<PAGE>   1
                                                                     EXHIBIT 4.1

                               BOOK-ENTRY SECURITY

         THIS SECURITY IS A BOOK-ENTRY SECURITY WITHIN THE MEANING OF THE
INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITORY
OR A NOMINEE OF A DEPOSITORY. THIS SECURITY IS EXCHANGEABLE FOR SECURITIES
REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITORY OR ITS NOMINEE ONLY
IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND NO TRANSFER OF THIS
SECURITY (OTHER THAN A TRANSFER OF THIS SECURITY AS A WHOLE BY THE DEPOSITORY TO
A NOMINEE OF THE DEPOSITORY OR BY A NOMINEE OF THE DEPOSITORY TO THE DEPOSITORY
OR ANOTHER NOMINEE OF THE DEPOSITORY) MAY BE REGISTERED EXCEPT IN SUCH LIMITED
CIRCUMSTANCES.

         UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF
THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE COMPANY (AS
DEFINED BELOW) OR ITS AGENT FOR REGISTRATION FOR TRANSFER, EXCHANGE OR PAYMENT,
AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER
NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS
MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

RGN-1                                                           Principal Amount

                              WASTE MANAGEMENT, INC.           U.S. $___________

                          7 3/8% SENIOR NOTES DUE 2010

                                                              CUSIP 94106L AK 5

         WASTE MANAGEMENT, INC., a Delaware corporation (the "Company," which
term includes any successors under the Indenture hereinafter referred to), for
value received, hereby promises to pay to CEDE & CO. or registered assigns, at
the office or agency of the Company, the principal sum of $______________ U.S.
dollars, or such lesser principal sum as is shown on the attached Schedule of
Exchanges of Definitive Security, on August 1, 2010 in such coin or currency of
the United States of America as at the time of payment shall be legal tender for
the payment of public and private debts, and to pay interest at an annual rate
of 7 3/8% payable on February 1 and August 1 of each year, to the person in
whose name this Security is registered at the close of business on the record
date for such interest, which shall be the preceding January 15 or July 15,
respectively, payable commencing August 1, 2001 with interest consisting of
interest accrued from February 9, 2001.




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         Reference is made to the further provisions of this Security set forth
on the reverse hereof. Such further provisions shall for all purposes have the
same effect as though fully set forth at this place.

         The statements in the legends set forth above are an integral part of
the terms of this Security and by acceptance hereof the Holder of this Security
agrees to be subject to, and bound by, the terms and provisions set forth in
each such legend.

         This Security is issued in respect of a series of Securities of an
aggregate of U.S. $600,000,000 in principal amount designated as the 7 3/8%
Senior Notes due 2010 of the Company and is governed by the Indenture dated as
of September 10, 1997, duly executed and delivered by the Company, formerly
known as USA Waste Services, Inc., to The Chase Manhattan Bank, as successor to
Texas Commerce Bank National Association, as trustee (the "Trustee"), as
supplemented by Board Resolutions (as defined in the Indenture) (such Indenture
and Board Resolutions, collectively, the "Indenture"). The terms of the
Indenture are incorporated herein by reference. This Security shall in all
respects be entitled to the same benefits as definitive Securities under the
Indenture.

         If and to the extent that any provision of the Indenture limits,
qualifies or conflicts with any other provision of the Indenture that is
required to be included in the Indenture or is deemed applicable to the
Indenture by virtue of the provisions of the Trust Indenture Act of 1939, as
amended, such required provision shall control.

         The Company hereby irrevocably undertakes to the Holder hereof to
exchange this Security in accordance with the terms of the Indenture without
charge.




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         This Security shall not be valid or become obligatory for any purpose
until the Certificate of Authentication hereon shall have been manually signed
by the Trustee under the Indenture.

         IN WITNESS WHEREOF, the Company has caused this instrument to be duly
executed under its corporate seal.

Dated:  February 9, 2001              WASTE MANAGEMENT, INC.,
                                      a Delaware corporation



                                      By:
                                               ---------------------------------
                                      Name:
                                               ---------------------------------
                                      Title:
                                               ---------------------------------


                                      Attest:

                                      By:
                                               ---------------------------------
                                      Name:
                                               ---------------------------------
                                      Title:
                                               ---------------------------------


CERTIFICATE OF AUTHENTICATION

         This is one of the Securities of the series designated therein referred
to in the within-mentioned Indenture.



Date of Authentication: ________________    THE CHASE MANHATTAN BANK,
                                             as Trustee

                                             By:
                                                    ----------------------------
                                                    Authorized Signatory




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<PAGE>   4
                         REVERSE OF BOOK-ENTRY SECURITY

                             WASTE MANAGEMENT, INC.

