Document:

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EXHIBIT 4.1
CUSIP  #

         THIS SECURITY IS NOT A SAVINGS ACCOUNT, DEPOSIT OR OTHER OBLIGATION OF
ANY BANK OR NONBANK SUBSIDIARY OF THE COMPANY AND IS NOT INSURED BY THE FEDERAL
DEPOSIT INSURANCE CORPORATION, THE BANK INSURANCE FUND OR ANY OTHER GOVERNMENTAL
AGENCY.

         THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE
HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A
NOMINEE OF A DEPOSITARY. THIS SECURITY IS EXCHANGEABLE FOR SECURITIES REGISTERED
IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE ONLY IN THE
LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE OR THE RELATED OFFICERS'
CERTIFICATE AND 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.

         Unless this Security is presented by an authorized representative of
The Depository Trust Company, a New York corporation ("DTC"), to the Issuer or
its agent for registration of transfer, exchange or payment, and any certificate
issued is registered in the name of Cede & Co. or in such other name as is
requested by an authorized representative of DTC (and any payment is made to
Cede & Co., or to such other entity as is requested by an authorized
representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner
hereof, Cede & Co., has an interest herein.

                       THE BANK OF NEW YORK COMPANY, INC.
        4.25% FIXED RATE/FLOATING RATE SENIOR SUBORDINATED NOTES DUE 2012

No. ---  $250,000,000

         THE BANK OF NEW YORK COMPANY, INC., a corporation duly organized and
existing under the laws of the State of New York (herein called the "Company",
which term includes any successor Person under the Indenture hereinafter
referred to), for value received, hereby promises to pay to CEDE & CO. or
registered assigns, the principal sum of Two Hundred Fifty Million Dollars
($250,000,000) on September 4, 2012, and until the principal hereof is paid or
made available for payment to pay interest thereon (i) from and including
September 4, 2002 or from and

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including the most recent Interest Payment Date (as defined in this Security)
thereafter to which interest has been paid or duly provided for, to but
excluding September 4, 2007 (the "fixed rate period"), semi-annually on March 4
and September 4 of each year, beginning March 4, 2003, at the rate of 4.25% per
annum and (ii) from and including September 4, 2007 or from and including the
most recent Interest Payment Date thereafter to which interest has been paid or
duly provided for to but excluding September 4, 2012 or earlier date of
redemption (the "floating rate period"), quarterly on each March 4, June 4,
September 4 and December 4 of each year beginning December 4, 2007 (each such
semi-annual or quarterly payment date, an "Interest Payment Date"), at a per
annum rate equal to LIBOR (as defined in this Security) plus 1.48%, as
determined by The Bank of New York, as calculation agent (the "Calculation
Agent"), and reset quarterly as described in this Security. The interest so
payable, and punctually paid or duly provided for, on any Interest Payment Date
will, as provided in the 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
fifteenth calendar day (whether or not a Business Day (as defined in this
Security)) 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 the Indenture. During the floating rate period,
the amount of interest for each day the Securities are outstanding (the "Daily
Interest Amount") will be calculated by dividing the interest rate in effect for
that day by 360 and multiplying the result by the principal amount of the
Securities. The amount of interest to be paid on the Securities for each
interest period during the floating rate period will be calculated by adding the
daily interest amounts for each day in the interest period.

         Except as described below for the first interest period, on each
Interest Payment Date, during the fixed rate period and the floating rate
period, the Company shall pay interest for the period commencing on and
including the immediately preceding

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Interest Payment Date and ending on the day next preceding that Interest Payment
Date (an "interest period"). The first interest period, however, will begin on
and include September 4, 2002 and will end on but exclude March 4, 2003.

         During the fixed rate period, in the event that an Interest Payment
Date is not a Business Day, the Company shall pay interest on the next day that
is a Business Day, with the same force and effect as if made on that Interest
Payment Date, and without any interest or other payment with respect to the
delay. During the floating rate period, in the event that an Interest Payment
Date is not a Business Day, that Interest Payment Date will be postponed to the
next day that is a Business Day; provided, however, if such interest payment
date occurs during the floating rate period and such next Business Day is in a
different month, then the Company shall pay interest on the Business Day
immediately preceding that Interest Payment Date. If the maturity date or date
of earlier redemption falls on a date that is not a Business Day, the payment of
principal and interest, if any, will be made on the next succeeding Business
Day, and no interest shall accrue for the period from and after such maturity
date or date of earlier redemption.

