Document:

Exhibit 4.14

                      FORM OF CERTIFICATE OF DESIGNATIONS,
                           PREFERENCES AND RIGHTS OF
                           SERIES __ PREFERRED STOCK

                                       of

                          International Paper Company

            Pursuant to Section 502 of the Business Corporation Law
                            of the State of New York

     The undersigned, __________, [title] of INTERNATIONAL PAPER COMPANY, a New
York corporation (hereinafter called the "Corporation"), pursuant to the
provisions of Sections 104 and 502 of the General Corporation Law of the State
of New York, hereby makes this Certificate of Designations and hereby states
and certifies that pursuant to the authority expressly vested in the Board of
Directors of the Corporation by its Certificate of Incorporation, the Board of
Directors duly adopted the following resolutions:

     RESOLVED, that, pursuant to Article _____ of the Corporation's Restated
Certificate of Incorporation, as amended, (which authorizes __________ shares
of preferred stock, par value $1.00 per share ("Preferred Stock"), the Board of
Directors hereby fixes the powers, designations, preferences and relative,
participating, optional and other special rights, and the qualifications,
limitations and restrictions, of a series of Preferred Stock.

     RESOLVED, that each share of such series of Preferred Stock shall rank
equally in all respects and shall be subject to the following provisions:

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     1. Number and Designation. [_________] shares of the Preferred Stock of
the Corporation shall be designated as Series __ Preferred Stock ("Series __
Preferred Stock").

     2. Rank. The Series __ Preferred Stock shall, with respect to dividend
rights and rights on liquidation, dissolution and winding-up, rank prior to all
other classes or series of equity securities of the Corporation, including the
Corporation's common stock, par value $.01 per share ("Common Stock"). All
equity securities of the Corporation to which the Series __ Preferred Stock
ranks prior (whether with respect to dividends or upon liquidation,
dissolution, winding-up or otherwise), including the Common Stock, are
collectively the "Junior Securities." All equity securities of the Corporation
with which the Series __ Preferred Stock ranks on a parity (whether with
respect to dividends or upon liquidation, dissolution, winding-up or otherwise)
are collectively the "Parity Securities." The respective definitions of Junior
Securities and Parity Securities shall also include any rights or options
exercisable for or convertible into any of the Junior Securities and Parity
Securities, as the case may be. The Series __ Preferred Stock shall be subject
to the creation of Junior Securities and Parity Securities.

     3. Dividends. (a) Holders of Series __ Preferred Stock shall be entitled
to receive, when, as and if declared by the Board of Directors, out of funds
legally available for the payment of dividends, cash dividends at the annual
rate of $____ per share. Such dividends shall be payable in arrears in equal
amounts [quarterly] on _________[, _________, __________] and ________ of each
year (unless such day is not a business day, in which event on the next
succeeding business day) (each of such dates being a "Dividend Payment Date"
and each such [quarterly] period being a "Dividend Period"). Such dividends
shall be cumulative from the date of issue, whether or not funds of the
Corporation are legally available for the payment of such dividends. Each such
dividend shall be payable to the holders of record of shares of the Series __
Preferred Stock, as they appear on the Corporation's stock register at the
close of business on such record dates, which record dates shall be not more

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than 60 days or less than 10 days prior to the respective Dividend Payment
Date, as shall be fixed by the Board of Directors. Accrued and unpaid dividends
for any past Dividend Periods may be declared and paid at any time, without
reference to any Dividend Payment Date, to holders of record on such date, not
more than 45 days preceding the payment date thereof, as may be fixed by the
Board of Directors.

     (b) The amount of dividends payable for each full Dividend Period for the
Series __ Preferred Stock shall be computed by dividing the annual dividend
rate by [four]. The amount of dividends payable for the initial Dividend
Period, or any other period shorter or longer than a full Dividend Period, on
the Series __ Preferred Stock shall be computed on the basis of 30-day months
and a 12-month year. Holders of Series __ Preferred Stock shall not be entitled
to any dividends, whether payable in cash, property or stock, in excess of
cumulative dividends, as herein provided, on the Series __ Preferred Stock. No
interest or sum of money in lieu of interest shall be payable in respect of any
dividend payment on the Series __ Preferred Stock that may be in arrears.

     (c) So long as any shares of the Series __ Preferred Stock are
outstanding, the Corporation shall not declare, pay or set apart for payment
any dividends or distributions on Parity Securities, for any period unless full
cumulative dividends have been or contemporaneously are declared and paid or
declared and a sum sufficient for the payment thereof set apart for such
payment on the Series __ Preferred Stock for all Dividend Periods terminating
on or before the date of payment of the dividend on such Parity Securities. If
dividends are not paid in full or a sum sufficient for such payment is not set
apart, all dividends declared upon shares of the Series __ Preferred Stock and
all dividends declared upon any other Parity Securities shall be declared
ratably in proportion to the respective amounts of dividends accumulated and
unpaid on the Series __ Preferred Stock and accumulated and unpaid on such
Parity Securities.