                          7 3/8% SENIOR NOTES DUE 2010


         This Security is one of a duly authorized issue of unsecured
debentures, notes or other evidences of indebtedness of the Company (the "Debt
Securities") of the series hereinafter specified, all issued or to be issued
under and pursuant to the Indenture, to which Indenture reference is hereby made
for a description of the rights, limitations of rights, obligations, duties and
immunities thereunder of the Trustee, the Company and the Holders of the Debt
Securities. The Debt Securities may be issued in one or more series, which
different series may be issued in various aggregate principal amounts, may
mature at different times, may bear interest (if any) at different rates, may be
subject to different sinking, purchase or analogous funds (if any) and may
otherwise vary as provided in the Indenture. This Security is one of a series
designated as the 7 3/8% Senior Notes due 2010 of the Company, limited in
aggregate principal amount to $600,000,000 (the "Securities").

1.       Interest.

         The Company promises to pay interest on the principal amount of this
Security at the rate of 7 3/8% per annum.

         The Company will pay interest semi-annually on February 1 and August 1
of each year (each an "Interest Payment Date"), commencing August 1, 2001.
Interest on the Securities will accrue from the most recent date to which
interest has been paid or, if no interest has been paid on the Securities, from
February 9, 2001. Interest will be computed on the basis of a 360-day year
consisting of twelve 30-day months.

2.       Method of Payment.

         The Company shall pay interest on the Securities (except Defaulted
Interest) to the persons who are the registered Holders at the close of business
on the Regular Record Date immediately preceding the Interest Payment Date. Any
such interest not so punctually paid or duly provided for ("Defaulted Interest")
may be paid to the persons who are registered Holders at the close of business
on a Special Record Date for the payment of such Defaulted Interest, or in any
other lawful manner not inconsistent with the requirements of any securities
exchange on which such Securities may then be listed if such manner of payment
shall be deemed practicable by the Trustee, as more fully provided in the
Indenture. Except as provided below, the Company shall pay principal and
interest in such coin or currency of the United States of America as at the time
of payment shall be legal tender for payment of public and private debts ("U.S.
Legal Tender"). Payments in respect of a Book-Entry (including principal,
premium, if any, and interest) will be made by wire transfer of immediately
available funds to the accounts specified by the Depository. Payments in respect
of Securities in definitive form (including principal, premium, if any, and
interest) will be made at the office or agency of the Company maintained for
such purpose within the Borough of Manhattan, The City of New York, or at the
option of the Company, payment of interest may be made by check mailed to the
Holders on the Regular



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<PAGE>   5

Record Date or on the Special Record Date at their addresses set forth in the
Security Register of Holders.

3.       Paying Agent and Registrar.

         Initially, The Chase Manhattan Bank (the "Trustee") will act as Paying
Agent and Registrar. The Company may change any Paying Agent, Registrar or
co-Registrar at any time upon notice to the Trustee and the Holders. The Company
or any of its Subsidiaries may, subject to certain exceptions, act as Paying
Agent, Registrar or co-Registrar.

4.       Indenture.

         This Security is one of a duly authorized issue of Debt Securities of
the Company issued and to be issued in one or more series under the Indenture.

         Capitalized terms herein are used as defined in the Indenture unless
otherwise defined herein. The terms of the Securities include those stated in
the Indenture, all indentures supplemental thereto, those made part of the
Indenture by reference to the Trust Indenture Act of 1939, as amended, as in
effect on the date of the Indenture, and those terms stated in the Officers'
Certificate to the Trustee, duly authorized by resolutions of the Board of
Directors of the Company on April 30, 1999 and March 14, 1999 (the
"Resolutions"). The Securities are subject to all such terms, and Holders of
Securities are referred to the Indenture, all indentures supplemental thereto,
said Act and said Resolutions and Officers' Certificate for a statement of them.
The Securities of this series are general unsecured obligations of the Company
limited in aggregate principal amount to $600,000,000.

5.       Redemption.

         The Securities will be redeemable, at the option of the Company, at any
time in whole, or from time to time in part, at a Redemption Price (the
"Make-Whole Price") equal to the greater of: (i) 100% of the principal amount of
the Securities to be redeemed; or (ii) the sum of the present values of the
remaining scheduled payments of principal and interest (at the rate in effect on
the date of calculation of the Redemption Price) on the Securities (exclusive of
interest accrued to the Redemption Date) discounted to the Redemption Date on a
semi-annual basis (assuming a 360-day year consisting of twelve 30-day months)
at the applicable Treasury Yield plus 30 basis points; plus, in either case,
accrued interest to the Redemption Date.