         "Business Day" means each Monday, Tuesday, Wednesday, Thursday and
Friday which is not a day on which banking institutions in The City of New York
are authorized or obligate by law or executive order to close.

         "Determination Date", with respect to an Interest Reset Period (as
defined in this Security), means the second London Banking Day (as defined in
this Security) preceding the first day of that Interest Reset Period.

         "Interest Reset Period" means each period during the floating rate
period from and including an Interest Payment Date to but excluding the next
succeeding Interest Payment Date. The first Interest Reset Period during the
floating rate period will begin on and include September 4, 2007 and will end on
but exclude December 4, 2007.

         "LIBOR", with respect to an Interest Reset Period, means the rate
(expressed as a percentage per annum) for deposits in United States dollars for
a three-month period beginning on the second London Banking Day that appears on
Telerate Page 3750 (as defined in this Security) as of 11:00 A.M., London time,
on the Determination Date. If Telerate Page 3750 does not include this rate or
is unavailable on the Determination Date, the calculation

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agent will request the principal London office of each of four major banks in
the London interbank market, as selected by the calculation agent, to provide
that bank's offered quotation (expressed as a percentage per annum) as of
approximately 11:00 A.M., London time, on the Determination Date to prime banks
in the London interbank market for deposits in a Representative Amount (as
defined in this Security) in United States dollars for a three-month period
beginning on the second London Banking Day after the Determination Date. If at
least two offered quotations are so provided, LIBOR for that Interest Reset
Period will be the arithmetic mean of those quotations. If fewer than two
quotations are so provided, the calculation agent will request each of three
major banks in New York City, as selected by the calculation agent, to provide
that bank's rate (expressed as a percentage per annum) as of approximately 11:00
A.M., New York City time, on the Determination Date for loans in a
Representative Amount in United States dollars to leading European banks for a
three-month period beginning on the second London Banking Day after the
Determination Date. If at least two rates are so provided, LIBOR for that
Interest Reset Period will be the arithmetic mean of those rates. If fewer than
two rates are so provided, then LIBOR for that Interest Reset Period will be
LIBOR in effect with respect to the immediately preceding Interest Reset Period
or, in the case of the first Interest Reset Period, 4.25% per annum.

         "London Banking Day" means any day on which dealings in United States
dollars are transacted or, with respect to any future date, are expected to be
transacted in the London interbank market.

         "Representative Amount" means a principal amount that is representative
for a single transaction in the relevant market at the relevant time.

         "Telerate Page 3750" means the display designated as "Page 3750" on
Moneyline Telerate or any successor service (or such other page as may replace
Page 3750 on that service or any successor service).

         All percentages resulting from any of the above calculations will be
rounded, if necessary, to the nearest one hundred-thousandth of a percentage
point, with five one-millionths of a percentage point rounded upwards (e.g.
9.876545% (or .09876545) being rounded to 9.87655% (or .0987655)) and all dollar
amounts used in or resulting from such calculations will be rounded to the
nearest cent (with one-half cent being rounded upwards).

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         The interest rate on the notes will in no event be higher than the
maximum rate permitted by New York law as the same may be modified by United
States law of general application.

         The Securities are not redeemable prior to September 4, 2007. The
Securities will be redeemable in whole or in part at the option of the Company,
beginning September 4, 2007 and on any Interest Payment Date thereafter at a
redemption price equal to 100% of the principal amount of the Securities being
redeemed plus any accrued but unpaid interest to the date of redemption. Notice
of redemption will be mailed to the holders of the Securities to be redeemed not
less than 15 nor more than 30 days prior to the redemption date.

         Payment of the principal of and interest on this Security will be made
at the office or agency of the Company maintained for that purpose in The
Borough of Manhattan, The City of New York in such 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; 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 hereto as such address shall appear in the Security Register.

         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 October 1, 1993 (herein called the
"Indenture"), between the Company and J.P. Morgan Trust Company, National
Association, as Trustee (herein called the "Trustee", which term includes any
successor trustee under the Indenture), to which Indenture and all indentures
supplemental thereto reference is hereby made for a statement of the respective
rights, limitations of rights, duties and immunities thereunder of the Company,
the Trustee 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 above.

