay and discharge, the
principal of and any premium and interest on such Securities on the respective
Stated Maturities, in accordance with the terms of this Indenture and such
Securities.

                        (2) In the event of an election to have Section 14.02
apply to any Securities or any series of Securities, as the case may be, the
Company shall have delivered to the Trustee an Opinion of Counsel stating that:

                              (A) the Company has received from, or there has
been published by, the Internal Revenue Service a ruling; or

                              (B) since the date of this instrument, there has
been a change in the applicable Federal income tax law,

                                      -67-
<PAGE>

in either case (A) or (B) to the effect that, and based thereon such opinion
shall confirm that, the Holders of such Securities will not recognize gain or
loss for Federal income tax purposes as a result of the deposit, Defeasance and
discharge to be effected with respect to such Securities and will be subject to
Federal income tax on the same amount, in the same manner and at the same times
as would be the case if such deposit, Defeasance and discharge were not to
occur.

                        (3) In the event of an election to have Section 14.03
apply to any Securities or any series of Securities, as the case may be, the
Company shall have delivered to the Trustee an Opinion of Counsel to the effect
that the Holders of such Securities will not recognize gain or loss for Federal
income tax purposes as a result of the deposit and Covenant Defeasance to be
effected with respect to such Securities and will be subject to Federal income
tax on the same amount, in the same manner and at the same times as would be the
case if such deposit and Covenant Defeasance were not to occur.

                        (4) The Company shall have delivered to the Trustee an
Officers' Certificate to the effect that neither such Securities nor any other
Securities of the same series, if then listed on any securities exchange, will
be delisted as a result of such deposit.

                        (5) No event which is, or after notice or lapse of time
or both would become, an Event of Default with respect to such Securities or any
other Securities shall have occurred and be continuing at the time of such
deposit or, with regard to any such event specified in Sections 6.01(e) and (f),
at any time on or prior to the 90th day after the date of such deposit (it being
understood that this condition shall not be deemed satisfied until after such
90th day).

                        (6) Such Defeasance or Covenant Defeasance shall not
cause the Trustee to have a conflicting interest within the meaning of the Trust
Indenture Act (assuming all Securities are in default within the meaning of such
Act).

                        (7) Such Defeasance or Covenant Defeasance shall not
result in a breach or violation of, or constitute a default under, any other
agreement or instrument to which the Company is a party or by which it is bound.

                        (8) Such Defeasance or Covenant Defeasance shall not
result in the trust arising from such deposit constituting an investment company
within the meaning of the Investment Company Act unless such trust shall be
registered under such Act or exempt from registration thereunder.

                        (9) At the time of such deposit:

                              (A) no default in the payment of any principal of
or premium or interest on any Senior Debt shall have occurred and be continuing;

                              (B) no event of default with respect to any Senior
Debt shall have resulted in such Senior Debt becoming, and continuing to be, due
and payable prior to the

                                      -68-
<PAGE>

date on which it would otherwise have become due and payable (unless payment of
such Senior Debt has been made or duly provided for); and

                              (C) no other event of default with respect to any
Senior Debt shall have occurred and be continuing permitting (after notice or
lapse of time or both) the holders of such Senior Debt (or a trustee on behalf
of such holders) to declare such Senior Debt due and payable prior to the date
on which it would otherwise have become due and payable.

                        (10) The Company shall have delivered to the Trustee an
Officers' Certificate and an Opinion of Counsel, each stating that all
conditions precedent with respect to such Defeasance or Covenant Defeasance have
been complied with.

      SECTION 14.05. Deposited Money, U.S. Government Obligations and Foreign
Government Obligations to be Held in Trust; Miscellaneous Provisions. Subject to
the provisions of the last paragraph of Section 4.04, all money, U.S. Government
Obligations and Foreign Government Obligations (including the proceeds thereof)
deposited with the Trustee or other qualifying trustee (solely for purposes of
this Section and Section 14.06, the Trustee and any such other trustee are
referred to collectively as the "Trustee") pursuant to Section 14.04 in respect
of any Securities shall be held in trust and applied by the Trustee, in
accordance with the provisions of such Securities and this Indenture, to the
payment, either directly or through any such Paying Agent (including the Company
acting as its own Paying Agent) as the Trustee may determine, to the Holders of
such Securities, of all sums due and to become due thereon in respect of
principal and any premium and interest, but money so held in trust need not be
segregated from other funds except to the extent required by law. Money, U.S.
Government Obligations and Foreign Government Obligations so held in trust shall
not be subject to the provisions of Article XIV.

      The Company shall pay and indemnify the Trustee against any tax, fee or
other charge imposed on or assessed against the U.S. Government Obligations or
Foreign Government Obligations deposited pursuant to Section 14.04 or the
principal and interest received in respect thereof other than any such tax, fee
or other charge which by law is for the account of the Holders of Outstanding
Securities.

      Anything in this Article to the contrary notwithstanding, the Trustee
shall deliver or pay to the Company from time to time upon Company Request any
money, U.S. Government Obligations or Foreign Government Obligations held by it
as provided in Section 14.04 with respect to any Securities which, in the
opinion of a nationally recognized firm of independent public accountants
expressed in a written certification thereof delivered to the Trustee, are in
excess of the amount thereof which would then be required to be deposited to
effect the Defeasance or Covenant Defeasance, as the case may be, with respect
to such Securities.

      SECTION 14.06. Reinstatement. If the Trustee or the Paying Agent is unable
to apply any money in accordance with this Article with respect to any
Securities by reason of any order or judgment of any court or governmental
authority enjoining, restraining or otherwise prohibiting such application, then
the obligations under this Indenture and such Securities from which the Company

                                      -69-
<PAGE>

has been discharged or released pursuant to Section 14.02 or 14.03 shall be
revived and reinstated as though no deposit had occurred pursuant to this
Article with respect to such Securities, until such time as the Trustee or
Paying Agent is permitted to apply all money held in trust pursuant to Section
14.05 with respect to such Securities in accordance with this Article; provided,
however, that if the Company makes any payment of principal of or any premium or
interest on any such Security following such reinstatement of its obligations,
the Company shall be subrogated to the rights (if any) of the Holders of such
Securities to receive such payment from the money so held in trust.

                                      -70-
<PAGE>

      IN WITNESS WHEREOF, the parties have caused this Indenture to be duly
executed and attested, all as of the date first above written, signifying their
agreements contained in this Indenture.

                                             AMKOR TECHNOLOGY, INC.

                                             By:_______________________________
                                                Name:
                                                Title:

                                             U.S. BANK NATIONAL ASSOCIATION

                                             By:_______________________________
                                                 Name:
                                                 Title:

<PAGE>

                                                                       EXHIBIT A

                           [FORM OF FACE OF SECURITY]

                           [Global Securities Legend]

    [The following legend shall appear on the face of each Global Security:

      THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE
HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITARY OR A
NOMINEE OF THE DEPOSITARY, WHICH MAY BE TREATED BY THE COMPANY, THE TRUSTEE AND
ANY AGENT THEREOF AS OWNER AND HOLDER OF THIS SECURITY FOR ALL PURPOSES.]

      [The following legend shall appear on the face of each Global Security for
which The Depository Trust Company is to be the Depositary:

      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 THE AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OR 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.

      UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR REGISTERED
SECURITIES IN DEFINITIVE REGISTERED FORM IN THE LIMITED CIRCUMSTANCES REFERRED
TO IN THE INDENTURE, THIS GLOBAL SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A
WHOLE 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 OR SUCH
SUCCESSOR DEPOSITARY.]

      [INSERT ANY LEGEND REQUIRED BY THE INTERNAL REVENUE CODE AND THE
REGULATIONS THEREUNDER.]

<PAGE>

                             AMKOR TECHNOLOGY, INC.
         _______________________________________________________________

         NO. _____                                                 $___________

                                                             CUSIP: ___________

      Amkor Technology, Inc., a corporation duly organized and existing under
the laws of Delaware (herein called the "Company," which term includes any
successor Person under the Indenture hereinafter referred to), for value
received, hereby promises to pay to _______________________________, or
registered assigns, the principal sum of
________________________________________ Dollars on ____________ [IF THE
SECURITY IS TO BEAR INTEREST PRIOR TO MATURITY, INSERT -- , and to pay interest
thereon from _________ or from the most recent Interest Payment Date to which
interest has been paid or duly provided for, semi-annually on ___________ and
__________ in each year, commencing _______________, at the rate of ____% per
annum, until the principal hereof is paid or made available for payment [IF
APPLICABLE, INSERT -- , provided that any principal and premium, and any such
installment of interest, which is overdue shall bear interest at the rate of
___% per annum (to the extent that the payment of such interest shall be legally
enforceable), from the dates such amounts are due until they are paid or made
available for payment, and such interest shall be payable on demand]. The
interest so payable, and punctually paid or duly provided for, on any Interest
Payment Date will, as provided in such Indenture, be paid to the Person in whose
name this Security (or one or more Predecessor Securities) is registered at the
close of business on the Regular Record Date for such interest, which shall be
the ___________ or ___________ (whether or not a Business Day), as the case may
be, next preceding such Interest Payment Date. Any such interest not so
punctually paid or duly provided for will forthwith cease to be payable to the
Holder on such Regular Record Date and may either be paid to the Person in whose
name this Security (or one or more Predecessor Securities) is registered at the
close of business on a Special Record Date for the payment of such Defaulted
Interest to be fixed by the Trustee, notice whereof shall be given to Holders of
Securities of this series not less than 10 days prior to such Special Record
Date, or be paid at any time in any other lawful manner not inconsistent with
the requirements of any securities exchange on which the Securities of this
series may be listed, and upon such notice as may be required by such exchange,
all as more fully provided in said Indenture].

      [IF THE SECURITY IS NOT TO BEAR INTEREST PRIOR TO MATURITY, INSERT -- The
principal of this Security shall not bear interest except in the case of a
default in payment of principal upon acceleration, upon redemption or at Stated
Maturity and in such case the overdue principal and any overdue premium shall
bear interest at the rate of ___% per annum (to the extent that the payment of
such interest shall be legally enforceable), from the dates such amounts are due
until they are paid or made available for payment. Interest on any overdue
principal or premium shall be payable on

                                      A-2
<PAGE>

demand. Any such interest on overdue principal or premium which is not paid on
demand shall bear interest at the rate of ___% per annum (to the extent that the
payment of such interest on interest shall be legally enforceable), from the
date of such demand until the amount so demanded is paid or made available for
payment. Interest on any overdue interest shall be payable on demand.] Payment
of the principal of (and premium, if any) and [IF APPLICABLE, INSERT -- any
such] interest on this Security will be made at the office or agency of the
Company maintained for that purpose in _____________________, in such coin or
currency of the United States of America as at the time of payment is legal
tender for payment of public and private debts [IF APPLICABLE, INSERT -- ;
provided, however, that at the option of the Company payment of interest may be
made by check mailed to the address of the Person entitled thereto as such
address shall appear in the Security Register].

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

      Unless the certificate of authentication hereon has been executed by the
Trustee referred to on the reverse hereof by manual signature, this Security
shall not be entitled to any benefit under the Indenture or be valid or
obligatory for any purpose.

      IN WITNESS WHEREOF, the Company has caused this instrument to be duly
executed.

Dated:_________________________________         AMKOR TECHNOLOGY, INC.

                                                By:__________________________

                                                Title:_______________________

ATTEST:
_______________________________________

This is one of the Securities described
In the within-mentioned Indenture:

U.S. BANK NATIONAL ASSOCIATION,
as Trustee

By:____________________________________
    Authorized Signatory

                                      A-3
<PAGE>

                          [FORM OF REVERSE OF SECURITY]

      This Security is one of a duly authorized issue of securities of the
Company (herein called the "Securities"), issued and to be issued in one or more
series under an Indenture, dated as of ____________, 200_ (herein called the
"Indenture," which term shall have the meaning assigned to it in such
instrument), between the Company and U.S. Bank National Association, as Trustee
(herein called the "Trustee," which term includes any successor trustee under
the Indenture), and reference is hereby made to the Indenture and all indentures
supplemental thereto for a statement of the respective rights, limitations of
rights, duties and immunities thereunder of the Company, the Trustee, the
holders of Senior Debt and the Holders of the Securities and of the terms upon
which the Securities are, and are to be, authenticated and delivered. This
Security is one of the series designated on the face hereof [IF APPLICABLE,
INSERT -- , limited in aggregate principal amount to $_________].

      [IF APPLICABLE, INSERT - The Securities of this series are subject to
redemption upon not less than [IF APPLICABLE, INSERT - 30] days' notice by mail,
[IF APPLICABLE, INSERT -- (1) on _____________ in any year commencing with the
year _____ and ending with the year _____ through operation of the sinking fund
for this series at a Redemption Price equal to 100% of the principal amount, and
(2)] at any time [IF APPLICABLE, INSERT -- on or after _____________, 20__], as
a whole or in part, at the election of the Company, at the following Redemption
Prices (expressed as percentages of the principal amount): If redeemed [IF
APPLICABLE, INSERT -- on or before ______________, ___%, and if redeemed] during
the 12-month period beginning ________ of the years indicated,

   YEAR                 REDEMPTION PRICE       YEAR         REDEMPTION PRICE
   ----                 ----------------       ----         ----------------

      and thereafter at a Redemption Price equal to _____% of the principal
amount, together in the case of any such redemption [IF APPLICABLE, INSERT --
(whether through operation of the sinking fund or otherwise)] with accrued
interest to the Redemption Date, but interest installments whose Stated Maturity
is on or prior to such Redemption Date will be payable to the Holders of such
Securities, or one or more Predecessor Securities, of record at the close of
business on the relevant Record Dates referred to on the face hereof, all as
provided in the Indenture.]

      [IF APPLICABLE, INSERT -- The Securities of this series are subject to
redemption upon not less than [IF APPLICABLE, INSERT -- 30] days' notice by
mail, (1) on _________ in any year commencing with the year _____ and ending
with the year _____ through operation of the sinking fund for this series at the
Redemption Prices for redemption through operation of the sinking fund
(expressed as percentages of the principal amount) set forth in the table below,
and (2) at any time [IF APPLICABLE, INSERT -- on or after __________], as a
whole or in part, at the election of the Company, at the Redemption Prices for
redemption otherwise than through operation of the sinking fund (expressed

                                      A-4
<PAGE>

as percentages of the principal amount) set forth in the table below: If
redeemed during the 12-month period beginning ________ of the years indicated,

<TABLE>
<CAPTION>
          REDEMPTION PRICE FOR REDEMPTION      REDEMPTION PRICE FOR REDEMPTION
         THROUGH OPERATION OF THE SINKING    OTHERWISE THAN THROUGH OPERATION OF
YEAR                   FUND                           THE SINKING FUND
----     --------------------------------    -----------------------------------
<S>      <C>                                 <C>

</TABLE>

      and thereafter at a Redemption Price equal to ___% of the principal
amount, together in the case of any such redemption (whether through operation
of the sinking fund or otherwise) with accrued interest to the Redemption Date,
but interest installments whose Stated Maturity is on or prior to such
Redemption Date will be payable to the Holders of such Securities, or one or
more Predecessor Securities, of record at the close of business on the relevant
Record Dates referred to on the face hereof, all as provided in the Indenture.]

      [IF APPLICABLE, INSERT -- Notwithstanding the foregoing, the Company may
not, prior to __________, redeem any Securities of this series as contemplated
by [IF APPLICABLE, INSERT -- Clause (2) of] the preceding paragraph as a part
of, or in anticipation of, any refunding operation by the application, directly
or indirectly, of moneys borrowed having an interest cost to the Company
(calculated in accordance with generally accepted financial practice) of less
than ___% per annum.]

      [IF APPLICABLE, INSERT -- The sinking fund for this series provides for
the redemption on ___________, in each year beginning with the year _____ and
ending with the year _____ of [IF APPLICABLE, INSERT - not less than $__________
("mandatory sinking fund") and not more than] $___________ aggregate principal
amount of Securities of this series. Securities of this series acquired or
redeemed by the Company otherwise than through [IF APPLICABLE, INSERT --
mandatory] sinking fund payments may be credited against subsequent [IF
APPLICABLE, INSERT -- mandatory] sinking fund payments otherwise required to be
made IF APPLICABLE, INSERT -- , in the inverse order in which they become due].]

      [IF THE SECURITY IS SUBJECT TO REDEMPTION OF ANY KIND, INSERT -- In the
event of redemption of this Security in part only, a new Security or Securities
of this series and of like tenor for the unredeemed portion hereof will be
issued in the name of the Holder hereof upon the cancellation hereof.]

      [IF APPLICABLE, INSERT -- The Indenture contains provisions for defeasance
at any time of [the entire indebtedness of this Security] [or] [certain
restrictive covenants and Events of Default with respect to this Security] [, in
each case] upon compliance with certain conditions set forth in the Indenture.]

      [IF THE SECURITY IS CONVERTIBLE INTO COMMON STOCK OF THE COMPANY, INSERT
-- Subject to the provisions of the Indenture, the Holder of this Security is
entitled, at its option, at any time on or before [INSERT DATE] (except that, in
case this Security or any portion hereof shall be called for redemption, such
right shall terminate with respect to this Security or portion hereof, as the
case may

                                      A-5
<PAGE>

be, so called for redemption at the close of business on the first Business Day
next preceding the date fixed for redemption as provided in the Indenture unless
the Company defaults in making the payment due upon redemption), to convert the
principal amount of this Security (or any portion hereof which is $1,000 or an
integral multiple thereof), into fully paid and non-assessable shares
(calculated as to each conversion to the nearest 1/100th of a share) of the
Common Stock of the Company, as said shares shall be constituted at the date of
conversion, at the conversion price of $_____________ principal amount of
Securities for each share of Common Stock, or at the adjusted conversion price
in effect at the date of conversion determined as provided in the Indenture,
upon surrender of this Security, together with the conversion notice hereon duly
executed, to the Company at the designated office or agency of the Company in
____________, accompanied (if so required by the Company) by instruments of
transfer, in form satisfactory to the Company and to the Trustee, duly executed
by the Holder or by its duly authorized attorney in writing.

      Such surrender shall, if made during any period beginning at the close of
business on a Regular Record Date and ending at the opening of business on the
Interest Payment Date next following such Regular Record Date (unless this
Security or the portion being converted shall have been called for redemption on
a Redemption Date during the period beginning at the close of business on a
Regular Record Date and ending at the opening of business on the first Business
Day after the next succeeding Interest Payment Date, or if such Interest Payment
Date is not a Business Day, the second such Business Day), also be accompanied
by payment in funds acceptable to the Company of an amount equal to the interest
payable on such Interest Payment Date on the principal amount of this Security
then being converted. Subject to the aforesaid requirement for payment and, in
the case of a conversion after the Regular Record Date next preceding any
Interest Payment Date and on or before such Interest Payment Date, to the right
of the Holder of this Security (or any Predecessor Security) of record at such
Regular Record Date to receive an installment of interest (with certain
exceptions provided in the Indenture), no adjustment is to be made on conversion
for interest accrued hereon or for dividends on shares of Common Stock issued on
conversion. The Company is not required to issue fractional shares upon any such
conversion, but shall make adjustment therefore in cash on the basis of the
current market value of such fractional interest as provided in the Indenture.
The conversion price is subject to adjustment as provided in the Indenture. In
addition, the Indenture provides that in case of certain consolidations or
mergers to which the Company is a party or the sale of substantially all of the
assets of the Company, the Indenture shall be amended, without the consent of
any Holders of Securities, so that this Security, if then outstanding, will be
convertible thereafter, during the period this Security shall be convertible as
specified above, only into the kind and amount of securities, cash and other
property receivable upon the consolidation, merger or sale by a holder of the
number of shares of Common Stock into which this Security might have been
converted immediately prior to such consolidation, merger or sale (assuming such
holder of Common Stock failed to exercise any rights of election and received
per share the kind and amount received per share by a plurality of non-electing
shares). In the event of conversion of this Security in part only, a new
Security or Securities for the unconverted portion hereof shall be issued in the
name of the Holder hereof upon the cancellation hereof.]

                                      A-6
<PAGE>

      [IF THE SECURITY IS CONVERTIBLE INTO OTHER SECURITIES OF THE COMPANY,
SPECIFY THE CONVERSION FEATURES.]

      The indebtedness evidenced by this Security is, to the extent and in the
manner provided in the Indenture, subordinate and subject in right of payment to
the prior payment in full of all Senior Debt of the Company, and this Security
is issued subject to such provisions of the Indenture with respect thereto. Each
Holder of this Security, by accepting the same, (a) agrees to and shall be bound
by such provisions, (b) authorizes and directs the Trustee on his behalf to take
such action as may be necessary or appropriate to effectuate the subordination
so provided and (c) appoints the Trustee his attorney-in-fact for any and all
such purposes.

      [IF THE SECURITY IS NOT AN ORIGINAL ISSUE DISCOUNT SECURITY, INSERT -- If
an Event of Default with respect to Securities of this series shall occur and be
continuing, the principal of the Securities of this series may be declared due
and payable in the manner and with the effect provided in the Indenture.]

      [IF THE SECURITY IS AN ORIGINAL ISSUE DISCOUNT SECURITY, INSERT -- If an
Event of Default with respect to Securities of this series shall occur and be
continuing, an amount of principal of the Securities of this series may be
declared due and payable in the manner and with the effect provided in the
Indenture. Such amount shall be equal to -- INSERT FORMULA FOR DETERMINING THE
amount. Upon payment (i) of the amount of principal so declared due and payable
and (ii) of interest on any overdue principal, premium and interest (in each
case to the extent that the payment of such interest shall be legally
enforceable), all of the Company's obligations in respect of the payment of the
principal of and premium and interest, if any, on the Securities of this series
shall terminate.]

      The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the
Company and the rights of the Holders of the Securities of each series to be
affected under the Indenture at any time by the Company and the Trustee with the
consent of the Holders of more than 50% in principal amount of the Securities at
the time Outstanding of each series to be affected. The Indenture also contains
provisions permitting the Holders of specified percentages in principal amount
of the Securities of each series at the time Outstanding, on behalf of the
Holders of all Securities of such series, to waive compliance by the Company
with certain provisions of the Indenture and certain past defaults under the
Indenture and their consequences. Any such consent or waiver by the Holder of
this Security shall be conclusive and binding upon such Holder and upon all
future Holders of this Security and of any Security issued upon the registration
of transfer hereof or in exchange herefor or in lieu hereof, whether or not
notation of such consent or waiver is made upon this Security.

      As provided in and subject to the provisions of the Indenture, the Holder
of this Security shall not have the right to institute any proceeding with
respect to the Indenture or for the appointment of a receiver or trustee or for
any other remedy thereunder, unless such Holder shall have previously given the
Trustee written notice of a continuing Event of Default with respect to the
Securities of this series, the Holders of not less than a majority in principal
amount of the Securities of this series at the time Outstanding shall have made
written request to the Trustee to institute proceedings in respect of such Event
of Default as Trustee and offered the Trustee reasonable

                                      A-7
<PAGE>

indemnity, and the Trustee shall not have received from the Holders of a
majority in principal amount of Securities of this series at the time
Outstanding a direction inconsistent with such request, and shall have failed to
institute any such proceeding, for 60 days after receipt of such notice, request
and offer of indemnity. The foregoing shall not apply to any suit instituted by
the Holder of this Security for the enforcement of any payment of principal
hereof or any premium or interest hereon on or after the respective due dates
expressed herein.