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<PAGE>

     (d) So long as any shares of the Series __ Preferred Stock are
outstanding, the Corporation shall not, and shall cause its subsidiaries not
to, directly or indirectly, declare, pay or set apart for payment any dividends
or other distributions on Junior Securities (other than dividends or
distributions paid in shares of, or options, warrants or rights to subscribe
for or purchase shares of, Junior Securities) or redeem or otherwise acquire
any Junior Securities (other than a redemption or acquisition of shares of
Common Stock made for purposes of an employee incentive or benefit plan of the
Corporation or any subsidiary of the Corporation) (all such dividends,
distributions, redemptions or acquisitions being a "Junior Securities
Distribution") for any consideration (including any moneys to be paid to or
made available for a sinking fund for the redemption of any shares of any such
stock), except by conversion into or exchange for Junior Securities, unless in
each case the full cumulative dividends on all outstanding shares of the Series
__ Preferred Stock and any other Parity Securities have been paid or set apart
for payment for all past and current Dividend Periods with respect to the
Series __ Preferred Stock and all past and current dividend periods with
respect to such Parity Securities.

     4. Liquidation Preference. (a) In the event of any liquidation,
dissolution or winding-up of the Corporation, whether voluntary or involuntary,
before any payment or distribution of the Corporation's assets (whether capital
or surplus) shall be made to or set apart for the holders of Junior Securities,
holders of Series __ Preferred Stock shall be entitled to receive $______ per
share of Series __ Preferred Stock plus an amount equal to all dividends
(whether or not earned or declared) accrued and unpaid thereon to the date of
final distribution to such holders; but such holders shall not be entitled to
any further payment. If, upon any liquidation, dissolution or winding-up of the
Corporation, the Corporation's assets, or proceeds thereof, distributable among
the holders of Series __ Preferred Stock are insufficient to pay in full the
preferential amount aforesaid and liquidating payments on any Parity
Securities, then such assets, or the proceeds thereof, shall be distributed
among the holders of Series __ Preferred Stock and any other Parity Securities
ratably in

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<PAGE>

accordance with the respective amounts that would be payable on such shares of
Series __ Preferred Stock and any such other Parity Securities if all amounts
payable thereon were paid in full. Notwithstanding anything else in the
Corporation's Certificate of Incorporation, a liquidation, dissolution or
winding-up, voluntary or involuntary, of the Corporation shall be deemed to
have occurred upon (i) the acquisition of the Corporation by another entity by
means of any transaction or series of related transactions (including, without
limitation, any reorganization, conversion, merger or consolidation, whether of
the Corporation with or into any other corporation or of any other corporation
with or into the Corporation, but excluding any merger effected exclusively for
the purpose of changing the domicile of the Corporation); or (ii) a sale of all
or substantially all of the assets of the Corporation; provided that a
consolidation or merger as a result of which the holders of capital stock of
the Corporation immediately before such merger or consolidation possess (by
reason of such holdings) 50% or more of the voting power of the corporation
surviving such merger or consolidation (or other corporation which is the
issuer of the capital stock into which the capital stock of the Corporation is
converted or exchanged in such merger or consolidation) shall not be treated as
a liquidation, dissolution or winding-up, voluntary or involuntary, of the
Corporation within the meaning of this Section 4.

     (b) Subject to the rights of the holders of any Parity Securities, after
payment has been made in full to the holders of the Series __ Preferred Stock,
as provided in this Section 4, holders of Junior Securities shall, subject to
the respective terms and provisions (if any) applying thereto, be entitled to
receive any and all assets remaining to be paid or distributed, and holders of
Series __ Preferred Stock shall not be entitled to share therein.

     5. Redemption. (a) [The Series __ Preferred Stock shall not be redeemable
by the Corporation before ___________, 20__. On and after _____________, 20__,]
to the extent the Corporation has funds legally available for such payment, the
Corporation may redeem at its option shares of Series __ Preferred Stock, at
any time in whole or

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<PAGE>

from time to time in part, at a redemption price of [$__] per share, plus
accrued and unpaid dividends thereon to the redemption date, in cash without
interest.

     (b) To the extent the Corporation has funds legally available for such
payment, commencing on ___________, 20__ and on each ____________ thereafter,
the Corporation shall redeem a number of shares of Series __ Preferred Stock
equal to __% of the highest number of shares of Series __ Preferred Stock at
any time outstanding, at a redemption price of $__ per share, plus accrued and
unpaid dividends thereon to the redemption date, in cash without interest.
Shares of Series __ Preferred Stock previously retired (other than pursuant to
this Section 5(b)) and shares of Series __ Preferred Stock previously or
simultaneously acquired by the Corporation and retired, that have not been
credited against the redemption requirement set forth in this Section 5(b), may
be applied, in whole or in part, to satisfy the Corporation's obligations under
this Section 5(b).

     [(c) To the extent the Corporation has funds legally available for such
payment, on [maturity date], if any shares of the Series __ Preferred Stock
shall be outstanding, the Corporation shall redeem all outstanding shares of
the Series __ Preferred Stock, at a redemption price of $____ per share, plus
accrued and unpaid dividends thereon to the redemption date, in cash without
interest.]