         This Global Security shall be exchangeable for Securities of this
series registered in the names of persons other than the Depositary or its
nominee only if (i) the Depositary notifies the Company that it is unwilling or
unable to continue as the Depositary or if at any time such Depositary ceases to
be a clearing agency registered under the United States Securities Exchange Act
of 1934, at a time when such Depositary is required to be so registered in order
to act as Depositary, (ii) the

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Company executes and delivers to the Trustee a Company order that the Global
Security shall be so exchangeable or (iii) there shall have occurred and be
continuing a Default, or an event which, with the giving of notice or the lapse
of time, or both, would constitute a Default, with respect to the Securities of
this series. To the extent that this Global Security is exchangeable pursuant to
the preceding sentence, it shall be exchangeable for Securities of this series
registered in such names as the Depositary shall direct.

         Notwithstanding any other provision herein, 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.

         The Indenture contains provisions for defeasances at any time of (a)
the entire indebtedness evidenced by this Security and (b) certain restricted
covenants, in each case upon compliance by the Company with certain conditions
set forth therein, which provisions apply to this Security.

         The indebtedness evidenced by the Securities of this series is, to the
extent provided in the Indenture, subordinated and subject in right of the
payment in full of the principal of (and premium, if any) and interest on all
Senior Indebtedness, as defined in the Indenture, and this security is issued
subject to the provisions of the Indenture with respect thereto. Each Holder of
this Security, by accepting the same, agrees that each holder of Senior
Indebtedness, whether created or acquired before or after the issuance of the
Securities of this series, shall be deemed conclusively to have relied on such
provisions in acquiring and continuing to hold, or in continuing to hold, such
Senior Indebtedness. The Indenture also provides that if, upon the occurrence of
certain events of bankruptcy or insolvency relating to the Company, there
remains, after giving effect to such subordination provisions, any amount of
cash, property or securities available for payment or distribution in respect of
Securities of this series (as defined in the Indenture, "Excess Proceeds"), and
if, at such time, any Entitled Person (as defined in the Indenture) has not
received payment in full of all amounts due or to become due on or in respect of
Other Financial Obligations (as defined in the Indenture), then such Excess
Proceeds shall first be applied to pay or provide for the payment in full of
such Other Financial Obligations before any payment or distribution may be made
in respect of Securities of this series. This Security is also issued subject to
the provisions of the Indenture regarding payments to Entitled Persons in
respect of

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Other Financial Obligations. Each Holder of this Security, by accepting the
same, agrees to be bound by the provisions of the Indenture described herein and
authorizes and directs the Trustee to take such action on its behalf as may be
necessary or appropriate to acknowledge or effectuate the subordination of this
Security and payment of Excess Proceeds as provided in the Indenture and
appoints the Trustee its attorney-in-fact for any and all such purposes.

         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. Payment of the principal of the Securities of this series may be
accelerated only in the case of certain events involving the bankruptcy,
insolvency or reorganization of the Company. There is no right of acceleration
of payment of the Securities of this series in the case of a default in the
performance of any covenant of the Company, including payment of principal or
interest.

         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 not less than a majority 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 hereof or in lieu hereof, whether
or not notation of such consent or waiver is made upon this Security.

         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 interest on this
Security at the times, place and rate, and in the coin or currency, herein
prescribed.

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         As provided in the Indenture and subject to certain limitations therein
set forth, the transfer of this Security is registerable 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 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 his 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 $1,000 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.

         The Depositary by acceptance of this Global Security agrees that it
will not sell, assign, transfer or otherwise convey any beneficial interest in
this Global Security unless such beneficial interest is in an amount equal to an
authorized denomination for Securities of this series.

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

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

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

                      [This space left blank intentionally]

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

Dated: September 4, 2002

THE BANK OF NEW YORK COMPANY, INC.

By________________________________

[SEAL]

Attest:

________________________________

                          CERTIFICATE OF AUTHENTICATION

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

J.P. MORGAN TRUST COMPANY, NATIONAL ASSOCIATION
as Trustee

By: The Bank of New York
     Authenticating Agent

By:_______________________________<PAGE>

EXHIBIT 4.2

                       THE BANK OF NEW YORK COMPANY, INC.

                         Officers' Certificate Pursuant

                                       to

                              Sections 201 and 301

                                       of

                                  the Indenture

         Pursuant to resolutions of the Board of Directors, dated May 14, 2002
(the "Resolutions"), of The Bank of New York Company, Inc. (the "Company"), and
an Action, dated August 28, 2002 (the "Action"), of an Authorized Officer (as
defined in the Resolutions) of the Company pursuant to the Resolutions and
Sections 201 and 301 of the Indenture, dated as of October 1, 1993 (the
"Indenture"), between the Company and J.P. Morgan Trust Company, National
Association, as Trustee (the "Trustee"), the undersigned certify that the terms
of a series of Securities established pursuant to the Resolutions, the Action
and Section 301 of the Indenture shall be as follows (capitalized terms not
defined herein shall have the meanings assigned to them in the Indenture:

         (1) The title of the Securities of such series is "4.25% Fixed
Rate/Floating Rate Senior Subordinated Notes due 2012" (the "Notes").