      No reference herein to the Indenture and no provision of this Security or
of the Indenture shall alter or impair the obligation of the Company, which is
absolute and unconditional, to pay the principal of and any premium and interest
on this Security at the times, place and rate, and in the coin or currency,
herein prescribed.

      As provided in the Indenture and subject to certain limitations therein
set forth, the transfer of this Security is registrable in the Security
Register, upon surrender of this Security for registration of transfer at the
office or agency of the Company in any place where the principal of and any
premium and interest on this Security are payable, duly endorsed by, or
accompanied by a written instrument of transfer in form satisfactory to the
Company and the Security Registrar duly executed by, the Holder hereof or its
attorney duly authorized in writing, and thereupon one or more new Securities of
this series and of like tenor, of authorized denominations and for the same
aggregate principal amount, will be issued to the designated transferee or
transferees.

      The Securities of this series are issuable only in registered form without
coupons in denominations of $_____ and any integral multiple thereof. As
provided in the Indenture and subject to certain limitations therein set forth,
Securities of this series are exchangeable for a like aggregate principal amount
of Securities of this series and of like tenor of a different authorized
denomination, as requested by the Holder surrendering the same.

      No service charge shall be made for any such registration of transfer or
exchange, but the Company may require payment of a sum sufficient to cover any
tax or other governmental charge payable in connection therewith.

      Prior to due presentment of this Security for registration of transfer,
the Company, the Trustee and any agent of the Company or the Trustee may treat
the Person in whose name this Security is registered as the owner hereof for all
purposes, whether or not this Security be overdue, and neither the Company, the
Trustee nor any such agent shall be affected by notice to the contrary.

      All terms used in this Security that are defined in the Indenture shall
have the meanings assigned to them in the Indenture.

                                      A-8
<PAGE>

                            FORM OF CONVERSION NOTICE

To: AMKOR TECHNOLOGY, INC.

      The undersigned registered owner of the Security hereby irrevocably
exercises the option to convert this Security, or portion hereof (which is
$1,000 or an integral multiple thereof) below designated, into shares of Common
Stock of Amkor Technology, Inc. in accordance with the terms of the Indenture
referred to in this Security, and directs that the shares issuable and
deliverable upon the conversion, together with any check in payment for
fractional shares and Securities 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
Security 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 by the undersigned on account of
interest, Liquidated Damages and taxes accompanies this Security.

Dated:

Fill in for registration of shares if to be delivered, and Securities if to be
issued, other than to and in the name of the registered holder. (Please Print):

______________________________________________
(Name)

______________________________________________
(Street Address)

______________________________________________
(City, State and Zip Code)

Signature Guarantee:____________________________________________________________

Signature(s)____________________________________________________________________

Principal amount to be converted (if less than all): $___,000

______________________________________________
Social Security or other Taxpayer Identification Number

      [Signatures must be guaranteed by an eligible Guarantor Institution
(banks, brokers, dealers, 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 are to be issued, or
Securities are to be delivered, other than to and in the name of the registered
holder(s).]

                                      A-9<PAGE>

                                                                    EXHIBIT 10.1

                            SHARE PURCHASE AGREEMENT

                                 by and between

                          Triton CSA International B.V.

                                   as "Seller"

                                       and

                                Mobile Mini, Inc.

                                 as "Purchaser"

                           Dated as of March 13, 2006

<PAGE>

                                TABLE OF CONTENTS
                          (Not part of this Agreement)

<TABLE>
<CAPTION>
                                                                                           PAGE
                                                                                           ----
<S>                                                                                        <C>
ARTICLE I. PURCHASE AND SALE...........................................................     1

   1.01     Purchase and Sale of Shares................................................     1
   1.02     Purchase Price.............................................................     1
   1.03     Closing....................................................................     1
   1.04     Deliveries.................................................................     2
   1.05     Purchase Price Adjustments.................................................     2
   1.06     Discharge of Obligations...................................................     5

ARTICLE II. REPRESENTATIONS AND WARRANTIES OF SELLER...................................     6

   2.01     Organization of Seller; Authority and Binding Effect.......................     7
   2.02     Organization of the Subject Companies......................................     7
   2.03     Capitalization; Ownership of Shares........................................     7
   2.04     Subsidiaries...............................................................     8
   2.05     No Violations..............................................................     8
   2.06     Consents and Approvals.....................................................     8
   2.07     Financial Statements.......................................................     8
   2.08     Absence of Changes.........................................................     9
   2.09     Ownership, Possession and Sufficiency of Assets............................    10
   2.10     Litigation.................................................................    12
   2.11     Compliance With Law; Permits...............................................    12
   2.12     Environmental Matters......................................................    12
   2.13     Brokers and Finders........................................................    13
   2.14     Contracts..................................................................    13
   2.15     Intellectual Property......................................................    15
   2.16     Tax Matters................................................................    16
   2.17     Employment Matters - Personnel Information.................................    16
   2.18     Employment Matters - Employee Plans........................................    19
   2.19     Insurance..................................................................    20
   2.20     Books and Records..........................................................    20
   2.21     General Corporate Information..............................................    20
   2.22     Certain Business Practices.................................................    21
   2.23     Office of Foreign Assets Control...........................................    21
   2.24     Export Control.............................................................    21

ARTICLE III. REPRESENTATIONS AND WARRANTIES OF PURCHASER...............................    21

   3.01     Organization...............................................................    22
   3.02     Authority and Binding Effect...............................................    22
   3.03     No Violations..............................................................    22
   3.04     Consents and Approvals.....................................................    22
</TABLE>

                                        i
<PAGE>

<TABLE>
<S>                                                                                        <C>
   3.05     Brokers and Finders........................................................    22
   3.06     Absence of Proceedings.....................................................    22
   3.07     Investment Intent..........................................................    23
   3.08     Financial Capability.......................................................    23
   3.09     Due Diligence by Purchaser.................................................    23

ARTICLE IV. COVENANTS..................................................................    23

   4.01     Alternative Proposals......................................................    23
   4.02     Conduct of the Business through the Effective Time.........................    24
   4.03     Access to Information; Confidentiality; Environmental Adjustment...........    25
   4.04     Consents and Approvals.....................................................    27
   4.05     Public Announcements.......................................................    27
   4.06     Employee Benefits Matters..................................................    27
   4.07     Directors' and Officers' Indemnification; Release from Liability...........    28
   4.08     Resignations of Directors and Officers.....................................    30
   4.09     Tax Matters................................................................    30
   4.10     Assignment of Trademarks...................................................    32
   4.11     Covenant Not to Compete....................................................    32
   4.12     Non-Solicitation...........................................................    33
   4.13     2005 Audited Financial Statements; EBITDA Adjustment.......................    33
   4.14     Royal Wolf UK Board Meeting................................................    33

ARTICLE V. CONDITIONS TO CLOSING.......................................................    35

   5.01     Conditions to Obligations of Seller........................................    35
   5.02     Conditions to Obligations of Purchaser.....................................    36

ARTICLE VI. TERMINATION................................................................    38

   6.01     Termination................................................................    38
   6.02     Effect of Termination; Break Fee...........................................    39

ARTICLE VII. INDEMNIFICATION...........................................................    39

   7.01     Survival of Warranties and Covenants.......................................    39
   7.02     Indemnification by Seller..................................................    39
   7.03     Indemnification by Purchaser...............................................    40
   7.04     Tax Indemnification........................................................    40
   7.05     Indemnification Process....................................................    42
   7.06     Limitations on Claims......................................................    43
   7.07     Mitigation.................................................................    44
   7.08     Exclusivity of Indemnification Remedy......................................    44
   7.09     Characterization of Indemnification Payments...............................    45
</TABLE>

                                       ii
<PAGE>

<TABLE>
<S>                                                                                        <C>
ARTICLE VIII. DEFINITIONS AND TERMS....................................................    45

   8.01     Specific Definitions.......................................................    45
   8.02     Other Definitional Provisions..............................................    51

ARTICLE IX. GENERAL PROVISIONS.........................................................    52

   9.01     Expenses...................................................................    52
   9.02     Further Assurances.........................................................    52
   9.03     Amendment/Non-Assignment...................................................    52
   9.04     Waiver.....................................................................    52
   9.05     Notices....................................................................    52
   9.06     [Reserved].................................................................    54
   9.07     Applicable Law.............................................................    54
   9.08     No Third Party Rights......................................................    54
   9.09     Counterparts; Facsimile Signatures.........................................    54
   9.10     Severability...............................................................    54
   9.11     Entire Agreement...........................................................    55
   9.12     Arbitration; Process Agents................................................    55
   9.13     Fair Construction..........................................................    55
   9.14     Construction of Certain Provisions.........................................    55
   9.15     Reasonable Consent Required................................................    55
</TABLE>

                                       iii
<PAGE>

                                LIST OF SCHEDULES

Post-Closing Adjustment Schedule
Discharged Obligations Schedule
Disclosure Schedules
     Capitalization Schedule
     Subsidiaries Schedule
     No Violations Schedule
     Consents and Approvals Schedule
     Financial Statements Schedule
     Certain Changes Schedule
     Assets Schedule
     Litigation Schedule
     Environmental Matters Schedule
     Contracts Schedule
     Intellectual Property Schedule
     Tax Schedule
     Personnel Information Schedule
     Employee Plans Schedule
     Insurance Schedule
     General Corporate Information Schedule
Closing Consents Schedule
D&O Released Parties Schedule
EBITDA Adjustment Schedule
Permitted Lien Schedule

                                LIST OF EXHIBITS

A - Base Form of Escrow Agreement

                                       iv
<PAGE>

                             INDEX TO DEFINED TERMS

      Set forth below is an index of certain terms defined in this Share
Purchase Agreement. See Article VIII for all other terms used but not elsewhere
defined in this Share Purchase Agreement.

<TABLE>
<CAPTION>
                                      TERM                                                     LOCATION
--------------------------------------------------------------------------------   --------------------------------
<S>                                                                                <C>
Actual EBITDA...................................................................                    Section 4.13(b)
Adjustment Amount...............................................................   Post-Closing Adjustment Schedule
Agreed Remediation Amount.......................................................                    Section 4.03(d)
Agreement.......................................................................                       Introduction
Alternative Transaction.........................................................                       Section 4.01
Annual Financial Statements.....................................................                    Section 2.07(a)
Applicable Rate.................................................................                    Section 1.05(g)
Benefit Plans...................................................................                    Section 2.18(a)
Business........................................................................                           Recitals
Closing.........................................................................                       Section 1.03
Closing Date....................................................................                       Section 1.03
Closing Determination...........................................................                    Section 1.05(c)
Closing Financial Statements....................................................                    Section 1.05(c)
Closing Purchase Price..........................................................                    Section 1.04(b)
Competitive Business............................................................                    Section 4.11(a)
Containers......................................................................                    Section 2.09(d)
Container Leases................................................................                    Section 2.14(b)
D&O Indemnitees.................................................................                    Section 4.07(a)
D&O Released Parties............................................................                    Section 4.07(c)
D&O Tail Insurance..............................................................                    Section 4.07(b)
Damages.........................................................................                    Section 7.02(a)
December Determination..........................................................                    Section 1.05(a)
December Determination Financial Statements.....................................                    Section 1.05(a)
Deductible......................................................................                    Section 7.06(a)
Disclosure Schedule.............................................................                         Article II
EBITDA..........................................................................         EBITDA Adjustment Schedule
Effective Time..................................................................                       Section 1.03
85% Condition ..................................................................                    Section 4.13(b)
Escrow Agent....................................................................                    Section 1.04(b)
Escrow Agreement................................................................                    Section 1.04(b)
Estimated EBITDA................................................................                    Section 4.13(a)
ERM.............................................................................                    Section 4.03(d)
ERM Environmental Reports.......................................................                    Section 4.03(d)
Excluded Taxes..................................................................                    Section 7.04(a)
Final Adjustment Amount.........................................................                    Section 1.05(d)
Financial Statements............................................................                    Section 2.07(a)
Foreign Benefit Plan............................................................                   Section 2.18(a)
Indemnification Cap.............................................................                    Section 7.06(b)
Indemnified Party...............................................................                    Section 7.05(a)
Indemnifying Party..............................................................                    Section 7.05(a)
</TABLE>

                                        v
<PAGE>

<TABLE>
<S>                                                                                 <C>
Interim Balance Sheets..........................................................       Section 2.07(a)
Interim Financial Statements....................................................       Section 2.07(a)
Lease...........................................................................       Section 2.09(b)
Leased Real Property............................................................       Section 2.09(b)
Limited Environmental Liability Release Agreement...............................       Section 4.03(d)
Management Employee.............................................................          Section 4.12
Non-Registered Intellectual Property............................................       Section 2.15(b)
Outside Date....................................................................       Section 6.01(b)
Owned Intellectual Property.....................................................       Section 2.15(a)
Owned Real Property.............................................................       Section 2.09(c)
Party...........................................................................          Introduction
Per Diem Taxes..................................................................    Section 7.04(c)(i)
Pre-Closing Adjustment Amount...................................................       Section 1.05(b)
Pre-Closing Determination.......................................................       Section 1.05(b)
Pre-Closing Financial Statements................................................       Section 1.05(b)
Preliminary Adjustment Amount...................................................       Section 1.05(c)
Purchase Price..................................................................          Section 1.02
Purchaser.......................................................................          Introduction
Purchaser Indemnified Party.....................................................       Section 7.02(a)
Registered Intellectual Property................................................       Section 2.15(a)
Releasing Parties...............................................................       Section 4.07(c)
Retention Agreements............................................................       Section 4.06(a)
Review Period...................................................................       Section 1.05(d)
Royal Wolf Netherlands..........................................................              Recitals
Royal Wolf UK...................................................................              Recitals
Royal Wolf US...................................................................              Recitals
Royal Wolf US Severance Pay Plan................................................       Section 4.02(d)
RW Insured Parties..............................................................       Section 4.07(b)
Scheduled Consents..............................................................          Section 2.06
Scheduled Contracts.............................................................       Section 2.14(a)
Seller..........................................................................          Introduction
Seller Indemnified Party........................................................       Section 7.03(a)
Seller Updates..................................................................            Article II
Settlement Accountant...........................................................       Section 1.05(d)
Severance Arrangements..........................................................       Section 4.02(d)
Share Purchase..................................................................              Recitals
Shares..........................................................................              Recitals
Statement of Objections.........................................................       Section 1.05(d)
Subject Company.................................................................              Recitals
Subject Company Assets..........................................................          Section 2.09
Subject Company Employees.......................................................       Section 2.18(a)
Subject Company Insurance.......................................................          Section 2.19
Subject Territory...............................................................          Section 4.10
Supporting Binder...............................................................       Section 1.05(e)
Tax Claim.......................................................................       Section 7.04(d)
Third Party Claims..............................................................       Section 7.05(b)
</TABLE>

                                       vi
<PAGE>

<TABLE>
<S>                                                                                    <C>
2005 Audit Financial Statements.................................................       Section 4.13(a)
U.S. Benefit Plans..............................................................       Section 2.18(a)
U.S. Pension Plan...............................................................       Section 2.18(b)
U.S. Welfare Plans..............................................................       Section 2.18(d)
</TABLE>

                                       vii
<PAGE>

                            SHARE PURCHASE AGREEMENT

            THIS SHARE PURCHASE AGREEMENT (this "Agreement"), dated as of March
13, 2006, is made and entered into by and between Mobile Mini, Inc., a Delaware
corporation (together with its permitted assignees, "Purchaser"), and Triton CSA
International B.V., a company organized under the laws of the Netherlands
("Seller"). Purchaser and Seller are sometimes individually referred to herein
as a "Party" and collectively as the "Parties."

                                    RECITALS

            WHEREAS, Seller owns all of the issued and outstanding share capital
(the "Shares") of A Royal Wolf Portable Storage, Inc., a California corporation
("Royal Wolf US"), Royalwolf Trading (UK) Limited, a limited company organized
under the laws of England and Wales ("Royal Wolf UK") and Royal Wolf Containers
B.V., a company organized under the laws of the Netherlands ("Royal Wolf
Netherlands"; Royal Wolf US, Royal Wolf UK and Royal Wolf Netherlands and/or
their Subsidiaries are sometimes individually referred to herein as a "Subject
Company" and collectively as the "Subject Companies);

            WHEREAS, the Subject Companies are engaged in the business of
portable storage unit leasing (the "Business"); and

            WHEREAS, Seller desires to sell, and Purchaser desires to purchase,
all of Seller's right, title and interest in and to the Shares on the terms and
conditions contained herein (the "Share Purchase").

            NOW THEREFORE, in consideration of the foregoing and the respective
warranties, covenants, agreements and conditions hereinafter set forth, and
intending to be legally bound hereby, the Parties agree as follows:

                                   ARTICLE I.
                                PURCHASE AND SALE

            1.01 Purchase and Sale of Shares. Upon the terms and subject to the
conditions of this Agreement, at the Closing, Seller shall sell, transfer,
convey, assign and deliver to Purchaser, and Purchaser shall purchase, acquire
and accept from Seller, all of Seller's right, title and interest in and to the
Shares.

            1.02 Purchase Price. The aggregate price to be paid by Purchaser for
the Shares shall be $52,500,000 (the "Purchase Price"), subject to adjustment
pursuant to Sections 1.05, 4.03(d), and 4.13(b).

            1.03 Closing. The closing of the Share Purchase (the "Closing") will
take place at 2:00 p.m. Rotterdam time on the last day of the calendar month in
which satisfaction or waiver (as permitted by this Agreement) of the conditions
(excluding conditions that, by their terms, cannot be satisfied until the
Closing Date, but subject to the fulfillment or waiver of those conditions on
the Closing Date) set forth in Article V occurs; provided, however, that if such
day is not a Business Day, then the Closing shall occur on the immediately
preceding Business Day (such date being the "Closing Date"). The Closing will be
deemed to be effective, and title and

                                        1
<PAGE>

all risk of loss of the Shares shall pass from Seller to Purchaser, at 11:59
p.m. Rotterdam time on the last day of the calendar month in which the Closing
occurs, such time being the "Effective Time," unless another time or date is
agreed to in writing by the Parties. The Closing shall be held at the offices of
Seller in Rotterdam, located at the address set forth in Section 9.05, unless
another place is agreed to in writing by the Parties.

            1.04 Deliveries. At the Closing:

                  (a) Seller shall deliver, or cause to be delivered, to
Purchaser, the certificates evidencing the Shares along with duly executed share
transfer forms in favor of Purchaser;

                  (b) Purchaser shall pay the Purchase Price, as same may be
adjusted by the Pre-Closing Adjustment Amount and pursuant to Sections 4.03(d)
and 4.13(b) (the "Closing Purchase Price"), by delivery of (i) the Closing
Purchase Price, less an amount equal to the Indemnification Cap (as the
Indemnification Cap may be reduced pursuant to Section 4.03(d)), delivered by
wire transfer of immediately available Dollar funds to an account designated by
Seller, and (ii) an amount equal to the Indemnification Cap (as the
Indemnification Cap may be reduced pursuant to Section 4.03(d)) by wire transfer
of immediately available Dollar funds to a financial institution reasonably
satisfactory to Purchaser and Seller (the "Escrow Agent") with directions to
retain, hold and dispose of these funds in accordance with the terms of a
mutually acceptable Escrow Agreement between the Parties based substantially in
the form attached as Exhibit A hereto (the "Escrow Agreement") to fund the
payment of any liability of Seller to Purchaser arising under Article VII of
this Agreement. The Escrow Agreement shall provide that a portion of the
escrowed amount be released to Seller on the first annual anniversary of the
Closing Date. The amount to be released to Seller will be fifty percent (50%) of
the difference between the original escrow amount and the sum of claims paid
from the escrow plus the amount of claims then outstanding that are unresolved
and unpaid. The remainder of the escrow amount (less the amount of unresolved
claims made but not paid) will be released on the 18-month anniversary of the
Closing Date.

                  (c) Each Party shall deliver the certificates and other
documents and instruments required to be delivered by or on behalf of such Party
pursuant to Article V or the other provisions of this Agreement.

            1.05 Purchase Price Adjustments.

                  (a) The Purchase Price shall be subject to adjustment in
accordance with the terms and conditions of this Section 1.05 and the
Post-Closing Adjustment Schedule. For illustrative purposes, appended as Annex A
to the Post-Closing Adjustment Schedule is a calculation of the Adjustment
Amount (as such term is defined in the Post-Closing Adjustment Schedule) based
on the accompanying unaudited financial statements of each Relevant Entity as of
December 31, 2005 (said calculation being referred to herein as the "December
Determination; said accompanying financial statements being referred to herein
as the December Determination Financial Statements").

                                       2
<PAGE>

                  (b) Not later than five (5) Business Days prior to the Closing
Date, Seller shall prepare and deliver to Purchaser unaudited financial
statements as of the last day of the calendar month immediately preceding the
calendar month in which the Closing Date takes place for each Relevant Entity of
the types comprising the December Determination Financial Statements (the
"Pre-Closing Financial Statements") and a written determination (the
"Pre-Closing Determination") of the Adjustment Amount based on the Pre-Closing
Financial Statements (the "Pre-Closing Adjustment Amount"), in each case
expressed in Dollars. The Pre-Closing Determination and Pre-Closing Financial
Statements shall be prepared in accordance with the same accounting principles,
practices, methodologies and policies used in the preparation of the December
Determination and December Determination Financial Statements, respectively.

                  (c) Within sixty (60) days after the Closing Date, Seller
shall prepare and deliver to Purchaser unaudited financial statements as of the
Effective Time for each Relevant Entity of the types comprising the December
Determination Financial Statements (the "Closing Financial Statements") and a
written determination (the "Closing Determination") of the Adjustment Amount
based on the Closing Financial Statements (the "Preliminary Adjustment Amount"),
in each case expressed in Dollars. The Closing Determination and Closing
Financial Statements shall be prepared in accordance with the same accounting
principles, practices, methodologies and policies used in the preparation of the
December Determination and December Determination Financial Statements,
respectively. After the Closing Date, at Seller's request, Purchaser shall
assist Seller and its Representatives in the preparation of the Closing
Financial Statements and the Closing Determination. Purchaser shall provide
Seller and its Representatives any information reasonably requested and shall
provide them full access at all reasonable times to the properties, books,
records and other materials of each Relevant Entity and the personnel of, and
work papers prepared by or for Purchaser, the Relevant Entities or their
respective accountants, including, without limitation, to such historical
financial information relating to the Relevant Entities as Seller may reasonably
request in connection with Seller's preparation and delivery of the Closing
Determination in accordance with this Section 1.05.