     (d) Shares of Series __ Preferred Stock that have been issued and
reacquired in any manner, including shares purchased or redeemed, shall (upon
compliance with any applicable provisions of the laws of the State of Delaware)
have the status of authorized and unissued shares of the class of Preferred
Stock undesignated as to series and may be redesignated and reissued as part of
any series of the Preferred Stock; provided that no such issued and reacquired
shares of Series __ Preferred Stock shall be reissued or sold as Series __
Preferred Stock.

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<PAGE>

     (e) If and so long as any obligation of the Corporation to redeem all
outstanding shares of Series __ Preferred Stock pursuant to Sections 5(b) and
5(c) (the "Mandatory Redemption Obligation") is not fully discharged, the
Corporation shall not, and shall cause its subsidiaries not to, directly or
indirectly, (i) redeem or otherwise acquire any Parity Security or discharge
any mandatory or optional redemption, sinking fund or other similar obligation
in respect of any Parity Securities (except in connection with a redemption,
sinking fund or other similar obligation to be satisfied pro rata with the
Series __ Preferred Stock) or (ii) in accordance with Section 3(d), declare or
make any Junior Securities Distribution, or discharge any mandatory or optional
redemption, sinking fund or other similar obligation in respect of the Junior
Securities.

     (f) Notwithstanding the foregoing provisions of this Section 5, unless
full cumulative cash dividends (whether or not declared) on all outstanding
shares of Series __ Preferred Stock have been paid or contemporaneously are
declared and paid or set apart for payment for all dividend periods terminating
on or before the applicable redemption date, none of the shares of Series __
Preferred Stock shall be redeemed, and no sum shall be set aside for such
redemption, unless shares of Series __ Preferred Stock are redeemed pro rata.

     6. Procedure for Redemption. (a) If fewer than all the outstanding shares
of Series __ Preferred Stock are to be redeemed, the number of shares to be
redeemed shall be determined by the Board of Directors and the shares to be
redeemed shall be selected by lot or pro rata (with any fractional shares being
rounded to the nearest whole share) as may be determined by the Board of
Directors (subject to Section 5(f)).

     (b) If the Corporation redeems shares of Series __ Preferred Stock, notice
of such redemption shall be given by first class mail, postage prepaid, mailed
not less than 30 days nor more than 60 days before the redemption date, to each
holder of record of the shares to be redeemed at such holder's address as the
same appears on the Corporation's stock register; provided that neither the
failure to give

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<PAGE>

such notice nor any defect therein shall affect the validity of the giving of
such notice except as to the holder to whom the Corporation has failed to give
said notice or whose notice was defective. Each such notice shall state: (i)
the redemption date; (ii) the number of shares of Series __ Preferred Stock to
be redeemed and, if fewer than all the shares held by such holder are to be
redeemed, the number of shares to be redeemed from such holder; (iii) the
redemption price; (iv) the place or places where certificates for such shares
are to be surrendered for payment of the redemption price; and (v) that
dividends on the shares to be redeemed will cease to accrue on such redemption
date.

     (c) Notice having been mailed as aforesaid, from and after the redemption
date (unless the Corporation defaults in providing money for the payment of the
redemption price of the shares called for redemption), dividends on the shares
of Series __ Preferred Stock so called for redemption shall cease to accrue,
and all rights of the holders thereof as stockholders of the Corporation
(except the right to receive from the Corporation the redemption price) shall
cease. Upon surrender in accordance with said notice of the certificates for
any shares so redeemed (properly endorsed or assigned for transfer, if the
Board of Directors of the Corporation shall so require and the notice shall so
state), such shares shall be redeemed by the Corporation at the redemption
price aforesaid. If fewer than all the shares represented by any such
certificate are redeemed, a new certificate shall be issued representing the
unredeemed shares without cost to the holder thereof.

     7. Voting Rights. (a) Holders of record of shares of Series __ Preferred
Stock are not entitled to any voting rights except as provided in this Section
7 or otherwise by law.

     (b) If and whenever six quarterly dividends (whether or not consecutive)
payable on the Series __ Preferred Stock have not been paid in full or if the
Corporation fails to discharge its Mandatory Redemption Obligation, the number
of directors then constituting the Board of Directors shall be increased by two
and the holders of Series

