Document:

FULLY DISCLOSED CLEARING AGREEMENT

	This Fully Disclosed Clearing Agreement (the "Agreement") is
executed and entered into by and between Southwest Securities, Inc.
("Southwest"), a Delaware corporation, and Raike Financial Group, Inc.
("Correspondent"), a Georgia corporation.

        WHEREAS, Correspondent is in the process of registering or is
registered with the Securities Exchange Commission ("SEC") as a
broker-dealer of securities in accordance with Section 15(b) of the
Securities and Exchange Act of 1934 (the "Act") and is applying for
membership or is a member of the National Association of Securities
Dealers, Inc. ("NASD"), and desires to enter into an agreement with
Southwest for Southwest to clear and maintain customer accounts on
behalf of Correspondent; and

	WHEREAS, Southwest meets all requirements of the SEC to function
as a clearing broker or dealer, and desires to enter into an agreement
to clear and maintain cash, margin or other accounts ("Accounts") for
Correspondent or customers of Correspondent ("Customers"), (such
Accounts of Correspondent and Customers being hereinafter referred to
as "Correspondent Accounts" and "Customer Accounts," respectively).

	NOW, THEREFORE, in consideration of the mutual covenants
contained herein, and of guarantee of this Agreement by any
guarantor(s), and for other good and valuable consideration the
receipt and sufficiency of which is hereby acknowledged, the parties
agree as follows:

1. REPRESENTATIONS AND WARRANTIES; AGENCY RELATIONSHIP

(a)   Representations and Warranties of Correspondent.  Correspondent
represents and warrants to Southwest that:

    (i)    Correspondent is a corporation duly organized, validly
           existing and in good standing under the laws of the
           state of its incorporation, and authorized to conduct

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           business in each state where such authorization is
           required.

    (ii)   Correspondent has all the requisite authority in
           conformity with all applicable laws and regulations to
           enter into this Agreement and to retain the services of
           Southwest in accordance with the terms hereof.
    (iii)  Correspondent shall not conduct any securities business
           in accordance with the terms of this Agreement unless or
           until it is accepted as a member in good standing of the
           NASD, its registration with the SEC is effective, and it
           is duly licensed in accordance with the provisions of
           any applicable state securities laws.
    (iv)   Correspondent shall not conduct any business in
           securities unless it has all requisite authority,
           whether arising under applicable federal or state laws,
           rules and regulations, or under the bylaws and rules of
           any securities exchange or securities association to
           which Correspondent is subject.
    (v)    Correspondent has no arrangement with any other firm for
           the provision by such other firm of clearing services
           for any Customer Acc9ounts or Correspondent Accounts, or
           if any such arrangement exists Correspondent has fully
           disclosed the nature of such arrangement to Southwest in
           writing.

(b) Representations and Warranties of Southwest.  Southwest
    represents and warrants to Correspondent that:

    (i)    Southwest is a corporation duly organized, validly
           existing and in good standing under the laws of the
           state of Delaware and authorized to do business in each
           state where such authorization is required.
    (ii)   Southwest is registered as a broker-dealer with the SEC
           and is in compliance with the rules and regulations
           thereof.

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    (iii)  Southwest is a member corporation in good standing of
           the NASD and is in compliance with the rules and
           regulations thereof.
    (iv)   Southwest is in compliance with the rules and
           regulations of each national securities exchange of
           which it is a member.

2. CUSTOMER AND CORRESPONDENT ACCOUNTS

Responsibility for compliance with the provisions of the NASD Rules of
Fair Practice regarding opening, approving and monitoring Customer
Accounts shall be allocated between Southwest and Correspondent as set
forth in this Section 2.

(a)   Account Documentation.  Correspondent will be responsible for
obtaining and verifying all required information and the
identity of each potential Customer.  Correspondent will be
responsible for obtaining and furnishing to Southwest all
customary and necessary documents related to Customer Accounts
and Correspondent Accounts, and such other documentation as
Southwest may reasonably require from time to time, all in
such form as shall be reasonably acceptable to Southwest.
Correspondent also will be responsible for the transmissions
of all required documents to Southwest on a timely basis, but
in any event within seven (7) days after a request to open an
account is made to Southwest.  Correspondent acknowledges its
obligations to retain all documents in an easily accessible
place in accordance with any applicable rules and regulations
of regulatory or self-regulatory agencies or bodies, and
Correspondent agrees to provide original documents by
overnight delivery or a legible copy by facsimile transmission
of such documents within twenty-four (24) hours of a request
from Southwest.  Correspondent will be responsible for
complying with the requirement of SEC 15c2-5, if applicable.

(b)   Knowledge of Customer and Customer's Investment Objectives.
Correspondent will be responsible for learning and documenting
all the facts relative to every Customer necessary to insure

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compliance by Correspondent with applicable rules and
regulations,  including the information and instructions
submitted to Southwest pursuant to Section 2(a), any
additional facts relative to the Customer's investment
objects, and to the nature of every Customer Account, every
order and every person holding power of attorney over any
Customer Account.  Correspondent shall by solely responsible
for any issues regarding the suitability of any investments
for its Customers.

(c)   Acceptance of Accounts.  An authorized officer of Correspondent
shall accept and approve each Customer and Customer Account.
Each Customer and Customer Account approved by Correspondent
and opened with Southwest shall be subject to Southwest's
acceptance.  Southwest reserves the right to withhold
acceptance of, or to reject, for any reason, any Customer,
Customer Account, correspondent Account or any transaction for
any Account and to terminate any Account previously accepted
by Southwest.  Acceptance of each Account shall be conditioned
upon Southwest's receipt of all required completed forms as
required by Section 2(a).  Correspondent shall not submit such
forms with respect to any Customer Account unless
Correspondent has in its possession the documentation of all
information required pursuant to Section 2(b).  Southwest
shall be under no obligation to accept any Account as to which
any documentation required to be submitted to Southwest or
maintained by Correspondent pursuant to Section 2(a) and (b)
is incomplete.  Prior to acceptance of any Account, no action
taken by Southwest or any of its employees, including, without
being limited to, clearing a trade in any Account, shall be
deemed to be or shall constitute acceptance of such Account.

(d)   Supervision of Transactions and Accounts.  Correspondent
will be responsible for the review and supervision of, and the
suitability of, investments made by each and every one of its
Customers and for the supervision and monitoring of all
discretionary Accounts maintained by Correspondent, and

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Southwest shall have no responsibility for such.  An
authorized officer of Correspondent shall approve each
transaction in each Customer Account accepted by Southwest.
Correspondent shall be responsible for insuring that all
transactions in and activities related to all Accounts opened
by it with Southwest, including discretionary Accounts, will
be in compliance with all applicable laws, rules and
regulations of the United States, the states thereof, and
regulatory and self-regulatory agencies and bodies, including
any laws relating to Correspondent's fiduciary
responsibilities to Customers, either under the Employee
Retirement Income Security Act of 1974 or otherwise; and in
this connection, Correspondent shall diligently supervise the
activities of its officers, employees and representatives with
respect to such Accounts.  Southwest will perform clearing
services provided for in this Agreement for Accounts accepted
by it in accordance with the terms of this Agreement, as it
may be amended from time to time, and otherwise in accordance
with its reasonable business judgment.  To the extent, if any,
that Southwest accepts from Correspondent orders for execution
in accordance with Section 7(a),Correspondent shall be
responsible for informing Southwest of the location of the
securities that are the subject of the order so that Southwest
may comply with the provisions of 3110 of the NASD Conduct
Rules.

(e)   Accounts of Associated Persons.  In each case in which a
Customer is an employee or otherwise associated with an NASD
member, Correspondent shall be responsible for notifying such
member in accordance with the provisions of Article III,
Section 28 of the NASD Rules of Fair Practice.

(f)   Account Responsibility for Certain Purposes.  Notwithstanding
anything herein to the contrary, for purposes of the
Securities Investment Protection Act of 1970 and the financial
responsibility rules of the Securities and Exchange Commission
only, the Customer Accounts are the responsibility of

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Southwest.  Nothing in this Section 2(f) will otherwise change
or affect the provisions of this Agreement of any information
provided to Customers (including the Customer Information
Brochure provided to Correspondent by Southwest), which
provide that each Customer remains a Customer of Correspondent
for all other purposes, including but not limited to sales
practices, supervision, suitability, et.  Further, it is
understood that Correspondent is not Southwest's agent for
sales purposes and neither Correspondent nor any of its
employees or agents can bind Southwest or make representations
on Southwest's behalf to any Customers regarding any
transaction cleared by Southwest on Correspondent's behalf.

3. EXTENSION OF CREDIT

Responsibility for compliance with the provisions of Regulation T
issued by the Board of Governors of the Federal Reserve System
pursuant to the Securities Exchange Act of 1934 ("Regulation T") and
all other applicable rules, regulations and requirements of any
exchange or regulatory agency affecting the extension of credit shall
be allocated between Southwest and Correspondent as set forth in this
Section 3.

(a)   Margin Agreements.  At the time of opening of each margin
account, Correspondent will furnish Southwest with a
Southwest Margin and Short Account Customer Agreement,
executed by Customer, on the form furnished to Correspondent
by Southwest.

(b)   Margin and Margin Maintenance.  Correspondent is responsible for
assuring Customer's payment of Customer's initial margin
requirements and of all amounts necessary to meet subsequent
maintenance calls in each Customer Account, to insure
compliance with Regulation T and the house rules of
Southwest.  Correspondent is responsible for the payment of
initial margin requirements and of all amounts necessary to
meet subsequent margin calls in each Correspondent Account.
Southwest shall have the unlimited right to buy in or sell
out positions in Accounts whenever Southwest in its sole

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discretion deems such action appropriate, and without regard
to whether, if the Account is a Margin Account, any such
Account is then in compliance with applicable margin
maintenance requirement or has requested an extension of time
for any Account to make any payment required by Regulation T.
Correspondent acknowledges that Southwest has the right to
demand payment on any debit balance and that Correspondent is
responsible to Southwest for any unsecured debit balance
resulting from any failure of a Customer to make any such
payments upon demand.

(c)   Margin Requirements. Southwest will by responsible for
setting minimum margin requirements and advising Correspondent
when calls are issued.  Southwest may change the margin
requirements applicable to any Account or class of accounts,
as described in its house rules; Correspondent shall be
responsible for advising its Customers of the changed
requirements and for the payment by Customer of any
additional margin necessary to insure compliance with such
increased requirements.  Correspondent may establish for any
of its Customer Accounts higher minimum margin requirements
than those requirements established by Southwest; however
Southwest will not be responsible for monitoring the higher
minimum on behalf of Correspondent, unless the higher
standard is one that can be accommodated by the Southwest
computer system.

(d)   Extensions.  Correspondent will be responsible for advising
Southwest to obtain extensions under appropriate federal
regulations.  Only Southwest shall perform the clerical
function of obtaining requested extensions from the
applicable regulatory authorities.

(e)   Losses.  In addition to, and not in limitation of,
Correspondent's agreement to indemnify Southwest pursuant to
the provisions of Section 10, Correspondent indemnifies and
holds harmless Southwest from and against any and all loss,
cost, expense and liability (including legal and accounting
fees and expenses) sustained by Southwest arising out of any
of the following events:

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any failure by any Customer to comply with the terms of its
Customer Margin and Short Account Agreement with Southwest;

Southwest's re-booking of margin transactions as cash
transactions;

Southwest's broker's execution of a transaction for the account
of a Customer;

the failure of Correspondent or any Customer, in a margin
transaction, to comply with Regulation T;

the failure of Correspondent to satisfy its obligations under
this Section 3; or

in a cash transaction, the failure of delivery of securities
sold or failure of payment for securities purchased in
accordance with the provisions of Regulation T; the return to
Southwest unpaid ofany check given to Southwest by Correspondent
or any Customer; or the payment for and/or delivery of all "when
issued" transactions which southwest may accept or execute for
the Accounts.

4. MAINTENANCE OF BOOKS AND RECORDS

(a)   Southwest's Books and Records.  Southwest will maintain
stock records and other records on a basis consistent with
generally accepted practices in the securities industry and will
maintain copies of such records as are produced by Southwest,
in accordance with all applicable rules and regulations of
regulatory and self-regulatory agencies and bodies, including
the NASD and SEC guidelines for record retention in effect
from time to time.  In connection with Customer Accounts,
Southwest will maintain and preserve such books and records
pertaining thereto, pursuant to the requirements of SEC Rule
17a-3, as are customarily made and kept by Southwest.

(b)   Correspondent's Books and Records.  Notwithstanding the
provisions of Section 4(a), Correspondent shall maintain
ledgers (or other records) reflecting all assets and
liabilities, income and expenses and capital accounts; monies

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borrowed and monies loaned (together with a record of the
collateral therefore and any substitution in such collateral);
a record of the computation of aggregate indebtedness and bet
capital pursuant to SEC Rule 15c3-1; and personnel files
including applications for employment executed by each
"associated person".  Correspondent also shall maintain a
memorandum of each brokerage order, and of any other
instruction, given or received for the purchase or sale of
securities, whether executed or unexecuted.  Such memorandum
shall show the terms and conditions of the order or
instructions and of any modification or cancellation thereof,
the account for which entered, the time of entry, the price at
which executed and, to the extent feasible, the time of
execution or cancellation.

(c)   Books and Records of Both Parties.  Southwest and
Correspondent shall each be responsible for preparing and filing
the reports required by the regulatory and self-regulatory
agencies and bodies that have jurisdiction over each, and
Southwest and Correspondent will each provide the other with such
information, if any, which is in the control of one party but
is required by the other to prepare any such reports.

5.   RECEIPT, DELIVERY AND SAFEGUARDING OF FUNDS AND SECURITIES

(a)   Receipt and Delivery in the Ordinary Course of Business.
As between Southwest and Correspondent, the party having
possession of Customer funds or securities shall be
responsible for safeguarding such funds and securities.
Correspondent shall promptly transmit securities and/or funds
to Southwest when securities and/or funds are to be delivered
to Southwest.  However, Southwest will mot be responsible for
any funds or securities delivered by a Customer or
Correspondent, its agents or employees, until such funds or
securities are physically delivered to Southwest's premises
and accepted by an authorized representative of Southwest or
deposited in bank accounts maintained in Southwest's name.

<PAGE>    Exhibit 10.4 - Pg. 9

Correspondent shall be responsible for the prompt payment to
Southwest for securities purchased and prompt delivery of
securities sold in Customer Accounts.  Correspondent shall be
responsible for the authenticity of all certificates and
delivery of certificates in good form by Customers to
Southwest.

With respect to all payments made or to be made to Southwest,
by or for a Customer of Correspondent, Correspondent shall
immediately forward all such funds to Southwest, either by U.
S. Mail or mutually acceptable courier service or by deposit
to local depositary bank, and an officer of Correspondent
shall verify and warrant that said funds are credited to the
proper Southwest Customer Account, and further shall notify
Southwest to enter on Southwest's books and records said
deposit of Customer Funds.

With respect to any securities certificates delivered to
Southwest for a Customer of Correspondent, an officer of
Correspondent shall verify and warrant (i) that any
securities not bearing a restricted legend are fully paid for
and freely tradable; (ii) that Correspondent has no reason to
suspect any defect or irregularity with respect to any
securities and any endorsements thereon; (iii) that the
securities are free of any liens and adverse claims, (iv)
that the party transferring the securities has legal title to
them or the authority to effect the proposed transfer; an
d(v) that the regulatory requirements restricting the sale or
transfer of securities that bear a restrictive legend
(pursuant to SEC Rules 144 or 145 or otherwise) have been
satisfied or will be satisfied within the appropriate time
frames.

Correspondent acknowledges that it is solely responsible for
satisfying any loss or shortfall of a Customer Account, or
for any other event which causes the assets in a Customer
Account to be insufficient in amount or otherwise unavailable

<PAGE>    Exhibit 10.4 - Pg. 10

to timely meet the obligations of Customer to Southwest.