                  (d) Upon receipt of the Closing Determination, Purchaser shall
have sixty (60) days (the "Review Period") to review such Closing Determination
and related Closing Financial Statements. If Purchaser has accepted such Closing
Determination and related Closing Financial Statements in writing or has not
given written notice to Seller setting forth in reasonable detail any objection
of Purchaser to such Closing Determination and related Closing Financial
Statements (a "Statement of Objections") prior to the expiration of the Review
Period, then such Closing Determination and Closing Financial Statements shall
be final and binding upon the Parties, and the Preliminary Adjustment Amount
shall be deemed the Adjustment Amount as of the Effective Time (the "Final
Adjustment Amount"). In the event that Purchaser delivers a Statement of
Objections during the Review Period, the Parties shall use their reasonable
efforts to agree on the Adjustment Amount within thirty (30) days following the
receipt by Seller of the Statement of Objections. If the Parties are unable to
reach an agreement as to such amount within such thirty (30) day period, then
the matter shall be submitted to PricewaterhouseCoopers LLP, or such other "Big
4" accountant as shall be mutually agreed between the Parties (such accountant,
the "Settlement Accountant"), who, acting as an expert and not as an arbitrator,
shall resolve the matters still in dispute, but only such matters, and shall

                                       3
<PAGE>

adjust the Closing Determination and related Closing Financial Statements in
accordance with this Section 1.05 to reflect such resolution and establish the
Final Adjustment Amount. The Settlement Accountant shall make such determination
within forty (40) days following the engagement of the Settlement Accountant,
and such determination shall be final and binding upon the Parties. Either Party
may seek to enforce the Settlement Accountant's determination in a court of
competent jurisdiction and any disputes with respect to the matters relating to
this Section 1.05 shall not be subject to arbitration under Section 9.12. Each
Party will bear fifty percent (50%) of the fees, charges and expenses of the
Settlement Accountant, unless the Final Adjustment Amount is within (10%) of the
Preliminary Adjustment Amount, in which event one hundred percent (100%) of the
fees, charges and expenses of the Settlement Accountant shall be borne (x) by
Seller if the Adjustment Amount is positive, or (y) by Purchaser if the
Adjustment Amount is negative.

                  (e) The scope of any dispute to be resolved by the Settlement
Accountant shall be limited to whether the amounts set forth on the Closing
Determination and related Closing Financial Statements were prepared in a manner
consistent with the December Determination and the December Determination
Financial Statements (i.e., in accordance with the consistent application of the
same accounting principles, practices, methodologies and policies used in the
preparation of the December Determination and the December Determination
Financial Statements), and whether there were mathematical errors in the Closing
Determination or the Closing Financial Statements. The Parties acknowledge that
the sole purpose of the Closing Determination is to adjust the Purchase Price
pursuant to the methodology set forth on the Post-Closing Adjustment Schedule as
of the Effective Time and such purpose can only be fulfilled if the calculation
of the Closing Determination and the preparation of the related Closing
Financial Statements is done using the same accounting principles, practices,
methodologies and policies as were used in the calculation of the December
Determination and the preparation of the December Determination Financial
Statements. In resolving a dispute relating to the Adjustment Amount or any
particular item in the Closing Determination or Closing Financial Statements,
the Settlement Accountant may not assign a value to the Adjustment Amount or any
such particular item greater than the greatest value for the Adjustment Amount
or such item claimed by either Party or less than the smallest value for the
Adjustment Amount or such item claimed by either Party, in each case as
presented to the Settlement Accountant. Within ten (10) days after the
engagement of the Settlement Accountant, each of the Parties shall present to
the Settlement Accountant, with a copy to the other Party, their respective
positions with respect to the items set forth in the Statement of Objections in
the form of a written binder of supporting materials (the "Supporting Binder")
and no ex parte conferences, oral examinations, testimony, depositions,
discovery or other form of evidence gathering or hearings shall be conducted or
allowed by any Party (or any of its Representatives) and the Settlement
Accountant; provided, that, at the Settlement Accountant's request, or as
mutually agreed by the Parties, the Parties may meet with the Settlement
Accountant so long as Representatives of both the Parties are present.

                  (f) Each of the Parties shall make readily available to the
Settlement Accountant, with a copy to the other Party, all available relevant
work papers and books and records relating to the Relevant Entities as are
reasonably requested by the Settlement Accountant and shall use reasonable
efforts to cooperate with, and do all things reasonably practicable to assist,
the Settlement Accountant in resolving any disputed matters. Following the
Effective Time, any action the Purchaser may take, or cause to be taken, with
respect to the

                                       4
<PAGE>

accounting books and records of the Relevant Entities on which the Closing
Determination and the related Closing Financial Statements are to be based that
is not consistent with the accounting principles, practices, methodologies and
policies of the Relevant Entities shall not be effective for the purpose of
determining the Final Adjustment Amount. Without limiting the generality of the
foregoing, no change made, or caused to be made, by Purchaser in any reserve or
other account existing as of the date of the December Determination Financial
Statements that is not a result of events occurring after the date of the
December Determination Financial Statements and made in a manner consistent with
the accounting principles, practices, methodologies and policies of the Relevant
Entities used in connection with the preparation of the December Determination
Financial Statements shall be effective for the purpose of determining the Final
Adjustment Amount.

                  (g) In the event that the Final Adjustment Amount is greater
than the Pre-Closing Adjustment Amount, the Purchase Price shall be increased
by, and Purchaser shall pay to Seller, within five (5) Business Days following
the determination of the Final Adjustment Amount pursuant to Section 1.05(d), an
amount equal to the excess of the Final Adjustment Amount over the Pre-Closing
Adjustment Amount, together with interest thereon for the period from the
Closing Date to (and including) the date of payment, at the "Prime Rate" quoted
in the "Money Rates" section of The Wall Street Journal (the "Applicable Rate"),
by wire transfer of immediately available Dollar funds to one or more accounts
designated by Seller.

                  (h) In the event that the Final Adjustment Amount is less than
the Pre-Closing Adjustment Amount, the Purchase Price shall be reduced by, and
Seller shall pay to Purchaser, within five (5) Business Days following the
determination of the Final Adjustment Amount pursuant to Section 1.05(d), an
amount equal to the excess of the Pre-Closing Adjustment Amount over the Final
Adjustment Amount, together with interest thereon for the period from the
Closing Date to (and including) the date of payment, at the Applicable Rate, by
wire transfer of immediately available Dollar funds to one or more accounts
designated by Purchaser.

            1.06 Discharge of Obligations.

                  (a) On or before the Closing Date, Seller shall cause the
Subject Companies to cause to be paid, discharged in full or otherwise satisfied
and released, and shall deliver satisfactory releases, and terminations of any
security interest held in respect of, or other evidence thereof reasonably
satisfactory to Purchaser, such deliveries to be made as promptly as practicable
following the date on which such releases and terminations are received by
Seller and in any event on the Closing Date, (i) all Indebtedness of the Subject
Companies, (ii) those operating leases listed on the Discharged Obligations
Schedule, and (iii) any debt or liabilities or any other inter-company
arrangement owed by any of the Subject Companies to Seller or any Affiliate of
Seller (other than a Subject Company). All documents evidencing obligations
under subsections (i), (ii) and (iii) of this Section 1.06 are listed on the
Discharged Obligations Schedule attached hereto.

                  (b) On or before the Closing Date, Seller shall also cause any
Affiliate of Seller (other than a Subject Company) to cause to be paid,
discharged in full or otherwise satisfied and released, and shall deliver
evidence thereof reasonably satisfactory to Purchaser,

                                       5
<PAGE>

any inter-company debt or liabilities owed by any of such Affiliates to any of
the Subject Companies (i) without any residual or continuing obligation or
liability on the part of any of the Subject Companies, (ii) which action shall
not result in any equity or debt securities of any of the Subject Companies
being issued to an entity other than Seller and (iii) so that immediately prior
to Closing, all of the issued and outstanding capital stock of the Subject
Companies shall be held by Seller.

                                  ARTICLE II.
                    REPRESENTATIONS AND WARRANTIES OF SELLER

      Seller represents and warrants to Purchaser that as of the date of this
Agreement the statements contained in this Article II are true and correct,
except as set forth in the disclosure schedule delivered by Seller prior to the
execution of this Agreement (the "Disclosure Schedule") or as otherwise
expressly contemplated by this Agreement. Whether or not specifically required
by the specific terms of this Article II or otherwise, Seller may modify its
representations and warranties contained in this Agreement by disclosing
relevant facts on the Disclosure Schedule; provided, however, that for any such
disclosure to be effective, it must indicate the specific Section or Subsection
of this Agreement to which it relates. The disclosure of any information in the
Disclosure Schedule shall not be deemed to constitute an acknowledgment that
such information is required to be disclosed in connection with the
representations and warranties made by Seller in this Agreement or that it is
material, nor shall such information be deemed to establish a standard of
materiality.

      No later than five (5) Business Days prior to the Closing Date, Seller may
supplement or amend the Disclosure Schedule in writing with respect to any
matter arising after the date of this Agreement which, if existing or occurring
at the date of this Agreement, would have been required to be set forth or
described in such Disclosure Schedule or which is necessary to correct any
information in such Disclosure Schedule or in the representations and warranties
of Seller herein which have been rendered inaccurate by such matter (the "Seller
Updates"); provided, however, that with respect to any matters that constitute a
Material Adverse Effect, Seller shall deliver a Seller Update promptly after the
occurrence of the matter. In any event, if any Seller Update is made and the
Purchaser has not, in its reasonable discretion, had an adequate opportunity to
review and investigate the matter disclosed as of the scheduled Closing Date,
notwithstanding any other provision of this Agreement to the contrary, the
Purchaser may postpone the Closing Date for up to ten (10) days. In the event
the Closing occurs, the relevant representations and warranties of Seller to
which the Seller Updates relate shall be amended to the extent set forth in the
Seller Update. In the event that an individual Seller Update or more than one
Seller Update in the aggregate constitutes a Material Adverse Effect, the
Purchaser may, at its sole election, notify Seller in writing that it is
terminating this Agreement. Upon timely delivery of Purchaser's proper notice of
its election to terminate this Agreement to Seller pursuant to the immediately
preceding sentence, all duties and obligations of Purchaser and Seller under
this Agreement to consummate the transactions contemplated by this Agreement
shall terminate and be null and void ab initio.

                                       6
<PAGE>

            2.01 Organization of Seller; Authority and Binding Effect. Seller is
a company validly existing and in good standing under the laws of the
Netherlands. Seller has all requisite corporate power and authority to execute
and deliver this Agreement and all other certificates, agreements or other
documents to be executed and delivered by Seller pursuant hereto and to
consummate the transactions contemplated hereby and thereby. The execution,
delivery and performance of this Agreement has been duly and validly authorized
by all necessary corporate action of Seller and no additional authorization on
the part of Seller is necessary in connection with the execution, delivery and
performance of this Agreement. This Agreement has been duly executed and
delivered by Seller, and this Agreement is a legally valid and binding
obligation of Seller, enforceable against Seller in accordance with its terms,
subject to applicable bankruptcy, insolvency, reorganization, moratorium and
similar laws affecting creditors' rights and remedies generally and to general
principles of equity.

            2.02 Organization of the Subject Companies. Each Subject Company is
duly organized, validly existing and in good standing under the laws of its
jurisdiction of organization and has all requisite corporate power and authority
to own its properties and to carry on the Business as it is now being conducted.
Each Subject Company is duly licensed or qualified to do business and is in good
standing as a foreign corporation in each jurisdiction in which the nature of
its business or ownership of its properties makes such qualification necessary,
except where the failure to have such power or authority, to be in good standing
or to be duly qualified to transact business, would not reasonably be expected
to result in a Material Adverse Effect. Seller has made available to Purchaser
correct and complete copies of each Subject Company's organizational and
constitutional documents, which documents reflect all amendments made thereto at
any time on or prior to the date hereof. Correct and complete copies of the
minute books containing the records of actions of the shareholders and board of
directors of each Subject Company held at any time on or prior to the date
hereof, the share register, and the share transfer ledger of each Subject
Company have been made available to Purchaser. Each Subject Company has filed
all returns, particulars, resolutions and other documents required by the
relevant company registrar under the law of its jurisdiction of incorporation.
Each Subject Company is not in default under or in violation of any provision of
its organizational documents.

            2.03 Capitalization; Ownership of Shares.

                  (a) The authorized and issued share capital of each Subject
Company is set forth on the Capitalization Schedule. At the Closing, the Shares
being sold hereunder will constitute all of the issued and outstanding share
capital of the Subject Companies. All of the issued and outstanding Shares have
been duly authorized, validly issued and are fully paid, nonassessable and free
of preemptive rights. Except as set forth on the Capitalization Schedule and
except for this Agreement and the transactions contemplated hereby, at the
Closing, there will be no outstanding options, warrants, purchase rights,
subscription rights, conversion rights, exchange rights, or other contracts or
commitments that could require any Subject Company to issue, sell, or otherwise
cause to become outstanding any share capital of such Subject Company. Except
for this Agreement and the transactions contemplated hereby, at the Closing,
there will be no outstanding or authorized stock appreciation, phantom stock,
profit participation, or similar rights with respect to the Subject Companies.

                                       7
<PAGE>

                  (b) Seller is the owner, beneficially and of record, of the
Shares. At the Closing, Seller will transfer the Shares to Purchaser, free and
clear of any Liens (other than Liens created by Purchaser).

            2.04 Subsidiaries. The Subsidiaries Schedule sets forth a true and
complete list of each Subject Company as of the date hereof, including the
jurisdiction of organization of such Subject Company, any jurisdictions in which
any such Subject Company is qualified to do business as a foreign entity, and
the authorized (if applicable) and outstanding stock of each such Subject
Company. All of the outstanding shares of each such Subject Company are duly and
validly issued and are owned as set forth on the Subsidiaries Schedule, free and
clear of any Liens (other than as may be set forth in the applicable
organizational documents of such Subsidiary or identified on the Subsidiaries
Schedule) and, if applicable, are fully paid and nonassessable. Except as set
forth on the Subsidiaries Schedule and except for this Agreement and the
transactions contemplated hereby, at the Closing, there will be no outstanding
options, warrants, purchase rights, subscription rights, conversion rights,
exchange rights, or other contracts or commitments that could require any
Subject Company to issue, sell, or otherwise cause to become outstanding any of
its capital stock. Except as set forth on the Subsidiaries Schedule, at the
Closing, there will be no outstanding or authorized stock appreciation, phantom
stock, profit participation, or similar rights with respect to any Subject
Company.

            2.05 No Violations. Except as set forth on the No Violations
Schedule, and subject to obtaining the Scheduled Consents, the execution and
delivery of this Agreement by Seller, and the performance and consummation of
the transactions contemplated by this Agreement by Seller, do not and will not
(a) conflict with or violate any provision of the organizational documents of
Seller or any Subject Company, (b) conflict with, or result in the breach of, or
constitute a default under, or result in the termination, cancellation or
acceleration (whether after the giving of notice or the lapse of time or both)
of any right or obligation of Seller or any Subject Company under, any material
Contract, or (c) to the knowledge of Seller, materially violate or result in a
breach of or constitute a default under any Law applicable to Seller or any
Subject Company.

            2.06 Consents and Approvals. Except for any Consent required under
applicable Laws relating to competition and for Consents set forth on the
Consents and Approvals Schedule (the "Scheduled Consents"), no Consent is
required to be obtained by Seller or any Subject Company in connection with the
execution, delivery and performance of this Agreement by Seller or, to the
extent a party hereto or thereto, any Subject Company, except for any Consent
the failure of which to make or obtain would not, individually or in the
aggregate, reasonably be expected to result in a Material Adverse Effect.

            2.07 Financial Statements.

                  (a) Seller has made available to Purchaser (i) (A) the audited
year-end reporting package and related schedules of Royal Wolf US at December
31, 2004, (B) the audited financial statements of Royal Wolf UK for the years
ended December 31, 2004, 2003 and 2002, and (C) the reviewed financial
statements of Royal Wolf Netherlands for the year ended December 31, 2004 and
the compiled financial statements of Royal Wolf Netherlands for the years ended
December 31, 2003 and 2002 (the balance sheets and other financial statements

                                       8
<PAGE>

referred to in this clause 2.07(a)(i) are collectively referred to herein as the
"Annual Financial Statements") and (ii) (A) the unaudited balance sheet of Royal
Wolf US as of December 31, 2005 and related statements of cash flow and income
for the year then ended, (B) the unaudited balance sheet of Royal Wolf UK as of
December 31, 2005 and related statements of cash flow and income for the year
then ended, and (C) the unaudited balance sheet of Royal Wolf Netherlands as of
December 31, 2005 and related statements of cash flow and income for the year
then ended (the balance sheets referred to in this clause 2.07(a)(ii) are
collectively referred to herein as the "Interim Balance Sheets"; the Interim
Balance Sheets and other financial statements referred to in this clause
2.07(a)(ii) are collectively referred to herein as the "Interim Financial
Statements"; the Interim Financial Statements and the Annual Financial
Statements are collectively referred to herein as the "Financial Statements").
Except as set forth on the Financial Statements Schedule, each Financial
Statement has been prepared in accordance with GAAP consistently applied
throughout the periods covered by such Financial Statement (except for any
changes in application set forth in the notes to such Financial Statement), and
presents fairly, in all material respects, the financial position, consolidated
or non-consolidated, as the case may be, of the subject Relevant Entity and its
consolidated Subsidiary (if any) as of such dates and the results of operations
and cash flows for the respective periods then ended, as applicable, subject to,
in the case of each Interim Financial Statement, the absence of notes and
schedules, and year end adjustments that will not be material.

                  (b) The Subject Companies do not have any material Liabilities
required by GAAP to be reflected on a balance sheet except: (i) Liabilities
reflected or reserved against on the Interim Balance Sheets; (ii) Liabilities
which have arisen after the date of the Interim Balance Sheets in the ordinary
course of business or otherwise in accordance with the terms and conditions of
this Agreement, and (iii) Liabilities disclosed as such elsewhere in this
Agreement or the Schedules and Exhibits hereto.

            2.08 Absence of Changes. Except as disclosed on the Certain Changes
Schedule, between the date of the Interim Balance Sheets and the date hereof,
the Subject Companies have conducted their operations and affairs only in the
ordinary and normal course consistent with past practice, and during such period
there has not been any Material Adverse Change. Without limiting the generality
of the foregoing, and except as disclosed on the Certain Changes Schedule,
between the date of the Interim Balance Sheets and the date hereof, other than
in the ordinary course of business, the Subject Companies have not:

                  (a) commenced or entered into arrangements for capital
expenditures in excess of $100,000, individually or in the aggregate, other than
purchases of Containers not in excess of $500,000;

                  (b) disposed of any capital assets if the greater of the book
value or the fair market value, individually or in the aggregate, of such assets
exceeds $100,000, other than disposals of Containers not in excess of $500,000,
or incurred, created or assumed any Lien on any individual capital asset if the
greater of the book value or the fair market value of such capital asset exceeds
$500,000, other than Permitted Liens;

                                       9
<PAGE>

                  (c) entered into any Contract (including any hedging
arrangement or other derivative transaction) in excess of $100,000 in the
aggregate, or incurred any Indebtedness in excess of $100,000 in the aggregate;

                  (d) increased the salary, wage, rate of compensation,
commission, bonus or other direct or indirect remuneration payable to, or other
compensation of, any executive officer or any other employee of the Subject
Companies in excess of three percent (3%) or entered into any Contract in
respect of any such increase except as specifically identified by officer or
employee on the Certain Changes Schedule, nor amended, adopted or terminated any
Benefit Plan that would increase the liability of such Subject Company or
entered into any collective bargaining agreement covering Subject Company
Employees;

                  (e) amended in any material respect any Scheduled Contract
that would materially and adversely affect the use and enjoyment thereof by
Purchaser, or terminated any of the Scheduled Contracts other than pursuant to
its terms or defaulted in the performance of any material covenant or obligation
thereunder which default was not cured within any applicable grace period;

                  (f) made any material change in any accounting principle,
practice, policy or method, other than as required by GAAP or any applicable
Law;

                  (g) merged with or into or consolidated with any other Person
or acquired any business or assets (other than inventory) of any other Person;

                  (h) amended its certificate of incorporation, memorandum of
association, bylaws or similar organizational documents;

                  (i) purchased or entered into any other agreement or
obligation to purchase any securities of, or interests in, any Person;

                  (j) issued or sold any capital stock or other securities,
options, warrants, calls or other rights to acquire such stock;

                  (k) engaged in any transactions with any of the other Subject
Companies, Seller or any Affiliate of Seller; or

                  (l) agreed or committed to do any of the foregoing.

            2.09 Ownership, Possession and Sufficiency of Assets.

                  (a) Except as set forth on the Assets Schedule, the Subject
Companies have good and valid title to, or a valid right to use, the assets
shown on the Interim Balance Sheets or acquired after the date thereof, free and
clear of all Liens other than Permitted Liens, except for assets which were
disposed of in the ordinary course of business since the date of the Interim
Balance Sheets.

                  (b) The Assets Schedule lists all real property leases,
licenses or tenancies to which any Subject Company is a party (the "Leased Real
Property"). A true,

                                       10
<PAGE>

complete, and correct copy of each lease (and all amendments thereto) pertaining
to the Leased Real Property has previously been made available to Purchaser. The
relevant Subject Company holds good and valid leasehold title to or license or
permission to occupy the Leased Real Property, in each case, in accordance with
the provisions of the applicable lease, license, tenancy or sublease for such
Leased Real Property (each, a "Lease") and free of all Liens, except for
Permitted Liens. Except as set forth on the Assets Schedule: (i) all of the
Leases to which any Subject Company is a party are in full force and effect and
grant the leasehold estates or rights of occupancy or use they purport to grant;
(ii) to the knowledge of Seller, the occupancy by the relevant Subject Company
under each Lease is in compliance with all applicable Laws relating to such
occupancy and use; and (iii) there are no pending or, to the knowledge of
Seller, threatened litigation, dispute or condemnation proceedings with respect
to the Leased Real Property. Except as identified on the Assets Schedule or for
such occurrences or defaults that would not reasonably be expected to have a
Material Adverse Effect, there are no existing defaults on the part of any
Subject Company or, to the knowledge of Seller, any other party under any Lease,
and no event has occurred which, with notice, lapse of time or both, would
constitute a default on the part of any Subject Company or, to the knowledge of
Seller, any other party under any Lease.

                  (c) No Subject Company owns any real property. No Subject
Company has any actual or contingent liability in respect of any land or
buildings that have, at any time, been leased, owned or occupied by a Subject
Company but which are no longer leased, owned or occupied by a Subject Company,
relating to any such formerly leased or owned real property.

                  (d) Except for those disposed of in the ordinary course of
business or as otherwise permitted by this Agreement, the Subject Companies
shall, on the Closing Date, own or possess all assets owned by, leased and/or
licensed to the Subject Companies on the date of this Agreement, and all assets
acquired thereafter as permitted or contemplated by this Agreement (such assets,
inclusive of the Leased Real Property, hereafter referred to as the "Subject
Company Assets"). The Subject Company Assets constitute all of the assets
necessary to operate the Business in all material respects as it is presently
being conducted. Except for those assets disposed of after the date of the
Interim Balance Sheets or acquired after the date of the Interim Balance Sheets,
in each case in the ordinary course of business consistent with past practice or
as otherwise permitted by this Agreement, all material Subject Company Assets
owned by the Subject Companies are reflected on the Interim Balance Sheets. All
Subject Company Assets used in connection with the Business of each of the
Subject Companies are in normal operating condition to operate the Business as
it is presently conducted, except where the failure to be in such condition
would not materially interfere with the operation of the Business as presently
conducted. The Subject Companies have good and valid title to the Subject
Company Assets which they purport to own or lease, free and clear of any Liens,
except for Permitted Liens. All of the Subject Company Assets that consist of
portable storage containers, portable offices (collectively, the "Containers")
or container or office delivery equipment are located either at the premises of
the lessee identified in the pertinent lease agreement therefor, or are in the
possession of the relevant Subject Company or a bailee as reflected in the books
and records of the relevant Subject Company. At the Effective Time, the Subject
Companies shall have good and valid title to the Subject Company Assets which
they purport to own, free and clear of any Liens, except for Permitted Liens
(other than any Liens referred to in Clause (g), (i) or (j) in the definition
thereof, Liens referred to in clause (a) of the definition thereof of the type

                                       11
<PAGE>

referred to in said clause (g), (i), or (j), and any extensions, renewals and
replacements of any such Liens)

                  (e) All of the accounts receivable of the Subject Companies
reflected on the Interim Balance Sheets of the Subject Companies are, and those
existing as of the Effective Time will be, the result of bona fide transactions
of the Business in the ordinary course. Except as set forth on the Assets
Schedule, since February 28, 2006, there have not been any write-offs as
uncollectible of any accounts receivable of any Subject Company, individually in
excess of $250 or, in the aggregate, in excess of $2,500.