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<PAGE>

__ Preferred Stock, together with the holders of every other series of
preferred stock upon which like rights to vote for the election of two
additional directors have been conferred and are exercisable (resulting from
either the failure to pay dividends or the failure to redeem) (any such other
series being the "Preferred Shares"), voting as a single class regardless of
series, shall be entitled to elect the two additional directors to serve on the
Board of Directors at any annual meeting of stockholders or special meeting
held in place thereof, or at a special meeting of the holders of the Series __
Preferred Stock and the Preferred Shares called as hereinafter provided. When
all arrears in dividends on the Series __ Preferred Stock and the Preferred
Shares then outstanding have been paid and dividends thereon for the current
quarterly dividend period have been paid or declared and set apart for payment,
or the Corporation has fulfilled its Mandatory Redemption Obligation, as the
case may be, then the right of the holders of the Series __ Preferred Stock and
the Preferred Shares to elect such additional two directors shall cease (but
subject always to the same provisions for the vesting of such voting rights in
the case of any similar future arrearages in six quarterly dividends or failure
to fulfill any Mandatory Redemption Obligation), and the terms of office of all
Persons elected as directors by the holders of the Series __ Preferred Stock
and the Preferred Shares shall immediately terminate and the number of the
Board of Directors shall be reduced accordingly. At any time after such voting
power has been so vested in the holders of Series __ Preferred Stock and the
Preferred Shares, the secretary of the Corporation may, and upon the written
request of any holder of Series __ Preferred Stock (addressed to the secretary
at the principal office of the Corporation) shall, call a special meeting of
the holders of the Series __ Preferred Stock and of the Preferred Shares for
the election of the two directors to be elected by them as herein provided,
such call to be made by notice similar to that provided in the by-laws of the
Corporation for a special meeting of the stockholders or as required by law. If
the secretary does not call a meeting as above provided within 20 days after
receipt of any such request, then any holder of Series __ Preferred Stock may
call such meeting, upon the notice above provided, and for that purpose shall
have access to the stock books of the Corporation. The directors

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<PAGE>

elected at any such special meeting shall hold office until the next annual
meeting of the stockholders or special meeting held in lieu thereof if such
office shall not have terminated as above provided. If any vacancy shall occur
among the directors elected by the holders of the Series __ Preferred Stock and
the Preferred Shares, a successor shall be elected by the Board of Directors,
upon the nomination of the then-remaining director elected by the holders of
the Series __ Preferred Stock and the Preferred Shares or the successor of such
remaining director, to serve until the next annual meeting of the stockholders
or special meeting held in place thereof if such office shall not have
terminated as provided above.

     (c) So long as any shares of Series __ Preferred Stock are outstanding,
the Corporation shall not, without the written consent of a majority of the
outstanding shares of Series __ Preferred Stock or affirmative vote of holders
of a majority of the outstanding shares of Series __ Preferred Stock at a
meeting of the holders of Series __ Preferred Stock duly called for such
purpose, amend, alter or repeal (by merger, consolidation, combination,
reclassification or otherwise) any provision of its Certificate of
Incorporation or by-laws so as to materially adversely affect the preferences,
rights or powers of the Series __ Preferred Stock; provided that any such
amendment that changes the dividend payable on or the liquidation preference of
the Series __ Preferred Stock requires the affirmative vote at a meeting of
holders of Series __ Preferred Stock duly called for such purpose or written
consent of the holder of each share of Series __ Preferred Stock.

     (d) Without the written consent of a majority of the outstanding shares of
Series __ Preferred Stock or affirmative vote of holders of a majority of the
outstanding shares of Series __ Preferred Stock at a meeting of such holders
duly called for such purpose, the Corporation shall not (i) issue any
additional Series __ Preferred Stock or (ii) create, authorize or issue any
[Parity Securities or Senior Securities] or increase the authorized amount of
any such other class or series, other than issuances of Parity Securities in
connection with any merger in which the Corporation is the surviving entity.

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<PAGE>

     (e) In exercising the voting rights set forth in this Section 7, each
share of Series __ Preferred Stock shall have one vote per share, except that
when any other series of preferred stock has the right to vote with the Series
__ Preferred Stock as a single class on any matter, then the Series __
Preferred Stock and such other series shall have with respect to such matters
one vote per $____ of stated liquidation preference. Except as otherwise
required by applicable law or as set forth herein, the shares of Series __
Preferred Stock shall not have any relative, participating, optional or other
special voting rights and powers and the consent of the holders thereof shall
not be required for the taking of any corporate action.

     8. Reports. So long as any of the Series __ Preferred Stock is
outstanding, the Corporation will furnish the holders thereof with the
quarterly and annual financial reports that the Corporation is required to file
with the Securities and Exchange Commission pursuant to Sections 13 or 15(d) of
the Securities Exchange Act of 1934 or, if the Corporation is not required to
file such reports, reports containing the same information as would be required
in such reports.

     9. General Provisions. (a) The term "Person" as used herein means any
corporation, limited liability company, partnership, trust, organization,
association, other entity or individual.

     (b) The term "outstanding", when used with reference to shares of stock,
shall mean issued shares, excluding shares held by the Corporation or a
subsidiary of the Corporation.

     (c) The headings of the sections of this Certificate of Designations are
for convenience of reference only and shall not define, limit or affect any of
the provisions hereof.

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<PAGE>

     IN WITNESS WHEREOF, [Issuer] has caused this Certificate of Designations
to be signed and attested by the undersigned this __ day of ________, 20__.