(b)   Custody Services.  Whenever Southwest has been instructed
to act as custodian of the securities in any Correspondent or
Customer Account, or to hold such securities in
"safekeeping," Southwest may hold the securities in the
Customer's name or may cause such securities to be registered
in the name of Southwest or its nominee or in the names of
nominees of any depository used by Southwest.  Southwest will
perform the services required in connection with acting as
custodian for securities in Correspondent and Customer
accounts, such as (i) collection and payment of dividends;
(ii) transmittal and handling (through Correspondent) of
tenders or exchanges pursuant to tender offers and exchange
offers; (iii) transmittal of proxy materials and other
shareholder communications; and (iv) handling of exercises or
expirations of rights and warrants, and of redemptions of
securities.

(c)   Receipt and Delivery Pursuant to Special Instruction.
Upon instruction from Correspondent and/or a Customer, Southwest
will make such transfers of securities or Accounts as may be
requested.  Correspondent shall be responsible for
determining if any securities held in Correspondent or
Customer Accounts are "restricted securities" or "control
stock" as defined by the rules of the Sec and that orders
executed for such securities are in compliance with the
applicable laws, rules and regulations.

(d)   Draft-Issuing Authority.  At its discretion Southwest may
authorize certain of Correspondent's employees to sign
drafts, with correspondent as the drawer, payable to
Correspondent's Customers in amounts and pursuant to
conditions as may be determined by Southwest from time to
time.  Correspondent agrees that it will not request
Southwest to authorize someone to sign drafts who is not an
employee of Correspondent.  With respect to any drafts so
issued by Correspondent, an officer of Correspondent shall

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verify and warrant before causing the draft to be issued (i)
that the funds to be transmitted are due payee and that payee
has the authority to receive those funds; (ii) that the funds
are free of any liens or adverse claims at the time of
payment, and are not expected to become subject to any such
liens or claims within the foreseeable future; and (iii) that
the funds are not needed at the time of payment to satisfy
margin or other collateral requirements of the Customer.

Correspondent agrees to fully indemnify Southwest from the
negligence, fraud or mistakes of Correspondent,
Correspondent's employees, independent agents and contractors
and Customers in connection with any draft issuing authority
granted hereunder.  Southwest may in its discretion require
Correspondent or post a performance bond in such amount and
with such deductible as Southwest may determine in order to
protect Southwest against any such losses.  Furthermore,
Correspondent authorizes Southwest to charge any
Correspondent Account or other assets of Correspondent held
by Southwest with the amount of any such losses.

Notwithstanding Section 5(a), Southwest will not be
responsible for the safeguarding of funds withdrawn by
Correspondent of Correspondent's employees pursuant to such
draft issuing authority.  Southwest may withdraw this draft
issuing privilege without notice at any time during the term
of this Agreement.  Notwithstanding anything herein to the
contrary, Southwest may at any time, at its sole discretion,
despite any prior authorization, refuse payment on any draft
for which Correspondent is drawer and Southwest is drawee.

6. CONFIRMATIONS AND STATEMENTS.

(a)   Preparation and Transmissions.  Southwest will prepare
and send to Customers monthly statements of accounts (or
quarterly statements if no activity occurs in an account during

<PAGE>    Exhibit 10.4 - Pg. 12

the calendar quarter covered by such statement), which statements
shall meet Southwest's requirements as to format and quality
and will indicate that correspondent introduced the Account.
Unless otherwise agreed, Southwest will be responsible for
preparing and transmitting confirmations; subject to prior
approval by Southwest and compliance by Correspondent with the
provisions of 2230 NASD Conduct Rules.  Correspondent shall
not generate and/or prepare any statements, billings or
confirmations respecting any Account except as provided in
this Agreement or pursuant to an agreement executed between
Southwest and Correspondent that authorizes Correspondent to
print and mail statements to Accounts on behalf of Southwest.
If such an agreement has been executed, Correspondent
covenants that it shall comply with all requirements for
statements imposed upon Southwest of which Correspondent has
notice or has been advised of by Southwest under all
applicable laws, rules and regulations, including, but not
limited to, the SEC, NASD, Federal Reserve Board and all other
regulatory and self-regulatory agencies and bodies.
Correspondent further covenants that it shall not modify or
amend the agreed upon statement form provided without the
prior written consent of Southwest.

(b)   Examination and Notification of Errors.  Correspondent
shall examine promptly all monthly statements of account, monthly
statements of clearing services and other reports provided to
Correspondent by Southwest.  Correspondent shall notify
Southwest of any error claimed by Correspondent in any Account
in connection with (i) any transaction prior to the settlement
date of such transaction, (ii) information appearing on daily
reports within seven (7) calendar days of such report, and
(iii) information appearing on monthly statements or reports
within thirty (30) calendar days of Correspondent's receipt of
any monthly statement or report.  Any notice of error shall be
accompanied by such documentation as may be necessary to

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substantiate Correspondent's claim.  Correspondent shall
provide promptly upon Southwest's request any additional
documentation which Southwest reasonably believes is necessary
or desirable to determine and correct any such error.

7.   ACCEPTANCE OF ORDERS, EXECUTION OF TRANSACTION, OTHER SERVICES.

(c)   Customer's Orders.  Orders received by Correspondent can be
executed by Correspondent or forwarded to southwest for
execution.  The party executing the order shall be responsible
for errors in execution.  Acceptance of orders from Customers
shall be the responsibility of Correspondent, and
Correspondent shall be responsible for the authenticity of all
orders.  Correspondent shall promptly transmit all orders to
Southwest, and Southwest shall have no responsibility for
orders not promptly transmitted.  Correspondent shall advise
each of its Customers that its relationship with Southwest is
solely that of an introducing broker to a clearing broker and
that, except as set forth in Section 2(f) above, Correspondent
bears all responsibility for the Customer's Account.
Southwest reserves the right to reject any Customer order
transmitted to Southwest for execution or any order executed
by Correspondent and reported to Southwest for clearance.
Correspondent assumes the risk of failure by any dealer with
which correspondent executes an order in the event such dealer
fails to perform, and will reimburse Southwest for any loss
and/or costs incurred by it in the transaction.

(d)   Transaction Clearing.  During the term of this Agreement,
Southwest will clear transactions on a fully disclosed basis
for Accounts of Correspondent and the Customers that
Correspondent introduces and Southwest accepts as provided in
Section2(c); provided that Southwest reserves the right not to
clear any transactions for Correspondent or Correspondent's
Customers.

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(e)   Other Services.  Southwest will perform such other
services, upon such terms and at such prices, as Southwest and
Correspondent shall agree from time to time.

8.   FEES AND SETTLEMENTS FOR SECURITIES TRANSACTIONS

(a)   Commissions; Fees for Clearing Services

      (i)    Correspondent has provided to Southwest its basic
             commission schedule and Southwest will charge each
             Customer the commission shown on such schedule or which
             Correspondent otherwise directs Southwest to charge on
             each transaction.  Correspondent's basic commission
             schedule may be amended from time to time by written
             instructions to Southwest from Correspondent; provided,
             however, that Southwest shall be required to implement
             such changes only to the extent they are within the
             usual capabilities of Southwest's data processing and
             operations systems and only over such reasonable time
             as Southwest may deem necessary or desirable to avoid
             disruption of Southwest's normal operational
             capabilities.  Southwest may charge Correspondent for
             changes in the basic commission schedule.
             Correspondent's basic commission schedule shall by
             within the format of Southwest's computer system
      (ii)   Southwest will charge Correspondent for clearing
             services according to the fee schedule set forth in
             Schedule A attached hereto and, if applicable, Schedule
             B.
      (iii)  Southwest may charge Correspondent expenses incurred by
             Southwest on behalf of Correspondent pursuant to this
             Agreement.  Expenses incurred by Southwest on behalf of
             Correspondent that may be deducted from any payments
             due to Correspondent from Southwest include, but are
             not limited to, overlay of forms, system equipment
             expenses, special programming, changes to commissions

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             schedules and financial report information related
             thereto, installation of data communication lines and
             brokerage related credit inquiries, legal tranfers,
             Regulation T extension, Mailgrams (buy-in or sellout),
             microfiche of records, insurance protection for
             Accounts in excess of the amounts provided by the
             Security Investors Protection Corporation, third party
             vendor fees and costs incurred in failure of
             Correspondent or Customers to provide correct social
             security of tax identification numbers.

(b)   Settlements.  Southwest will collect commission from Customers
on behalf of Correspondent and through Correspondent.  As soon
as practicable after the end of each month, Southwest will
forward to the Correspondent a statement showing the amount of
commission and other amounts collected by Southwest on
Correspondent's behalf, and all amounts due to Southwest from
Correspondent (including, without being limited to, clearing
charges, other charges, other fees and Customer's unsecured
debit items, however arising), together with the amount by
which the total owed Correspondent exceeds the total owed
Southwest.  If such statement indicates that Correspondent
owes monies to Southwest, Correspondent shall promptly pay
Southwest the amount by which the total owed Southwest exceeds
the total owed Correspondent.  If Correspondent fails to make
such payment within the time period indicated on such
statement, or in any event within thirty (30) calendar days,
Southwest shall have the right to charge any other Account
maintained by Southwest for Correspondent or any other assets
of Correspondent held by Southwest (including the deposit
required pursuant to Section 9 and positions and balances in
Correspondent Accounts) for the net amount due Southwest.  Any
failure by Southwest to charge any Account or assets of
Correspondent held by Southwest shall not act as a waiver of

<PAGE>    Exhibit 10.4 - Pg. 16

Southwest's right to demand payment of, or to charge
Correspondent's Accounts for, the full amount due at any time.

9.   DEPOSIT

(a)  Required Clearing Deposit.  Contemporaneously with
the signing of this Agreement, Correspondent will
deliver cash to Southwest, as specified in Schedule A
attached, for deposit in an account maintained by
Southwest.  If at any subsequent time Southwest, in
its sole discretion, requires an additional deposit,
Correspondent will deposit additional cash in an
amount specified by Southwest.  Any failure by
Southwest to demand compliance with the requirement
that Correspondent deposit additional amounts shall
not act as a waiver of Southwest's right to demand
compliance with such requirements at any time.  If
the deposit is not adequately funded as required by
Southwest, Southwest may, in addition to all other
rights under this Agreement, transfer cash or
securities of Correspondent held by Southwest to the
deposit account.  Southwest shall be entitled to set-
off against any deposit in addition to any and all
other rights or remedies Southwest may have under
this Agreement or otherwise.

(b)  Return of Required Clearing Deposit.  When this
Agreement has been terminated in accordance with the
provisions hereof, and Southwest has received payment
in full of any and all amounts owing to Southwest
hereunder and Correspondent has satisfied each and
every of Correspondent's outstanding obligations to
Southwest hereunder, Southwest shall return the
required clearing deposit to Correspondent within

<PAGE>    Exhibit 10.4 - Pg. 17

thirty (30) calendar days of the date on which all of
said payments have been received and obligations
satisfied.  These obligations include, but are not
limited to, any open and unsettled litigation matters
between Correspondent or Customers and Southwest, any
unresolved unsecured Correspondent Account or
Customer Account debit balances, any open fails as a
result of trades executed on behalf of Correspondent
Accounts or Customer Accounts, and any failures to
transfer to another broker any Customer Accounts
introduced by Correspondent.

10.  INDEMNIFICATION

(a)  Indemnity.  Correspondent agrees to indemnify and hold
harmless Southwest, each person who controls Southwest within
the meaning of the Securities Exchange Act of 1934 and any
directors, officers, employees, agents and attorneys of
Southwest ("Southwest Indemnified Persons") for and against
all claims, demands, proceedings, suits and actions and all
liabilities, losses, expenses and costs (including any legal
and accounting fees and expenses)relating to Southw4est's
defense of any failure, for any reson, fraudulent or
otherwise, by Correspondent, Correspondent's employees,
independent agents or contractors, or Customers to comply with
any obligation under this Agreement or any other agreement
executed and delivered to Southwest in connection with
Southwest's performance of services hereunder and any act or
failure to act by Southwest Indemnified Persons, except any
act or failure to act which is the result of gross negligence
or willful misconduct on the part of any such Southwest
Indemnified Person.  Without limiting the generality of the
foregoing, such failure is explicitly intended by the parties
to include failure resulting from (i) suspension of trading or
bankruptcy or insolvency of any company, securities of which

<PAGE>    Exhibit 10.4 - Pg. 18

are held in Customer's Accounts; (ii) failure by any Customer
to maintain adequate margin; or (iii) breach of any obligation
existing between Correspondent and a customer of Correspondent
or any law, rule or regulation of the United States, a state
or territory thereof, or any regulatory or self-regulatory
agency or body, applicable to any transaction contemplated by
this Agreement.

Southwest shall indemnify and hold Correspondent harmless
against any losses, claims, damages, liabilities or expenses
including without limitation those asserted by Customers
(which shall include, but not be limited, to. All costs of
defense and investigation and all attorney's fees) to which
Correspondent may become subject, insofar as such losses,
claims, damages, liabilities or expenses arise out of, or are
based upon the gross negligence or willful misconduct of
Southwest or its employees in providing the services
contemplated hereunder.

Promptly after receipt by any indemnified party under this
section of notice of the commencement of any action, such
indemnified party will, if a claim in respect thereof is to be
made against the indemnifying party under this Section, notify
the indemnifying party of the commencement thereof; but the
omission so to notify the indemnifying party will not relieve
it from any liability that it may have to any indemnified
party otherwise than under this Section.

In case any such action is brought against any indemnified
party, and it notified the indemnifying party of the
commencement thereof,  the indemnifying party will be entitled
to participate in and, to the extent that it may wish, to
assume the defense thereof, subject to the provisions herein
stated, with counsel satisfactory to such indemnified party.
After notice from the indemnifying party to such indemnified
party of its election so to assume the defense thereof, the
indemnifying party will not be liable to the indemnified party

<PAGE>    Exhibit 10.4 - Pg. 19

under this Section for any legal or other expense subsequently
incurred by such indemnified party in connection with the
defense thereof other than reasonable costs of investigation.
The indemnified party shall have the right to employ separate
counsel in any such action and to participate in the defense
thereof, but the fees and expenses of such counsel shall not
be at the expense of the indemnifying party if the
indemnifying party has assumed the defense of the action with
counsel satisfactory to the indemnified party.

(b)  security Interest and Authorization to Charge.
Correspondent grants to Southwest a first lien and security
interest in any Correspondent Account maintained by Southwest
and any other assets of Correspondent now or hereafter held by
Southwest and authorizes Southwest to discharge such lien by
charging such Account and assets with all amounts owing to
Southwest including, but not limited to, (i) any losses
resulting from unsecured debit balances in any Customer or
Correspondent Account, (ii) any losses resulting from unsecured
debit balances in any Customer or Correspondent Account,
(iii) any losses resulting from the failure by a Customer or
Correspondent to promptly satisfy upon demand by Southwest and
indebtedness of Customer or Correspondent to Southwest,
including but not limited to any debit balances n any Customer
Account or Correspondent Account and (iv) any amount to which
Southwest is otherwise entitled pursuant to the provisions of
Section 10(a).  Southwest shall have discretion to liquidate
or sell any securities without notice to Correspondent, and to
determine which securities to sell.  Such charge may be made
against Correspondent Accounts or assets at any time and in
such amount as Southwest deems appropriate.  No delay in
charging any Correspondent Account or asset shall operate as a
waiver of Southwest's right to do so at any time as and when
Southwest deems appropriate.  Southwest shall have the
unlimited right to set-off any indebtedness or other

<PAGE>    Exhibit 10.4 - Pg. 20

obligations of Correspondent under this Agreement of otherwise
(absolute or contingent, matured or unmatured) against any
obligations of Southwest to Correspondent, including from the
required clearing deposit (as described in Section 9) and/or
any other money, securities, or other property of
Correspondent in Southwest's possession.