            2.10 Litigation. Except as set forth on the Litigation Schedule,
there is no Proceeding pending or, to the knowledge of Seller, threatened,
whether by or before any Governmental Authority or otherwise, against Seller or
any Subject Company which, if adversely determined, would reasonably be expected
to have a Material Adverse Effect. Except as set forth on the Litigation
Schedule, there are no Judgments rendered against Seller or any Subject Company
or any of their respective properties or businesses that would reasonably be
expected to have a Material Adverse Effect.

            2.11 Compliance With Law; Permits. Except for matters that are the
subject of the representations and warranties in Sections 2.12, 2.15, 2.16, 2.17
and 2.18, to the knowledge of Seller, the Subject Companies are in compliance
with all Laws applicable to their respective businesses as currently conducted,
except for such failures to comply that would not reasonably be expected to have
a Material Adverse Effect. Except as would not reasonably be expected to have a
Material Adverse Effect and except for Permits relating to matters that are the
subject of the representations and warranties in Sections 2.12, 2.15, 2.16, 2.17
and 2.18, each Subject Company holds, owns or possesses all Permits required to
conduct its business as currently conducted, which Permits are valid and in full
force and effect. Except as would not reasonably be expected to have a Material
Adverse Effect, each Subject Company is in compliance with its obligations under
such Permits.

            2.12 Environmental Matters. Except as set forth on the Environmental
Matters Schedule:

                  (a) Each Subject Company is in compliance with all applicable
Environmental Laws, except for instances of noncompliance that, individually or
in the aggregate, will not constitute a Material Adverse Effect;

                  (b) Each Subject Company is in possession of, and in
compliance with, all permits, certificates, licenses, approvals, tariffs and
other authorizations of or issued by Governmental Authorities required by
applicable Environmental Laws relating to the operations of the Subject Company,
except for permits which are not possessed or instances of noncompliance that,
individually or in the aggregate, will not constitute a Material Adverse Effect;

                  (c) There are no current Environmental Claims pending, or to
Seller's knowledge threatened, against a Subject Company;

                                       12
<PAGE>

                  (d) No Subject Company has either expressly or, to Seller's
knowledge, by operation of law, assumed or undertaken any liability or
corrective, investigatory or remedial obligation of any other Person relating to
any Environmental Claims; and

                  (e) Except for instances that individually or in the aggregate
will not constitute a Material Adverse Effect, to Seller's knowledge, no
Environmental Lien has attached to any property leased by a Subject Company for
which Seller or the Subject Company has any material liability.

            2.13 Brokers and Finders.

                  Other than CIBC World Markets Corp., whose fees shall be paid
by Seller, there is no investment banker, broker, finder or other intermediary
which has been retained by or is authorized to act on behalf of Seller and/or
any Subject Company entitled to any fee or commission from Seller and/or any
Subject Company in connection with the transactions contemplated by this
Agreement.

            2.14 Contracts.

                  (a) Except for the contracts set forth on the Contracts
Schedule (the "Scheduled Contracts") or as contemplated by this Agreement, no
Subject Company is a party to:

                        (i) any contract that involves the purchase or sale of
goods or services to Seller or any Affiliate of Seller after the Closing or any
other contract with a value, or involving payments by or to such Subject Company
of more than $100,000 per year and that is not terminable by such Subject
Company upon less than twelve (12) months' notice;

                        (ii) any employment or consulting agreement having a
remaining term of at least one (1) year and requiring payments of base salary in
excess of $25,000 per year or aggregate payments under any such agreement in
excess of $25,000;

                        (iii) any stock option, share purchase, profit sharing,
deferred compensation, bonus or other incentive compensation contract, plan or
arrangement;

                        (iv) any note, mortgage, indenture or other obligation
or agreement or other instrument for or relating to indebtedness for borrowed
money (including, without limitation, capitalized lease obligations), or any
guarantee of third party obligations, of more than $500,000 in the aggregate,
but excluding intercompany indebtedness solely between or among the Subject
Companies;

                        (v) collective bargaining agreements with any labor
unions or associations representing Subject Company Employees;

                        (vi) any leases of real or personal property as lessee
with an annual base rental obligation of more than $100,000 or a total remaining
rental obligation of more than $500,000, but excluding leases solely between or
among the Subject Companies;

                                       13
<PAGE>

                        (vii) any agreement pursuant to which such Subject
Company has licensed as licensee third party software material to the Business,
except for widely available third party software which is of an "off-the-shelf"
nature and not modified or customized;

                        (viii) any material limited liability company, joint
venture or partnership agreements;

                        (ix) any agreement materially limiting the freedom of
any of the Subject Companies from engaging in any line of business in any
geographic area or to compete with any Person;

                        (x) any agreement which provides for an outstanding loan
or advance (excluding advances for travel and entertainment expenses made in
accordance with such Subject Company's customary policies for such advances) in
an amount in excess of $25,000 to any shareholder, director, or executive
officer of such Subject Company;

                        (xi) any agreement with Seller or any Affiliate of
Seller which is not a Subject Company;

                        (xii) any agreement providing for a Lien (other than a
Permitted Lien) upon a material portion of the assets of such Subject Company;
or

                        (xiii) any agreements with suppliers, or distribution or
sale contracts which involve payments in excess of $500,000 per year and which
are not terminable by the Subject Company party thereto upon less than twelve
(12) months' notice.

                  (b) The Contracts Schedule sets forth a true, complete and
correct list of all customers under all leases and other agreements, both
written and oral, to which a Subject Company is a party and pursuant to which a
customer leases or otherwise has possession of a Container (collectively, the
"Container Leases") along with a description of Containers associated with such
customers.

                  (c) Except as set forth on the Contracts Schedule, and except
as would not, individually or in the aggregate, reasonably be expected to have a
Material Adverse Effect, (i) all of the Scheduled Contracts and Container Leases
are in full force and effect and constitute legal and binding obligations of the
Subject Company party thereto, and (ii) neither the Subject Company party
thereto nor, to the knowledge of Seller, any other party is in breach of or
default under, and, to the knowledge of Seller, no event has occurred which with
notice or lapse of time, or both, would become a breach of or default under, any
Scheduled Contract or Container Lease. Except as set forth on the Contracts
Schedule or the Consents and Approvals Schedule, neither Seller nor any Subject
Company has received written notice of the intention of any other party to such
Scheduled Contract or Container Lease to cancel, terminate or renegotiate any
such Scheduled Contract or Container Lease except pursuant to the express terms
thereof.

                  (d) Seller has made available to Purchaser true and correct
copies of all written Scheduled Contracts and Container Leases and true and
complete descriptions of all non-written Scheduled Contracts and Container
Leases which are disclosed on the Contracts Schedule, in each case together with
all amendments, waivers, or other changes thereto.

                                       14
<PAGE>

                  (e) Seller has not received written notice that any of the
five (5) largest customers of any Subject Company (measured by annualized lease
revenue under Container Leases as of the date hereof) intend to cease leasing
Containers or to alter materially the amount of the Container rental business
any such customer is presently doing with any Subject Company.

                  (f) Except as set forth on the Contracts Schedule, there are
no fixed price purchase options at the end of lease term or any arrangement
whereby portions of rental payments may be credited towards the purchase of a
Container.

                  (g) Except as set forth on the Contracts Schedule, no Subject
Company has committed to make available to any Person any Containers except
pursuant to an existing lease under usual and customary terms, nor committed to
make any Containers available for sale, lease or use at special rates or without
charge to any charity or non-profit organization or event.

            2.15 Intellectual Property.

                  (a) The Intellectual Property Schedule lists all patents,
registered trademarks, registered service marks and registered copyrights and
all applications for registration for any of the foregoing owned by any Subject
Company that are material to the Business (collectively, the "Registered
Intellectual Property"). Except as set forth on the Intellectual Property
Schedule and for matters that would not reasonably be expected to have a
Material Adverse Effect, (i) the right, title or interest of each Subject
Company in each item of its Registered Intellectual Property and other
Intellectual Property which such Subject Company owns that is material to the
Business (collectively, "Owned Intellectual Property") is free and clear of
Liens, except for Permitted Liens, (ii) there is no material claim against any
Subject Company by any Person or any Proceeding pending against any Subject
Company or, to the knowledge of Seller, threatened against any Subject Company
which challenges the validity or enforceability of the Registered Intellectual
Property or the rights of such Subject Company to continued use of the Owned
Intellectual Property; and (iii) Seller has no knowledge of any infringement or
improper use by any third party of the Owned Intellectual Property which
infringement or use would reasonably be expected to have a Material Adverse
Effect.

                  (b) Except as set forth on the Intellectual Property Schedule
and for matters that would not reasonably be expected to have a Material Adverse
Effect, with respect to any non-registered trademarks, service marks, or
copyrights owned by any Subject Company and necessary to the conduct of the
Business (the "Non-Registered Intellectual Property"), (i) the right, title or
interest of each Subject Company in each item of its Non-Registered Intellectual
Property is free and clear of Liens, except for Permitted Liens, (ii) there is
no material claim by any Person or any Proceeding pending against any Subject
Company or, to the knowledge of Seller, threatened against any Subject Company
that challenges the use of any of the Non-Registered Intellectual Property by
the Subject Company using same, or the rights of such Subject Company to
continued use of the Non-Registered Intellectual Property; and (iii) Seller has
no knowledge of any infringement or improper use by any third party of the
Non-Registered Intellectual Property which infringement or improper use would
reasonably be expected to have a Material Adverse Effect. To Seller's knowledge,
no Subject Company has taken or omitted to

                                       15
<PAGE>

take any action which action or omission to act would have the effect of waiving
any material rights in or to any item of Non-Registered Intellectual Property
which is necessary to the conduct of the Business.

            2.16 Tax Matters. Except as set forth on the Tax Schedule:

                  (a) the Subject Companies have filed with the appropriate
taxing or other Governmental Authorities all Income Tax and other material Tax
Returns required to be filed through the date hereof, and all Taxes shown as due
on such Tax Returns are correct as to amount and have been paid. No Subject
Company has requested any extension of time within which to file any such Tax
Returns which is currently in effect. Seller has made available to Purchaser
copies of all Income Tax Returns of the Subject Companies for their last three
(3) Tax Periods for which Tax Returns were required to be filed prior to the
Effective Time;

                  (b) all Taxes that any of the Subject Companies has been
required to collect or withhold have been duly collected or withheld and, to the
extent required when due, have been or will be duly paid to the proper taxing or
other Governmental Authority;

                  (c) during the ten (10) years prior to the Effective Time, no
deficiencies for Taxes of any of the Subject Companies have been claimed,
proposed or assessed in writing by any taxing or other Governmental Authority.
There are no pending or, to the knowledge of Seller, threatened audits, suits,
proceedings, actions or claims for or relating to any liability in respect of
Taxes of any of the Subject Companies. Audits of federal, state, local and
foreign Tax Returns by the relevant taxing or other Governmental Authorities
have been completed for the Tax Periods set forth on the Tax Schedule. No
extension of a statute of limitations relating to Taxes is in effect with
respect to any Subject Company;

                  (d) there are no Liens for Taxes (other than for current Taxes
not yet due and payable) upon the assets of any Subject Company; and

                  (e) no Subject Company is a party to or bound by any binding
tax sharing, tax indemnity or tax allocation agreement or other similar
arrangement with any Person other than a Subject Company.

            2.17 Employment Matters - Personnel Information.

                  (a) Except as set forth on the Personnel Information Schedule,
no Subject Company has agreed to recognize any union, works council or other
collective bargaining unit, nor has any union, works council or other collective
bargaining unit been certified as representing any Subject Company Employees.
Seller has no knowledge of any organizational effort currently being made or
threatened by or on behalf of any labor union or works council with respect to
Subject Company Employees. There is no labor strike, slowdown, work stoppage or
lockout actually pending or, to the knowledge of Seller, threatened against any
Subject Company.

                  (b) Except as listed or described on the Personnel Information
Schedule and for any exceptions which, individually or in the aggregate, would
not result in a Material Adverse Effect, each Subject Company (i) is and has
been in substantial compliance in

                                       16
<PAGE>

all material respects with all applicable Laws regarding employment and
employment practices and those laws relating to terms and conditions of
employment, wages and hours, occupational safety and health and workers'
compensation, (ii) has no unfair labor practice charges or complaints pending
or, to the knowledge of Seller, threatened against it before any Governmental
Authority, (iii) has no grievances pending or, to the knowledge of Seller,
threatened against it, and (iv) has no charges pending before agencies of any
province or locality responsible for the prevention of unlawful employment
practices.

                  (c) Set forth in the Personnel Information Schedule are
anonymised details of all Royal Wolf UK employees and the principal terms of
their contract of employment including:

                        (i) their remuneration (including any benefits and
            privileges provided or which Royal Wolf UK is bound to provide to
            them or their dependents whether now or in the future);

                        (ii) details of relevant bonus programs, bonus awards
            and entitlement to future bonus;

                        (iii) details of relevant pension schemes and
            obligations, including employer and employee contributions;

                        (iv) the commencement date of each contract and the date
            on which continuous service began;

                        (v) the length of notice or the severance pay necessary
            to terminate each contract, or if a fixed term, the expiry date of
            the fixed term and details of any previous renewals;

                        (vi) the type of contract (whether full or part-time or
            other);

                        (vii) their date of birth; and

                        (viii) the country in which the Royal Wolf UK employee
            works or performs services and/or is paid and the law governing the
            contract.

                  (d) Set forth in the Personnel Information Schedule are
anonymised details of all Royal Wolf UK employees who are on secondment,
maternity, paternity, adoption or other leave or absent due to ill-health or for
any other reason.

                  (e) No notice to terminate the contract of employment of any
Royal Wolf UK employee (whether given by Royal Wolf UK or by its employees) is
pending, outstanding or threatened and no dispute, claim or complaint under any
Laws or otherwise is outstanding between Royal Wolf UK and any of its employees
or former employees relating to their employment or its termination.

                                       17
<PAGE>

                  (f) No offer of employment or engagement has been made by
Royal Wolf UK that has not yet been accepted, or which has been accepted but
where the employment or engagement has not yet started.

                  (g) Save as set out in the Employee Plans Schedule there are
no retention or change of control agreements or arrangements applicable to Royal
Wolf UK employees.

                  (h) All contracts between Royal Wolf UK and its employees are
terminable at any time on three months' notice or less without compensation
(other than for statutory liability), and in those jurisdictions where such a
provision is unlawful, all contracts between Royal Wolf UK and its employees are
terminable at any time without notice but with statutory minimum compensation
(other than for statutory liability). All contracts between Royal Wolf UK and
its employees are terminable at any time for just cause and/or justified reasons
according to the applicable collective bargaining agreement and/or national law.

                  (i) Royal Wolf UK is not a party to, bound by or proposing to
introduce in respect of any of its directors or employees any redundancy payment
scheme in addition to statutory redundancy pay, nor is there any agreed
procedure for redundancy selection.

                  (j) Royal Wolf UK has not received any claim for failure to
provide information or to consult with Royal Wolf UK employees under any Laws.

                  (k) Royal Wolf UK has not in the last 12 month period agreed
to make an ex gratia payment or provided or agreed to provide an ex gratia
benefit to a present or former director or officer, employee or former employee
or to their dependants in connection with the actual or proposed termination or
suspension of employment or variation of an employment contract.

                  (l) There are no sums owing to or from any Royal Wolf UK
employee other than reimbursement of expenses, wages for the current salary
period and holiday pay for the current holiday year as at the date hereof.

                  (m) Royal Wolf UK has not offered, promised or agreed to any
future variation in the contract of any employee.

                  (n) In respect of each Royal Wolf UK employee, Royal Wolf UK
has:

                        (i) performed all obligations and duties they are
            required to perform (and settled all outstanding claims), including
            salaries, social security payments and other statutory obligations,
            whether or not legally binding;

                        (ii) complied with and continue to comply with the terms
            of any relevant agreement or arrangement with any trade union,
            employee representative or body of employees or their
            representatives (whether binding or not);

                                       18
<PAGE>

                        (iii) maintained adequate, suitable and up to date
            records;

                        (iv) complied with and continue to comply with
            applicable employment legislation, including requirements concerning
            employment contracts, working environment and social security
            legislation.

            2.18 Employment Matters - Employee Plans.

                  (a) The Employee Plans Schedule lists each employee benefit
plan (as defined in Section 3(3) of ERISA) and each material plan, program,
policy or arrangement, including, but not limited to, bonus, deferred
compensation, incentive compensation, severance or termination pay, salary
continuation, vacation, supplemental unemployment benefit, plans, programs or
arrangements maintained, or contributed to (or required to be contributed to),
by the Subject Companies or on behalf of employees of the Subject Companies
("Subject Company Employees") whether or not funded, formal or informal, other
than benefit plans which are mandated by Law or maintained by a Governmental
Authority (collectively, the "Benefit Plans"). The Benefit Plans which are
maintained for Subject Company Employees in the United States are referred to as
"U.S. Benefit Plans" and the Benefit Plans which are maintained for Subject
Company Employees in jurisdictions outside the United States and are exempt from
ERISA by reason of Section 4(b)(4) thereof are referred to herein as "Foreign
Benefit Plans".

                  (b) None of the U.S. Benefit Plans which is a "pension plan"
within the meaning of Section 3(2) of ERISA (a "U.S. Pension Plan") is a
"multiemployer plan" as defined in Section 3(37) of ERISA, or is subject to the
requirements of Title IV of ERISA, Section 302 of ERISA or Section 412 of the
Code. No Subject Company has any material liability to the Pension Benefit
Guaranty Corporation under Title IV of ERISA, nor has any contingent liability
under Title IV of ERISA with respect to an ERISA Affiliate. Each U.S. Pension
Plan that is intended to be "qualified" within the meaning of Section 401(a) of
the Code has received a determination letter from or may rely upon an opinion
letter of the United States Internal Revenue Service that it is so qualified,
and no fact or event has occurred since the date of such determination letter
that would reasonably be expected to affect adversely the qualified status of
any such U.S. Pension Plan.

                  (c) Each U.S. Benefit Plan has been administered in all
material respects in accordance with its terms and all applicable Laws,
including ERISA and the Code, and, except to the extent such failure would not
result in a Material Adverse Effect, all contributions required to be made on
behalf of Subject Company Employees under the terms of any of U.S. Benefit Plans
which are due as of the date hereof have been timely made.

                  (d) No U.S. Benefit Plan that is a "welfare plan" (as defined
in Section 3(1) of ERISA) (the "U.S. Welfare Plans") provides or promises
post-retirement health or life benefits to current employees or retirees of any
Subject Company, except to the extent required under any applicable state law or
under Section 4980B of the Code. Each U.S. Welfare Plan that is a "group health
plan" (as defined in Code Section 5000(b)) has at all times been in material
compliance with the provisions of Section 4980B of the Code and Parts 6 and 7 of
Title I of ERISA and any similar applicable state laws.

                                       19
<PAGE>

                  (e) Except as set forth on the Employee Plans Schedule or to
the extent such noncompliance would not result in a Material Adverse Effect: (i)
each Foreign Benefit Plan is, and has been, established, registered (where
required), qualified, administered, funded (where required) and invested in
compliance in all material respects with the terms thereof and all applicable
Laws, (ii) with respect to each Foreign Benefit Plan, all required filings and
reports have been made in a timely manner with all Governmental Authorities,
(iii) all obligations of the Subject Companies to or under the Foreign Benefit
Plans (whether pursuant to the terms thereof or any applicable Laws) have been
satisfied, and there are no outstanding defaults or violations thereunder by any
Subject Company, (iv) full payment has been made in a timely manner of all
amounts which are required to be made as contributions, payments or premiums to
or in respect of any Foreign Benefit Plan under applicable Law or under any
Foreign Benefit Plan, (v) no material taxes, penalties or fees are owing or
assessable under any such Foreign Benefit Plan, (vi) to the knowledge of Seller,
no event has occurred with respect to any Foreign Benefit Plan which would
result in the revocation of the registration of any registered Foreign Benefit
Plan, or which would entitle any Person (without the consent of the sponsor of
such Foreign Benefit Plan) to wind up or terminate any such Foreign Benefit
Plan, in whole or in part, or could otherwise reasonably be expected to have an
adverse effect on the tax status of any such Foreign Benefit Plan, and (vii) no
contribution holidays have been taken under any of the Foreign Benefit Plans.

                  (f) Except for the Transaction Bonuses or as set forth on the
Employee Plans Schedule, the execution and delivery of, and performance of the
transactions contemplated by, this Agreement will not (either alone or upon the
occurrence of any additional or subsequent events) constitute an event under any
Benefit Plan or individual agreement that will or may result in any payment
(whether of severance pay or otherwise), acceleration, vesting or increase in
benefits with respect to any Subject Company Employee.

            2.19 Insurance. The Insurance Schedule contains a complete and
accurate list of all existing insurance policies maintained by any Subject
Company (the "Subject Company Insurance"). The Subject Company Insurance is in
full force and effect, and provides coverage as may be required by applicable
Laws and by any Contracts to which any Subject Company is a party. Except as
would not, individually or in the aggregate, have a Material Adverse Effect, no
Subject Company is in default under any Subject Company Insurance nor has any
Subject Company failed to give notice or present any claim under any such
coverage in a due and timely fashion. There are no outstanding unpaid premiums
except in the ordinary course of business and no notice of cancellation or
non-renewal of any such coverage has been received.

            2.20 Books and Records. The minute books and corporate records of
the Subject Companies contain correct, complete and accurate copies of the
minutes of all board of directors, director committee or shareholders meetings
and of all written consents executed in lieu of the holding of any such meeting,
in each case to the extent such minutes or written consents include material
actions of the board of directors or shareholders.

            2.21 General Corporate Information. The General Corporate
Information Schedule lists the following information for each Subject Company:
(a) its full and correct legal name, type of organization, jurisdiction of
organization, organizational ID number (if applicable)

                                       20
<PAGE>

and mailing address; (b) its place of business or, if it has more than one place
of business, the location of its chief executive office; (c) its bank accounts;
and (d) its officers and directors.

            2.22 Certain Business Practices. None of Seller or any Subject
Company, nor any directors, officers, agents, or employees of Seller or any
Subject Company has (i) used any funds of any Subject Company for unlawful
contributions, gifts, entertainment, or other unlawful expenses relating to
political activity or (ii) made any unlawful payment to foreign or domestic
government officials or employees or to foreign or domestic political parties or
campaigns or violated any provision of the United States Foreign Corrupt
Practices Act of 1977, as amended, which, in the cases of clauses (i) and (ii),
will constitute a Material Adverse Effect.