                                                INTERNATIONAL PAPER COMPANY

                                                By:____________________________
                                                   Name:
                                                   Title:

ATTEST:

____________________________________
Name:
Assistant Secretary

                                      11Exhibit 4.17

              [Form of Warrant Agreement for Warrants Sold Alone]

                          INTERNATIONAL PAPER COMPANY
                                      and

                             ---------------------,

                                as Warrant Agent

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

                               WARRANT AGREEMENT

                            Dated as of ___________

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

                         Warrants to Purchase ________

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

<PAGE>

                               TABLE OF CONTENTS

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

                                                                           PAGE
                                                                           ----

                                   ARTICLE 1
           ISSUANCE OF WARRANTS AND EXECUTION AND DELIVERY OF WARRANT
                                  CERTIFICATES

SECTION 1.01.  Issuance of Warrants..........................................2
SECTION 1.02.  Execution and Delivery of Warrant Certificates................2
SECTION 1.03.  Issuance of Warrant Certificates..............................3

                                   ARTICLE 2
                      WARRANT PRICE, DURATION AND EXERCISE

SECTION 2.01.  Warrant Price.................................................4
SECTION 2.02.  Duration of Warrants..........................................4
SECTION 2.03.  Exercise of Warrants..........................................4

                                   ARTICLE 3
           OTHER PROVISIONS RELATING TO RIGHTS OF HOLDERS OF WARRANT

SECTION 3.01.  No Rights as Warrant Securityholder Conferred by
            Warrants or Warrant Certificates.................................6
SECTION 3.02.  Lost, Mutilated, Stolen or Destroyed Warrant Certificates.....6
SECTION 3.03.  Enforcement of Rights.........................................7
SECTION 3.04.  Merger, Consolidation, Conveyance or Transfer.................7

                                   ARTICLE 4
                             EXCHANGE AND TRANSFER

SECTION 4.01.  Exchange and Transfer.........................................8
SECTION 4.02.  Treatment of Holders of Warrant Certificates..................9
SECTION 4.03.  Cancellation of Warrant Certificates..........................9

                                   ARTICLE 5
                          CONCERNING THE WARRANT AGENT

SECTION 5.01.  Warrant Agent................................................10
SECTION 5.02.  Conditions of Warrant Agent's Obligations....................10
SECTION 5.03.  Resignation and Appointment of Successor.....................12

<PAGE>

                                                                           PAGE
                                                                           ----

                                   ARTICLE 6
                                 MISCELLANEOUS

SECTION 6.01.  Amendment....................................................14
SECTION 6.02.  Notices and Demands to the Company and Warrant Agent.........14
SECTION 6.03.  Addresses....................................................14
SECTION 6.04.  Applicable Law...............................................14
SECTION 6.05.  Delivery of Prospectus.......................................14
SECTION 6.06.  Obtaining of Governmental Approval...........................15
SECTION 6.07.  Persons Having Rights Under Warrant Agreement................15
SECTION 6.08.  Headings.....................................................15
SECTION 6.09.  Counterparts.................................................15
SECTION 6.10.  Inspection of Agreement......................................15
SECTION 6.11.  Notices to Holders of Warrants...............................15

TESTIMONIUM.................................................................16
SIGNATURES..................................................................16

EXHIBIT A - Form of Warrant Certificate

                                      ii
<PAGE>

                               WARRANT AGREEMENT1

     THIS AGREEMENT dated as of between           INTERNATIONAL PAPER COMPANY,
a corporation duly organized and existing under the laws of the State of New
York (the "Company"), and          , a [bank] [trust company] duly incorporated
and existing under the laws of         , as Warrant Agent (the "Warrant Agent"),

                             W I T N E S S E T H :

     [WHEREAS, the Company has entered into an Indenture dated as of April 12,
1999 (the "Senior Indenture") between the Company and Bank of New York, as
Trustee (the "Senior Indenture Trustee"), and an Indenture dated as of [ ],
20__ (the "Subordinated Indenture") between the Company and [ ], as Trustee
(the "Subordinated Indenture Trustee") (together the "Trustees" or "Trustee"
and "Indentures" or "Indenture"), providing for the issuance from time to time
of its unsecured debt securities to be issued in one or more series as provided
in the Indenture; and]

     WHEREAS, the Company proposes to sell [title of such securities being
offered] (the "Offered Securities") with one or more warrants (the "Warrants")
representing the right to purchase [title of such securities purchasable
through exercise of Warrants] (the "Warrant Securities"), the Warrants to be
evidenced by warrant certificates issued pursuant to this Agreement (the
"Warrant Certificates"); and

     WHEREAS, the Company desires the Warrant Agent to act on behalf of the
Company in connection with the issuance, transfer, exchange, exercise and
replacement of the Warrant Certificates, and in this Agreement wishes to set
forth, among other things, the form and provisions of the Warrant Certificates
and the terms and conditions on which they may be issued, transferred,
exchanged, exercised and replaced;

     NOW, THEREFORE, in consideration of the premises and of the mutual
agreements herein contained, the parties hereto agree as follows:

--------
     1 Complete or modify the provisions of this form as appropriate to reflect
the terms of the Warrants and Warrant Securities. Monetary amounts may be in
U.S. dollars in a foreign currency or in a composite currency, including but
not limited to the euro.