(c)  Reserves.  In connection with any claim that does or could
give rise to a claim for indemnification under this Section for
Southwest or a Southwest Indemnified Person, Southwest may, in
its discretion, in addition to any and all other rights and
remedies under this Agreement, reserve and retain any money,
securities or other property of Correspondent pending a
determination of such claim.  The money, securities or other
property of Correspondent set aside in such a reserve shall be
subject to Southwest's standard lien and security interest
described in Section 10(b) above.

11.  UNDERTAKINGS OF CORRESPONDENT

(a)  Financial Statements and Other Reports.  Correspondent will
furnish to Southwest promptly upon request copies of
Correspondent's balance sheet and statement of earnings for
the current fiscal year and for each of Correspondent's
previous fiscal years.  Each such balance sheet and statement
of earnings shall be certified by independent public
accountants.  Correspondent also shall furnish to Southwest
promptly upon request copies of Correspondent's monthly and
quarterly Focus filing, and the results and/or reports of all
exams from self-regulatory bodies, federal or state securities
agencies.

(b)  Exclusive Agreement.  It is intended by the parties that
Southwest will be the exclusive provider of clearing services
to Correspondent and its Customers during the term of the
Agreement.  Correspondent will not, without the express
written consent of Southwest, retain any other broker or other
entity to provide clearing services during the term of this

<PAGE>    Exhibit 10.4 - Pg. 21

Agreement.

(c)  Disciplinary Action.  In the event that Correspondent or
and employee of Correspondent shall become subject to any
disciplinary action, including but not limited to expulsion,
suspension or restriction by any regulatory or self-regulatory
agency or body having jurisdiction over Correspondent and
Correspondent's securities business, Correspondent will notify
Southwest immediately and Correspondent authorizes Southwest
to take such steps as may be necessary for Southwest to
maintain compliance with the rules and regulations to which
Southwest is subject.  Correspondent further authorizes
Southwest, in any event, to comply with directives or demands
made upon Southwest by any regulatory or self-regulatory
agency of body relative to Correspondent and Customers.  In
connection with such directives or demands, Southwest may seek
advice or legal counsel and Correspondent will reimburse
Southwest for reasonable fees and expenses of such counsel.
Correspondent shall, during the term of this Agreement, notify
Southwest if Correspondent fails to remain in compliance with
the net capital and financial reporting and record keeping
requirements of the SEC, and state which has jurisdiction over
Correspondent, or any regulatory or self-regulatory body which
has jurisdiction over Correspondent.

(d)  Fixed Price Offerings.  Correspondent agrees that in making
sales of securities, as part of a fixed price offering, it
will comply with all applicable rules of the NASD, including,
without limitation, the NASD's Interpretations with respect to
Free-Riding and Withholding and under 2740 of NASD Conduct
Rules.

(e)  Customer Transactions.  Correspondent represents that all
orders and other transactions received by Southwest will be in
accordance with their Customer's instruction.  The parties
hereto expressly agree that Southwest shall not be bound to
any investigation into the facts surrounding any transaction
that Correspondent may have with its Customers or other
persons, nor shall Southwest be under any responsibility for

<PAGE>    Exhibit 10.4 - Pg. 22

compliance by Correspondent with any laws or regulations which
may be applicable to Correspondents.

(f)  Inquiries on Certificates.  Southwest agrees to act as
Correspondent's direct inquirer under the Lost and Stolen
Securities Program under SEC Rule 17f-1. (17 CFR 240.17f-1).

(g)  Compliance with Rules and Regulations.  Correspondent shall
comply with, and shall be responsible for complying with, all
laws, rules and regulations to which it is subject, including
but not limited to those promulgated by the SEC, the MASD and
securities exchanges of which Correspondent is a member.

(h)  Certain Expenses.  Correspondent will not hold Southwest
responsible for any of Correspondent's office expenses or
operating costs.  Correspondent will reimburse Southwest for
any costs or expenses Southwest may incur in complying with
any request by a court, or regulatory or self-regulatory
agency or body for any documents, papers or dat in any form
pertaining to any matters relating to this Agreement.  If
Southwest deems it necessary to retain legal counsel to advise
Southwest in connection with any matter governed by this
Agreement, including but not limited to Southwest's manner of
handling any transaction on behalf of Correspondent or a
Customer, Correspondent will reimburse Southwest for the fees
of such counsel.

(i)  Option Transactions.  Correspondent shall appoint a
Registered Option Principal before handling option transactions.
Correspondent shall comply with all requirements of the NASD
and other regulatory bodies regarding the handling of option
transactions.

(j)  Correspondent Accounts.  Correspondent shall be required to
pay for securities purchased for its own Accounts on the
settlement date,  Notwithstanding the foregoing, Correspondent
may finance any portion of the debit balance in a
Correspondent Account under applicable stock exchange and
Federal Reserve regulations.  If such financing is extended by
Southwest, Correspondent agrees to satisfy the debit balance

<PAGE>    Exhibit 10.4 - Pg. 23

of such Account upon demand by southwest.  Southwest shall
charge interest on such debit balances at a rate set at the
discretion of Southwest.  Interest will be calculated by
multiplying the average daily debit balance by the average
interest rat (1/360 of the annual interest rate) times the
number of days in the interest period.  The rate of interest
and method of calculation may be changed Southwest
automatically and without notice from time to time.

Correspondent agrees to maintain in any Account which has a
debit balance such positions and margins as may be required by
applicable statutes, rules, regulation, procedures and
customs, or as may be requested by Southwest from time to
time. Any financing described in this Section11(j) shall be
subject to all other terms and provisions of this Agreement
relating to obligations of the Correspondent to Southwest,
including but not limited to being secured by the lien and
security interest granted by Correspondent pursuant to
Section10(b) of this Agreement.

In the case of an Event of Default, as defined below, all
debit balances in any Correspondent Account, and interest
thereon, shall bear interest at the highest lawful rate.  An
Event of Default shall be deemed to have occurred it (i)
Correspondent fails to meet any call by Southwest for
additional collateral to be deposited in a Correspondent
Account; (ii) Correspondent fails to make payment of any debit
balance in a Correspondent Account upon demand by Southwest;
(iii) Correspondent becomes insolvent, makes an assignment for
the benefit of creditors, applies for or consents to the
appointment of a receiver, or institutes or has instituted
against it any insolvency, reorganization, liquidation,
dissolution or similar proceeding; (iv) a petition naming
Correspondent as debtor shall be filed under the United States
Bankruptcy Code; or (v) an attachment is levied against any
Correspondent Account or Account in which Correspondent has an

<PAGE>    Exhibit 10.4 - Pg. 24

interest.

Regardless of any provision of this Section 11(j), any other
section of this Agreement or any other agreement between
Southwest and Correspondent, all agreements between Southwest
and Correspondent, whether now existing or hereafter arising
and whether written or oral, are hereby expressly limited so
that in no contingency or event whatsoever, whether by reason
of demand being made in respect of an amount due from
Correspondent to Southwest, shall the amount paid, or agreed
to be paid, for the use, forbearance or detention of money
loaned by Southwest to Correspondent exceed the maximum
nonusurious rate of interest permitted to be charged under
applicable law (the "Highest Lawful Rate").  If, as a result
of any circumstance whatsoever, fulfillment of or compliance
with any provision hereof or of any of such other agreements
at the time performance of such provisions shall be due or at
any other time shall involve exceeding the amount permitted to
contracted for, taken, reserved, charged or received by
Southwest under applicable usury law, then ipso facto, the
obligation to be fulfilled or complied with shall be reduced
to the limit prescribed by such applicable usury law, and if,
from any such circumstance, Southwest shall ever receive
interest or anything that might be deemed interest under
applicable law which would exceed the Highest Lawful Rate,
such amount which would be excess interest shall be applied to
the reduction of the principal amount owing on the
Correspondent Account in question or the amounts owing on the
obligations of Correspondent to Southwest, or in such
excessive interest exceeds the unpaid principal balance of any
amount owing on other obligations of Correspondent to
Southwest, such excess shall be refunded to Correspondent.
All sums paid or agreed to be paid to Southwest shall, to the
extent permitted by applicable law, be amortized, prorated,
allocated, and spread throughout the full term of such

<PAGE>    Exhibit 10.4 - Pg. 25

indebtedness until payment in full of the principal (including
the period of any renewal or extension thereof) so that the
interest on account of such indebtedness shall not exceed the
Highest Lawful Rate.  Notwithstanding anything to the contrary
contained in any agreement between Correspondent and
Southwest, it is understood and agreed that if at any time the
rate of interest which accrues on the outstanding balance of
any indebtedness of Correspondent to Southwest shall exceed
the Highest Lawful Rate, the rate of interest which accrues on
the outstanding principal balance of any such indebtedness
shall be limited to the Highest Lawful Rate, but any
subsequent reduction in the rate of interest which accrued on
the outstanding principal balance of any indebtedness shall
not reduce the rate of interest which accrues on the
outstanding principal balance of any indebtedness below the
Highest Lawful Rate until the total amount of interest accrued
on the outstanding principal of any indebtedness equals the
amount of interest that would have accrued if such interest
rate had been in effect at all time.

In consideration for Southwest opening or maintaining one or
more inventory Accounts for Correspondent, Correspondent
agrees to allow Southwest at any time within the Limitations
imposed by applicable laws, rules and regulations, to pledge,
hypothecate, and/or make deliveries with any and all
securities in such Accounts, including fully paid and excess
margin securities, without notice to Correspondent.  Such
securities will be segregated from other bona fide customers
of Southwest in the event that they are pledged as collateral
for bank loans.  Without abrogating any of Southwest's rights
under this Agreement and subject to any indebtedness of
Correspondent to Southwest.  Correspondent is entitled, upon
demand, to receive delivery of fully paid for securities in
Correspondent's inventory Accounts.

<PAGE>    Exhibit 10.4 - Pg. 26

The provisions of this Section 11(j) shall be construed in
conjunction with the express terms and conditions of any
separate applicable Account agreement(s) between Southwest and
Correspondent.

(k)  Forms BD and U4.  Within thirty (30) days after the
execution of this Agreement, Correspondent shall provide to
Southwest a copy of Correspondent's Form BD and copies of the
Forms U4 for the principals and all registered employees of
Correspondent, and copies of any other documents relating to
Correspondent, its principals or employees that are available
on the Central Registration Depository ("CRD").  Thereafter,
within thirty (30) days after the firing of any new employee,
Correspondent shall provide to Southwest a copy of such new
employee's Form U4 and other documents available on the CRD.
Additionally, throughout the term of this Agreement,
Correspondent shall promptly provide copies of any subsequent
amendments of all Forms and other documents described in this
Section 11(k).

(l)  Advertising.  Correspondent shall obtain Southwest's prior
written consent before using Southwest's name or logo, or the
name or logo of any affiliate of Southwest, in any advertising
in print, broadcast, electronic or any other media.  Without
the express written consent of Southwest, Correspondent also
shall not display the name or logo of Southwest or any of its
affiliates on any Internet web page or other electronic
advertising; nor shall Correspondent display on any such web
page or electronic advertising, a hyperlink to or the Internet
address of any web page or electronic advertising of Southwest
or any of its affiliates.

12.  TERMINATION OF AGREEMENT; TRANSFER OF ACCOUNTS

(a)  Effectiveness.  This Agreement shall commence to be
effective on the date set forth on the signature page hereof,
subject to any required approval by the NASD and other
regulatory or self-regulatory agencies or bodies, and shall

<PAGE>    Exhibit 10.4 - Pg. 27

remain in effect as more fully described in Schedule A.

(b)  Automatic Termination.  In addition to any other provision
for termination herein, this Agreement shall terminate
immediately in the event that either Correspondent or Southwest
ceases to conduct its business or the Southwest:
     (i)    is no loner registered as a broker/dealer with
            the SEC; or
     (ii)   is not longer a member in good standing of the
            NASD; or
     (iii)  is suspended by any national securities exchange
            of which Southwest is a member for failure to
            comply with the rules and regulations thereof.

(c)  Survival.  Termination of this Agreement shall not affect
Southwest's rights or liabilities relating to business
transacted prior to the effective date of such termination.
From the date of termination until transfer or delivery of all
Customer and Correspondent Accounts, Southwest's rights and
liabilities relating to business transacted after such
termination shall be governed by the same terms as those set
forth in this Agreement.

(d)  No Obligation to Release.  Southwest shall not be required
to release to Correspondent any securities or cash held by
Southwest for Correspondent in one or more Correspondent
Accounts until any and all amounts owing to Southwest pursuant
to the provisions of this Agreement are paid; and
Correspondent's outstanding obligations hereunder to Southwest
are determined, including determination of any disputed
amounts, and satisfied, and any property of Southwest in the
possession of Correspondent is returned to Southwest.

(e)  Conversion of Accounts Upon Termination.  In the event that
this Agreement is terminated for any reason, it shall be
Correspondent's responsibility to arrange for the conversion
of Correspondent and Customer Accounts to another clearing
broker.  Correspondent will give Southwest notice (the
"Conversion Notice") of:

<PAGE>    Exhibit 10.4 - Pg. 28

     (i)   the name of the broker that will assume responsibility
           for clearing services for Customers and Correspondent;
     (ii)  the date on which such broker will commence providing such
           services;
     (iii) Correspondent's undertaking, in form and substance
           satisfactory to Southwest, that Correspondent's agreement
           with such broker provides that such broker will accept on
           conversion all Correspondent and Customer Accounts, then
           maintained by Southwest, and all position of such Accounts;
           and
     (iv)  The name of an individual within that organization who
           Southwest can contact to coordinate the conversion.  The
           Conversion Notice shall accompany Correspondent's notice of
           termination or within thirty (30) days of the occurrence of
           an event specified in Section 12(b).

If correspondent fails to give the Conversion Notice to Southwest,
Southwest may give to Customer such notice as Southwest deems
appropriate of the termination of this Agreement and may make such
arrangements as Southwest deems appropriate for transfer or delivery
of Customer and Correspondent Accounts.  In addition, Correspondent
shall pay any costs incurred by Southwest as billed by an third
party vendors such as transfer agents, etc.

(f)  Other Transfers of Accounts.  When Southwest receives a properly
executed authorization to transfer a Customer Account from the
receiving broker/dealer, Southwest shall promptly transfer the
Customer Account to such receiving broker/dealer.
Correspondent shall discontinue doing business in any Customer
Account scheduled for transfer.

13.  CONFIDENTIALITY.

(a)  Documents and Business Information.  All agreements,
documents, papers and data in any form, supplied by
either party hereto concerning the disclosing party's
business or any Customers shall be treated by the
receiving party as confidential.  To the extent such

<PAGE>    Exhibit 10.4 - Pg. 29

documents or data are retained by the receiving party,
they shall be kept in a safe place and shall be made
available to third parties only as authorized by the
disclosing party in writing or pursuant to any order or
request of a court or regulatory body having appropriate
jurisdiction.  The receiving party shall give the
disclosing party prompt notice of the receipt by the
receiving party of any such order or subpoena, unless
prohibited from doing so by the issuing authority, which
notice shall be given prior to receiving party's
compliance therewith.  Such documents shall be made
available by the receiving party for inspection and
examination by the disclosing party's auditors, by
properly authorized agents or employees of any regulatory
bodies or commissions or by such other persons as the
disclosing party may authorize in writing.
Notwithstanding anything herein to the contrary, the
disclosing party expressly authorizes the receiving
party, its business, or Customers to any regulatory body
having appropriate authority.

(b)  Term of Agreement.  Correspondent agrees that it shall
not disclose to any third party the terms and conditions
of this Agreement, including but not limited to pricing
information, except to the extent Correspondent is
required to do so by the provisions of any law, rule or
regulation, or in response to the order or request of a
court or regulatory body having appropriate jurisdiction.