            2.23 Office of Foreign Assets Control. None of the Seller or any
Subject Company: (i) is a Person named on the list of Specially Designated
Nationals or Blocked Persons maintained by the U.S. Department of the Treasury's
Office of Foreign Assets Control ("OFAC") available at:
http://www.treas.gov/offices/eotffc/ofac/sdn/index.html, or as otherwise
published from time to time; (ii) is (A) an agency of the government of a
country, (B) an organization controlled by a country, or (C) a Person resident
in a country that is subject to a sanctions program identified on the list
maintained by OFAC and available at:
http://www.treas.gov/offices/eotffc/ofac/sanctions/index.html, or as otherwise
published from time to time, as such program may be applicable to such agency,
organization or Person; or (iii) derives more than 10% of its assets or
operating income from investments in or transactions with any such country,
agency, organization or Person.

            2.24 Export Control. Each of the Seller and each Subject Company is:
(i) without notice of violation of and in material compliance with all relevant
anti-boycott laws, regulations and guidelines, including without limitation
Section 999 of the Code and the regulations and guidelines issued pursuant
thereto and the Export Administration Regulations administered by the U.S.
Department of Commerce, as amended from time to time, including all reporting
requirements and is not a party to any agreement requiring it to participate in
or cooperate with the Arab boycott of Israel, including any agreement to provide
boycott-related information or to refuse to do any business with any person or
entity for boycott-related reasons; and (ii) without notice of violation of and
in material compliance with any applicable export or reexport control or
sanctions laws, orders or regulations of any and all applicable jurisdictions,
including without limitation the United States, the European Union and member
states thereof, Canada, Mexico and Taiwan, including without limitation the
Export Administration Regulations administrated by the U.S. Department of
Commerce and sanctions and embargo executive orders and regulations administered
by OFAC, as amended from time to time, and without notice of violation of and in
material compliance with any required export or re-export licenses or
authorizations granted under such laws, regulations or orders.

                                  ARTICLE III.
                   REPRESENTATIONS AND WARRANTIES OF PURCHASER

            Purchaser warrants to Seller as of the date hereof and as of the
Closing Date, the following:

                                       21
<PAGE>

            3.01 Organization. Purchaser is a Corporation validly existing and
in good standing under the laws of Delaware.

            3.02 Authority and Binding Effect. Purchaser has all requisite
corporate power and authority to execute and deliver this Agreement and all
other certificates, agreements or other documents to be executed and delivered
by Purchaser and to consummate the transactions contemplated hereby and thereby.
The execution, delivery and performance of this Agreement by Purchaser has been
duly and validly authorized by all necessary corporate action of Purchaser and
no additional authorization on the part of Purchaser is necessary in connection
with the execution, delivery and performance of this Agreement. This Agreement
has been duly executed and delivered by Purchaser and this Agreement is a
legally valid and binding obligation of Purchaser, enforceable against Purchaser
in accordance with its terms, subject to applicable bankruptcy, insolvency,
reorganization, moratorium and similar laws affecting creditors' rights and
remedies generally and to general principles of equity.

            3.03 No Violations. The execution and delivery of this Agreement by
Purchaser, and the performance and consummation of the transactions contemplated
by this Agreement by Purchaser, do not and will not, (a) conflict with or
violate any provision of the certificate of incorporation, bylaws or other
organizational documents of Purchaser, (b) conflict with, or result in the
breach of, or constitute a default under, or result in the termination,
cancellation or acceleration (whether after the giving of notice or the lapse of
time or both) of any right or obligation of Purchaser under, any contract or
agreement to which Purchaser is party or to which any of its assets is subject,
or (c) to the knowledge of Purchaser, violate or result in a breach of or
constitute a default under any Law applicable to Purchaser or by which Purchaser
or any of its assets is bound or affected, except, in the cases of clauses (b)
and (c), for any conflict, breach, default, termination, cancellation,
acceleration, loss or violation which, individually or in the aggregate, would
not materially impair Purchaser's ability to perform its obligations hereunder
and is not reasonably likely to prohibit or delay the performance of this
Agreement by Purchaser.

            3.04 Consents and Approvals. Except for any Consent required under
applicable Laws relating to competition, no Consent is required to be obtained
by Purchaser or any Affiliate of Purchaser in connection with the execution,
delivery and performance by Purchaser of this Agreement, other than in all cases
where the failure to obtain such Consent would not, individually or in the
aggregate, materially impair Purchaser's ability to perform its obligations
hereunder and is not reasonably likely to prohibit or delay the performance of
this Agreement by Purchaser.

            3.05 Brokers and Finders. There is no investment banker, broker,
finder or other intermediary which has been retained by or is authorized to act
on behalf of Purchaser who might be entitled to any fee or commission from
Purchaser in connection with the transactions contemplated by this Agreement.

            3.06 Absence of Proceedings. There is no Proceeding pending or, to
the knowledge of Purchaser, threatened, whether by or before any Governmental
Authority or otherwise, against Purchaser or any Affiliate of Purchaser that
would reasonably be expected to

                                       22
<PAGE>

materially impair Purchaser's ability to perform its obligations hereunder or
reasonably be likely to prohibit or delay the performance of this Agreement by
Purchaser.

            3.07 Investment Intent. Purchaser is acquiring the Shares for its
own account and not with a view to their distribution within the meaning of
Section 2(11) of the Securities Act.

            3.08 Financial Capability. Purchaser has available borrowing
availability under existing credit facilities to fund the consummation of the
transactions contemplated by this Agreement and to satisfy all other costs and
expenses arising in connection therewith, without requirement of approval or
consent by any lender or other Person.

            3.09 Due Diligence by Purchaser. The representations and warranties
set forth in Article II constitute the sole and exclusive representations and
warranties of Seller to Purchaser in connection with the transactions
contemplated hereby, and Purchaser acknowledges and agrees that Seller is not
making any representation or warranty whatsoever, express or implied, beyond
those expressly given in this Agreement, including any implied warranty as to
condition, merchantability, or suitability as to any of the assets of any
Subject Company and it is understood that Purchaser takes such assets and the
assets related thereto as is and where is (subject to the benefit of the
representations and warranties set forth in Article II of this Agreement).
Purchaser further acknowledges and agrees that any estimates, budgets,
projections, forecasts or other predictions that may have been provided to
Purchaser or any of its Representatives are not representations or warranties of
Seller or its Affiliates, and that actual results may vary substantially from
any such estimates, budgets, projections, forecasts or other predictions.
Purchaser further acknowledges and agrees that (a) except and solely to the
extent of the representations and warranties in Article II, Seller has made no
representation or warranty either expressed or implied as to the accuracy or
completeness of any information regarding the Business, the Subject Companies or
the transactions contemplated hereby furnished or made available to Purchaser
and its Representatives, and (b) except with respect to the representations and
warranties in Article II, Purchaser shall have no claim or right to
indemnification pursuant to Article VII with respect to any information,
documents or materials furnished by Seller, any of its Affiliates or any of
their respective Representatives to Purchaser, including the Confidential
Information Memorandum dated December 2005 prepared by CIBC World Markets,
Corp., in expectation of the transactions contemplated hereby.

                                   ARTICLE IV.
                                    COVENANTS

            4.01 Alternative Proposals. From the date hereof, until the earlier
of the Effective Time or the termination of this Agreement as provided herein,
Seller agrees that neither it nor any of its Subsidiaries or Affiliates, nor any
of their Representatives, shall, directly or indirectly, (i) encourage, invite,
initiate or solicit any inquiries relating to or the submission or making of a
proposal by any Person with respect to the sale of any material part of the
assets of the Subject Companies, the sale or issuance of any equity securities
(howsoever described) or other securities of any Subject Company, or the merger,
share exchange, consolidation or other

                                       23
<PAGE>

reorganization of any Subject Company (each, an "Alternative Transaction") or
(ii) participate in or encourage, invite, initiate or solicit negotiations or
discussions with, or furnish or cause to be furnished any information to, any
Person relating to an Alternative Transaction. Upon the execution of this
Agreement, Seller shall immediately cease, or cause to be ceased, any
discussions or negotiations with any Person regarding any proposed or potential
Alternative Transaction and shall request the prompt return to Seller, or
destruction of, any confidential information provided in connection with any
such discussions or negotiations. Seller's board of directors shall not cause
Seller to enter into any memorandum of understanding, agreement in principle,
letter of intent, contract or agreement (whether written or oral) related to any
Alternative Transaction.

            4.02 Conduct of the Business through the Effective Time. During the
period from the date hereof through and including the Effective Time, except as
otherwise contemplated by this Agreement or as Purchaser shall otherwise consent
in writing, Seller shall cause the Subject Companies to (i) conduct their
business and operations in the ordinary and usual course in a manner consistent
with past practice, and (ii) use commercially reasonable efforts to preserve
intact their present business organization and to preserve the good will and
relationships with current customers, suppliers and others having significant
business dealings with them. Without limiting the foregoing, during the period
from the date hereof through and including the Effective Time or termination of
this Agreement, except as otherwise provided for in this Agreement or with the
prior consent of Purchaser (which consent shall not be unreasonably withheld,
conditioned or delayed), other than in the ordinary course of business, Seller
shall cause the Subject Companies not to:

                  (a) commence or enter into arrangements for capital
expenditures in excess of $500,000, individually or in the aggregate, other than
purchases of Containers which may be made to satisfy the condition precedent set
forth in Section 5.02(c)(ii)(x);

                  (b) dispose of any capital assets if the greater of the book
value or the fair market value, individually or in the aggregate, of such assets
exceeds $500,000, other than disposals of Containers which may be made to
satisfy the condition precedent set forth in Section 5.02(c)(ii)(x), or incur,
create or assume any Lien on any individual capital asset if the greater of the
book value or the fair market value of such capital asset exceeds $500,000,
other than Permitted Liens and Liens created in connection with transactions
permitted under clause 4.02(a);

                  (c) enter into any Contract with Seller or any Affiliate of
Seller other than on terms and conditions not less favorable to the Subject
Company than could be obtained from third parties who are not Seller or such
Affiliates, nor enter into any Contract (including any hedging arrangement or
other derivative transaction) in excess of $100,000, or incur any Indebtedness
in excess of $100,000 in the aggregate, other than Contracts and Indebtedness
relating to transactions permitted under clauses 4.02(a) and 4.02(b) or
associated with Permitted Liens;

                  (d) except as required by Law or the terms of any existing
Contract or for increases for which Seller shall be solely responsible, increase
the salary, wage, rate of compensation, commission, bonus or other direct or
indirect remuneration payable to, or other

                                       24
<PAGE>

compensation of, any executive officer of the Subject Companies or enter into
any Contract in respect of any such increase, nor amend, adopt or terminate any
Benefit Plan that would materially increase the liability of such Subject
Company or enter into any collective bargaining agreement covering Subject
Company Employees; provided, however, prior to the Effective Time Royal Wolf US
shall terminate the Severance Pay Plan effective November 1, 2004 of Royal Wolf
US (the "Royal Wolf US Severance Pay Plan") and the Seller may enter into
individual severance arrangements with the employees of Royal Wolf US which will
provide for severance according to the form of individual severance agreement
set forth on the Employee Plans Schedule (the "Severance Arrangements");

                  (e) amend in any material respect any Scheduled Contract that
would materially and adversely affect the use and enjoyment thereof by
Purchaser, or terminate any of the Scheduled Contracts other than pursuant to
its terms (except with respect to termination of such Scheduled Contracts caused
by the termination or default of any other party thereto) or default in the
performance of any material covenant or obligation thereunder which default is
not cured within any applicable grace period;

                  (f) make any material change in any accounting principle,
practice, policy or method, other than as required by GAAP or any applicable
Law;

                  (g) merge with or into or consolidate with any other Person or
acquire any business or assets (other than inventory) of any other Person;

                  (h) amend its certificate of incorporation, memorandum of
association, bylaws or similar organizational documents;

                  (i) purchase or enter into any other agreement or obligation
to purchase any securities of, or interests in, any Person;

                  (j) issue or sell any capital stock or other securities,
options, warrants, calls or other rights to acquire such stock; or

                  (k) take, agree or commit to do any of the foregoing.

Notwithstanding the foregoing, during the period from the date hereof through
and including the Effective Time or termination of this Agreement, except with
the prior consent of Purchaser, Seller shall cause the Subject Companies not to
dispose, individually or in the aggregate, of more than ten (10) Containers that
are container office modules, container office storage combos, container
canteens, container cabins, or refrigerated containers.

            4.03 Access to Information; Confidentiality; Environmental
Adjustment.

                  (a) Between the date hereof and the Closing Date, Seller shall
cause the Subject Companies to afford the Representatives of Purchaser
reasonable access, at reasonable times during normal business hours, to the
personnel, premises, properties, Contracts, books and records, and other
documents and financial, operating and other data of the Subject Companies as
Purchaser may reasonably request. The foregoing shall not require Seller or any
Subject Company to permit any inspection, or to disclose any information, that
in their

                                       25
<PAGE>

reasonable judgment is reasonably likely to result in the waiver of any
attorney-client privilege or the disclosure of any trade secrets of third
parties or violate any of their obligations with respect to confidentiality if
Seller or such Subject Company, as the case may be, shall have used reasonable
efforts to obtain the consent of such third party to such inspection or
disclosure. Seller shall not be required, nor shall Seller be required to cause
the Subject Companies, to take any action beyond reasonable efforts or that
would unreasonably disrupt their respective normal operations. The
confidentiality of all such documents and information furnished in connection
with the transactions contemplated by this Agreement shall be governed by the
terms of the Confidentiality Agreement.

                  (b) Purchaser agrees to hold all of the books and records
(including, without limitation, Contracts, other documents, and financial,
operating and other data) of each Subject Company existing on the Closing Date
and not to destroy or dispose of any such books or records for a period of six
(6) years from the Closing Date or such longer time as may be required by Law.

                  (c) Seller (or its successors or assigns) may retain (i) one
(1) copy of the materials included in the data room organized by Seller in
connection with the transactions contemplated by this Agreement, together with a
copy of all documents referred to in such materials, (ii) all internal
correspondence and memoranda, valuations, investment banking presentations and
bids received from others in connection with the sale of the Shares, and (iii) a
copy of all unconsolidated, consolidating and consolidated financial information
and all other accounting records prepared or used in connection with the
preparation of the Financial Statements, the Interim Balance Sheets, the
December Determination, the December Determination Financial Statements, the
Closing Financial Statements and the Closing Determination.

      Seller acknowledges that Purchaser has heretofore engaged Environmental
Resources Management ("ERM") to perform Phase I environmental testing with
respect to Leased Real Property in the United States. Seller shall provide ERM
such access to the premises, properties, and documents of Royal Wolf US as such
consultant may reasonably request in connection with such testing and the
preparation of its Phase I environmental reports. Purchaser shall cause ERM to
provide Seller with a copy of its final reports (the "ERM Environmental
Reports"), and any interim findings, as and when ERM provides same to Purchaser.
If, based on the ERM Environmental Reports, the Parties mutually conclude that
Royal Wolf US could be deemed financially responsible party for environmental
remediation at a Leased Real Property location, then the Parties will work in
good faith to promptly arrive at a mutually agreed estimate of the costs of
remediation (the "Agreed Remediation Amount"). If the Agreed Remediation Amount
is: (i) less than or equal to $1.0 million, then Seller shall pay the Agreed
Remediation Amount to Purchaser at the Closing in the form of a downward
adjustment to the Purchase Price against the delivery of a release and indemnity
by Purchaser, satisfactory in form and substance to Seller, the effect that
Seller shall have no further liability, and shall be indemnified, with respect
to those matters identified for remediation in the ERM Environmental Reports (a
"Limited Environmental Liability Release Agreement"); and (ii) greater than $1.0
million, then Seller may, in its sole and absolute discretion, elect to (A) pay
the Agreed Remediation Amount to Purchaser at the Closing in the form of a
downward adjustment to the Purchase Price against the delivery of a Limited
Environmental Liability Release Agreement, or (B) terminate this

                                       26
<PAGE>

Agreement subject to Purchaser's right to elect to close the transactions in
accordance with the terms of this Agreement with a $1.0 million downward
adjustment of the Purchase Price and the delivery of a Limited Environmental
Liability Release Agreement. In addition to being an adjustment to the Purchase
Price, the full amount of any adjustment made under this Section 4.03(d), up to
$1.0 million, shall be offset against the Indemnification Cap amount (i.e.,
would in effect lower, on a Dollar for Dollar basis, the maximum amount of
indemnifiable Damages recoverable by Purchaser under Article VII).

            4.04 Consents and Approvals.

                  (a) Upon the terms and subject to the conditions of this
Agreement, each Party will do all things reasonably practicable and use
reasonable efforts to fulfill the conditions precedent to the other Party's
obligations under this Agreement.

                  (b) If any Subject Company has not obtained by Closing all of
the Scheduled Consents listed on the Closing Consents Schedule, then, to the
extent reasonably practicable, the Parties shall use reasonable efforts to enter
into one or more alternative, lawful arrangements under which Purchaser shall
have the benefit from and after Closing of such Contract or Permit for which the
Scheduled Consent was not able to be obtained prior to Closing.

            4.05 Public Announcements. The initial press release relating to
this Agreement shall be issued jointly by the Parties in a form previously
agreed upon by the Parties. Thereafter, the Parties shall consult with each
other, and use reasonable efforts to agree upon the text of any press release,
before issuing any press release or making any public statement with respect to
this Agreement or the transactions contemplated hereby and shall not issue any
such press release or make any such public statement without the prior written
consent of the other Party, which shall not be unreasonably withheld or delayed;
provided, however, that any Party may, without the prior written consent of the
other Party, issue such press release or make such public statement as may, upon
the advice of counsel, be required by applicable Law or the rules and
regulations of the Securities and Exchange Commission or the Nasdaq Stock Market
in the case of Purchaser, in advance of obtaining such prior written consent, in
which case, the Parties shall timely cooperate to reach mutual agreement as to
the language of any such report, statement or press release.

            4.06 Employee Benefits Matters.

                  (a) Purchaser agrees to cause the Subject Companies, for a
period of one (1) year following the Closing Date, to provide the Subject
Company Employees benefits that are substantially equivalent to the benefit that
Purchaser then provides to its employees with the same level of responsibility
or seniority; provided, however, that Purchaser shall not be obligated under the
terms of this Agreement to cause the continuation of any employment relationship
with any Subject Company Employee for any specific period of time. Purchaser
agrees that for purposes of all benefit plans established by Purchaser in which
a Subject Company Employee shall be eligible to participate after the Closing
Date on which an employee's benefit depends, in whole or in part, on length of
service, credit will be given to such Subject Company Employee for service
previously credited with the Subject Companies prior to the Closing Date,
provided, that such crediting of service does not result in duplication of

                                       27
<PAGE>

benefits, and provided that such crediting of service shall not be given for
benefit accrual purposes under any defined benefit plan. Purchaser agrees that
the relevant Subject Company or Purchaser shall make all payments to which
Subject Company Employees become entitled under the terms of the retention
agreements (if any) set forth on the Employee Plans Schedule (the "Retention
Agreements") and Seller shall have no liability for payments under or with
respect to such Retention Agreements.

                  (b) Purchaser agrees that the Subject Companies will act as
payroll agent for Seller or an Affiliate of Seller with respect to the payment
of the Transaction Bonuses and all amounts under the Severance Arrangements. In
that regard, Seller shall, on or prior to the Closing Date, deposit with the
Subject Companies the amount of the Transaction Bonuses and any additional
employer liabilities associated with the payment of the Transaction Bonuses
(e.g., social security, national insurance or other employment taxes). Purchaser
agrees to cause each Subject Company that is the employer of a Subject Company
Employee entitled to a Transaction Bonus and/or severance under a Severance
Arrangement to pay on behalf of Seller or an Affiliate of Seller, the
Transaction Bonuses and/or any such severance less any applicable tax
withholdings to the applicable Subject Company Employee as directed by Seller.
Purchaser shall cause each Subject Company which pays a Transaction Bonus and/or
severance on behalf of Seller or an Affiliate of Seller to timely remit all
income and employment tax withholdings on the Transaction Bonuses and/or
severance paid to the applicable Governmental Authority. As soon as practicable
after payment of any severance under a Severance Arrangement, Purchaser shall
remit to Seller an invoice for the amount of severance paid on Seller's behalf.
Seller shall reimburse Purchaser within 30 days of receipt of such invoice for
all severance paid. The Parties agree that Seller shall have full liability for
the Transaction Bonuses and the severance under any Severance Arrangement and as
such shall be entitled to claim all tax deductions applicable for payment of the
Transaction Bonuses and severance under any Severance Arrangement. Other than
its obligations to act as a payroll agent with respect to the Transaction
Bonuses and Severance Arrangements, Purchaser shall have no liability for the
Transaction Bonuses or the Severance Arrangements and will not claim, nor be
entitled to claim any tax deductions applicable to the Transaction Bonuses or
Severance Arrangements.

                  (c) The Parties acknowledge and agree that all provisions
contained in this Section 4.06 with respect to Subject Company Employees are
included for the sole benefit of the respective Parties and shall not create any
right in any other Person, including, without limitation, any Subject Company
Employees or former Subject Company Employees.

            4.07 Directors' and Officers' Indemnification; Release from
Liability.

                  (a) The provisions of the organizational documents of the
Subject Companies concerning the elimination of Liability and indemnification of
directors and officers shall not, for a period of six (6) years from the Closing
Date (or, if longer, the period required by applicable Law), be amended in any
manner that would adversely affect the rights thereunder of any Person that is
as of the date hereof or the Closing Date a current or former officer or
director of any Subject Company. In addition to the foregoing, from and after
the Closing Date, Purchaser and each Subject Company shall, jointly and
severally, indemnify, and hold harmless each Person who is, or at the Closing
Date will be, a current or former officer or director of such Subject Company
(the "D&O Indemnitees") against all Damages arising out of or pertaining to

                                       28
<PAGE>

acts or omissions (or alleged acts or omissions) of the D&O Indemnitees, or any
of them, in their capacities as such, excluding, with respect to each D&O
Indemnitee, Damages that are finally determined by a court of competent
jurisdiction (after the exhaustion of all appeals) to have resulted solely from
the gross negligence and willful misconduct of such D&O Indemnitee. To the
extent consistent with the rights afforded D&O Indemnitees as of January 1,
2006, and to the maximum extent permitted by applicable Law, the indemnification
and related rights hereunder shall be mandatory rather than permissive, and
Purchaser and the Subject Company, as applicable, shall promptly advance
expenses in connection with such indemnification to the extent permitted under
applicable Law; provided, that to the extent required by Law, the Person to whom
expenses are advanced provides an undertaking to repay such advances if it is
ultimately determined that such Person is not entitled to indemnification.

                  (b) Effective upon the Closing, Purchaser and each Subject
Company, and each of their respective Representatives, successors and assigns
(collectively, the "Releasing Parties"), shall be deemed to have remised,
released and forever discharged the individuals set forth on the D&O Released
Parties Schedule (collectively, the "D&O Released Parties") of and from any and
all Claims which the Releasing Parties, or any of them, now have, ever had, or
at the Closing may have, or hereafter can, shall or may have, against the D&O
Released Parties, or any of them, for, upon or by reason of any matter, cause or
thing whatsoever, from the beginning of time through the Closing Date, except
Claims arising directly in connection with this Agreement and the transactions
contemplated hereby, and Claims based upon a D&O Released Party's recklessness
or intentional misconduct.