<PAGE>

                                   ARTICLE 1
           ISSUANCE OF WARRANTS AND EXECUTION AND DELIVERY OF WARRANT
                                  CERTIFICATES

     SECTION 1.01. Issuance of Warrants. The Warrants shall be evidenced by one
or more Warrant Certificates. Each Warrant evidenced thereby shall represent
the right, subject to the provisions contained herein and therein, to purchase
[_____ shares of the Warrant Securities] [   aggregate principal amount of
Warrant Securities].

     SECTION 1.02. Execution and Delivery of Warrant Certificates. Each
Warrant, whenever issued, shall be evidenced by a Warrant Certificate in
registered form substantially in the form set forth in Exhibit A hereto, shall
be dated and may have such letters, numbers or other marks of identification or
designation and such legends or endorsements printed, lithographed or engraved
thereon as the officers of the Company executing the same may approve
(execution thereof to be conclusive evidence of such approval) and as are not
inconsistent with the provisions of this Agreement, or as may be required to
comply with any law or with any rule or regulation made pursuant thereto or
with any rule or regulation of any stock exchange on which the Warrants may be
listed, or to conform to usage. The Warrant Certificates shall be signed on
behalf of the Company by its chairman or vice chairman of the Board of
Directors, the president, any managing director, or the treasurer of the
Company, in each case under its corporate seal, which may but need not be
attested by its Secretary or one of its Assistant Secretaries. Such signatures
may be manual or facsimile signatures of such authorized officers and may be
imprinted or otherwise reproduced on the Warrant Certificates. The corporate
seal of the Company may be in the form of a facsimile thereof and may be
impressed, affixed, imprinted or otherwise reproduced on the Warrant
Certificates.

     No Warrant Certificate shall be valid for any purpose, and no Warrant
evidenced thereby shall be exercisable, until such Warrant Certificate has been
countersigned by the Warrant Agent by manual signature. Such signature by the
Warrant Agent upon any Warrant Certificate executed by the Company shall be
conclusive evidence, and the only evidence, that the Warrant Certificate so
countersigned has been duly issued hereunder.

     In case any officer of the Company who shall have signed any of the
Warrant Certificates either manually or by facsimile signature shall cease to
be such officer before the Warrant Certificates so signed shall have been
countersigned and delivered by the Warrant Agent, such Warrant Certificates may
be countersigned and delivered notwithstanding that the person who signed such
Warrant Certificates ceased to be such officer of the Company; and any Warrant

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<PAGE>

Certificate may be signed on behalf of the Company by such persons as, at the
actual date of the execution of such Warrant Certificate, shall be the proper
officers of the Company, although at the date of the execution of this
Agreement any such person was not such officer.

     The term "Holder", when used with respect to any Warrant Certificate shall
mean any person in whose name at the time such Warrant Certificate shall be
registered upon the books to be maintained by the Warrant Agent for that
purpose.

     SECTION 1.03. Issuance of Warrant Certificates. Warrant Certificates
evidencing the right to purchase [_____ shares of the Warrant Securities] [an
aggregate principal amount not exceeding          aggregate principal amount of
Warrant Securities] (except as provided in Sections 2.03, 3.02 and 4.01) may be
executed by the Company and delivered to the Warrant Agent upon the execution
of this Warrant Agreement or from time to time thereafter. The Warrant Agent
shall, upon receipt of Warrant Certificates duly executed on behalf of the
Company, countersign Warrant Certificates evidencing Warrants representing the
right to purchase up to [_____shares of the Warrant Securities] [     aggregate
principal amount of Warrant Securities] and shall deliver such Warrant
Certificates to or upon the order of the Company. Subsequent to such original
issuance of the Warrant Certificates, the Warrant Agent shall countersign a
Warrant Certificate only if the Warrant Certificate is issued in exchange or
substitution for one or more previously countersigned Warrant Certificates or
in connection with their transfer as hereinafter provided or as provided in the
antepenultimate paragraph of Section 2.03.

     Pending the preparation of definitive Warrant Certificates evidencing
Warrants, the Company may execute and the Warrant Agent shall countersign and
deliver temporary Warrant Certificates evidencing such Warrants (printed,
lithographed, typewritten or otherwise produced, in each case in form
satisfactory to the Warrant Agent). Such temporary Warrant Certificates shall
be issuable substantially in the form of the definitive Warrant Certificates
but with such omissions, insertions and variations as may be appropriate for
temporary Warrant Certificates, all as may be determined by the Company with
the concurrence of the Warrant Agent. Such temporary Warrant Certificates may
contain such reference to any provisions of this Warrant Agreement as may be
appropriate. Every such temporary Warrant Certificate shall be executed by the
Company and shall be countersigned by the Warrant Agent upon the same
conditions and in substantially the same manner, and with like effect, as the
definitive Warrant Certificates. Without unreasonable delay, the Company shall
execute and shall furnish definitive Warrant Certificates and thereupon such
temporary Warrant Certificates may be surrendered in exchange therefor without
charge pursuant to and subject to the provisions of Section 4.01, and the
Warrant Agent shall

                                       3
<PAGE>

countersign and deliver in exchange for such temporary Warrant Certificates
definitive Warrant Certificates of authorized denominations evidencing a like
aggregate number of Warrants evidenced by such temporary Warrant Certificates.
Until so exchanged, such temporary Warrant Certificates shall be entitled to
the same benefits under this Warrant Agreement as definitive Warrant
Certificates.