         Securities called for redemption become due on the Redemption Date.
Notices of redemption will be mailed at least 30 but not more than 60 days
before the Redemption Date to each holder of record of the Securities to be
redeemed at its registered address. The notice of redemption for the Securities
will state, among other things, the amount of Securities to be redeemed, the
Redemption Date, the Make-Whole Price and the place(s) that payment will be made
upon presentation and surrender of Securities to be redeemed. Unless the Company
defaults in payment of the Make-Whole Price, interest will cease to accrue on
any Securities that have been called for redemption at the Redemption Date. If
less than all the Securities are redeemed at any time, the Trustee will select
the Securities to be redeemed on a pro rata basis or by any other method the
Trustee deems fair and appropriate.




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<PAGE>   6

         For purposes of determining the Make-Whole Price, the following
definitions are applicable:

         "Treasury Yield" means, with respect to any Redemption Date applicable
to the Securities, the rate per annum equal to the semi-annual equivalent yield
to maturity (computed as of the third business day immediately preceding such
Redemption Date) of the Comparable Treasury Issue, assuming a price for the
Comparable Treasury Issue (expressed as a percentage of its principal amount)
equal to the applicable Comparable Treasury Price for such Redemption Date.

         "Comparable Treasury Issue" means the United States Treasury security
selected by an Independent Investment Banker as having a maturity comparable to
the remaining term of the Securities that would be utilized, at the time of
selection and in accordance with customary financial practice, in pricing new
issues of corporate debt securities of comparable maturity to the remaining
terms of the Securities.

         "Independent Investment Banker" means Salomon Smith Barney Inc. (and
its successor), or, if such firm is unwilling or unable to select the applicable
Comparable Treasury Issue, an independent investment banking institution of
national standing appointed by the Trustee and reasonably acceptable to the
Company.

         "Comparable Treasury Price" means, with respect to any Redemption Date,
(i) the bid price for the Comparable Treasury Issue (expressed as a percentage
of its principal amount) at 4:00 p.m. on the third business day preceding such
Redemption Date, as set forth on "Telerate Page 500" (or such other page as may
replace Telerate Page 500), or (ii) if such page (or any successor page) is not
displayed or does not contain such bid prices at such time (a) the average of
the Reference Treasury Dealer Quotations obtained by the Trustee for such
Redemption Date, after excluding the highest and lowest of all Reference
Treasury Dealer Quotations obtained, or (b) if the Trustee obtains fewer than
four such Reference Treasury Dealer Quotations, the average of all Reference
Treasury Dealer Quotations obtained by the Trustee.

         "Reference Treasury Dealer" means (i) Salomon Smith Barney Inc., Credit
Suisse First Boston Corporation and Merrill Lynch, Pierce, Fenner & Smith
Incorporated and their respective successors, unless any of them ceases to be a
primary U.S. Government securities dealer in New York City (a "Primary Treasury
Dealer"), in which case the Company will substitute therefor another Primary
Treasury Dealer, and (ii) any other Primary Treasury Dealer selected by the
Company.

         "Reference Treasury Dealer Quotations" means, with respect to each
Reference Treasury Dealer and any Redemption Date for the Securities, an
average, as determined by the Trustee, of the bid and asked prices for the
Comparable Treasury Issue for the Securities (expressed in each case as a
percentage of its principal amount) quoted in writing to the Trustee by such
Reference Treasury Dealer at 5:00 p.m., New York City time, on the third
business day preceding such Redemption Date.

         Except as set forth above, the Securities will not be redeemable prior
to maturity and will not be entitled to the benefit of any sinking fund.

         The Securities may be redeemed in part in multiplies of $1,000 only.



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<PAGE>   7

         Any such redemption will also comply with Article Eleven of the
Indenture.

6.       Denominations; Transfer; Exchange.

         The Securities are issued in registered form, without coupons, in
denominations of $1,000 and integral multiples of $1,000. A Holder may register
the transfer of, or exchange, Securities in accordance with the Indenture. The
Securities Registrar may require a Holder, among other things, to furnish
appropriate endorsements and transfer documents and to pay any taxes and fees
required by law or permitted by the Indenture.

7.       Person Deemed Owners.

         The registered Holder of a Security may be treated as the owner of it
for all purposes.

8.       Amendment; Supplement; Waiver.

         Subject to certain exceptions, the Indenture may be amended or
supplemented, and any existing Event of Default or compliance with any provision
may be waived, with the consent of the Holders of a majority in principal amount
of the Outstanding Debt Securities of each series affected. Without consent of
any Holder, the parties thereto may amend or supplement the Indenture or the
Securities to, among other things, cure any ambiguity, defect or inconsistency,
or make any other change that does not adversely affect the rights of any Holder
of a Security. Any such consent or waiver by the Holder of this Security (unless
revoked as provided in the Indenture) shall be conclusive and binding upon such
Holder and upon all future Holders and owners of this Security and any
Securities which may be issued in exchange or substitution herefor, irrespective
of whether or not any notation thereof is made upon this Security or such other
Securities.