            As of the Closing Date, Purchaser, on behalf of each of the
Releasing Parties, expressly acknowledges that it has had, or has had and
waived, the opportunity to be advised by independent legal counsel and hereby
waives and relinquishes all rights and benefits afforded by Section 1542 of the
California Civil Code (and any analogous law of any other state, locality, or
other jurisdiction) and does so understanding and acknowledging the significance
and consequence of such specific waiver of Section 1542 which provides:

      A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT
      KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE
      RELEASE, WHICH IF KNOWN BY HIM OR HER MUST HAVE MATERIALLY AFFECTED HIS OR
      HER SETTLEMENT WITH THE DEBTOR.

                  (c) Purchaser, on behalf of each of the Releasing Parties,
hereby warrants and covenants to each D&O Released Party that there has not been
and will not be any assignment or other transfer of any right or interest in any
Claims that any Releasing Party ever had, has or may have against the D&O
Released Parties, and hereby agrees to indemnify and hold each D&O Released
Party harmless from any Claims and Damages directly or indirectly incurred by
any of the D&O Released Parties as a result of any Person asserting any right or
interest pursuant to any such purported assignment or transfer of any such right
or interest.

                  (d) Purchaser, on behalf of each of the Releasing Parties,
hereby agrees that if any Releasing Party hereafter commences, joins in, or in
any manner seeks relief through any suit arising out of, based upon, or relating
to any of the Claims released hereunder,

                                       29
<PAGE>

or in any manner asserts against any D&O Released Party any of the Claims
released hereunder, then such Releasing Parties will pay to such D&O Released
Party, in addition to any other Damages, direct or indirect, all attorneys' fees
incurred in defending or otherwise responding to such suit or Claims.

                  (e) The provisions of this Section 4.07 are (i) intended to be
for the benefit of, and shall be enforceable in accordance with the Contracts
(Rights of Third Parties) Act 1999 by, each Person released or entitled to
indemnification, insurance coverage or other benefit hereunder, and each such
Person's heirs, Representatives, successors or assigns, it being expressly
agreed that such Persons shall be third party beneficiaries of this Section
4.07, and (ii) in addition to, and not in substitution for, any other right to
indemnification or contribution that any such Person may have by contract or
otherwise. Neither Purchaser nor any of the Subject Companies shall (A) amend
the provisions of this Section 4.07 in a manner that would adversely affect any
such third party beneficiary without the prior written consent of such third
party beneficiary or (B) following the Closing, enter into, or permit any of its
Subsidiaries to enter into, any merger, consolidation or similar transaction
unless Purchaser shall have ensured that the surviving or resulting entity is
creditworthy and will assume the obligations imposed by this Section 4.07. With
respect to any Claim by a third party beneficiary under this Section 4.07, no
Releasing Party may assert by way of defense, set-off, or counterclaim, any
Claim against, or Damages owing by, Seller or another third party beneficiary.

                  (f) Purchaser agrees to, at Closing and from time to time
thereafter, cause the Subject Companies to execute and deliver such other
documents and instruments and take such other actions as may be reasonably
requested by Seller or any D&O Released Party to implement the provisions of
this Section 4.07 including, without limitation, to confirm the Subject
Companies' release and agreement to provide indemnification as described herein.

            4.08 Resignations of Directors and Officers. Subject to the
provisions of Section 4.14, effective as of the Closing, the directors and
officers of the Subject Companies shall resign from all such positions, which
resignations shall be delivered to Purchaser at the Closing.

            4.09 Tax Matters.

                  (a) Tax Returns. Purchaser shall prepare or cause to be
prepared (on a basis consistent with past Tax Returns of the Subject Companies)
all Tax Returns of each Subject Company which are filed after the Closing Date
for all Tax Periods ending on or prior to the Effective Time and for all
Straddle Periods. Purchaser shall permit Seller at least thirty (30) days to
review and comment on each such Tax Return prior to filing and shall make such
revisions to such Tax Returns as are reasonably requested by Seller. Purchaser
shall then cause the appropriate Subject Company to execute and timely file or
cause to be filed such Tax Returns. To the extent required by Section 7.04,
Seller shall pay all Taxes due for Tax Periods ending on or prior to the
Effective Time with respect to such Tax Returns. Purchaser shall pay or cause to
be paid all Taxes due with respect to Straddle Period Tax Returns; provided,
however, that Seller shall pay Purchaser (in accordance with the procedures set
forth in Section 7.04(f)) for any amount owed by Seller pursuant to Section 7.04
with respect to such Straddle Period Tax Returns. Purchaser agrees to cause all
Subject Company Tax Returns for the Tax

                                       30
<PAGE>

Periods including the Effective Time to be filed on the basis that the relevant
Tax Period ended as of the Effective Time unless the relevant Governmental
Authority will not accept a Tax Return filed on that basis.

                  (b) Cooperation on Tax Matters. Each Party shall cooperate
fully, and do all things reasonably practicable to assist, as and to the extent
reasonably requested by the other Party, in connection with the requesting
Party's filing of Tax Returns, response to any inquiry from a taxing authority,
and participation in any Tax audit, Tax litigation or other Tax Proceeding,
including any Tax Claim. Such cooperation and assistance shall include the
retention and (upon the other Party's request) the provision of records and
information which are reasonably relevant to any such inquiry, audit, litigation
or other Proceeding and making employees available on a mutually convenient
basis to execute Tax Returns, provide additional information and explanation of
any material provided hereunder or to testify at any Proceeding. Each Party
agrees, and Purchaser agrees to cause each Subject Company, (i) to retain all
books and records with respect to Tax matters pertinent to such Subject Company
relating to any Tax Period beginning prior to the Effective Time until the
expiration of the statute of limitations (and, to the extent notified by the
other Party, any extensions thereof) of the respective Tax Periods, and to abide
by all record retention agreements entered into with any taxing authority, and
(ii) to give the other Party reasonable written notice prior to transferring,
destroying or discarding any such books and records and, if a Party so requests,
the other Party shall, and Purchaser shall cause such Subject Company to, allow
the other Party to take possession of such books and records. Purchaser further
agrees, and Purchaser agrees to cause each Subject Company, upon request, to use
its commercially reasonable efforts to obtain any certificate or other document
from any Governmental Authority or any other Person as may be necessary to
mitigate, reduce or eliminate any Tax that could be imposed (including, but not
limited to, with respect to the transactions contemplated by this Agreement).

                  (c) Tax Refunds. The amount or economic benefit of any refunds
or over-accruals of Taxes of any Subject Company for any Tax Period, or the
portion of any Straddle Period, ending on or prior to the Effective Time shall
be for the account of Seller. The amount or economic benefit of any refunds of
Taxes of any Subject Company for any Tax Period beginning after the Effective
Time shall be for the account of Purchaser. The amount or economic benefit of
any refunds or over-accruals of Taxes of any Subject Company for any Straddle
Period shall be apportioned between Seller and Purchaser in the manner described
in Section 7.04(c). Any such amounts owing to Seller as provided in this clause
4.09(c) shall be paid by Purchaser within five (5) Business Days of the receipt
of any such refunds. Purchaser shall not cause or permit the Subject Companies
to carry back to any Tax Period ending on or prior to the Effective Time any net
operating loss or other Tax attribute arising after the Effective Time.

                  (d) Transfer and Other Taxes. All transfer, documentary,
sales, use, stamp, registration and other such Taxes and fees (including any
penalties and interest) incurred in connection with the transactions
contemplated by this Agreement, shall be paid by Purchaser when due, and
Purchaser will, at its own expense, file all necessary Tax Returns and other
documentation with respect to all such transfer, documentary, sales, use, stamp,
registration and other Taxes and fees, and, if required by applicable law,
Seller will join in the execution of any such Tax Returns and other
documentation.

                                       31
<PAGE>

                  (e) Tax Sharing Agreements. Seller shall cause the provisions
of any Tax sharing agreement or similar arrangement between Seller or any
Affiliate of Seller which is not a Subject Company, on the one hand, and any
Subject Company on the other hand, to be terminated on or prior to the Effective
Time. After the Effective Time, no party shall have any rights or obligations
under any such terminated Tax sharing agreement.

                  (f) Elections. None of Purchaser or its Affiliates shall make
any election, file any amended return or take any other action with respect to
Taxes which could adversely affect the Tax liability of Seller or any of its
Affiliates (affiliation being measured following Closing), including any
indemnification obligation of Seller under Section 7.04 or any rights of Seller
to receive amounts under Section 4.09(c), without the prior written consent of
Seller. Without limiting the generality of the foregoing, none of Purchaser or
its Affiliates shall make an election under Treasury Regulation Section
301.7701-3 effective prior to the second (2nd) day after the Effective Time to
change the U.S. tax classification of any of the Subject Companies.

            4.10 Assignment of Trademarks. The Parties agree that prior to
Closing, Seller shall cause one or more of the Subject Companies to accept the
assignment of all right, title and interest of Seller and its Affiliates in the
United States and European Union (the "Subject Territory") in perpetuity in the
trademarks "Royal Wolf" and "Royalwolf," the wolf logo and associated good will.
Purchaser further agrees to cooperate with, and do all things reasonably
practicable to assist, Seller in making all necessary or desirable filings
outside of the Subject Territory and not to oppose or challenge any
registrations by Seller or Seller's designee of the "Royal Wolf" and "Royalwolf"
trademarks or the wolf logo outside of the Subject Territory

            4.11 Covenant Not to Compete.

                  (a) For a period of one (1) year from and after the Closing,
Seller agrees that it and Royal Wolf Holdings Limited shall not, and they shall
cause their respective Subsidiaries not to, engage directly or indirectly in any
business that competes in the Subject Territory with the Business as it is
conducted as of the Closing (a "Competitive Business").

                  (b) Notwithstanding the provisions of clause 4.11(a), (i)
Seller, Royal Wolf Holdings Limited and their respective Subsidiaries may invest
as passive investors owning, in aggregate, not more than ten percent (10%) of
the outstanding shares of any class of securities of any Person that is engaged
in any Competitive Business having a class of securities registered pursuant to
the United States Securities Exchange Act of 1934, so long they do not in any
way, either directly or indirectly, manage or exercise control over any such
Person or otherwise take any part in any of such Person's businesses, other than
exercising rights as a shareholder, and (ii) none of Seller, Royal Wolf Holdings
Limited or their respective Subsidiaries shall be prohibited from acquiring a
Person engaged in a Competitive Business together with other lines of business
if not more than twenty percent (20%) of the value of the acquired Person's
assets (measured by the most current financial statements published by the
acquired Person in the ordinary course of business) relates to the Competitive
Business.

                  (c) The provisions of the covenant contained in clause 4.11(a)
shall be deemed to be a separate covenant in each of the states, cities,
counties, countries or other

                                       32
<PAGE>

political subdivisions of the Subject Territory. The Parties acknowledge and
agree that the time, scope, and other provisions of clause 4.11(a) have been
specifically negotiated by sophisticated, commercial parties and specifically
hereby agree that such time, scope and other provisions are reasonable under the
circumstances. The Parties further agree that if, at any time, despite the
express agreement of the Parties, a court of competent jurisdiction holds that
any portion of clause 4.11(a) is unenforceable because any of the restrictions
therein are unreasonable, or for any other reason, such decision shall not
affect the validity or enforceability of any of the other provisions of this
Agreement, and the maximum restrictions of time or scope reasonable under the
circumstances, as determined by such court, will be substituted for any such
restrictions which are held unenforceable. In the event of a breach by any party
of any of the provisions of clause 4.11(a), the Parties acknowledge that such
breach may cause irreparable damage to Purchaser, the exact amount of which may
be difficult to ascertain, and the remedies at law for any such breach may be
inadequate. Accordingly, Purchaser may be entitled, in addition to any other
rights or remedies existing in its favor, to seek specific performance and
injunctive relief in order to enforce or prevent breach of any such provisions.

            4.12 Non-Solicitation. For a period of two (2) years from and after
the Closing, Seller agrees that it and Triton Holdings Limited shall not, and it
shall cause those of its Subsidiaries engaged in container rental related
businesses not to, without the prior written consent of Purchaser, directly or
indirectly, solicit or cause to be solicited the employment of, or employ, any
Person in the Subject Territory, other than Robert T. Skinner (if such
solicitation relates to employment respecting the disposition of Seller's
container rental related business in New Zealand and the liquidation of Seller's
container rental related businesses in Singapore and Hong Kong) and any
non-employee director or officer resigning in accordance with Section 4.08, who
is now a Subject Company Employee. Notwithstanding the foregoing, except in
respect of Management Employees, the restrictions set forth in the immediately
preceding sentence shall not apply to (i) any solicitation directed at the
public in general, in publications available to the public in general (and any
employment occasioned thereby), or (ii) the solicitation or employment of any
Person who is not a Management Employee and who, at the time of solicitation,
was no longer a Subject Company Employee. As used in this Section 4.12,
"Management Employee" means any person employed or serving at the time of the
Closing as (i) a director, officer, or a CSC manager of any Subject Company,
without regard to the actual title assigned to such Person, or (ii) as a Subject
Company Employee who at the time of solicitation is serving in a capacity with
the Purchaser or any of its subsidiaries as a branch manager or a more senior
management position.

            4.13 2005 Audited Financial Statements; EBITDA Adjustment.

                  (a) Seller shall cause to be completed, as soon as possible
after the date of this Agreement, the audit of the financial statements of Royal
Wolf US and Royal Wolf UK, in accordance with GAAP, and the compilation of the
financial statements of Royal Wolf Netherlands, in each case as of December 31,
2005 and for the fiscal year then ended, and each accompanied by the auditor's
unqualified report thereon (the "2005 Audit Financial Statements"). Seller shall
deliver or cause to be delivered such financial statements to Purchaser,
together with any management letters or other correspondence thereon or related
thereto delivered by the auditors. The US auditors shall be Shea, Labagh &
Dobberstein CPAs; the UK auditors shall be Grant Thornton LLP.

                                       33
<PAGE>

                  (b) Prior to the Closing Date, the Purchase Price shall be
subject to reduction in accordance with the terms and conditions of this Section
4.13(b) and the EBITDA Adjustment Schedule.

                        (i) For illustrative purposes, appended as Annex A to
the EBITDA Adjustment Schedule is a calculation of EBITDA (as such term is
defined in the EBITDA Adjustment Schedule) based on the accompanying unaudited
financial statements of each Relevant Entity as of December 31, 2005 (said
calculation being referred to herein as the "Estimated EBITDA").

                        (ii) Following delivery of the 2005 Audit Financial
Statements in accordance with Section 4.13(a), and not later than five (5)
Business Days prior to the Closing Date, Seller shall prepare and deliver to
Purchaser a calculation of EBITDA based on the 2005 Audit Financial Statements
(said calculation being referred to herein as the "Actual EBITDA").

                        (iii) The financial statement items used in the
calculation of Estimated EBITDA and Actual EBITDA shall be determined in
accordance with GAAP (subject to adjustment to add back amounts paid under fleet
operating leases during the relevant period and any other differences implicit
in the definitions and calculations set forth in the EBITDA Adjustment Schedule
which may be inconsistent with GAAP).

                        (iv) If Actual EBITDA is greater than or an amount equal
to at least 95% of Estimated EBITDA, no Purchase Price adjustment will be made
pursuant to this Section 4.13(b). If Actual EBITDA is between 5% and 15% less
than Estimated EBITDA, then the Purchase Price shall be adjusted by subtracting
from the amount of the Purchase Price an amount determined by multiplying the
Purchase Price by a fraction the numerator of which is Actual EBITDA and the
denominator of which is Estimated EBITDA. It is a condition to Purchaser's
obligations to consummate the transactions contemplated by this Agreement that
Actual EBITDA be not less than 85% of Estimated EBITDA (the "85% Condition");
provided, that, if Actual EBITDA is less than 85% of Estimated EBITDA, Purchaser
may waive the 85% Condition and cause the Purchase Price to be reduced by an
amount equal to 15% of the Purchase Price.

            4.14 Royal Wolf UK Board Meeting. The Seller shall cause a board
meeting of Royal Wolf UK to be held at Closing at which the following matters
shall take place:

                  (a) A resolution to register the transfer of the Shares in
Royal Wolf UK shall be passed at such board meeting of the company, subject to
the transfers being stamped at the cost of the Purchaser.

                  (b) Those persons identified by the Purchaser shall resign as
directors of Royal Wolf UK with immediate effect.

                  (c) The persons the Purchaser nominees shall be appointed as
directors and secretary of Royal Wolf UK. The appointments shall take effect at
the end of the board meeting.

                                       34
<PAGE>

                  (d) If requested by the Purchaser, new auditors identified by
the Purchaser shall be appointed as the auditors of Royal Wolf UK with effect
from the end of the relevant board meeting.

                  (e) If requested by the Purchaser, the address of the
registered office. of Royal Wolf UK shall be changed to the address identified
by the Purchaser.

                  (f) If requested by the Purchaser, the accounting reference
date of Royal Wolf UK shall be changed to the date identified by the Purchaser

                                   ARTICLE V.
                              CONDITIONS TO CLOSING

            5.01 Conditions to Obligations of Seller. The obligations of Seller
to consummate the transactions contemplated by this Agreement shall be subject
to the satisfaction or waiver at or prior to the Closing of each of the
following conditions:

                  (a) Purchaser shall have performed and complied with all
agreements and covenants required to be performed and complied with by Purchaser
under this Agreement at or prior to the Closing, except for such non-performance
or non-compliance as would not, individually or in the aggregate, materially
affect its ability to perform its obligations hereunder and are not reasonably
likely to prohibit, restrict or delay the performance of this Agreement by
Purchaser.

                  (b) The representations and warranties of Purchaser in Article
III of this Agreement that are qualified as to materiality shall be true and
correct, and those that are not so qualified shall be true and correct in all
material respects at and as of the date hereof and at and as of the Closing Date
(except in the case of any representation and warranty that by its terms is made
as of a date specified therein, in which case any such representation and
warranty that is qualified as to materiality shall be true and correct, and any
such representation and warranty not so qualified shall be true and correct in
all material respects, as of such date).

                  (c) Seller and Escrow Agent shall each have received, in the
aggregate, the Closing Purchase Price in the manner set forth in Section
1.04(b).

                  (d) Seller shall have received from Purchaser a certificate
signed by an appropriate officer of Purchaser as to Purchaser's compliance with
the conditions set forth in clauses (a) and (b) of this Section 5.01.

                  (e) No Law shall have been enacted, entered or promulgated
prohibiting the consummation of the transactions contemplated hereby and no
Judgment shall have been entered permanently restraining, enjoining or otherwise
prohibiting the consummation of the transactions contemplated hereby.

                  (f) All material filings required by any Governmental
Authority under applicable Laws contemplated by this Agreement shall have been
made and any required waiting

                                       35
<PAGE>

period under such Laws applicable to the transactions contemplated by this
Agreement shall have expired or been earlier terminated.

                  (g) All Consents listed on the Closing Consents Schedule shall
have been obtained, given or made.

                  (h) Seller shall have received from Purchaser a copy of the
resolutions of the board of directors of Purchaser approving the transactions
contemplated by this Agreement to be performed by Purchaser, certified by
Purchaser.

                  (i) Seller shall have received from Purchaser counterparts of
the Escrow Agreement duly executed by Purchaser.

                  (j) In the event there has been an adjustment to Purchase
Price made pursuant to Section 4.03(d), Seller shall have received from
Purchaser counterparts of the Limited Environmental Liability Release Agreement
duly executed by Purchaser.

      All certificates, instruments, and other documents contemplated hereby and
required to be delivered by Purchaser to effect the transactions contemplated
hereby shall be reasonably satisfactory in form and substance to Seller.

            5.02 Conditions to Obligations of Purchaser. The obligations of
Purchaser to consummate the transactions contemplated by this Agreement shall be
subject to the satisfaction or waiver at or prior to the Closing of each of the
following conditions:

                  (a) Seller shall have performed and complied with all
agreements and covenants required to be performed and complied with by Seller
under this Agreement at or prior to the Closing, except for such non-performance
or non-compliance as would not, individually or in the aggregate, reasonably be
expected to have a Material Adverse Effect.

                  (b) The representations and warranties of Seller in Article II
of this Agreement that are qualified as to materiality shall be true and
correct, and those that are not so qualified shall be true and correct in all
material respects at and as of the date hereof and at and as of the Closing Date
(except in the case of any representation and warranty that by its terms is made
as of a date specified therein, in which case any such representation and
warranty that is qualified as to materiality shall be true and correct, and any
such representation and warranty not so qualified shall be true and correct in
all material respects, as of such date), except where the failure of such
representations and warranties to be in compliance with the standard set forth
above in this clause 5.02(b) would not have a Material Adverse Effect.

                  (c) Purchaser shall have received from Seller (i) the
certificates and instruments referred to in Section 1.04(a) and (ii) evidence
reasonably satisfactory to Purchaser that (x) the aggregate number of Containers
owned by the Subject Companies shall not be less than 17,846 units, and that (y)
each Subject Company owns substantially all of the Containers in its fleet, free
and clear of any Lien other than Permitted Liens (other than any Liens referred
to in clause (g), (i), or (j) in the definition thereof, Liens referred to in
clause (a) of the definition thereof of the type referred to in said clause (g),
(i), or (j), and any extensions, renewals and

                                       36
<PAGE>

replacements of any such Liens), and that no Container is subject to a finance
lease with a Subject Company as lessee.

                  (d) Purchaser shall have received from Seller, not later than
five (5) Business Days prior to the Closing Date, the Pre-Closing Determination
referred to in Section 1.05(b).

                  (e) Purchaser shall have received from Seller a certificate
signed by an appropriate officer of Seller as to Seller's compliance with the
conditions set forth in clauses (a) and (b) of this Section 5.02.

                  (f) No Law shall have been enacted, entered or promulgated
prohibiting the consummation of the transactions contemplated hereby and no
Judgment shall have been entered permanently restraining, enjoining or otherwise
prohibiting the consummation of the transactions contemplated hereby.

                  (g) All material filings required by any Governmental
Authority under applicable Laws contemplated by this Agreement shall have been
made and any required waiting period under such Laws applicable to the
transactions contemplated by this Agreement shall have expired or been earlier
terminated.

                  (h) Purchaser shall have received from Seller: (i) a copy of
the resolutions of the board of directors of Seller approving the transactions
contemplated by this Agreement to be performed by Seller, certified by Seller
and (ii) a copy of the articles of association for Seller, certified by the its
secretary and dated as of or about the Closing Date.

                  (i) The resignations required pursuant to Section 4.08 above
shall have been duly executed and delivered to Purchaser.

                  (j) All Consents listed on the Closing Consents Schedule shall
have been obtained, given or made, and Purchaser shall have received evidence
thereof.

                  (k) Purchaser shall have received a certificate of each
Subject Company pursuant to Treasury Regulations Section 1.1445-2(c)(3) stating
that Subject Company is not nor has it been a U.S. real property holding
corporation (as defined in Section 897(c)(2) of the Code) during the applicable
period specified in Section 897(c)(1) of the Code.

                  (l) Purchaser shall have received copies of the 2005 Audit
Financial Statements.