                                   ARTICLE 2
                      WARRANT PRICE, DURATION AND EXERCISE

     SECTION 2.01. Warrant Price. Warrant Price. On         , the exercise price
of each Warrant will be       . During the period from      , through and
including      ,      , the exercise price of each Warrant will be [plus
[accrued amortization of the original issue discount] [accrued interest]
from       ,    .] On         ,    , the exercise price of each Warrant will
be        . During the period from           , through and including           ,
          , the exercise price of each Warrant will be [plus [accrued
amortization of the original issue discount] [accrued interest] from           ,
   .] [In each case, the original issue discount will be amortized at a   %
annual rate, computed on an annual basis using the "interest" method and using a
360-day year consisting of twelve 30-day months]. Such exercise price of
Warrant Securities is referred to in this Agreement as the "Warrant Price".
[The original issue discount for each principal amount of Warrant Securities
is       ].

     SECTION 2.02. Duration of Warrants. Subject to Section 4.03(b), each
Warrant may be exercised [in whole but not in part] [in whole or in part] [at
any time, as specified herein, on or after [the date thereof] [       ,   ]
and at or before [time, location] on         , (each day during such period may
hereinafter be referred to as an "Exercise Date")] [on [list of specific dates]
(each, an "Exercise Date")], or such later date as the Company may designate by
notice to the Warrant Agent and the Holders of Warrant Certificates [in
registered form and to the beneficial owners of the Global Warrant Certificate]
(the "Expiration Date"). Each Warrant not exercised at or before [time,
location] on the Expiration Date shall become void, and all rights of the
Holder [and any beneficial owners] of the Warrant Certificate evidencing such
Warrant under this Agreement shall cease.

     SECTION 2.03. Exercise of Warrants. [With respect to Warrants evidenced by
Warrant Certificates in registered form, during] [During] the period specified
in Section 2.02, any whole number of Warrants may be exercised by providing
certain information as set forth on the reverse side of the Warrant
Certificates evidencing such Warrants and by paying in full [in lawful money of
the United States of America] [in applicable currency] [in cash] [by certified
check or official bank check or by bank wire transfer, in each case,] [by bank
wire transfer] [in immediately available funds,] the Warrant Price for each
Warrant exercised [(plus accrued interest, if any, on the Warrant Securities to
be issued

                                       4
<PAGE>

upon exercise of such Warrant from and including the Interest Payment Date (as
defined in the Indenture), if any, in respect of such Warrant Securities
immediately preceding the Exercise Date to and including the Exercise Date
(unless the Exercise Date is after the Regular Record Date (as defined in the
Indenture), if any, for such Interest Payment Date, but on or before the
immediately succeeding Interest Payment Date for such Warrant Securities, in
which event no such accrued interest shall be payable))] to the Warrant Agent
at its corporate trust office at [address] [or at      ], provided that such
exercise is subject to receipt within five business days of such [payment]
[wire transfer] by the Warrant Agent of the Warrant Certificate evidencing each
Warrant exercised with the form of election to purchase Warrant Securities set
forth on the reverse side of the Warrant Certificate properly completed and
duly executed. [Cashless Exercise Option].

     The date on which payment in full of the Warrant Price (plus any such
accrued interest) is received by the Warrant Agent shall, subject to receipt of
the Warrant Certificate as aforesaid, be deemed to be the date on which the
Warrant is exercised. The Warrant Agent shall deposit all funds received by it
in payment for the exercise of Warrants in an account of the Company maintained
with it (or in such other account as may be designated by the Company) and
shall advise the Company, by telephone or by facsimile transmission or other
form of electronic communication available to both parties, at the end of each
day on which a payment for the exercise of Warrants is received of the amount
so deposited to its account. The Warrant Agent shall promptly confirm such
advice to the Company in writing.

     If a day on which Warrants may be exercised in the city in which such
Warrants are to be exercised shall be a Saturday or Sunday or a day on which
banking institutions in such city are authorized or required to be closed,
then, notwithstanding any other provision of this Agreement or the Warrant
Certificate evidencing such Warrants, but subject to the limitation that no
Warrant may be exercised after the Expiration Date, the Warrants shall be
exercisable on the next succeeding day which in such city is not a Saturday or
Sunday or a day on which banking institutions in such city are authorized or
required to be closed.

     The Warrant Agent shall, from time to time, as promptly as practicable,
advise the Company [and the Trustee] in writing of (i) the number of Warrants
exercised, (ii) the instructions of each Holder of the Warrant Certificates
evidencing such Warrants with respect to delivery of the Warrant Securities to
be issued upon such exercise, (iii) delivery of any Warrant Certificates
evidencing the balance, if any, of the Warrants remaining after such exercise,
and (iv) such other information as the Company or the Trustee shall reasonably
require.