14.  EMPLOYEES

Neither party will solicit, engage in negotiations to employ, or
employ any person who is, or within the preceding twelve (12)
months has been, employed by the other party, without first
obtaining such other party's express written consent.

<PAGE>    Exhibit 10.4 - Pg. 30

15.  NOTICE TO CUSTOMERS

Subject to the requirements of the NASD Rules of Fair Practice,
Correspondent shall provide to each Customer upon the opening of
a Customer Account, in a manner which is reasonably acceptable to
Southwest, a written notice which shall be furnished by Southwest
describing the general nature of the services being performed by
Southwest in accordance with this Agreement.

16.  CUSTOMER COMPLAINT PROCEDURES

Correspondent will be responsible for the initial handling of all
Customer complaints.  Any Customer who initiates a complaint with
Southwest will be referred by Southwest to Correspondent.  If any
such complaint is based upon an alleged act or failure to act by
Southwest, Correspondent will notify Southwest promptly of such
complaint and the basis therefore; and will consult with
Southwest.  And the Parties will cooperate in determining the
validity of such complaint and the appropriate action to be
taken.

17.  REMEDIES CUMULATIVE

The enumeration herein of specific remedies shall not be
exclusive of any other remedies.  Any delay or failure by any
party to this Agreement to exercise any right, power, remedy or
privilege herein contained, or now or hereafter existing under
any applicable statute or law, shall not be construed to be a
waiver of such right, power, remedy or privilege, nor to limit
the exercise of such right, power, remedy or privilege, nor shall
it preclude the further exercise thereof or the exercise of any
other right, power, remedy or privilege.

18.  GUARANTEE

The corporation or individual(s) who guarantee the obligations of
Correspondent under this Agreement by executing the signature
lines designated for such purpose at the end of the Agreement

<PAGE>    Exhibit 10.4 - Pg. 31

(the "Guarantor(s)"), in consideration of Southwest's entering
into the Agreement do(es) hereby personally guarantee(s) (jointly
and severally, if more than one) the performance by Correspondent
of the provisions of this Agreement (including without limitation
the indemnification provisions of Section 10) and shall promptly
pay any amount that is not paid by Correspondent to Southwest
under this Agreement.  This is an absolute, unconditional and
unlimited guarantee of payment and may be proceeded upon by
Southwest or a Southwest Indemnified Person before filing any
action against Correspondent or after any action against
Correspondent has been commenced.  Guarantor(s) grant(s) to
Southwest a first lien and security interest in any and all money
and securities of Guarantor(s) held by Southwest.  Southwest
shall have the unlimited right to set-off any amounts owed to it
by Correspondent or a Guarantor(s) against any obligation of
Southwest to any Guarantor(s).  Southwest also shall have the
absolute and unlimited right to sell, transfer, or liquidate any
of the assets in any of Guarantor(s)' accounts with Southwest for
any amounts owed to it by Correspondent or a Guarantor(s).  The
obligations of Guarantor(s) shall not be discharged or impaired
or otherwise affected by the failure of Southwest or a Southwest
Indemnified Person to assert, claim, demand or enforce any remedy
under this Agreement, nor by waiver, modification or amendment of
this Agreement or any compromise, settlement or discharge of
obligations of Correspondent under this Agreement, or any release
or impairment of any collateral by Southwest or a Southwest
Indemnified Person.

19.  LIMIT ON LIABILITY; NO CONSEQUENTIAL DAMAGES

In any action by Correspondent against Southwest for any claim
arising out of the relationship created by this Agreement,
Southwest shall only be liable to Correspondent in cases of
gross negligence or willful misconduct, and in such cases
Southwest shall only be liable for the amount or actual monetary
losses suffered by Correspondent.  Correspondent shall not, in

<PAGE>    Exhibit 10.4 - Pg. 32

any such action or proceeding or otherwise, assert any claim
against Southwest for consequential damages on account of any
loss, cost, damage or expense which Correspondent may suffer or
incur related to transactions in connection with this Agreement
or otherwise.

20. MISCELLANEOUS

(a)  Modification.  Except as otherwise expressly provided
herein, this Agreement may be modified only by a writing
signed by both parties to this Agreement.  Such modification
shall not be deemed as a cancellation of this Agreement.
Subject to the MASD Rules of Fair Practice and other
applicable rules and regulations, this Agreement and all
modifications may be required to be submitted to the NASD and
other regulatory or self-regulatory agencies or bodies prior
to effectiveness.  It is expressly understood that services
cannot be provided under this Agreement until such approval,
if required, is received.

(b)  Assignment.  This Agreement shall be binding upon all
successors, assigns, or transferees of both parties hereto
irrespective of any change with regard to the name or of the
personnel of Correspondent or Southwest.  Any assignment of
this Agreement shall be subject to the requisite review and/or
approval of any regulatory or self-regulatory agency or body
whose review and/or approval must be obtained prior to the
effectiveness and validity of such assignment.  No assignment
of this Agreement shall be valid unless the non-assignment
party, in its sole discretion, consents to such an assignment
it writing.  Not withstanding the foregoing, Southwest, upon
giving written notice to Correspondent, may assign it rights
and obligations under this Agreement to any entity that
purchases a majority of the stock or assets of Southwest or of
any of Southwest's subsidiaries or affiliates, to any
majority-owned subsidiary that Southwest may create or to any
entity directly or indirectly controlled by, controlling or
under common control with Southwest, and an assignment by
Southwest to any such party will be deemed valid and

<PAGE>    Exhibit 10.4 - Pg. 33

enforceable in the absence of any consent from Correspondent.
Neither this Agreement nor any operation hereunder is intended
to be, shall not be deemed to be, and shall not the treated as
a general or limited partnership, association, or joint
venture or agency relationship between Correspondent and
Southwest.

(c)  Choice of Law.  The construction and effect of every
provision of this Agreement, the rights of the parties
hereunder and any questions arising out of the Agreement,
shall be subject to the statutory and common law of the State
of Texas, without regard to the choice of law provisions
thereof.

(d)  Severability.  If any provision or condition of this
Agreement shall be held to be invalid or unenforceable by any
court, or regulatory or self-regulatory agency or body with
appropriate jurisdiction, such invalidity or unenforceability
shall attach only to such provision or condition.  The
validity of the remaining provisions and conditions shall not
be affected thereby and this Agreement shall be carried out as
if any such invalid or unenforceable provision or condition
were not contained herein.

(e)  Notice.  For the purposes of any and all notices,
consents, directions, approvals, restrictions, requests or
other communications required or permitted to be delivered
hereunder, Southwest's address shall be:
     Southwest Securities, Inc.
     1201 Elm Street
     Suite 3500
     Dallas, Texas 75270
     Attn: William D Felder, Senior Executive VP

And Correspondent's Address shall be:
     Raike Financial Group, Inc.
     150 Interstate North Parkway
     Atlanta, Georgia 30339
     Attn: Bill Raike

Either party may provide notice or change its address for
notice purposes by giving written notice pursuant to

<PAGE>    Exhibit 10.4 - Pg. 34

registered or certified mail, return receipt requested,
addressed to the other party at its address of notice.

(f)  Counterparts.  This Agreement may be executed in one or
more counterparts, all of which taken together shall
constitute a single agreement.  When each party has executed
and delivered to the other a counterpart, this Agreement will
become binding on both parties, subject only to any required
approval by the NASD.

<PAGE>    Exhibit 10.4 - Pg. 35EXHIBIT 4.1

                             FIXED RATE SENIOR NOTE

REGISTERED                                                          REGISTERED
No. FXR                                                             U.S. $
                                                                    CUSIP:

     Unless this certificate is presented by an authorized representative of
The Depository Trust Company (55 Water Street, New York, New York) 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 such other name
as requested by an authorized representative of The Depository Trust Company
and any payment is made to Cede & Co., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF
FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL since the registered
owner hereof, Cede & Co., has an interest herein.

                                      A- 1
<PAGE>

                        MORGAN STANLEY DEAN WITTER & CO.
                    SENIOR GLOBAL MEDIUM-TERM NOTE, SERIES C
                                  (Fixed Rate)

                         STOCK PARTICIPATION ACCRETING
                 REDEMPTION QUARTERLY-PAY SECURITIES ("SPARQS")

                          % SPARQS DUE          , 200[ ]
                            MANDATORILY EXCHANGEABLE
                         FOR SHARES OF COMMON STOCK OF
                             JUNIPER NETWORKS, INC.

<TABLE>
------------------------------------------------------------------------------------------------------------------
<S>                           <C>                          <C>                          <C>
ORIGINAL ISSUE DATE:          INITIAL REDEMPTION           INTEREST RATE:    %          MATURITY DATE:
                                 DATE: See "Morgan            per annum (equivalent        See "Maturity Date"
                                 Stanley Call Right"          to $      per annum per      below.
                                 below.                       SPARQS)
------------------------------------------------------------------------------------------------------------------
INTEREST ACCRUAL              INITIAL REDEMPTION           INTEREST PAYMENT             OPTIONAL
   DATE:                         PERCENTAGE: See              DATES:                       REPAYMENT
                                 "Morgan Stanley Call                                      DATE(S):  N/A
                                 Right" below.
------------------------------------------------------------------------------------------------------------------
SPECIFIED CURRENCY:           ANNUAL REDEMPTION            INTEREST PAYMENT             APPLICABILITY OF
   U.S. Dollars                  PERCENTAGE                   PERIOD: Quarterly            MODIFIED
                                 REDUCTION: N/A                                            PAYMENT UPON
                                                                                           ACCELERATION: See
                                                                                           "Alternate Exchange
                                                                                           Calculation in Case of
                                                                                           an Event of Default"
                                                                                           below.
------------------------------------------------------------------------------------------------------------------
IF SPECIFIED                  REDEMPTION NOTICE            APPLICABILITY OF             If yes, state Issue Price:
   CURRENCY OTHER                PERIOD: At least 15          ANNUAL INTEREST
   THAN U.S. DOLLARS,            days but no more than        PAYMENTS: N/A
   OPTION TO ELECT               30 days. See "Morgan
   PAYMENT IN U.S.               Stanley Call Right"
   DOLLARS: N/A                  below.
------------------------------------------------------------------------------------------------------------------
EXCHANGE RATE                 TAX REDEMPTION                                            ORIGINAL YIELD TO
   AGENT: N/A                    AND PAYMENT OF                                            MATURITY: N/A
                                 ADDITIONAL
                                 AMOUNTS: N/A
------------------------------------------------------------------------------------------------------------------
OTHER PROVISIONS:             If yes, state Initial Offering
   See below                  Date: N/A
------------------------------------------------------------------------------------------------------------------
</TABLE>

Issue Price........................     $         per each $          principal
                                        amount of this SPARQS

Maturity Date......................               , 200[ ], subject to extension
                                        in the event of a Market Disruption
                                        Event on             , 200[ ].

                                      A- 2
<PAGE>

                                        If the Final Call Notice Date is
                                        postponed due to a Market Disruption
                                        Event or otherwise and the Issuer
                                        exercises the Morgan Stanley Call
                                        Right, the Maturity Date shall be
                                        postponed so that the Maturity Date
                                        will be the fifteenth calendar day
                                        following the Final Call Notice Date
                                        or, if such fifteenth calendar day is
                                        not a scheduled Trading Day, the
                                        immediately succeeding scheduled
                                        Trading Day. See "Final Call Notice
                                        Date" below.

                                        In the event that the Final Call Notice
                                        Date is postponed due to a Market
                                        Disruption Event or otherwise, the
                                        Issuer shall give notice of such
                                        postponement as promptly as possible,
                                        and in no case later than two Business
                                        Days following the scheduled Final Call
                                        Notice Date, (i) to the holder of this
                                        SPARQS by mailing notice of such
                                        postponement by first class mail,
                                        postage prepaid, to the holder's last
                                        address as it shall appear upon the
                                        registry books, (ii) to the Trustee by
                                        telephone or facsimile confirmed by
                                        mailing such notice to the Trustee by
                                        first class mail, postage prepaid, at
                                        its New York office and (iii) to the
                                        Depositary by telephone or facsimile
                                        confirmed by mailing such notice to the
                                        Depositary by first class mail, postage
                                        prepaid. Any notice that is mailed in
                                        the manner herein provided shall be
                                        conclusively presumed to have been duly
                                        given, whether or not the holder of
                                        this SPARQS receives the notice. Notice
                                        of the date to which the Maturity Date
                                        has been rescheduled as a result of
                                        postponement of the Final Call Notice
                                        Date, if applicable, shall be included
                                        in the Issuer's notice of exercise of
                                        the Morgan Stanley Call Right.

Record Dates.......................     Notwithstanding the definition of
                                        "Record Date" on page 17 hereof, the
                                        Record Date for each Interest Payment
                                        Date, including the Interest Payment
                                        Date scheduled to occur on the Maturity
                                        Date, shall be the date 10 calendar
                                        days prior to such Interest Payment
                                        Date, whether or not that date is a
                                        Business Day; provided, however, that
                                        in the event that the Issuer exercises
                                        the Morgan Stanley Call Right, no
                                        Interest Payment Date shall occur after
                                        the Morgan Stanley Notice Date, except
                                        for any Interest Payment Date for which
                                        the Morgan Stanley Notice Date falls on
                                        or after the "ex-interest" date for the
                                        related interest payment, in which case
                                        the related interest payment shall be
                                        made on such Interest Payment Date; and
                                        provided, further, that accrued but
                                        unpaid interest

                                      A- 3
<PAGE>

                                        payable on the Call Date, if any, shall
                                        be payable to the person to whom the
                                        Call Price is payable. The "ex-
                                        interest" date for any interest payment
                                        is the date on which purchase
                                        transactions in the SPARQS no longer
                                        carry the right to receive such
                                        interest payment.

                                        In the event that the Issuer exercises
                                        the Morgan Stanley Call Right and the
                                        Morgan Stanley Notice Date falls before
                                        the "ex-interest" date for an interest
                                        payment, so that as a result a
                                        scheduled Interest Payment Date will
                                        not occur, the Issuer shall cause the
                                        Calculation Agent to give notice to the
                                        Trustee and to The Depository Trust
                                        Company (the "Depositary"), in each
                                        case in the manner and at the time
                                        described in the second and third
                                        paragraphs under "Morgan Stanley Call
                                        Right" below, that no Interest Payment
                                        Date will occur after such Morgan
                                        Stanley Notice Date.

Denominations......................     $         and integral multiples thereof

Morgan Stanley Call Right..........     On any scheduled Trading Day on or after
                                                    , 200[ ], the Issuer may
                                        call the SPARQS, in whole but not in
                                        part, for mandatory exchange for the
                                        Call Price paid in cash (together with
                                        accrued but unpaid interest) on the
                                        Call Date.

                                        On the Morgan Stanley Notice Date, the
                                        Issuer shall give notice of the
                                        Issuer's exercise of the Morgan Stanley
                                        Call Right (i) to the holder of this
                                        SPARQS by mailing notice of such
                                        exercise, specifying the Call Date on
                                        which the Issuer shall effect such
                                        exchange, by first class mail, postage
                                        prepaid, to the holder's last address
                                        as it shall appear upon the registry
                                        books, (ii) to the Trustee by telephone
                                        or facsimile confirmed by mailing such
                                        notice to the Trustee by first class
                                        mail, postage prepaid, at its New York
                                        office and (iii) to the Depositary in
                                        accordance with the applicable
                                        procedures set forth in the Letter of
                                        Representations related to this SPARQS.
                                        Any notice which is mailed in the
                                        manner herein provided shall be
                                        conclusively presumed to have been duly
                                        given, whether or not the holder of
                                        this SPARQS receives the notice.
                                        Failure to give notice by mail or any
                                        defect in the notice to the holder of
                                        any SPARQS shall not affect the
                                        validity of the proceedings for the
                                        exercise of the Morgan Stanley Call
                                        Right with respect to any other SPARQS.