         (2) The aggregate principal amount of the Notes which may be
authenticated and delivered under the Indenture shall be $250,000,000, subject
to being increased in the future on the same terms and conditions and with the
same CUSIP number, as permitted under Section 301 of the Indenture (except for
Notes authenticated and delivered upon registration of transfer of, or in
exchange for, or in lieu of, other Notes pursuant to Section 304, 305, 306, 906
or 1107 of the Indenture and except for any Notes which, pursuant to Section
303, are deemed never to have been delivered thereunder).

         (3) Each Note shall mature, and the principal amount thereof shall be
payable, on September 4, 2012.

         (4) The notes shall bear interest at a fixed rate of 4.25% per annum
from and including September 4, 2002 to but excluding September 4, 2007 (the
"fixed rate period"). The notes shall bear

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interest at a floating rate of interest, reset quarterly, from and including
September 4, 2007 to but excluding September 4, 2012 or such earlier date of
redemption (the "floating rate period"). During the fixed rate period, interest
shall be paid from and including September 4, 2002 or from and including the
most recent Interest Payment Date (as defined in the form of Note) thereafter to
which interest has been paid or duly provided for, to but excluding September 4,
2007, semi-annually on March 4 and September 4 of each year, beginning March 4,
2003. During the floating rate period, interest shall be paid from September 4,
2007 or from and including the most recent Interest Payment Date thereafter to
which interest has been paid or duly provided for to but excluding September 4,
2012 or such earlier date of redemption, quarterly on each March 4, June 4,
September 4 and December 4 of each year beginning December 4, 2007, at a per
annum rate, equal to LIBOR (as defined in the form of Note) plus 1.48%, as
determined by The Bank of New York, as calculation agent.

         (5) The notes are not redeemable prior to September 4, 2007. The notes
shall be redeemable in whole or in part at the option of the Company on or after
September 4, 2007 and on any Interest Payment Date thereafter at a redemption
price equal to 100% of the principal amount of the Notes being redeemed plus any
accrued but unpaid interest to the date of redemption. Notice of redemption
shall be mailed to the holders of the Notes to be redeemed not less than 15 nor
more than 30 days prior to the redemption date.

         (6) The Notes shall not have the benefit of any sinking fund.

         (7) The Notes shall be subject to Sections 1402 and 1403 of the
Indenture.

         (8) The Notes shall be issued initially in the form of one or more
permanent Global Notes (collectively, the "Global Note") and the Depositary for
such Global Note shall initially be The Depository Trust Company (the
"Depositary").

         Except as otherwise set forth herein, in the Indenture or in the Global
Note, owners of beneficial interests in the Notes evidenced by the Global Note
will not be entitled to any rights under the Indenture with respect to the
Global Note, and the Depositary may be treated by the Company, the Trustee, and
any agent of the Company or the Trustee as the owner of the Global Note for all
purposes whatsoever.

         The Depositary shall be a clearing agency registered under the
Securities Exchange Act of 1934, as amended. Initially, the Global Note shall be
held by the Paying Agent as custodian for the

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Depositary and registered in the name of Cede & Co., as the nominee of the
Depositary.

         (9)  The Company's obligations under the Notes shall rank pari passu in
right of payment with other Senior Subordinated Debt Securities and with the
Existing Subordinated Indebtedness, subject to the obligations of the Holder of
Notes to pay over any Excess Proceeds to Entitled Persons in respect of Other
Financial Obligations as provided in the Indenture.

         (10) The Notes will be substantially in the form of Annex A attached
hereto, with such modifications thereto as may be approved by an Authorized
Officer.

         IN WITNESS WHEREOF, the undersigned, hereto duly authorized, have duly
signed, and delivered or caused to be delivered to the Trustee under the
Indenture, this Officers' Certificate.

Dated:

      /s/ Thomas J. Mastro
By:--------------------------------
   Thomas J. Mastro
   Comptroller

      /s/ J. Michael Shepherd
By:--------------------------------
   J. Michael Shepherd
   Executive Vice President,
   General Counsel and Secretary

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