                  (m) The 85% Condition shall have been satisfied or waived.

                  (n) Purchaser shall have received from Seller counterparts of
the Escrow Agreement duly executed by Seller.

                  (o) In respect of Royal Wolf UK, Purchaser shall have received
from Seller (i) the statutory registers and minute books (written up to the time
of the Closing Date), the common seal, certificate of incorporation and any
certificates of incorporation on change of

                                       37
<PAGE>

name; and (ii) irrevocable powers of attorney in the agreed form executed by the
holder of the Shares in favour of the Purchaser or its nominee to enable the
beneficiary (pending registration of the transfer of the Shares) to exercise all
voting and other rights attaching to the Shares and to appoint proxies for this
purpose.

                  (p) The Royal Wolf US Severance Pay Plan shall be terminated.

      All certificates, instruments, and other documents contemplated hereby and
required to be delivered by Seller to effect the transactions contemplated
hereby shall be reasonably satisfactory in form and substance to Purchaser.

                                   ARTICLE VI.
                                   TERMINATION

            6.01 Termination. This Agreement may be terminated and the
transactions contemplated by this Agreement may be abandoned at any time prior
to the Closing:

                  (a) by the mutual written agreement of the Parties;

                  (b) by either Party by giving written notice of such
termination to the other Party, if the Closing shall not have occurred on or
prior to six (6) months (the "Outside Date"); provided, however, that the right
to terminate this Agreement under this clause 6.01(b) shall not be available to
any Party whose failure to fulfill any obligation under this Agreement has been
the cause of, or resulted in, the failure of the Closing to occur on or prior to
the Outside Date;

                  (c) by either Party if (i) a Law shall have been enacted,
entered or promulgated prohibiting the consummation of the transactions
contemplated hereby or (ii) a Judgment shall have been entered permanently
restraining, enjoining or otherwise prohibiting the consummation of the
transactions contemplated hereby, and such Judgment shall have become final and
non-appealable and the Party seeking to terminate this Agreement pursuant to
this clause 6.01(c)(ii) shall have used its commercially reasonable efforts to
remove such Judgment;

                  (d) by either Party upon a material breach by the other Party
of any of its obligations under this Agreement, which breach has not been cured
within twenty (20) days after notice thereof has been provided to such other
Party; provided that there shall be no right to terminate if such breach was
caused, in whole or in part, by a material breach by the Party seeking to
terminate this Agreement pursuant to this clause 6.01(d);

                  (e) by Seller in accordance with, and subject to the
conditions of, Section 4.03(d); and

                  (f) by Purchaser in accordance with, and subject to the
conditions of, Section 4.13(b).

                                       38
<PAGE>

            6.02 Effect of Termination. If this Agreement is terminated as
permitted under Section 6.01, such termination shall be without liability to
either Party or their respective Affiliates or Representatives, and following
such termination neither Party shall have any liability under this Agreement or
relating to the transactions contemplated by this Agreement; provided that no
such termination shall relieve any Party that has recklessly or willfully
breached any provision of this Agreement from Liability for such breach, and any
such breaching Party shall remain fully liable for any and all Damages incurred
or suffered by the other Party as a result of such breach. The provisions of
Sections 4.05, 6.02, 9.01, 9.07 and 9.12 and the Confidentiality Agreement shall
survive any termination of this Agreement and shall remain in full force and
effect. Payments for reimbursements pursuant to this Section 6.02 shall be made
in cash no later than five (5) days following delivery by the Party entitled to
such reimbursement to the other Party, of a written notice setting forth the
amount to be reimbursed.

                                  ARTICLE VII.
                                INDEMNIFICATION

            7.01 Survival. The representations and warranties and covenants of
the Parties contained in this Agreement shall survive the Closing for the
applicable period set forth in this Section 7.01, and any and all claims and
causes of action for indemnification under this Article VII arising out of the
inaccuracy or breach of any warranty or covenant of a Party must be made prior
to the termination of the applicable survival period. All of the representations
and warranties and covenants of the Parties contained in this Agreement and any
and all claims and causes of action for indemnification under this Article VII
with respect thereto shall terminate eighteen (18) months following the Closing
Date; provided that (a) the representations and warranties in (i) Sections 2.01
(Organization of Seller; Authority and Binding Effect), 2.03 (Capitalization;
Ownership of Shares), 2.13 (Brokers and Finders), 3.01 (Organization of
Purchaser), 3.02 (Authority and Binding Effect), 3.07 (Investment Intent) and
3.09 (Due Diligence by Purchaser) shall survive indefinitely and (ii) Section
2.16 (Tax Matters) shall survive until the expiration of the applicable statute
of limitations, and (b) the covenants and release of Purchaser contained in
Section 4.07 (D&O Indemnification and Release) shall survive indefinitely; it
being understood that in the event an Indemnified Party delivers notice of any
claim for indemnification under this Article VII within the applicable survival
period and such notice describes such claims with reasonable specificity, the
representations and warranties that are the subject of such indemnification
claim shall survive as to such claims until such time as such claim is finally
resolved.

            7.02 Indemnification by Seller.

                  (a) Subject to the terms and conditions of this Article VII,
from and after the Closing Date, Seller agrees to indemnify, defend and save
Purchaser and its Affiliates and their respective Representatives (each a
"Purchaser Indemnified Party") harmless from and against any and all
Liabilities, obligations, deficiencies, demands, claims, suits, actions, or
causes of action, assessments, losses, costs or expenses, including costs or
expenses of any and all investigations, proceedings, judgments, settlements and
compromises (including reasonable fees and expenses of attorneys, accountants
and other experts) (collectively, "Damages") arising out of or relating to:

                                       39
<PAGE>

                        (i) any inaccuracy or breach of any then surviving
representation and warranty of Seller contained in this Agreement; or

                        (ii) any non-compliance with or breach of any covenant
or agreement of Seller contained in this Agreement.

                  (b) Notwithstanding anything in this Agreement to the
contrary, the recourse of any Purchaser Indemnified Party for any and all
Damages relating to or arising from Tax matters, including those set forth in
Sections 2.16 and 4.09, shall be controlled by Section 7.04 rather than this
Section 7.02.

            7.03 Indemnification by Purchaser.

                  (a) Subject to the terms and conditions of this Article VII,
from and after the Closing Date, Purchaser agrees to indemnify, defend and save
Seller and its Affiliates and their respective Representatives (each a "Seller
Indemnified Party") harmless from and against any and all Damages arising out of
or relating to:

                        (i) any inaccuracy or breach of any then surviving
representation and warranty of Purchaser contained in this Agreement; or

                        (ii) any non-compliance with or breach of any covenant
or agreement of Purchaser contained in this Agreement.

                  (b) Notwithstanding anything in this Agreement to the
contrary, the recourse of any Seller Indemnified Party for any and all Damages
relating to or arising from Tax matters, including those set forth in Sections
2.16 or 4.09 shall be controlled by Section 7.04 rather than this Section 7.03.

            7.04 Tax Indemnification.

                  (a) Subject to the terms and conditions of this Article VII,
from and after the Closing, Seller shall indemnify, save and hold harmless
Purchaser from and against (i) all liability for Taxes of each Subject Company
(other than Excluded Taxes) for all Pre-Closing Tax Periods (as shall be
evidenced by any Tax Return prepared by Purchaser in accordance with Section
4.09(a) and any additional documentation reasonably requested by Seller) except
to the extent of the amount of such Taxes paid by the Subject Companies at or
prior to the Effective Time, or by Seller or any of its Affiliates (other than
the Subject Companies) at any time; and (ii) any Taxes arising out of, resulting
from or incident to any breach by Seller of any covenant contained in Sections
4.09 or 7.04. Notwithstanding anything to the contrary in this Agreement, Seller
shall not be liable for or pay for (x) any Taxes (collectively, "Excluded
Taxes") that are imposed on any Subject Company as a result of actions taken or
elections made by Purchaser or any Subject Company after the Effective Time,
including but not limited to elections under Section 338(g) of the Code or
Treasury Regulation Section 301.7701-3 or (y) any Taxes subject to
indemnification by Purchaser pursuant to Sections 7.04(b)(i) or 7.04(b)(ii).

                  (b) Subject to the terms and conditions of this Article VII,
from and after the Closing, Purchaser shall indemnify, save and hold harmless
the Seller Indemnified

                                       40
<PAGE>

Parties from and against (i) all liability for Taxes of each Subject Company for
any Post-Closing Tax Period; (ii) any Taxes arising out of, resulting from or
incident to the breach by Purchaser of any covenant contained in Sections 4.09
or 7.04; and (iii) Excluded Taxes.

                  (c) In the case of any Straddle Period:

                        (i) real, personal and intangible property Taxes and any
other Taxes levied on a per diem basis ("Per Diem Taxes") of a Subject Company
for a Pre-Closing Tax Period shall be equal to the amount of such Per Diem Taxes
for the entire Straddle Period multiplied by a fraction, the numerator of which
is the number of days during the Straddle Period that are in the Pre-Closing Tax
Period and the denominator of which is the total number of days in the Straddle
Period; and

                        (ii) the Taxes of a Subject Company (other than Per Diem
Taxes or Excluded Taxes) for any Pre-Closing Tax Period shall be computed as if
such Pre-Closing Tax Period ended as of the Effective Time.

                  (d) If a claim shall be made by, or an audit, investigation,
litigation or other Proceeding is conducted by or with, any Governmental
Authority with respect to Taxes, which, if successful, might result in an
indemnity payment to a Person pursuant to this Section 7.04 (a "Tax Claim"), the
notice provisions set forth in Section 7.05 shall apply.

                  (e) With respect to any Tax Claim relating to a Tax Period
ending on or prior to the Effective Time, Seller shall notify the Purchaser of
such Tax Claim promptly upon becoming aware of such Tax Claim but shall control
all proceedings and may make all decisions taken in connection with such Tax
Claim (including selection of counsel) at its own expense; provided, however,
that Purchaser may participate in proceedings and decisions to the extent they
involve Excluded Taxes. Seller and Purchaser shall jointly control all
proceedings taken in connection with any Tax Claim relating to Taxes of any
Subject Company for a Straddle Period, each paying its own expenses. Purchaser
shall control at its own expense all proceedings with respect to any Tax Claim
relating to a Tax Period beginning after the Effective Time. A Party shall
promptly notify the other Party if it decides not to control the defense or
settlement of any Tax Claim which it is entitled to control pursuant to this
Agreement, and the other Party shall thereupon be permitted to defend and settle
such Proceeding at its own expense.

                  (f) Seller's indemnity obligation in respect of Taxes for a
Pre-Closing Tax Period pursuant to Section 7.04(a)(i) shall be effected by its
payment to Purchaser of such amount within ten (10) days after the
determinations required by Section 7.04(a)(i) are completed (but not earlier
than five (5) days prior to the date on which Taxes for the relevant Tax Period
are required to be paid to the relevant Governmental Authority). If the amount
of any such Taxes paid by Seller or any of its Affiliates (other than the
Subject Companies) at any time plus the amount of such Taxes paid by the Subject
Companies at or prior to the Effective Time exceeds the amount of such Taxes for
the Pre-Closing Tax Period, Purchaser shall pay to Seller the amount of such
excess within ten (10) days after the Tax Return with respect to the final
liability for such Taxes is required to be filed with the relevant Governmental
Authority. In the case of a Tax that is contested in accordance with the
provisions of Section 7.04(e), payment of the Tax to the appropriate
Governmental Authority shall not be considered to be due earlier than

                                       41
<PAGE>

the date a final determination to such effect is made by the appropriate
Governmental Authority or court.

            7.05 Indemnification Process.

                  (a) Any Person seeking indemnification under this Article VII
(an "Indemnified Party") shall give the Party from whom indemnification is being
sought (an "Indemnifying Party") notice of any matter which such Indemnified
Party has determined has given or could give rise to a right of indemnification
under this Agreement as soon as practicable after the Person entitled to
indemnification becomes aware of any fact, condition or event which may give
rise to Damages for which indemnification may be sought under this Article VII.
Such notice shall state the nature and basis of any Claim and the amount
thereof, to the extent known, along with copies of the relevant documents
evidencing such Claim and the basis for indemnification sought.

                  (b) The liability of an Indemnifying Party under this Article
VII with respect to Damages arising from claims of any third party which are
subject to the indemnification provided for in this Article VII ("Third Party
Claims") shall be governed by and contingent upon the following additional terms
and conditions: if an Indemnified Party shall receive notice of any Third Party
Claim, the Indemnified Party shall give the Indemnifying Party notice of such
Third Party Claim within twenty (20) days of the receipt by the Indemnified
Party of such notice; provided, however, that the failure to provide such notice
shall not release the Indemnifying Party from any of its obligations under this
Article VII except to the extent the Indemnifying Party is materially and
irreparably prejudiced by such failure. The Indemnifying Party shall be entitled
to assume and control the defense of such Third Party Claim at its expense and
through counsel of its choice, provided it gives notice of its intention to do
so to the Indemnified Party within thirty (30) days of the receipt of such
notice from the Indemnified Party; provided, however, that if there exists a
material conflict of interest (other than one that is of a monetary nature) that
would make it inappropriate for the same counsel to represent both the
Indemnified Party and the Indemnifying Party, then the Indemnified Party shall
be entitled to retain its own counsel, at the expense of the Indemnifying Party,
provided that the Indemnifying Party shall not be obligated to pay the
reasonable fees and expenses of more than one separate counsel for all
Indemnified Parties, taken together (except to the extent that local counsel is
necessary or advisable for the conduct of such Proceeding, in which case the
Indemnifying Party shall also pay the reasonable fees and expenses of any such
local counsel). If the Indemnifying Party shall not assume the defense of any
Third Party Claim or litigation resulting therefrom, the Indemnified Party may
defend against such claim or litigation in such manner as it may deem
appropriate and may settle such claim or litigation on such terms as it may deem
appropriate; provided, however, that in settling any action in respect of which
indemnification is payable under this Article VII, it shall act reasonably and
in good faith. In the event the Indemnifying Party exercises the right to
undertake any such defense against any such Third Party Claim as provided above,
the Indemnified Party shall cooperate with, and do all things reasonably
practicable to assist, the Indemnifying Party in such defense and make available
to the Indemnifying Party, all witnesses, pertinent records, materials and
information in the Indemnified Party's possession or under the Indemnified
Party's control relating thereto as is reasonably requested by the Indemnifying
Party. Similarly, in the event the Indemnified Party is, directly or indirectly,
conducting the defense against any such Third Party Claim, the

                                       42
<PAGE>

Indemnifying Party shall cooperate with, and do all things reasonably
practicable to assist, the Indemnified Party in such defense and make available
to the Indemnified Party, all such witnesses, records, materials and information
in the Indemnifying Party's possession or under the Indemnifying Party's control
relating thereto as is reasonably requested by the Indemnified Party. The
Indemnifying Party shall not, without the written consent of the Indemnified
Party, (i) settle or compromise any Third Party Claim or consent to the entry of
any judgment, unless such settlement, compromise or judgment includes an
unconditional written release by the claimant or plaintiff of the Indemnified
Party from all liability in respect of such Third Party Claim, (ii) settle or
compromise any Third Party Claim if the settlement imposes equitable remedies or
material obligations on the Indemnified Party other than financial obligations
for which such Indemnified Party will be indemnified hereunder, or (iii) settle
or compromise any Third Party Claim if the result is to admit civil or criminal
liability or culpability on the part of the Indemnified Party or that gives rise
to criminal liability with respect to the Indemnified Party. No Third Party
Claim which is being defended in good faith by the Indemnifying Party in
accordance with the terms of this Agreement shall be settled or compromised by
the Indemnified Party without the written consent of the Indemnifying Party.

            7.06 Limitations on Claims.

                  (a) Notwithstanding anything to the contrary in this
Agreement, indemnification under Section 7.02 shall not be available pursuant to
this Article VII unless and until the amount of indemnifiable Damages asserted
against Seller under this Article VII exceeds an amount equal to one percent
(1%) of the Purchase Price (as may be adjusted pursuant to this Agreement) in
the aggregate (the "Deductible"). Once the Deductible has been exceeded, the
Purchaser Indemnified Party shall be entitled to the benefit of the indemnity
under Section 7.02 for any Claim to the extent the aggregate of all such past or
then current Claims is in excess of the Deductible; provided, however, that the
Deductible shall not apply to claims for Damages to the extent arising out of,
resulting from or incident to any inaccuracy or breaches by Seller of its
representations and warranties set forth in Sections 2.01 (Organization of
Seller; Authority and Binding Effect), 2.03 (Capitalization; Ownership of
Shares), 2.09(d) (Ownership, Possession and Sufficiency of Assets) to the extent
that the representation and warranty expressly relates to title to Containers or
(in the case of Royal Wolf US and its Subsidiaries only) Container delivery
equipment, and 2.13 (Brokers and Finders).

                  (b) Notwithstanding anything to the contrary contained in this
Agreement, the maximum aggregate amount of indemnifiable Damages that may be
recovered with respect to Claims made under Sections 7.02 and 7.04 shall equal
ten percent (10%) of the Purchase Price (as may be adjusted pursuant to this
Agreement) (the "Indemnification Cap", as may be reduced pursuant to Section
4.03(d)).

                  (c) Notwithstanding any other provision of this Agreement to
the contrary, neither Party shall be required to indemnify, hold harmless or
otherwise compensate the other Party (or any other Person) for Damages with
respect to mental or emotional distress or exemplary, consequential, special or
punitive damages.

                  (d) The amount of any Damages claimed by any Purchaser
Indemnified Party hereunder shall be net of any allowances and reserves provided
in the

                                       43
<PAGE>

Financial Statements or the Closing Financial Statements that are specifically
identified with respect thereto.

                  (e) The amount of any Damages claimed by any Purchaser
Indemnified Party hereunder shall be net of any insurance, indemnity,
contribution, Tax benefit or other payments or recoveries of a like nature
directly referable to the matter giving rise to the relevant claim (it being
agreed that, promptly after the realization of any such reductions of Damages
pursuant hereto, such Purchaser Indemnified Party shall reimburse Seller for
such reduction in Damages for which such Purchaser Indemnified Party was
indemnified prior to the realization of such reductions of Damages).

                  (f) Notwithstanding any provision to the contrary contained in
this Agreement, in the event that an Indemnifying Party can establish that an
Indemnified Party had actual knowledge, on or prior to the Closing Date, of a
breach of a warranty or covenant of the Indemnifying Party upon which a claim
for indemnification by the Indemnified Party is based, then the Indemnifying
Party shall have no liability for any Damages resulting from or arising out of
such claim. With respect to Seller, the actual knowledge shall be that of any
Person named in the definition of "knowledge" in Section 8.01; with respect to
Purchaser, the actual knowledge, after inquiry of their direct reports, of
Steven Bunger, Larry Trachtenberg, Deborah Keeley or Mark Graham.

                  (g) If an Indemnified Party recovers Damages from an
Indemnifying Party under this Article VII, the Indemnifying Party shall be
subrogated, to the extent of such recovery, to the Indemnified Party's rights
against any third party, other than a third party with whom the Indemnified
Party has a material business agreement or arrangement, with respect to such
recovered Losses subject to the subrogation rights of any insurer providing
insurance coverage under one of the Indemnified Party's policies and except to
the extent that the grant of subrogation rights to the Indemnifying Party is
prohibited by the terms of the applicable insurance policy.

                  (h) The amount of any Damages claimed by any Purchaser
Indemnified Party hereunder shall be reduced to the extent that Purchaser shall
have received the benefit of an adjustment pursuant to this Agreement due to the
fact that the item that is the subject of the indemnification claim was
specifically taken into account in the Closing Determination or the Closing
Financial Statements.

            7.07 Mitigation. The Parties shall cooperate with, and do all things
reasonably practicable to assist, each other to mitigate or resolve any Claim or
Damages.

            7.08 Exclusivity of Indemnification Remedy. Except in respect of
fraud (including violations of applicable securities laws), from and after the
Closing, the indemnification for Damages provided in this Article VII shall be
the sole and exclusive remedy of the Parties with respect to this Agreement (but
this Section 7.08 shall not apply to or limit the rights or remedies of any
third party beneficiary under Section 4.07). Purchaser hereby expressly waives
any right to rescind this Agreement.

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<PAGE>

            7.09 Characterization of Indemnification Payments. The Parties agree
to treat any payment made under this Article VII as an adjustment to the
Purchase Price.

                                  ARTICLE VIII.
                              DEFINITIONS AND TERMS

            8.01 Specific Definitions. As used in this Agreement, the following
terms have the following meanings:

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

            "Business Day" means any day other than a Saturday, a Sunday or a
day on which banks in New York or Rotterdam are authorized or obligated by law
or executive order to close.

            "Capitalized Lease Obligations" means (without duplication) that
portion of any obligation of a Subject Company as lessee under a lease which at
the time would be required to be capitalized on the balance sheet of such lessee
in accordance with GAAP.

            "Claim" means any claim, demand or Proceeding asserted or instituted
by any Person that could give rise to Damages.

            "Code" means the Internal Revenue Code of 1986, as amended, and the
regulations and interpretations issued thereunder.

            "Confidentiality Agreement" means that certain letter agreement,
dated as of December 5, 2005 between Purchaser and Triton Holdings Limited.

            "Consent" means any consent, approval, waiver, permit, grant,
franchise, concession, agreement, license, exemption or order of, registration,
certificate, clauses of declaration or filing with, or report or notice to any
Person or entity, including, but not limited to any Governmental Authority,
which, as relevant, by its or their terms is final and conclusive, from which
there is no further appeal right, or as to which any such appeal right has
expired.

            "Contract" means any agreement, contract, lease, power of attorney,
note, loan, evidence of indebtedness, purchase order, letter of credit,
settlement agreement, franchise agreement, undertaking, covenant not to compete,
employment agreement, license, instrument, obligation, commitment, policy,
purchase and sales order, quotation and other executory commitment to which any
Subject Company is a party or to which any of the assets of a Subject Company
are subject, whether oral or written, express or implied.

            "Dollars" and the "$" sign means United States Dollars. In any
instance where an amount is to be denominated in United States Dollars in or
pursuant to this Agreement, and the underlying amount is not in United States
Dollars but in a foreign currency, the exchange rate to

                                       45
<PAGE>

be utilized to convert such amount from such foreign currency to United States
Dollars shall be the rate of exchange set forth in The Wall Street Journal for
converting such currency into United States Dollars as of the date of the
specified transaction or as of the date the amount is so reported.

            "Environmental Claim" means any claim, order, investigation, action,
suit, proceeding, injunction, demand, citation, summons, directive, fine,
penalty, assessment or violation of or under any Environmental Laws, including,
without limitation, any claim, order, investigation, action, suit, proceeding,
injunction, demand, citation, summons, directive, fine, penalty, assessment or
violation brought or issued by any Governmental Authority, and any written
notice advising the applicable Person of any of the foregoing.