                                      A- 4
<PAGE>

                                        The notice of the Issuer's exercise of
                                        the Morgan Stanley Call Right shall
                                        specify (i) the Call Date, (ii) the
                                        Call Price payable per SPARQS, (iii)
                                        the amount of accrued but unpaid
                                        interest payable per SPARQS on the Call
                                        Date, (iv) whether any subsequently
                                        scheduled Interest Payment Date shall
                                        no longer be an Interest Payment Date
                                        as a result of the exercise of the
                                        Morgan Stanley Call Right, (v) the
                                        place or places of payment of such Call
                                        Price, (vi) that such delivery will be
                                        made upon presentation and surrender of
                                        this SPARQS, (vii) that such exchange
                                        is pursuant to the Morgan Stanley Call
                                        Right and (viii) if applicable, the
                                        date to which the Maturity Date has
                                        been extended due to a Market
                                        Disruption Event as described under
                                        "Maturity Date" above.

                                        The notice of the Issuer's exercise of
                                        the Morgan Stanley Call Right shall be
                                        given by the Issuer or, at the Issuer's
                                        request, by the Trustee in the name and
                                        at the expense of the Issuer.

                                        If this SPARQS is so called for
                                        mandatory exchange by the Issuer, then
                                        the cash Call Price and any accrued but
                                        unpaid interest on this SPARQS to be
                                        delivered to the holder of this SPARQS
                                        shall be delivered on the Call Date
                                        fixed by the Issuer and set forth in
                                        its notice of its exercise of the
                                        Morgan Stanley Call Right, upon
                                        delivery of the SPARQS to the Trustee.
                                        The Issuer shall, or shall cause the
                                        Calculation Agent to, deliver such cash
                                        to the Trustee for delivery to the
                                        holders of this SPARQS.

                                        If this SPARQS is not surrendered for
                                        exchange on the Call Date, it shall be
                                        deemed to be no longer Outstanding
                                        under, and as defined in, the Senior
                                        Indenture after the Call Date, except
                                        with respect to the holder's right to
                                        receive cash due in connection with the
                                        Morgan Stanley Call Right.

Morgan Stanley Notice Date.........     The scheduled Trading Day on which the
                                        Issuer issues its notice of mandatory
                                        exchange, which must be at least 15 but
                                        not more than 30 days prior to the Call
                                        Date.

Final Call Notice Date.............                , 200[ ]; provided that if
                                                   , 200[ ] is not a Trading Day
                                        or if a Market Disruption Event occurs
                                        on such day, the Final Call Notice Date
                                        will be the

                                      A- 5
<PAGE>

                                        immediately succeeding Trading Day on
                                        which no Market Disruption Event
                                        occurs.

Call Date..........................     The scheduled Trading Day on or after
                                                   , 200[ ] and on or prior to
                                        the Maturity Date (including the
                                        Maturity Date as it may be extended)
                                        specified in the Issuer's notice of
                                        mandatory exchange, on which the Issuer
                                        shall deliver cash to holders of SPARQS
                                        for mandatory exchange. See "Maturity
                                        Date" above.

Call Price.........................     The Call Price with respect to any Call
                                        Date is an amount of cash per each
                                        $         principal amount of this
                                        SPARQS, as calculated by the Calculation
                                        Agent, such that the sum of the present
                                        values of all cash flows on each $
                                        principal amount of this SPARQS to and
                                        including the Call Date (i.e., the Call
                                        Price and all of the interest payments
                                        on each SPARQS), discounted to the
                                        Original Issue Date from the applicable
                                        payment date at the Yield to Call rate
                                        of     % per annum computed on the
                                        basis of a 360-day year of twelve
                                        30-day months, equals the Issue Price.

Exchange at Maturity...............     At maturity, subject to a prior call of
                                        this SPARQS for cash in an amount equal
                                        to the Call Price by the Issuer as
                                        described under "Morgan Stanley Call
                                        Right" above, upon delivery of this
                                        SPARQS to the Trustee, each $
                                        principal amount of this SPARQS shall
                                        be applied by the Issuer as payment for
                                        a number of ordinary shares of Juniper
                                        Networks, Inc. ("Juniper Stock") at the
                                        Exchange Ratio, and the Issuer shall
                                        deliver with respect to each $
                                        principal amount of this SPARQS an
                                        amount of Juniper Stock equal to the
                                        Exchange Ratio.

                                        The amount of Juniper Stock to be
                                        delivered at maturity shall be subject
                                        to any applicable adjustments (i) to
                                        the Exchange Ratio and (ii) in the
                                        Exchange Property, as defined in
                                        paragraph 5 under "Antidilution
                                        Adjustments" below, to be delivered
                                        instead of, or in addition to, such
                                        Juniper Stock as a result of any
                                        corporate event described under
                                        "Antidilution Adjustments" below, in
                                        each case, required to be made through
                                        the close of business on the third
                                        Trading Day prior to maturity.

                                        The Issuer shall, or shall cause the
                                        Calculation Agent to, provide written
                                        notice to the Trustee at its New York

                                      A- 6
<PAGE>

                                        Office and to the Depositary, on which
                                        notice the Trustee and Depositary may
                                        conclusively rely, on or prior to 10:30
                                        a.m. on the Trading Day immediately
                                        prior to maturity of this SPARQS, of
                                        the amount of Juniper Stock (or the
                                        amount of Exchange Property) to be
                                        delivered with respect to each $
                                        principal amount of this SPARQS and of
                                        the amount of any cash to be paid in
                                        lieu of any fractional share of Juniper
                                        Stock (or of any other securities
                                        included in Exchange Property, if
                                        applicable); provided that if the
                                        maturity date of this SPARQS is
                                        accelerated (x) because of the
                                        consummation of a Reorganization Event
                                        (as defined in paragraph 5 of
                                        "Antidilution Adjustments" below) where
                                        the Exchange Property consists only of
                                        cash or (y) because of an event
                                        described under "Alternate Exchange
                                        Calculation in Case of an Event of
                                        Default" or otherwise, the Issuer shall
                                        give notice of such acceleration as
                                        promptly as possible, and in no case
                                        later than two Business Days following
                                        such deemed maturity date, (i) to the
                                        holder of this SPARQS by mailing notice
                                        of such acceleration by first class
                                        mail, postage prepaid, to the holder's
                                        last address as it shall appear upon
                                        the registry books, (ii) to the Trustee
                                        by telephone or facsimile confirmed by
                                        mailing such notice to the Trustee by
                                        first class mail, postage prepaid, at
                                        its New York office and (iii) to the
                                        Depositary by telephone or facsimile
                                        confirmed by mailing such notice to the
                                        Depositary by first class mail, postage
                                        prepaid. Any notice that is mailed in
                                        the manner herein provided shall be
                                        conclusively presumed to have been duly
                                        given, whether or not the holder of
                                        this SPARQS receives the notice. If the
                                        maturity of this SPARQS is accelerated
                                        in the manner described in the
                                        immediately preceding sentence, no
                                        interest on the amounts payable with
                                        respect to this SPARQS shall accrue for
                                        the period from and after such
                                        accelerated maturity date; provided
                                        that the Issuer has deposited with the
                                        Trustee on such accelerated maturity
                                        date the Juniper Stock, the Exchange
                                        Property or any cash due with respect
                                        to such acceleration.

                                        The Issuer shall, or shall cause the
                                        Calculation Agent to, deliver any such
                                        shares of Juniper Stock (or any
                                        Exchange Property) and cash in respect
                                        of interest and any fractional share of
                                        Juniper Stock (or any Exchange
                                        Property) and cash otherwise due upon
                                        any acceleration described above to the
                                        Trustee for delivery to the holder.

                                      A- 7
<PAGE>

                                        References to payment "per SPARQS"
                                        refer to each $     principal amount of
                                        this SPARQS.

                                        If this SPARQS is not surrendered for
                                        exchange at maturity, it shall be
                                        deemed to be no longer Outstanding
                                        under, and as defined in, the Senior
                                        Indenture, except with respect to the
                                        holder's right to receive the Juniper
                                        Stock (and, if applicable, any Exchange
                                        Property) due at maturity.

No Fractional Shares...............     Upon delivery of this SPARQS to the
                                        Trustee at maturity, the Issuer shall
                                        deliver the aggregate number of shares
                                        of Juniper Stock due with respect to
                                        this SPARQS, as described above, but
                                        the Issuer shall pay cash in lieu of
                                        delivering any fractional share of
                                        Juniper Stock in an amount equal to the
                                        corresponding fractional Market Price
                                        of such fraction of a share of Juniper
                                        Stock as determined by the Calculation
                                        Agent as of the second scheduled
                                        Trading Day prior to maturity of this
                                        SPARQS.

Exchange Ratio.....................     1.0, subject to adjustment for
                                        corporate events relating to Juniper
                                        Networks, Inc. ("Juniper") described
                                        under "Antidilution Adjustments" below.

Market Price.......................     If Juniper Stock (or any other security
                                        for which a Market Price must be
                                        determined) is listed on a national
                                        securities exchange, is a security of
                                        the Nasdaq National Market or is
                                        included in the OTC Bulletin Board
                                        Service ("OTC Bulletin Board") operated
                                        by the National Association of
                                        Securities Dealers, Inc. (the "NASD"),
                                        the Market Price for one share of
                                        Juniper Stock (or one unit of any such
                                        other security) on any Trading Day
                                        means (i) the last reported sale price,
                                        regular way, of the principal trading
                                        session on such day on the principal
                                        United States securities exchange
                                        registered under the Securities
                                        Exchange Act of 1934, as amended (the
                                        "Exchange Act"), on which Juniper Stock
                                        (or any such other security) is listed
                                        or admitted to trading (which may be
                                        the Nasdaq National Market if it is
                                        then a national securities exchange) or
                                        (ii) if not listed or admitted to
                                        trading on any such securities exchange
                                        or if such last reported sale price is
                                        not obtainable (even if Juniper Stock
                                        (or any such other security) is listed
                                        or admitted to trading on such
                                        securities exchange), the last reported
                                        sale price of the principal trading
                                        session on the over-the-counter market

                                      A- 8
<PAGE>

                                        as reported on the Nasdaq National
                                        Market (if it is not then a national
                                        securities exchange) or OTC Bulletin
                                        Board on such day. If the last reported
                                        sale price of the principal trading
                                        session is not available pursuant to
                                        clause (i) or (ii) of the preceding
                                        sentence because of a Market Disruption
                                        Event or otherwise, the Market Price
                                        for any Trading Day shall be the mean,
                                        as determined by the Calculation Agent,
                                        of the bid prices for Juniper Stock (or
                                        any such other security) obtained from
                                        as many dealers in such security, but
                                        not exceeding three, as will make such
                                        bid prices available to the Calculation
                                        Agent. Bids of Morgan Stanley & Co.
                                        Incorporated ("MS & Co.") or any of its
                                        affiliates may be included in the
                                        calculation of such mean, but only to
                                        the extent that any such bid is the
                                        highest of the bids obtained. A
                                        "security of the Nasdaq National
                                        Market" shall include a security
                                        included in any successor to such
                                        system, and the term "OTC Bulletin
                                        Board Service" shall include any
                                        successor service thereto.

Trading Day........................     A day, as determined by the Calculation
                                        Agent, on which trading is generally
                                        conducted on the New York Stock
                                        Exchange, Inc. ("NYSE"), the American
                                        Stock Exchange LLC, the Nasdaq National
                                        Market, the Chicago Mercantile Exchange
                                        and the Chicago Board of Options
                                        Exchange and in the over-the-counter
                                        market for equity securities in the
                                        United States.

Acceleration Event.................     If on any date the product of the
                                        Market Price per share of Juniper Stock
                                        and the Exchange Ratio is less than
                                        $       , as determined by the
                                        Calculation Agent, the maturity date of
                                        this SPARQS shall be deemed to be
                                        accelerated to such date, and each
                                        $       principal amount of this SPARQS
                                        shall be applied by the Issuer as
                                        payment for a number of shares of
                                        Juniper Stock at the then current
                                        Exchange Ratio, and the Issuer shall
                                        deliver with respect to each $
                                        principal amount of this SPARQS a
                                        number of shares of Juniper Stock equal
                                        to the Exchange Ratio. See also
                                        "Antidilution Adjustments" below.

Calculation Agent..................     MS & Co. and its successors.

                                        All calculations with respect to the
                                        Exchange Ratio and Call Price for the
                                        SPARQS shall be rounded to the nearest
                                        one hundred-thousandth, with five
                                        one-millionths rounded

                                      A- 9
<PAGE>

                                        upward (e.g., .876545 would be rounded
                                        to .87655); all dollar amounts related
                                        to the Call Price resulting from such
                                        calculations shall be rounded to the
                                        nearest ten- thousandth, with five one
                                        hundred-thousandths rounded upward
                                        (e.g., .76545 would be rounded to
                                        .7655); and all dollar amounts paid
                                        with respect to the Call Price on the
                                        aggregate number of SPARQS shall be
                                        rounded to the nearest cent, with
                                        one-half cent rounded upward.

                                        All determinations made by the
                                        Calculation Agent will be at the sole
                                        discretion of the Calculation Agent and
                                        will, in the absence of manifest error,
                                        be conclusive for all purposes and
                                        binding on the holder of this SPARQS
                                        and the Issuer.

Antidilution Adjustments...........     The Exchange Ratio shall be adjusted as
                                        follows:

                                            1. If Juniper Stock is subject to a
                                        stock split or reverse stock split,
                                        then once such split has become
                                        effective, the Exchange Ratio shall be
                                        adjusted to equal the product of the
                                        prior Exchange Ratio and the number of
                                        shares issued in such stock split or
                                        reverse stock split with respect to one
                                        share of Juniper Stock.

                                            2. If Juniper Stock is subject (i)
                                        to a stock dividend (issuance of
                                        additional shares of Juniper Stock)
                                        that is given ratably to all holders of
                                        shares of Juniper Stock or (ii) to a
                                        distribution of Juniper Stock as a
                                        result of the triggering of any
                                        provision of the corporate charter of
                                        Juniper, then once the dividend has
                                        become effective and Juniper Stock is
                                        trading ex-dividend, the Exchange Ratio
                                        shall be adjusted so that the new
                                        Exchange Ratio shall equal the prior
                                        Exchange Ratio plus the product of (i)
                                        the number of shares issued with
                                        respect to one share of Juniper Stock
                                        and (ii) the prior Exchange Ratio.

                                            3. There shall be no adjustments to
                                        the Exchange Ratio to reflect cash
                                        dividends or other distributions paid
                                        with respect to Juniper Stock other
                                        than distributions described in clauses
                                        (i), (iv) and (v) of paragraph 5 below
                                        and Extraordinary Dividends as
                                        described below. A cash dividend or
                                        other distribution with respect to
                                        Juniper Stock shall be deemed to be an
                                        "Extraordinary Dividend" if such
                                        dividend or other distribution exceeds
                                        the immediately preceding
                                        non-Extraordinary Dividend for

                                     A- 10
<PAGE>

                                        Juniper Stock by an amount equal to at
                                        least 10% of the Market Price of
                                        Juniper Stock (as adjusted for any
                                        subsequent corporate event requiring an
                                        adjustment hereunder, such as a stock
                                        split or reverse stock split) on the
                                        Trading Day preceding the ex-dividend
                                        date for the payment of such
                                        Extraordinary Dividend (the "ex-
                                        dividend date"). If an Extraordinary
                                        Dividend occurs with respect to Juniper
                                        Stock, the Exchange Ratio with respect
                                        to Juniper Stock shall be adjusted on
                                        the ex- dividend date with respect to
                                        such Extraordinary Dividend so that the
                                        new Exchange Ratio shall equal the
                                        product of (i) the then current
                                        Exchange Ratio and (ii) a fraction, the
                                        numerator of which is the Market Price
                                        on the Trading Day preceding the
                                        ex-dividend date, and the denominator
                                        of which is the amount by which the
                                        Market Price on the Trading Day
                                        preceding the ex-dividend date exceeds
                                        the Extraordinary Dividend Amount. The
                                        "Extraordinary Dividend Amount" with
                                        respect to an Extraordinary Dividend
                                        for Juniper Stock shall equal (i) in
                                        the case of cash dividends or other
                                        distributions that constitute regular
                                        dividends, the amount per share of such
                                        Extraordinary Dividend minus the amount
                                        per share of the immediately preceding
                                        non-Extraordinary Dividend for Juniper
                                        Stock or (ii) in the case of cash
                                        dividends or other distributions that
                                        do not constitute regular dividends,
                                        the amount per share of such
                                        Extraordinary Dividend. To the extent
                                        an Extraordinary Dividend is not paid
                                        in cash, the value of the non-cash
                                        component shall be determined by the
                                        Calculation Agent, whose determination
                                        shall be conclusive. A distribution on
                                        Juniper Stock described in clause (i),
                                        (iv) or (v) of paragraph 5 below that
                                        also constitutes an Extraordinary
                                        Dividend shall cause an adjustment to
                                        the Exchange Ratio pursuant only to
                                        clause (i), (iv) or (v) of paragraph 5,
                                        as applicable.