9.       Defaults and Remedies.

         If an Event of Default occurs with respect to the Securities and is
continuing, then in every such case the Trustee or the Holders of not less than
25% in principal amount of the Securities then outstanding may declare the
principal amount of all the Securities to be due and payable immediately in the
manner and with the effect provided in the Indenture. Notwithstanding the
preceding sentence, however, if at any time after such a declaration of
acceleration has been made and before any judgment or decree for payment of the
money due has been obtained by the Trustee as provided in the Indenture, the
Holders of a majority in principal amount of the Outstanding Securities, by
written notice to the Company and to the Trustee, may rescind and annul such
declaration and its consequences if (1) the Company has paid or deposited with
the Trustee a sum sufficient to pay (A) all overdue interest on all Securities,
(B) the principal of (and premium, if any, on) any Securities which has become
due otherwise than by such declaration of acceleration and any interest thereon
at the rate prescribed therefor herein, (C) to the extent that payment of such
interest is lawful, interest upon overdue interest at the rate prescribed
therefor herein, and (D) all sums paid or advanced by the Trustee and the
reasonable compensation, expenses, disbursements and advances of the Trustee,
its agents and counsel and (2) all Events of Default under the Indenture with
respect to the Securities, other than the nonpayment of the principal of
Securities which has become due solely by such declaration acceleration, shall
have been cured or shall have been waived. No such rescission shall affect any
subsequent default or shall impair any right consequent thereon. Holders of
Securities may


                                       7
<PAGE>   8

not enforce the Indenture or the Securities except as provided in the Indenture.
The Trustee may require indemnity satisfactory to it before it enforces the
Indenture or the Securities. Subject to certain limitations, Holders of a
majority in aggregate principal amount of the Securities then outstanding may
direct the Trustee in its exercise of any trust or power.

10.      Trustee Dealings with Company.

         The Trustee under the Indenture, in its individual or any other
capacity, may make loans to, accept deposits from, and perform services for the
Company or its Affiliates or any subsidiary of the Company's Affiliates, and may
otherwise deal with the Company or its Affiliates as if it were not the Trustee.

11.      Authentication.

         This Security shall not be valid until the Trustee or authenticating
agent signs the certificate of authentication on the other side of this
Security.

12.      Abbreviations and Defined Terms.

         Customary abbreviations may be used in the name of a Holder of a
Security or an assignee, such as: TEN COM (tenant in common), TEN ENT (tenants
by the entireties), JT TEN (joint tenants with right of survivorship and not as
tenants in common), CUST (Custodian), and U/G/M/A (Uniform Gifts to Minors Act).

13.      CUSIP Numbers.

         Pursuant to a recommendation promulgated by the Committee on Uniform
Note Identification Procedures, the Company has caused CUSIP numbers to be
printed on the Securities as a convenience to the Holders of the Securities. No
representation is made as to the accuracy of such number as printed on the
Securities and reliance may be placed only on the other identification numbers
printed hereon.

14.      Absolute Obligation.

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

15.      No Recourse.

         No recourse under or upon any obligation, covenant or agreement
contained in the Indenture or in any Security, or because of any indebtedness
evidenced thereby, shall be had against any incorporator, past, present or
future stockholder, officer or director, as such of the Company or of any
successor, either directly or through the Company or of any successor, either
directly or through the Company or any successor, under any rule of law, statute
or constitutional provision or by the enforcement of any assessment or by any
legal or equitable proceeding or



                                       8
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otherwise, all such liability being expressly waived and released by the
acceptance of the Security by the Holder and as part of the consideration for
the issue of the Security.

16.      Governing Law.

         This Security shall be construed in accordance with and governed by the
laws of the State of New York.




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                  SCHEDULE OF EXCHANGES OF DEFINITIVE SECURITY

The following exchanges of a part of this Global Security for Securities have
been made:

<TABLE>
<CAPTION>
                              Amount of                 Amount of            Principal Amount           Signature of
                             decrease in               increase in            of this Global         authorized officer
                           Principal Amount         Principal Amount        Security following         of Trustee or
  Date of                   of this Global           of this Global           such decrease               Security
 Exchange                      Security                 Security              (or increase)              Custodian
 --------                      --------                 --------             ---------------             ---------
<S>                            <C>                      <C>                  <C>                         <C>



</TABLE>



























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