            "Environmental Laws" means any national, supra-national, federal,
state, district, or local Laws, regulations, directives, ordinances, orders,
permits and judgments, consent orders and common Law relating to the protection
of the environment, including any Law of strict liability, nuisance or with
respect to conducting abnormally dangerous activities including, without
limitation, provisions pertaining to or regulating air pollution, water
pollution, noise control, wetlands, water courses, natural resources, wildlife,
Hazardous Substance, or any other activities or conditions which impact or
relate to the environment or nature, the protection of human health, the
condition of the workplace, or transportation, emission, storage, deposit and
disposal of Hazardous Substance. Such Environmental Laws shall include, without
limitation, the Comprehensive Environmental Response, Compensation, and Recovery
Act, 42 U.S.C. Section 9601 et seq., the Resource Conservation and Recovery Act,
42 U.S.C. Section 6901 et seq., the Clean Air Act, 42 U.S.C. Section 7401 et
seq., the Federal Water Pollution Control Act, 33 U.S.C. Section 1251 et seq.,
the Emergency Planning and Community Right to Know Act, 42 U.S.C. Section 11001
et seq., the Oil Pollution Act, 33 U.S.C. Section 2701 et seq., and the Toxic
Substances Control Act, 15 U.S.C. Section 2601 et seq., each as amended, and any
equivalent laws of any other relevant jurisdiction in which the Business is
conducted, together with all regulations promulgated thereunder, as all of the
foregoing exist at the date of this Agreement or on the Closing Date.

            "Environmental Lien" shall mean any Lien (except for Permitted
Liens), whether recorded or unrecorded, in favor of any Governmental Authority,
relating to any liability of a Subject Company with respect to an Environmental
Claim.

            "ERISA" means the Employee Retirement Income Security Act of 1974,
as amended, and the regulations and interpretations issued thereunder.

            "ERISA Affiliate" means each corporation, trade or business which is
treated as a single employer with any Subject Company under Sections 414(b),
414(c) and 414(m) of the Code.

            "GAAP" means, with respect to each Subject Company, the accounting
principles accepted in the country under the laws of which such Subject Company
was formed (i.e., United States generally accepted accounting principles in
respect of Royal Wolf US and Temporary Mobile Storage, Inc., a California
corporation (and a wholly-owned Subsidiary of Royal Wolf US), and International
Accounting Standards in respect of the other Subject Companies).

                                       46
<PAGE>

            "Governmental Authority" means any nation or government, any state
or provincial or other political subdivision thereof, any province, city or
municipality, any Person exercising executive, legislative, judicial, regulatory
or administrative functions of or pertaining to government, including, without
limitation, any governmental authority, agency, tribunal, department, board,
commission or instrumentality of the European Union and political subdivisions
thereof, the United States, any State of the United States, or any political
subdivision thereof, any government authority, agency, department, board,
commission or instrumentality of the United States or any political subdivision
thereof and any tribunal or arbitrator(s) of competent jurisdiction, and any
self-regulatory organization.

            "Hazardous Substance" means any pollutant, contaminant, chemical,
waste and any toxic, infectious, carcinogenic, reactive, corrosive, ignitable or
flammable chemical or chemical compound or otherwise hazardous substance or
waste, including, without limitation, electrical waste, any quantity of friable
asbestos, urea formaldehyde, PCBs, radon gas, crude oil or any fraction thereof,
all forms of natural gas, petroleum products, by-products or derivatives,
radioactive substance or material, pesticide, waste waters, or sludges that are
subject to regulation, control or remediation under any Environmental Laws.

            "Income Taxes" means any income, franchise, net profits, excess
profits or similar Taxes measured on the basis of net income.

            "Indebtedness" means, at any particular time, with respect to any
Subject Company (without duplication), all indebtedness of such Subject Company
for borrowed money or on account of advances to such Subject Company or
obligations under acquisition agreements, in respect of which such Subject
Company is liable or evidenced by any bond, debenture, note or similar
instrument issued by such Subject Company, including all principal, accrued and
unpaid interest, prepayment premiums, penalties and other fees or charges
related thereto, any Capitalized Lease Obligations, swaps, collars, caps, hedges
or other agreements relating to the fixing of interest rates of indebtedness,
but excluding in any event, inter-company indebtedness owing from a Subject
Company to one or more other Subject Companies.

            "Intellectual Property" means:

                  (a) all Inventions and patents;

                  (b) all trademarks (in any form such as, by way of example and
      not by way of limitation, word marks and logos), service marks (in any
      form such as, by way of example and not by way of limitation, word marks,
      logos, designs, slogans and general intangibles of like nature), trademark
      or service mark registrations and applications, trade dress, trade names,
      domain names, and corporate names, together with all translations,
      adaptations, derivations, and combinations thereof and including all
      goodwill associated therewith, and all applications for registration,
      registrations, extensions, renewals, and goodwill of any of the foregoing;

                  (c) all works of authorship, copyrights, and all applications
      for registration, registrations, and renewals of any of the foregoing;

                                       47
<PAGE>

                  (d) all mask works and all applications for registration,
      registrations, and renewals of any of the foregoing;

                  (e) all trade secrets, including all information encompassed
      in any items and, by way of example and not by way of limitation, business
      and technical information, ideas, research and development, know-how,
      show-how, formulas, mathematical calculations, algorithms, compositions,
      manufacturing and production processes and techniques, concepts, ideas,
      methods, schematics, technology, technical data, designs, drawings,
      flowcharts, block diagrams, specifications, customer and supplier lists,
      pricing and cost information, and business and marketing plans and
      proposals, to the extent that such information has not been released
      publicly;

                  (f) all common law, statutory, treaty, and convention rights
      (including rights of priority) concerning any of the foregoing categories
      listed in subsections (a) through (e); and

                  (g) all copies and tangible embodiments (regardless of form or
      medium) of anything within the foregoing categories listed in subsections
      (a) through (f).

            "Inventions" means any procedures, techniques, systems, machines,
methods, processes, uses, apparatuses, compositions of matter, designs or
configurations, formulas, mathematical calculations, algorithms, computer
programs, or any improvements of the foregoing, discovered, conceived, reduced
to practice, developed, made, or produced, and shall include but not be limited
to the meaning of "Invention" under the United States or Canadian patent laws,
whether patentable or unpatentable and whether or not reduced to practice, all
improvements thereon, invention and patent disclosures, and all forms of
protection for any of the foregoing, including, by way of example and not by way
of limitation, inventor's certificates, patent applications, and patents,
together with all continuations, continuations-in-part, divisionals, revisions,
additions, extensions, reissues, and reexaminations of any of the foregoing,
patents, copyrights, trade dress, trademarks, service marks, applications for
issuance or registration of the foregoing and trade secrets.

            "Judgments" means any judgments, injunctions, orders, stays,
decrees, writs, rulings, settlements, or awards of any court or other judicial
authority or any other Governmental Authority.

            "knowledge" or similar language shall mean, with respect to Seller,
the actual knowledge, after inquiry of their direct reports, of Robert T.
Skinner, Robert A. Carey, Karl R. Obertik, Martin T. Crayden or Michel
Schuuring.

            "Laws" means all laws, statutes, statutory instruments, conventions,
directives, ordinances, treaties, rules, regulations, orders or decrees of any
Governmental Authority, or Judgments.

            "Liabilities" means any liabilities or obligations (whether accrued,
absolute, contingent, unliquidated, or otherwise, whether or not known, whether
due or to become due, and regardless of when asserted).

                                       48
<PAGE>

            "Liens" means all liens, mortgages, easements, charges, claims,
security interests, options or other encumbrances of any nature.

            "Material Adverse Change" means a change that has had a Material
Adverse Effect.

            "Material Adverse Effect" means any change or effect that
individually, or together with others in the aggregate, is material and adverse
to (a) the business, properties, financial condition or results of operations of
the Subject Companies, taken as a whole, or (b) the ability of Seller to
consummate the transactions contemplated by this Agreement, provided, however,
that any actual or prospective change or changes relating to or resulting from
one or more of (i) any change or changes in general economic conditions
(including, without limitation, changes in financial or market conditions) or
local, regional, national or international conditions in the industries in which
the Business is conducted, (ii) acts of terrorism or war (whether or not
declared), occurring prior to, on or after the date hereof, (iii) the
announcement or consummation of the transactions contemplated by this Agreement,
(iv) any change in accounting requirements or principles or the interpretation
thereof, or (v) the taking of any action approved or consented to by Purchaser
or contemplated by this Agreement, shall be deemed not to constitute a "Material
Adverse Effect."

            "Permits" means all permits, authorizations, approvals,
registrations, regulatory licenses, certificates, directives, orders or
variances granted by or obtained from any Governmental Authority and used or
required in connection with the Business.

            "Permitted Liens" means with respect to or upon any of the property
or assets of a Subject Company, any (a) Liens on property of such Subject
Company existing on the date hereof; (b) Liens incurred and pledges and deposits
made in the ordinary course of business in connection with worker's
compensation, unemployment insurance, old-age pensions and other social security
benefits; (c) Liens securing the performance of bids, tenders, leases, contracts
(other than for the repayment of debt), statutory obligations, surety, customs
and appeal bonds and other obligations of like nature, incurred as an incident
to and in the ordinary course of business; (d) Liens imposed by law, such as
carriers', warehouseman's, mechanics', materialmen's, landlords', laborers',
suppliers', construction and vendors' liens, incurred in good faith in the
ordinary course of business and securing obligations which are not yet due or
which are being contested in good faith by appropriate proceedings as to which
such Subject Company shall, to the extent required by GAAP, have set aside on
its books adequate reserves; (e) Liens securing the payment of Taxes, either not
delinquent or being contested in good faith by appropriate legal or
administrative proceedings and as to which such Subject Company shall, to the
extent required by GAAP, have set aside on its books adequate reserves; (f)
zoning restrictions, easements, licenses, rights of way, declarations,
reservations, provisions, covenants, conditions, waivers, restrictions on the
use of property or other title matters (and with respect to leasehold interests,
Liens and other obligations incurred, created, assumed or permitted to exist and
arising by, through or under a landlord or owner of the leased property, with or
without consent of the lessee), none of which materially impairs the use of any
parcel of property material to the operation of the Business or the value of
such property for the purpose of such business; (g) Liens on property existing
at the time such property was acquired by such Subject

                                       49
<PAGE>

Company or purchase money Liens to facilitate the acquisition of property by
such Subject Company; (h) Liens listed on the Permitted Lien Schedule; (i) Liens
identified in the Financial Statements, (j) Liens granted or incurred by such
Subject Company since the date of the Interim Balance Sheets in the ordinary
course of its business, (k) the Container Leases; and (l) extensions, renewals
and replacements of Liens referred to in (a) through (k) of this sentence.

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

            "Post-Closing Tax Period" means any Tax Period beginning after the
Effective Time and that portion of any Straddle Period beginning after the
Effective Time.

            "Pre-Closing Tax Period" means any Tax Period ending on or prior to
the Effective Time and that portion of any Straddle Period up to and including
the Effective Time.

            "Proceeding" means any action, application, suit, demand, claim or
legal, administrative, arbitration or other alternative dispute resolution
proceeding, hearing or investigation.

            "Release" means any release, spill, emission, leaking, pumping,
pouring, dumping, emptying, injection, deposit, disposal, discharge, dispersal,
leaching, exhausting or migration on or into the environment or into, on, under
or from any property.

            "Relevant Entity" means Royal Wolf US, Royal Wolf UK and Royal Wolf
Netherlands, as applicable.

            "Representative" means with respect to any Person, any of such
Person's officers, directors, managers, employees, shareholders, members,
partners, controlling persons, agents, consultants, advisors, and other
representatives, including legal counsel, accountants and financial advisors.

            "Securities Act" means the Securities Act of 1933, as amended, and
any similar statute enacted in any other relevant jurisdiction.

            "Straddle Period" means any Tax Period that includes but does not
end on the Effective Time.

            "Subsidiary" or "Subsidiaries" of any Person means any corporation,
association, partnership, limited liability company, joint venture or other
business entity of which fifty percent (50.0%) or more of the voting stock or
other equity interests (in the case of Persons other than corporations) is owned
or controlled directly or indirectly by such Person, or one or more of the
Subsidiaries of such Person, or a combination thereof.

            "Tax Period" means any period prescribed by any taxing or
Governmental Authority for which a Tax Return is required to be filed or a Tax
is required to be paid.

                                       50
<PAGE>

            "Tax Returns" means any report, return, election, document,
estimated tax filing, declaration or other filing required to be supplied to any
taxing authority or jurisdiction with respect to Taxes, including any amendments
thereto.

            "Taxes" means all taxes, assessments, charges, duties, fees, levies,
imposts or other governmental charges, including, without limitation, all
federal, state, local, municipal, county, foreign and other income, franchise,
profits, capital gains, capital stock, capital structure, transfer, gross
receipt, sales, use, transfer, service, occupation, ad valorem, property,
excise, severance, windfall profits, premium, stamp, license, payroll,
employment, "PAYE" or national insurance, social security, unemployment,
disability, environmental (including taxes under Code Section 59A), alternative,
minimum, add-on, value-added, withholding and other taxes, assessments, charges,
duties, fees, levies, imposts or other governmental charges of any kind
whatsoever (whether payable directly or by withholding and whether or not
requiring the filing of a Tax Return), and all estimated taxes, deficiency
assessments, additions to tax, additional amounts imposed by any Governmental
Authority, penalties and interest.

            "Transaction Bonuses" mean the bonuses payable upon consummation of
the transactions contemplated by this Agreement by Seller or an Affiliate of
Seller pursuant to those certain plans, programs and agreements listed on
Section B of the Employee Plans Schedule.

            "United States" means the United States of America, any state of the
United States, and the District of Columbia.

            8.02 Other Definitional Provisions.

            (a) The location of the definition of each term defined within this
Agreement (other than those terms defined in this Article VIII) is noted in the
Index to Defined Terms following the table of contents to this Agreement;

            (b) "herein," "hereby," "hereunder," "hereof" and other equivalent
words shall refer to this Agreement as an entirety and not solely to the
particular portion of this Agreement in which any such word is used;

            (c) all definitions set forth herein shall be deemed applicable
whether the words defined are used herein in the singular or the plural;

            (d) all pronouns and any variations thereof refer to the masculine,
feminine or neuter, singular or plural, as the context may require;

            (e) the words "include" and "including" and variations thereof shall
not be deemed terms of limitation, but rather shall be deemed to be followed by
the words "without limitation";

            (f) all accounting terms not specifically defined herein shall be
construed in accordance with GAAP;

            (g) the captions and descriptive headings herein are included for
convenience of reference only and shall be ignored in the construction or
interpretation hereof;

                                       51
<PAGE>

            (h) any references herein to a particular Section, Article, Exhibit
or Schedule means a Section or Article of, or an Exhibit or Schedule to, this
Agreement unless another agreement is specified; and

            (i) the Exhibits and Disclosure Schedules attached hereto are
incorporated herein by reference and shall be considered part of this Agreement
as if fully set forth herein.

                                   ARTICLE IX.
                               GENERAL PROVISIONS

            9.01 Expenses. Except as otherwise provided in Section 6.02, each
Party shall pay all fees and expenses incurred by it in connection with this
Agreement and the transactions contemplated by this Agreement. In relation to
the Shares of Royal Wolf UK, Purchaser shall pay all stamp taxes on the transfer
of the Shares hereunder.

            9.02 Further Assurances. From time to time after the Closing and
without further consideration, each Party, upon the request of the other Party
and at such other Party's expense, shall execute and deliver such documents and
instruments of conveyance and transfer as such other Party may reasonably
request in order to consummate more effectively the terms of this Agreement
(including the purchase and sale of the Shares as contemplated by this Agreement
and the vesting in Purchaser of title to the Shares transferred under this
Agreement).

            9.03 Amendment/Non-Assignment. Subject to Section 4.07(f), this
Agreement may not be amended except by an instrument in writing signed by the
Parties. This Agreement may not be assigned or transferred by Purchaser or
Seller without the prior written consent of the other; provided, that Purchaser
may assign its right hereunder in whole or in part to one or more wholly-owned
direct or indirect subsidiaries; provided, further, that no such assignment
shall relieve Purchaser of any of its liabilities or obligations hereunder. This
Agreement shall be binding upon and inure to the benefit of the Parties and
their respective successors or assigns, heirs, legatees, distributees,
executors, administrators and guardians.

            9.04 Waiver. Either Party may (a) extend the time for the
performance of any of the obligations or other acts of the other, (b) waive any
inaccuracies in the representations and warranties of the other contained in
this Agreement or in any document delivered by the other pursuant to this
Agreement or (c) waive compliance with any of the agreements, or satisfaction of
any of the conditions, contained in this Agreement by the other. Any agreement
on the part of a Party to any such extension or waiver shall be valid only if
set forth in an instrument in writing signed by such Party. The failure of any
Party to enforce at any time any provision of this Agreement shall not be
construed to be a waiver of such provision, nor in any way to affect the
validity of this Agreement or any part hereof or the right of any Party
thereafter to enforce each and every such provision. No waiver of any breach of
this Agreement shall be held to constitute a waiver of any other or subsequent
breach.

            9.05 Notices. Any notices or other communications required or
permitted under, or otherwise in connection with, this Agreement shall be in
writing and shall be deemed to have been duly given when delivered in person or
upon confirmation of receipt when transmitted by facsimile transmission or on
receipt after dispatch by registered or certified mail, postage

                                       52
<PAGE>

prepaid, or by reputable overnight courier such as Federal Express, DHL or UPS,
addressed as follows:

                           If to Seller:

                                  Triton CSA International B.V.
                                  c/o KPMG Meijburg & Co.
                                  Brainpark
                                  K.P. van der Mandelelaan 43
                                  3062 MB Rotterdam
                                  the Netherlands
                                  Telephone: 31-10-45-36-888
                                  Facsimile: 31-10-45-30-733

                           With copies to:

                                  Triton Investments Limited
                                  c/o Appleby Corporate Services (Bermuda) Ltd.
                                  Canon's Court
                                  22 Victoria Street
                                  PO Box HM 1179
                                  Hamilton HM EX
                                  Bermuda
                                  Attention: Michael Jones
                                  Facsimile: (441) 298-3479

                                  International Financial Advisors, Inc.
                                  71 S. Wacker Drive, Suite 4600
                                  Chicago, Illinois 60606-4637
                                  USA
                                  Attention: Glen Miller
                                  Facsimile: (312) 577-2599

                                  The Pritzker Organization, LLC
                                  71 S. Wacker Drive, Suite 4700
                                  Chicago, Illinois 60606-4637
                                  USA

                                  Attention: Harold S. Handelsman
                                  Facsimile: (312) 873-4985

                           If to Purchaser to:

                                  Mobile Mini, Inc.
                                  7420 South Kyrene Road, Suite 101
                                  Tempe, Arizona 85283
                                  USA
                                  Attention: Steven G. Bunger
                                  Facsimile: (480) 894-6433

                                       53
<PAGE>

                                  With  copies to:

                                  Mobile Mini, Inc.
                                  7420 South Kyrene Road, Suite 101
                                  Tempe, Arizona 85283
                                  USA
                                  Attention: Larry Trachtenberg
                                  Facsimile: (480) 894-6433

                                  Bryan Cave LLP
                                  Two North Central Avenue
                                  Suite 2200
                                  Phoenix, Arizona 85004
                                  USA
                                  Attention: Joseph P. Richardson
                                  Facsimile: (602) 364-7070

or such other address as the Person to whom notice is to be given has furnished
in writing to the other parties listed in this Section 9.05. A notice of change
in address shall not be deemed to have been given until received by the
addressee.

            9.06 [Reserved]

            9.07 Applicable Law. This Agreement shall be governed by and
construed in accordance with the substantive laws of the State of New York
(USA).

            9.08 No Third Party Rights. Except as otherwise provided herein,
this Agreement is intended to be solely for the benefit of the Parties and is
not intended to confer any benefits upon, or create any rights in favor of, any
Person other than the Parties.

            9.09 Counterparts; Facsimile Signatures. This Agreement may be
executed in any number of counterparts, each of which shall be deemed an
original, but all of which together shall constitute a single instrument.
Facsimile signatures on this Agreement shall be deemed to be originals for all
purposes.

            9.10 Severability. If any restriction or limitation in Section 4.11
(Covenant Not To Compete) of this Agreement is deemed to be unreasonable,
onerous or unduly restrictive by a court of competent jurisdiction, it shall not
be stricken in its entirety and held totally void and unenforceable, but shall
remain effective to the maximum extent permissible within reasonable bounds. If
any phrase, clause or provision of this Agreement is declared invalid or
unenforceable by a court of competent jurisdiction, such phrase, clause or
provision shall be deemed severed from this Agreement, but will not affect any
other provisions of this Agreement, which shall otherwise remain in full force
and effect. The subdivisions of Section 4.11 are each declared to be separate
and distinct covenants.

                                       54
<PAGE>

            9.11 Entire Agreement. This Agreement and the Schedules and Exhibits
hereto set forth the entire understanding and agreement among the Parties as to
the matters covered in this Agreement and supersede and replace any prior
understanding, agreement or statement of intent, in each case, written or oral,
of any and every nature with respect to such understanding, agreement or
statement other than the Confidentiality Agreement.

            9.12 Arbitration; Process Agents. Any dispute arising out of or in
connection with this Agreement, including any question regarding its existence,
validity or termination, shall be referred to and finally resolved by
arbitration under the London Court of International Arbitration rules, which
rules are deemed to be incorporated by reference into this Section 9.12. There
shall be three (3) arbitrators. The place of arbitration shall be London,
England. The language to be used in the arbitral proceedings shall be English.
Judgment on the award rendered by the Tribunal may be entered in any court
having jurisdiction thereof. Seller hereby appoints Latham & Watkins LLP at its
principal place of business in London (currently 99 Bishopsgate, London EC2M 3XF
(marked for attention of the Litigation Department, Departmental Managing
Partner)) as its agent for service of process in England in relation to any
matter arising out of this Agreement. Purchaser hereby appoints Bryan Cave at
its principal place of business in London (currently 33 Cannon Street, London
EC4M 5TE (marked for attention of the Litigation Department, Departmental
Managing Partner)) as its agent for service of process in England in relation to
any matter arising out of this Agreement.

            9.13 Fair Construction. This Agreement shall be deemed to be the
joint work product of the Parties without regard to the identity of the
draftsperson, and any rule of construction that a document shall be interpreted
or construed against the drafting Party shall not be applicable. Each Party has
caused this Agreement to be executed on its behalf by its duly authorized
representative, all as of the day and year first above written.

            9.14 Construction of Certain Provisions. It is understood and agreed
that the specification of any Dollar amount in the representations and
warranties in this Agreement or the inclusion of any specific item on the
Disclosure Schedules or Exhibits is not intended to imply that such amounts or
higher or lower amounts, or the items so included or other items, are or are not
material, and no Party shall use the fact of the setting of such amounts or the
fact of the inclusion of any such item on the Disclosure Schedules in any
dispute or controversy between the Parties as to whether any obligation, item or
matter not described herein or included in a Disclosure Schedule or Exhibit is
or is not material for purposes of this Agreement.

            9.15 Reasonable Consent Required. Where any provision of this
Agreement requires a Party to obtain the consent, approval or other acquiescence
of the other Party, such consent, approval or other acquiescence shall not be
unreasonably conditioned, withheld or delayed by such other Party.

                           [Signature page to follow]

                                       55
<PAGE>

            IN WITNESS WHEREOF, the Parties have duly executed this Agreement as
of the date first above written.

                                    MOBILE MINI, INC.

                                    By: ________________________________________
                                    Name: ______________________________________
                                    Title: _____________________________________

                                    TRITON CSA INTERNATIONAL B.V.

                                    By: ________________________________________
                                    Name: ______________________________________
                                    Title: _____________________________________

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