                                            4. If Juniper issues rights or
                                        warrants to all holders of Juniper
                                        Stock to subscribe for or purchase
                                        Juniper Stock at an exercise price per
                                        share less than the Market Price of
                                        Juniper Stock on both (i) the date the
                                        exercise price of such rights or
                                        warrants is determined and (ii) the
                                        expiration date of such rights or
                                        warrants, and if the expiration date of
                                        such rights or warrants precedes the
                                        maturity of this SPARQS, then the
                                        Exchange Ratio shall be adjusted to
                                        equal the product of the prior Exchange

                                     A- 11
<PAGE>

                                        Ratio and a fraction, the numerator of
                                        which shall be the number of shares of
                                        Juniper Stock outstanding immediately
                                        prior to the issuance of such rights or
                                        warrants plus the number of additional
                                        shares of Juniper Stock offered for
                                        subscription or purchase pursuant to
                                        such rights or warrants and the
                                        denominator of which shall be the
                                        number of shares of Juniper Stock
                                        outstanding immediately prior to the
                                        issuance of such rights or warrants
                                        plus the number of additional shares of
                                        Juniper Stock which the aggregate
                                        offering price of the total number of
                                        shares of Juniper Stock so offered for
                                        subscription or purchase pursuant to
                                        such rights or warrants would purchase
                                        at the Market Price on the expiration
                                        date of such rights or warrants, which
                                        shall be determined by multiplying such
                                        total number of shares offered by the
                                        exercise price of such rights or
                                        warrants and dividing the product so
                                        obtained by such Market Price.

                                            5. If (i) there occurs any
                                        reclassification or change of Juniper
                                        Stock, including, without limitation,
                                        as a result of the issuance of any
                                        tracking stock by Juniper, (ii) Juniper
                                        or any surviving entity or subsequent
                                        surviving entity of Juniper (a "Juniper
                                        Successor") has been subject to a
                                        merger, combination or consolidation
                                        and is not the surviving entity, (iii)
                                        any statutory exchange of securities of
                                        Juniper or any Juniper Successor with
                                        another corporation occurs (other than
                                        pursuant to clause (ii) above), (iv)
                                        Juniper is liquidated, (v) Juniper
                                        issues to all of its shareholders
                                        equity securities of an issuer other
                                        than Juniper (other than in a
                                        transaction described in clause (ii),
                                        (iii) or (iv) above) (a "Spin-off
                                        Event") or (vi) a tender or exchange
                                        offer or going-private transaction is
                                        consummated for all the outstanding
                                        shares of Juniper Stock (any such event
                                        in clauses (i) through (vi), a
                                        "Reorganization Event"), the method of
                                        determining the amount payable upon
                                        exchange at maturity for this SPARQS
                                        shall be adjusted to provide that the
                                        holder of this SPARQS shall be entitled
                                        to receive at maturity, in respect of
                                        each $    principal amount of this
                                        SPARQS, securities, cash or any other
                                        assets distributed to holders of
                                        Juniper Stock in or as a result of any
                                        such Reorganization Event, including
                                        (i) in the case of the issuance of
                                        tracking stock, the reclassified share
                                        of Juniper Stock, (ii) in the case of a
                                        Spin-off Event, the

                                     A- 12
<PAGE>

                                        share of Juniper Stock with respect to
                                        which the spun-off security was issued,
                                        and (iii) in the case of any other
                                        Reorganization Event where Juniper
                                        Stock continues to be held by the
                                        holders receiving such distribution,
                                        the Juniper Stock (collectively, the
                                        "Exchange Property"), in an amount with
                                        a value equal to the amount of Exchange
                                        Property delivered with respect to a
                                        number of shares of Juniper Stock equal
                                        to the Exchange Ratio at the time of
                                        the Reorganization Event.
                                        Notwithstanding the above, if the
                                        Exchange Property received in any such
                                        Reorganization Event consists only of
                                        cash, the maturity date of this SPARQS
                                        shall be deemed to be accelerated to
                                        the date on which such cash is
                                        distributed to holders of Juniper Stock
                                        and the holder of this SPARQS shall
                                        receive in lieu of any Juniper Stock
                                        and as liquidated damages in full
                                        satisfaction of the Issuer's
                                        obligations under this SPARQS the
                                        lesser of (i) the product of (x) the
                                        amount of cash received per share of
                                        Juniper Stock and (y) the then current
                                        Exchange Ratio and (ii) the Call Price
                                        calculated as though the date of
                                        acceleration were the Call Date
                                        (regardless of whether the date of
                                        acceleration is a day which occurs
                                        prior to       , 200[ ]). If Exchange
                                        Property consists of more than one type
                                        of property, the holder of this SPARQS
                                        shall receive at maturity a pro rata
                                        share of each such type of Exchange
                                        Property. If Exchange Property includes
                                        a cash component, the holder of this
                                        SPARQS will not receive any interest
                                        accrued on such cash component. In the
                                        event Exchange Property consists of
                                        securities, those securities shall, in
                                        turn, be subject to the antidilution
                                        adjustments set forth in paragraphs 1
                                        through 5.

                                        For purposes of paragraph 5 above, in
                                        the case of a consummated tender or
                                        exchange offer or going-private
                                        transaction involving Exchange Property
                                        of a particular type, Exchange Property
                                        shall be deemed to include the amount
                                        of cash or other property paid by the
                                        offeror in the tender or exchange offer
                                        with respect to such Exchange Property
                                        (in an amount determined on the basis
                                        of the rate of exchange in such tender
                                        or exchange offer or going- private
                                        transaction). In the event of a tender
                                        or exchange offer or a going-private
                                        transaction with respect to Exchange
                                        Property in which an offeree may elect
                                        to receive cash or other property,
                                        Exchange Property shall be

                                     A- 13
<PAGE>

                                        deemed to include the kind and amount
                                        of cash and other property received by
                                        offerees who elect to receive cash.

                                        No adjustment to the Exchange Ratio
                                        shall be required unless such
                                        adjustment would require a change of at
                                        least 0.1% in the Exchange Ratio then
                                        in effect. The Exchange Ratio resulting
                                        from any of the adjustments specified
                                        above will be rounded to the nearest
                                        one hundred- thousandth, with five
                                        one-millionths rounded upward. With
                                        respect to the Maturity Date,
                                        adjustments to the Exchange Ratio will
                                        be made up to the close of business on
                                        the third Trading Day prior to the
                                        Maturity Date.

                                        No adjustments to the Exchange Ratio or
                                        method of calculating the Exchange
                                        Ratio shall be made other than those
                                        specified above. The adjustments
                                        specified above do not cover all events
                                        that could affect the Market Price of
                                        Juniper Stock, including, without
                                        limitation, a partial tender or
                                        exchange offer for Juniper Stock.

                                        The Calculation Agent shall be solely
                                        responsible for the determination and
                                        calculation of any adjustments to the
                                        Exchange Ratio or method of calculating
                                        the Exchange Ratio and of any related
                                        determinations and calculations with
                                        respect to any distributions of stock,
                                        other securities or other property or
                                        assets (including cash) in connection
                                        with any corporate event described in
                                        paragraph 5 above, and its
                                        determinations and calculations with
                                        respect thereto shall be conclusive in
                                        the absence of manifest error.

                                        The Calculation Agent shall provide
                                        information as to any adjustments to
                                        the Exchange Ratio or to the method of
                                        calculating the amount payable upon
                                        exchange at maturity of the SPARQS in
                                        accordance with paragraph 5 above upon
                                        written request by any holder of this
                                        SPARQS.

Market Disruption Event............     "Market Disruption Event" means, with
                                        respect to Juniper Stock (and any other
                                        security that may be included as
                                        Exchange Property):

                                          (i) a suspension, absence or material
                                          limitation of trading of Juniper Stock
                                          (or any such other security) on the
                                          primary market for Juniper Stock (or
                                          any such other security) for more than
                                          two hours of trading or

                                     A- 14
<PAGE>

                                          during the one-half hour period
                                          preceding the close of the principal
                                          trading session in such market; or a
                                          breakdown or failure in the price and
                                          trade reporting systems of the
                                          primary market for Juniper Stock (or
                                          any such other security) as a result
                                          of which the reported trading prices
                                          for Juniper Stock (or any such other
                                          security) during the last one-half
                                          hour preceding the close of the
                                          principal trading session in such
                                          market are materially inaccurate; or
                                          the suspension, absence or material
                                          limitation of trading on the primary
                                          market for trading in options
                                          contracts related to Juniper Stock
                                          (or any such other security), if
                                          available, during the one-half hour
                                          period preceding the close of the
                                          principal trading session in the
                                          applicable market, in each case as
                                          determined by the Calculation Agent
                                          in its sole discretion; and

                                          (ii) a determination by the
                                          Calculation Agent in its sole
                                          discretion that any event described in
                                          clause (i) above materially interfered
                                          with the ability of the Issuer or any
                                          of its affiliates to unwind or adjust
                                          all or a material portion of the hedge
                                          with respect to the SPARQS.

                                        For purposes of determining whether a
                                        Market Disruption Event has occurred:
                                        (1) a limitation on the hours or number
                                        of days of trading shall not constitute
                                        a Market Disruption Event if it results
                                        from an announced change in the regular
                                        business hours of the relevant
                                        exchange, (2) a decision to permanently
                                        discontinue trading in the relevant
                                        options contract shall not constitute a
                                        Market Disruption Event, (3)
                                        limitations pursuant to NYSE Rule 80A
                                        (or any applicable rule or regulation
                                        enacted or promulgated by the NYSE, any
                                        other self-regulatory organization or
                                        the Securities and Exchange Commission
                                        of scope similar to NYSE Rule 80A as
                                        determined by the Calculation Agent) on
                                        trading during significant market
                                        fluctuations shall constitute a
                                        suspension, absence or material
                                        limitation of trading, (4) a suspension
                                        of trading in options contracts on
                                        Juniper Stock (or any such other
                                        security) by the primary securities
                                        market trading in such options, if
                                        available, by reason of (x) a price
                                        change exceeding limits set by such
                                        securities exchange or market, (y) an
                                        imbalance of orders relating to such
                                        contracts or (z) a disparity in bid and
                                        ask quotes relating

                                     A- 15
<PAGE>

                                        to such contracts shall constitute a
                                        suspension, absence or material
                                        limitation of trading in options
                                        contracts related to Juniper Stock (or
                                        any such other security) and (5) a
                                        suspension, absence or material
                                        limitation of trading on the primary
                                        securities market on which options
                                        contracts related to Juniper Stock (or
                                        any such other security) are traded
                                        shall not include any time when such
                                        securities market is itself closed for
                                        trading under ordinary circumstances.

Alternate Exchange Calculation
in Case of an Event of Default.....     In case an event of default with
                                        respect to the SPARQS shall have
                                        occurred and be continuing, the amount
                                        declared due and payable per each $
                                        principal amount of this SPARQS upon
                                        any acceleration of this SPARQS shall
                                        be determined by the Calculation Agent
                                        and shall be an amount in cash equal to
                                        the lesser of (i) the product of (x)
                                        the Market Price of Juniper Stock (and
                                        any Exchange Property) as of the date
                                        of such acceleration and (y) the then
                                        current Exchange Ratio and (ii) the
                                        Call Price calculated as though the
                                        date of acceleration were the Call Date
                                        (regardless of whether the date of
                                        acceleration is a day which occurs
                                        prior to       , 200[ ]), in each case
                                        plus accrued but unpaid interest to but
                                        excluding the date of acceleration;
                                        provided that if the Issuer has called
                                        the SPARQS in accordance with the
                                        Morgan Stanley Call Right, the amount
                                        declared due and payable upon any such
                                        acceleration shall be an amount in cash
                                        for each $     principal amount of the
                                        SPARQS equal to the Call Price
                                        calculated as though the date of
                                        acceleration were the Call Date, plus
                                        accrued but unpaid interest to but
                                        excluding the date of acceleration.

Treatment of SPARQS for
United States Federal
Income Tax Purposes................     The Issuer, by its sale of this SPARQS,
                                        and the holder of this SPARQS (and any
                                        successor holder of this SPARQS), by
                                        its respective purchase hereof, agree
                                        (in the absence of an administrative
                                        determination or judicial ruling to the
                                        contrary) to characterize each $
                                        principal amount of this SPARQS for all
                                        tax purposes as an investment unit
                                        consisting of (A) a terminable contract
                                        (the "Terminable Forward Contract")
                                        that (i) requires the holder of this
                                        SPARQS (subject to the Morgan Stanley
                                        Call Right) to purchase, and the Issuer
                                        to sell, for an

                                     A- 16
<PAGE>

                                        amount equal to $        (the "Forward
                                        Price"), Juniper Stock at maturity and
                                        (ii) allows the Issuer, upon exercise
                                        of the Morgan Stanley Call Right, to
                                        terminate the Terminable Forward
                                        Contract by returning to such holder
                                        the Deposit (as defined below) and
                                        paying to such holder an amount of cash
                                        equal to the difference between the
                                        Deposit and the Call Price and (B) a
                                        deposit with the Issuer of a fixed
                                        amount of cash, equal to the Issue
                                        Price per each $         principal
                                        amount of this SPARQS, to secure the
                                        holder's obligation to purchase Juniper
                                        Stock pursuant to the Terminable
                                        Forward Contract (the "Deposit"), which
                                        Deposit bears an annual yield of   % per
                                        annum.

                                     A- 17
<PAGE>

     Morgan Stanley Dean Witter & Co., a Delaware corporation (together with
its successors and assigns, the "Issuer"), for value received, hereby promises
to pay to CEDE & CO., or registered assignees, the amount of Juniper Stock (or
other Exchange Property), as determined in accordance with the provisions set
forth under "Exchange at Maturity" above, due with respect to the principal sum
of U.S. $      (UNITED STATES DOLLARS                 ) on the Maturity Date
specified above (except to the extent redeemed or repaid prior to maturity) and
to pay interest thereon at the Interest Rate per annum specified above, from
and including the Interest Accrual Date specified above until the principal
hereof is paid or duly made available for payment weekly, monthly, quarterly,
semiannually or annually in arrears as specified above as the Interest Payment
Period on each Interest Payment Date (as specified above), commencing on the
Interest Payment Date next succeeding the Interest Accrual Date specified
above, and at maturity (or on any redemption or repayment date); provided,
however, that if the Interest Accrual Date occurs between a Record Date, as
defined below, and the next succeeding Interest Payment Date, interest payments
will commence on the second Interest Payment Date succeeding the Interest
Accrual Date to the registered holder of this Note on the Record Date with
respect to such second Interest Payment Date; and provided, further, that if
this Note is subject to "Annual Interest Payments," interest payments shall be
made annually in arrears and the term "Interest Payment Date" shall be deemed
to mean the first day of March in each year.

     Interest on this Note will accrue from and including the most recent date
to which interest has been paid or duly provided for, or, if no interest has
been paid or duly provided for, from and including the Interest Accrual Date,
until, but excluding the date the principal hereof has been paid or duly made
available for payment. The interest so payable, and punctually paid or duly
provided for, on any Interest Payment Date will, subject to certain exceptions
described herein, be paid to the person in whose name this Note (or one or more
predecessor Notes) is registered at the close of business on the date 15
calendar days prior to such Interest Payment Date (whether or not a Business
Day (as defined below)) (each such date, a "Record Date"); provided, however,
that interest payable at maturity (or any redemption or repayment date) will be
payable to the person to whom the principal hereof shall be payable. As used
herein, "Business Day" means any day, other than a Saturday or Sunday, (a) that
is neither a legal holiday nor a day on which banking institutions are
authorized or required by law or regulation to close (x) in The City of New
York or (y) if this Note is denominated in a Specified Currency other than U.S.
dollars, euro or Australian dollars, in the principal financial center of the
country of the Specified Currency, or (z) if this Note is denominated in
Australian dollars, in Sydney and (b) if this Note is denominated in euro, that
is also a day on which the Trans-European Automated Real-time Gross Settlement
Express Transfer System ("TARGET") is operating (a "TARGET Settlement Day").

     Payment of the principal of this Note, any premium and the interest due at
maturity (or any redemption or repayment date), unless this Note is denominated
in a Specified Currency other than U.S. dollars and is to be paid in whole or
in part in such Specified Currency, will be made in immediately available funds
upon surrender of this Note at the office or agency of the Paying Agent, as
defined on the reverse hereof, maintained for that purpose in the Borough of
Manhattan, The City of New York, or at such other paying agency as the Issuer
may determine, in U.S. dollars. U.S. dollar payments of interest, other than
interest due at maturity or on any date of redemption or repayment, will be
made by U.S. dollar check mailed to the address of the person entitled thereto

                                     A- 18
<PAGE>

as such address shall appear in the Note register. A holder of U.S. $10,000,000
(or the equivalent in a Specified Currency) or more in aggregate principal
amount of Notes having the same Interest Payment Date, the interest on which is
payable in U.S. dollars, shall be entitled to receive payments of interest,
other than interest due at maturity or on any date of redemption or repayment,
by wire transfer of immediately available funds if appropriate wire transfer
instructions have been received by the Paying Agent in writing not less than 15
calendar days prior to the applicable Interest Payment Date.

     If this Note is denominated in a Specified Currency other than U.S.
dollars, and the holder does not elect (in whole or in part) to receive payment
in U.S. dollars pursuant to the next succeeding paragraph, payments of
interest, principal or any premium with regard to this Note will be made by
wire transfer of immediately available funds to an account maintained by the
holder hereof with a bank located outside the United States if appropriate wire
transfer instructions have been received by the Paying Agent in writing, with
respect to payments of interest, on or prior to the fifth Business Day after
the applicable Record Date and, with respect to payments of principal or any
premium, at least ten Business Days prior to the Maturity Date or any
redemption or repayment date, as the case may be; provided that, if payment of
interest, principal or any premium with regard to this Note is payable in euro,
the account must be a euro account in a country for which the euro is the
lawful currency, provided, further, that if such wire transfer instructions are
not received, such payments will be made by check payable in such Specified
Currency mailed to the address of the person entitled thereto as such address
shall appear in the Note register; and provided, further, that payment of the
principal of this Note, any premium and the interest due at maturity (or on any
redemption or repayment date) will be made upon surrender of this Note at the
office or agency referred to in the preceding paragraph.

     If so indicated on the face hereof, the holder of this Note, if
denominated in a Specified Currency other than U.S. dollars, may elect to
receive all or a portion of payments on this Note in U.S. dollars by
transmitting a written request to the Paying Agent, on or prior to the fifth
Business Day after such Record Date or at least ten Business Days prior to the
Maturity Date or any redemption or repayment date, as the case may be. Such
election shall remain in effect unless such request is revoked by written
notice to the Paying Agent as to all or a portion of payments on this Note at
least five Business Days prior to such Record Date, for payments of interest,
or at least ten days prior to the Maturity Date or any redemption or repayment
date, for payments of principal, as the case may be.

     If the holder elects to receive all or a portion of payments of principal
of and any premium and interest on this Note, if denominated in a Specified
Currency other than U.S. dollars, in U.S. dollars, the Exchange Rate Agent (as
defined on the reverse hereof) will convert such payments into U.S. dollars. In
the event of such an election, payment in respect of this Note will be based
upon the exchange rate as determined by the Exchange Rate Agent based on the
highest bid quotation in The City of New York received by such Exchange Rate
Agent at approximately 11:00 a.m., New York City time, on the second Business
Day preceding the applicable payment date from three recognized foreign
exchange dealers (one of which may be the Exchange Rate Agent unless such
Exchange Rate Agent is an affiliate of the Issuer) for the purchase by the
quoting dealer of U.S. dollars for the Specified Currency for settlement on
such payment date in the amount of the

                                     A- 19
<PAGE>

Specified Currency payable in the absence of such an election to such holder
and at which the applicable dealer commits to execute a contract. If such bid
quotations are not available, such payment will be made in the Specified
Currency. All currency exchange costs will be borne by the holder of this Note
by deductions from such payments.

     Reference is hereby made to the further provisions of this Note 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 Note shall
not be entitled to any benefit under the Senior Indenture, as defined on the
reverse hereof, or be valid or obligatory for any purpose.

                                     A- 20
<PAGE>

     IN WITNESS WHEREOF, the Issuer has caused this Note to be duly executed.

DATED:                             MORGAN STANLEY DEAN WITTER & CO.

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

TRUSTEE'S CERTIFICATE
  OF AUTHENTICATION

This is one of the Notes
  referred to in the within-
  mentioned Senior Indenture.

JPMORGAN CHASE BANK,
  as Trustee

By:
   --------------------------------
   Authorized Officer

                                     A- 21
<PAGE>

                              REVERSE OF SECURITY

     This Note is one of a duly authorized issue of Senior Global Medium-Term
Notes, Series C, having maturities more than nine months from the date of issue
(the "Notes") of the Issuer. The Notes are issuable under an Amended and
Restated Senior Indenture, dated as of May 1, 1999, between the Issuer and
JPMorgan Chase Bank (formerly known as The Chase Manhattan Bank), as Trustee
(the "Trustee," which term includes any successor trustee under the Senior
Indenture) (as may be amended or supplemented from time to time, the "Senior
Indenture"), to which Senior Indenture and all indentures supplemental thereto
reference is hereby made for a statement of the respective rights, limitations
of rights, duties and immunities of the Issuer, the Trustee and holders of the
Notes and the terms upon which the Notes are, and are to be, authenticated and
delivered. The Issuer has appointed JPMorgan Chase Bank at its corporate trust
office in The City of New York as the paying agent (the "Paying Agent," which
term includes any additional or successor Paying Agent appointed by the Issuer)
with respect to the Notes. The terms of individual Notes may vary with respect
to interest rates, interest rate formulas, issue dates, maturity dates, or
otherwise, all as provided in the Senior Indenture. To the extent not
inconsistent herewith, the terms of the Senior Indenture are hereby
incorporated by reference herein.

     Unless otherwise indicated on the face hereof, this Note will not be
subject to any sinking fund and, unless otherwise provided on the face hereof
in accordance with the provisions of the following two paragraphs, will not be
redeemable or subject to repayment at the option of the holder prior to
maturity.

     If so indicated on the face hereof, this Note may be redeemed in whole or
in part at the option of the Issuer on or after the Initial Redemption Date
specified on the face hereof on the terms set forth on the face hereof,
together with interest accrued and unpaid hereon to the date of redemption. If
this Note is subject to "Annual Redemption Percentage Reduction," the Initial
Redemption Percentage indicated on the face hereof will be reduced on each
anniversary of the Initial Redemption Date by the Annual Redemption Percentage
Reduction specified on the face hereof until the redemption price of this Note
is 100% of the principal amount hereof, together with interest accrued and
unpaid hereon to the date of redemption. Notice of redemption shall be mailed
to the registered holders of the Notes designated for redemption at their
addresses as the same shall appear on the Note register not less than 30 nor
more than 60 days prior to the date fixed for redemption or within the
Redemption Notice Period specified on the face hereof, subject to all the
conditions and provisions of the Senior Indenture. In the event of redemption
of this Note in part only, a new Note or Notes for the amount of the unredeemed
portion hereof shall be issued in the name of the holder hereof upon the
cancellation hereof.

     If so indicated on the face of this Note, this Note will be subject to
repayment at the option of the holder on the Optional Repayment Date or Dates
specified on the face hereof on the terms set forth herein. On any Optional
Repayment Date, this Note will be repayable in whole or in part in increments
of $1,000 or, if this Note is denominated in a Specified Currency other than
U.S. dollars, in increments of 1,000 units of such Specified Currency (provided
that any remaining principal amount hereof shall not be less than the minimum
authorized denomination hereof) at the option of the holder hereof at a price
equal to 100% of the principal amount to be repaid, together with interest

                                     A- 22
<PAGE>

accrued and unpaid hereon to the date of repayment. For this Note to be repaid
at the option of the holder hereof, the Paying Agent must receive at its
corporate trust office in the Borough of Manhattan, The City of New York, at
least 15 but not more than 30 days prior to the date of repayment, (i) this
Note with the form entitled "Option to Elect Repayment" below duly completed or
(ii) a telegram, telex, facsimile transmission or a letter from a member of a
national securities exchange or the National Association of Securities Dealers,
Inc. or a commercial bank or a trust company in the United States setting forth
the name of the holder of this Note, the principal amount hereof, the
certificate number of this Note or a description of this Note's tenor and
terms, the principal amount hereof to be repaid, a statement that the option to
elect repayment is being exercised thereby and a guarantee that this Note,
together with the form entitled "Option to Elect Repayment" duly completed,
will be received by the Paying Agent not later than the fifth Business Day
after the date of such telegram, telex, facsimile transmission or letter;
provided, that such telegram, telex, facsimile transmission or letter shall
only be effective if this Note and form duly completed are received by the
Paying Agent by such fifth Business Day. Exercise of such repayment option by
the holder hereof shall be irrevocable. In the event of repayment of this Note
in part only, a new Note or Notes for the amount of the unpaid portion hereof
shall be issued in the name of the holder hereof upon the cancellation hereof.

     Interest payments on this Note will include interest accrued to but
excluding the Interest Payment Dates or the Maturity Date (or any earlier
redemption or repayment date), as the case may be. Unless otherwise provided on
the face hereof, interest payments for this Note will be computed and paid on
the basis of a 360-day year of twelve 30-day months.

     In the case where the Interest Payment Date or the Maturity Date (or any
redemption or repayment date) does not fall on a Business Day, payment of
interest, premium, if any, or principal otherwise payable on such date need not
be made on such date, but may be made on the next succeeding Business Day with
the same force and effect as if made on the Interest Payment Date or on the
Maturity Date (or any redemption or repayment date), and no interest on such
payment shall accrue for the period from and after the Interest Payment Date or
the Maturity Date (or any redemption or repayment date) to such next succeeding
Business Day.

     This Note and all the obligations of the Issuer hereunder are direct,
unsecured obligations of the Issuer and rank without preference or priority
among themselves and pari passu with all other existing and future unsecured
and unsubordinated indebtedness of the Issuer, subject to certain statutory
exceptions in the event of liquidation upon insolvency.

     This Note, and any Note or Notes issued upon transfer or exchange hereof,
is issuable only in fully registered form, without coupons, and, if denominated
in U.S. dollars, unless otherwise stated above, is issuable only in
denominations of U.S. $1,000 and any integral multiple of U.S. $1,000 in excess
thereof. If this Note is denominated in a Specified Currency other than U.S.
dollars, then, unless a higher minimum denomination is required by applicable
law, it is issuable only in denominations of the equivalent of U.S. $1,000
(rounded to an integral multiple of 1,000 units of such Specified Currency), or
any amount in excess thereof which is an integral multiple of 1,000 units of
such Specified Currency, as determined by reference to the noon dollar buying
rate in The City of New York for cable transfers of such Specified Currency
published by the Federal

                                     A- 23
<PAGE>

Reserve Bank of New York (the "Market Exchange Rate") on the Business Day
immediately preceding the date of issuance.

     The Trustee has been appointed registrar for the Notes, and the Trustee
will maintain at its office in The City of New York a register for the
registration and transfer of Notes. This Note may be transferred at the
aforesaid office of the Trustee by surrendering this Note for cancellation,
accompanied by a written instrument of transfer in form satisfactory to the
Trustee and duly executed by the registered holder hereof in person or by the
holder's attorney duly authorized in writing, and thereupon the Trustee shall
issue in the name of the transferee or transferees, in exchange herefor, a new
Note or Notes having identical terms and provisions and having a like aggregate
principal amount in authorized denominations, subject to the terms and
conditions set forth herein; provided, however, that the Trustee will not be
required (i) to register the transfer of or exchange any Note that has been
called for redemption in whole or in part, except the unredeemed portion of
Notes being redeemed in part, (ii) to register the transfer of or exchange any
Note if the holder thereof has exercised his right, if any, to require the
Issuer to repurchase such Note in whole or in part, except the portion of such
Note not required to be repurchased, or (iii) to register the transfer of or
exchange Notes to the extent and during the period so provided in the Senior
Indenture with respect to the redemption of Notes. Notes are exchangeable at
said office for other Notes of other authorized denominations of equal
aggregate principal amount having identical terms and provisions. All such
exchanges and transfers of Notes will be free of charge, but the Issuer may
require payment of a sum sufficient to cover any tax or other governmental
charge in connection therewith. All Notes surrendered for exchange shall be
accompanied by a written instrument of transfer in form satisfactory to the
Trustee and executed by the registered holder in person or by the holder's
attorney duly authorized in writing. The date of registration of any Note
delivered upon any exchange or transfer of Notes shall be such that no gain or
loss of interest results from such exchange or transfer.

     In case this Note shall at any time become mutilated, defaced or be
destroyed, lost or stolen and this Note or evidence of the loss, theft or
destruction thereof (together with the indemnity hereinafter referred to and
such other documents or proof as may be required in the premises) shall be
delivered to the Trustee, the Issuer in its discretion may execute a new Note
of like tenor in exchange for this Note, but, if this Note is destroyed, lost
or stolen, only upon receipt of evidence satisfactory to the Trustee and the
Issuer that this Note was destroyed or lost or stolen and, if required, upon
receipt also of indemnity satisfactory to each of them. All expenses and
reasonable charges associated with procuring such indemnity and with the
preparation, authentication and delivery of a new Note shall be borne by the
owner of the Note mutilated, defaced, destroyed, lost or stolen.

     The Senior Indenture provides that (a) if an Event of Default (as defined
in the Senior Indenture) due to the default in payment of principal of,
premium, if any, or interest on, any series of debt securities issued under the
Senior Indenture, including the series of Senior Medium-Term Notes of which
this Note forms a part, or due to the default in the performance or breach of
any other covenant or warranty of the Issuer applicable to the debt securities
of such series but not applicable to all outstanding debt securities issued
under the Senior Indenture shall have occurred and be continuing, either the
Trustee or the holders of not less than 25% in principal amount of the

                                     A- 24
<PAGE>

debt securities of each affected series (voting as a single class) may then
declare the principal of all debt securities of all such series and interest
accrued thereon to be due and payable immediately and (b) if an Event of
Default due to a default in the performance of any other of the covenants or
agreements in the Senior Indenture applicable to all outstanding debt
securities issued thereunder, including this Note, or due to certain events of
bankruptcy or insolvency of the Issuer, shall have occurred and be continuing,
either the Trustee or the holders of not less than 25% in principal amount of
all debt securities issued under the Senior Indenture then outstanding (treated
as one class) may declare the principal of all such debt securities and
interest accrued thereon to be due and payable immediately, but upon certain
conditions such declarations may be annulled and past defaults may be waived
(except a continuing default in payment of principal (or premium, if any) or
interest on such debt securities) by the holders of a majority in principal
amount of the debt securities of all affected series then outstanding.

     If the face hereof indicates that this Note is subject to "Modified
Payment upon Acceleration," then (i) if the principal hereof is declared to be
due and payable as described in the preceding paragraph, the amount of
principal due and payable with respect to this Note shall be limited to the
aggregate principal amount hereof multiplied by the sum of the Issue Price
specified on the face hereof (expressed as a percentage of the aggregate
principal amount) plus the original issue discount amortized from the Interest
Accrual Date to the date of declaration, which amortization shall be calculated
using the "interest method" (computed in accordance with generally accepted
accounting principles in effect on the date of declaration), (ii) for the
purpose of any vote of securityholders taken pursuant to the Senior Indenture
prior to the acceleration of payment of this Note, the principal amount hereof
shall equal the amount that would be due and payable hereon, calculated as set
forth in clause (i) above, if this Note were declared to be due and payable on
the date of any such vote and (iii) for the purpose of any vote of
securityholders taken pursuant to the Senior Indenture following the
acceleration of payment of this Note, the principal amount hereof shall equal
the amount of principal due and payable with respect to this Note, calculated
as set forth in clause (i) above.

     If the face hereof indicates that this Note is subject to "Tax Redemption
and Payment of Additional Amounts," this Note may be redeemed, as a whole, at
the option of the Issuer at any time prior to maturity, upon the giving of a
notice of redemption as described below, at a redemption price equal to 100% of
the principal amount hereof, together with accrued interest to the date fixed
for redemption (except that if this Note is subject to "Modified Payment upon
Acceleration or Redemption," such redemption price would be limited to the
aggregate principal amount hereof multiplied by the sum of the Issue Price
specified on the face hereof (expressed as a percentage of the aggregate
principal amount) plus the original issue discount amortized from the Interest
Accrual Date to the date of redemption, which amortization shall be calculated
using the "interest method" (computed in accordance with generally accepted
accounting principles in effect on the date of redemption) (the "Amortized
Amount")), if the Issuer determines that, as a result of any change in or
amendment to the laws (or any regulations or rulings promulgated thereunder) of
the United States or of any political subdivision or taxing authority thereof
or therein affecting taxation, or any change in official position regarding the
application or interpretation of such laws, regulations or rulings, which
change or amendment becomes effective on or after the Initial Offering Date
hereof, the Issuer has or will become obligated to pay Additional Amounts (as
defined below) with respect

                                     A- 25
<PAGE>

to this Note as described below. Prior to the giving of any Notice of
redemption pursuant to this paragraph, the Issuer shall deliver to the Trustee
(i) a certificate stating that the Issuer is entitled to effect such redemption
and setting forth a statement of facts showing that the conditions precedent to
the right of the Issuer to so redeem have occurred, and (ii) an opinion of
independent counsel satisfactory to the Trustee to such effect based on such
statement of facts; provided that no such notice of redemption shall be given
earlier than 60 days prior to the earliest date on which the Issuer would be
obligated to pay such Additional Amounts if a payment in respect of this Note
were then due.

     Notice of redemption will be given not less than 30 nor more than 60 days
prior to the date fixed for redemption or within the Redemption Notice Period
specified on face hereof, which date and the applicable redemption price will
be specified in the Notice.

     If the face hereof indicates that this Note is subject to "Tax Redemption
and Payment of Additional Amounts," the Issuer will, subject to certain
exceptions and limitations set forth below, pay such additional amounts (the
"Additional Amounts") to the holder of this Note who is a United States Alien
as may be necessary in order that every net payment of the principal of and
interest on this Note and any other amounts payable on this Note, after
withholding for or on account of any present or future tax, assessment or
governmental charge imposed upon or as a result of such payment by the United
States (or any political subdivision or taxing authority thereof or therein),
will not be less than the amount provided for in this Note to be then due and
payable. The Issuer will not, however, be required to make any payment of
Additional Amounts to any such holder for or on account of:

          (a) any such tax, assessment or other governmental charge that would
     not have been so imposed but for (i) the existence of any present or
     former connection between such holder (or between a fiduciary, settlor,
     beneficiary, member or shareholder of such holder, if such holder is an
     estate, a trust, a partnership or a corporation) and the United States and
     its possessions, including, without limitation, such holder (or such
     fiduciary, settlor, beneficiary, member or shareholder) being or having
     been a citizen or resident thereof or being or having been engaged in a
     trade or business or present therein or having, or having had, a permanent
     establishment therein or (ii) the presentation by the holder of this Note
     for payment on a date more than 15 days after the date on which such
     payment became due and payable or the date on which payment thereof is
     duly provided for, whichever occurs later;

          (b) any estate, inheritance, gift, sales, transfer or personal
     property tax or any similar tax, assessment or governmental charge;

          (c) any tax, assessment or other governmental charge imposed by
     reason of such holder's past or present status as a personal holding
     company or foreign personal holding company or controlled foreign
     corporation or passive foreign investment company with respect to the
     United States or as a corporation which accumulates earnings to avoid
     United States federal income tax or as a private foundation or other
     tax-exempt organization;

                                     A- 26
<PAGE>

          (d) any tax, assessment or other governmental charge that is payable
     otherwise than by withholding from payments on or in respect of this Note;

          (e) any tax, assessment or other governmental charge required to be
     withheld by any Paying Agent from any payment of principal of, or interest
     on, this Note, if such payment can be made without such withholding by any
     other Paying Agent in a city in Western Europe;

          (f) any tax, assessment or other governmental charge that would not
     have been imposed but for the failure to comply with certification,
     information or other reporting requirements concerning the nationality,
     residence or identity of the holder or beneficial owner of this Note, if
     such compliance is required by statute or by regulation of the United
     States or of any political subdivision or taxing authority thereof or
     therein as a precondition to relief or exemption from such tax, assessment
     or other governmental charge;

          (g) any tax, assessment or other governmental charge imposed by
     reason of such holder's past or present status as the actual or
     constructive owner of 10% or more of the total combined voting power of
     all classes of stock entitled to vote of the Issuer or as a direct or
     indirect subsidiary of the Issuer; or

          (h) any combination of items (a), (b), (c), (d), (e), (f) or (g);

nor shall Additional Amounts be paid with respect to any payment on this Note
to a United States Alien who is a fiduciary or partnership or other than the
sole beneficial owner of such payment to the extent such payment would be
required by the laws of the United States (or any political subdivision
thereof) to be included in the income, for tax purposes, of a beneficiary or
settlor with respect to such fiduciary or a member of such partnership or a
beneficial owner who would not have been entitled to the Additional Amounts had
such beneficiary, settlor, member or beneficial owner been the holder of this
Note.

     The Senior Indenture permits the Issuer and the Trustee, with the consent
of the holders of not less than a majority in aggregate principal amount of the
debt securities of all series issued under the Senior Indenture then
outstanding and affected (voting as one class), to execute supplemental
indentures adding any provisions to or changing in any manner the rights of the
holders of each series so affected; provided that the Issuer and the Trustee
may not, without the consent of the holder of each outstanding debt security
affected thereby, (a) extend the final maturity of any such debt security, or
reduce the principal amount thereof, or reduce the rate or extend the time of
payment of interest thereon, or reduce any amount payable on redemption or
repayment thereof, or change the currency of payment thereof, or modify or
amend the provisions for conversion of any currency into any other currency, or
modify or amend the provisions for conversion or exchange of the debt security
for securities of the Issuer or other entities (other than as provided in the
antidilution provisions or other similar adjustment provisions of the debt
securities or otherwise in accordance with the terms thereof), or impair or
affect the rights of any holder to institute suit for the payment thereof
without the consent of the holder of each debt security so affected or (b)
reduce the aforesaid percentage in principal amount of debt securities the
consent of the holders of which is required for any such supplemental
indenture.

                                     A- 27
<PAGE>

     Except as set forth below, if the principal of, premium, if any, or
interest on, this Note is payable in a Specified Currency other than U.S.
dollars and such Specified Currency is not available to the Issuer for making
payments hereon due to the imposition of exchange controls or other
circumstances beyond the control of the Issuer or is no longer used by the
government of the country issuing such currency or for the settlement of
transactions by public institutions within the international banking community,
then the Issuer will be entitled to satisfy its obligations to the holder of
this Note by making such payments in U.S. dollars on the basis of the Market
Exchange Rate on the date of such payment or, if the Market Exchange Rate is
not available on such date, as of the most recent practicable date; provided,
however, that if the euro has been substituted for such Specified Currency, the
Issuer may at its option (or shall, if so required by applicable law) without
the consent of the holder of this Note effect the payment of principal of,
premium, if any, or interest on, any Note denominated in such Specified
Currency in euro in lieu of such Specified Currency in conformity with legally
applicable measures taken pursuant to, or by virtue of, the treaty establishing
the European Community (the "EC"), as amended by the treaty on European Union
(as so amended, the "Treaty"). Any payment made under such circumstances in
U.S. dollars or euro where the required payment is in an unavailable Specified
Currency will not constitute an Event of Default. If such Market Exchange Rate
is not then available to the Issuer or is not published for a particular
Specified Currency, the Market Exchange Rate will be based on the highest bid
quotation in The City of New York received by the Exchange Rate Agent at
approximately 11:00 a.m., New York City time, on the second Business Day
preceding the date of such payment from three recognized foreign exchange
dealers (the "Exchange Dealers") for the purchase by the quoting Exchange
Dealer of the Specified Currency for U.S. dollars for settlement on the payment
date, in the aggregate amount of the Specified Currency payable to those
holders or beneficial owners of Notes and at which the applicable Exchange
Dealer commits to execute a contract. One of the Exchange Dealers providing
quotations may be the Exchange Rate Agent unless the Exchange Rate Agent is an
affiliate of the Issuer. If those bid quotations are not available, the
Exchange Rate Agent shall determine the market exchange rate at its sole
discretion.

     The "Exchange Rate Agent" shall be Morgan Stanley & Co. Incorporated,
unless otherwise indicated on the face hereof.

     All determinations referred to above made by, or on behalf of, the Issuer
or by, or on behalf of, the Exchange Rate Agent shall be at such entity's sole
discretion and shall, in the absence of manifest error, be conclusive for all
purposes and binding on holders of Notes and coupons.

     So long as this Note shall be outstanding, the Issuer will cause to be
maintained an office or agency for the payment of the principal of and premium,
if any, and interest on this Note as herein provided in the Borough of
Manhattan, The City of New York, and an office or agency in said Borough of
Manhattan for the registration, transfer and exchange as aforesaid of the
Notes. The Issuer may designate other agencies for the payment of said
principal, premium and interest at such place or places (subject to applicable
laws and regulations) as the Issuer may decide. So long as there shall be such
an agency, the Issuer shall keep the Trustee advised of the names and locations
of such agencies, if any are so designated.

                                     A- 28
<PAGE>

     With respect to moneys paid by the Issuer and held by the Trustee or any
Paying Agent for payment of the principal of or interest or premium, if any, on
any Notes that remain unclaimed at the end of two years after such principal,
interest or premium shall have become due and payable (whether at maturity or
upon call for redemption or otherwise), (i) the Trustee or such Paying Agent
shall notify the holders of such Notes that such moneys shall be repaid to the
Issuer and any person claiming such moneys shall thereafter look only to the
Issuer for payment thereof and (ii) such moneys shall be so repaid to the
Issuer. Upon such repayment all liability of the Trustee or such Paying Agent
with respect to such moneys shall thereupon cease, without, however, limiting
in any way any obligation that the Issuer may have to pay the principal of or
interest or premium, if any, on this Note as the same shall become due.

     No provision of this Note or of the Senior Indenture shall alter or impair
the obligation of the Issuer, which is absolute and unconditional, to pay the
principal of, premium, if any, and interest on this Note at the time, place,
and rate, and in the coin or currency, herein prescribed unless otherwise
agreed between the Issuer and the registered holder of this Note.

     Prior to due presentment of this Note for registration of transfer, the
Issuer, the Trustee and any agent of the Issuer or the Trustee may treat the
holder in whose name this Note is registered as the owner hereof for all
purposes, whether or not this Note be overdue, and none of the Issuer, the
Trustee or any such agent shall be affected by notice to the contrary.

     No recourse shall be had for the payment of the principal of, premium, if
any, or the interest on this Note, for any claim based hereon, or otherwise in
respect hereof, or based on or in respect of the Senior Indenture or any
indenture supplemental thereto, against any incorporator, shareholder, officer
or director, as such, past, present or future, of the Issuer or of any
successor corporation, either directly or through the Issuer or any successor
corporation, whether by virtue of any constitution, statute or rule of law or
by the enforcement of any assessment or penalty or otherwise, all such
liability being, by the acceptance hereof and as part of the consideration for
the issue hereof, expressly waived and released.

     This Note shall for all purposes be governed by, and construed in
accordance with, the laws of the State of New York.

     As used herein, the term "United States Alien" means any person who, for
United States federal income tax purposes, is a foreign corporation, a
non-resident alien individual, a non-resident alien fiduciary of a foreign
estate or trust, or a foreign partnership one or more of the members of which
is a foreign corporation, a non-resident alien individual or a non-resident
alien fiduciary of a foreign estate or trust.

     All terms used in this Note which are defined in the Senior Indenture and
not otherwise defined herein shall have the meanings assigned to them in the
Senior Indenture.

                                     A- 29
<PAGE>

                                 ABBREVIATIONS

     The following abbreviations, when used in the inscription on the face of
this instrument, shall be construed as though they were written out in full
according to applicable laws or regulations:

           TEN COM - as tenants in common
           TEN ENT - as tenants by the entireties
           JT TEN  - as joint tenants with right of survivorship and not as
                     tenants in common

     UNIF GIFT MIN ACT - ___________________________ Custodian__________________
                                  (Minor)                           (Cust)

     Under Uniform Gifts to Minors Act_______________________________
                                                (State)

     Additional abbreviations may also be used though not in the above list.

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

                                     A- 30
<PAGE>

     FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto

_________________________________________
[PLEASE INSERT SOCIAL SECURITY OR OTHER
     IDENTIFYING NUMBER OF ASSIGNEE]

________________________________________________________________________________

________________________________________________________________________________

________________________________________________________________________________
[PLEASE PRINT OR TYPE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE]

the within Note and all rights thereunder, hereby irrevocably constituting and
appointing such person attorney to transfer such note on the books of the
Issuer, with full power of substitution in the premises.

Dated:_____________________________

NOTICE:    The signature to this assignment must correspond with the name
           as written upon the face of the within Note in every particular
           without alteration or enlargement or any change whatsoever.

                                     A- 31
<PAGE>

                           OPTION TO ELECT REPAYMENT

     The undersigned hereby irrevocably requests and instructs the Issuer to
repay the within Note (or portion thereof specified below) pursuant to its
terms at a price equal to the principal amount thereof, together with interest
to the Optional Repayment Date, to the undersigned at

________________________________________________________________________________

________________________________________________________________________________

________________________________________________________________________________
        (Please print or typewrite name and address of the undersigned)

     If less than the entire principal amount of the within Note is to be
repaid, specify the portion thereof which the holder elects to have repaid:
__________; and specify the denomination or denominations (which shall not be
less than the minimum authorized denomination) of the Notes to be issued to the
holder for the portion of the within Note not being repaid (in the absence of
any such specification, one such Note will be issued for the portion not being
repaid): ___________.

Dated:_____________________________     ________________________________________
                                        NOTICE: The signature on this Option
                                        to Elect Repayment must correspond with
                                        the name as written upon the face of the
                                        within instrument in every particular
                                        without alteration or enlargement.

                                     A- 32

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