                                       5
<PAGE>

     As soon as practicable after the exercise of any Warrant, but subject to
receipt by the Warrant Agent of the Warrant Certificate evidencing such Warrant
as provided in this Section, the Company shall issue[, pursuant to the
Indenture, in authorized denominations to or upon the order of the Holder of
the Warrant Certificate evidencing each Warrant,] the Warrant Securities to
which such Holder is entitled, in fully registered form, registered in such
name or names as may be directed by such Holder. If fewer than all of the
Warrants evidenced by such Warrant Certificate are exercised, the Company shall
execute, and an authorized officer of the Warrant Agent shall manually
countersign and deliver, a new Warrant Certificate evidencing the number of
such Warrants remaining unexercised.

     The Company shall not be required to pay any stamp or other tax or other
governmental charge required to be paid in connection with any transfer
involved in the issuance of the Warrant Securities, and in the event that any
such transfer is involved, the Company shall not be required to issue or
deliver any Warrant Security until such tax or other charge shall have been
paid or it has been established to the Company's satisfaction that no such tax
or other charge is due.

                                   ARTICLE 3
           OTHER PROVISIONS RELATING TO RIGHTS OF HOLDERS OF WARRANT

     SECTION 3.01. No Rights as Warrant Securityholder Conferred by Warrants or
Warrant Certificates. No Warrant Certificate or Warrant evidenced thereby shall
entitle the Holder of any beneficial owner thereof to any of the rights of a
holder or beneficial owner of Warrant Securities, including, without
limitation, [the right to receive the payment of principal of (premium, if any)
or interest, if any, on Warrant Securities or to enforce any of the covenants
in the Indenture] [the right to receive dividend payments on the Warrant
Securities or any voting rights].

     SECTION 3.02. Lost, Mutilated, Stolen or Destroyed Warrant Certificates.
Upon receipt by the Warrant Agent of evidence reasonably satisfactory to it and
the Company of the ownership of and the loss, mutilation, theft or destruction
of any Warrant Certificate and of such security or indemnity as may be required
by the Company and the Warrant Agent to hold each of them and any agent of them
harmless and, in the case of mutilation of a Warrant Certificate, upon
surrender thereof to the Warrant Agent for cancellation, then, in the absence
of notice to the Company or the Warrant Agent that such Warrant Certificate has
been acquired by a bona fide purchaser, the Company shall execute, and an
authorized officer of the Warrant Agent shall manually countersign and deliver,
in exchange for or in lieu of the lost, mutilated, stolen or destroyed Warrant
Certificate, a new Warrant Certificate of the same tenor and evidencing a like
number of Warrants. Upon the

                                       6
<PAGE>

issuance of any new Warrant Certificate under this Section, the Company may
require the payment of a sum sufficient to cover any stamp or other tax or
other governmental charge that may be imposed in relation thereto and any other
expenses (including the fees and expenses of the Warrant Agent) in connection
therewith. Every substitute Warrant Certificate executed and delivered pursuant
to this Section in lieu of any lost, mutilated, stolen or destroyed Warrant
Certificate shall represent an additional contractual obligation of the
Company, whether or not the lost, stolen or destroyed Warrant Certificate shall
be at any time enforceable by anyone, and shall be entitled to the benefits of
this Agreement equally and proportionately with any and all other Warrant
Certificates duly executed and delivered hereunder. The provisions of this
Section are exclusive and shall preclude (to the extent lawful) all other
rights and remedies with respect to the replacement of lost, mutilated, stolen
or destroyed Warrant Certificates.

     SECTION 3.03. Enforcement of Rights. Notwithstanding any of the provisions
of this Agreement, any Holder of a Warrant Certificate, without the consent of
the Warrant Agent, the relevant Trustee, the holder of any Offered Securities
of the Holder of any other Warrant Certificate, may, in its own behalf and for
its own benefit, enforce, and may institute and maintain any suit, action or
proceeding against the Company suitable to enforce, or otherwise in respect of,
its right to exercise its Warrants in the manner provided in its Warrant
Certificate and in this Agreement.

     SECTION 3.04. Merger, Consolidation, Conveyance or Transfer. (a) If at any
time there shall be a merger or consolidation of the Company or a conveyance or
transfer of its property and assets substantially as an entirety [as permitted
under the Indenture], then in any such event the successor or assuming
corporation referred to therein shall succeed to and be substituted for the
Company, with the same effect[, subject to the Indenture,] as if it had been
named herein and in the Warrant Certificates as the Company; the Company shall
thereupon, except in the case of a transfer by way of lease, be relieved of any
further obligation hereunder and under the Warrants and the Warrant
Certificates, and the Company as the predecessor corporation, except in the
case of a transfer by way of lease, may thereupon or at any time thereafter be
dissolved, wound up or liquidated. Such successor or assuming corporation may
thereupon cause to be signed, and may issue either in its own name or in the
name of the Company, Warrant Certificates evidencing any or all of the Warrants
issuable hereunder which theretofore shall not have been signed by the Company,
and may execute and deliver Warrant Securities in its own name[, pursuant to
the Indenture], in fulfillment of its obligations to deliver Warrant Securities
upon exercise of the Warrants. All the Warrants so issued shall in all respects
have the same legal rank and benefit under this Agreement as the Warrants
theretofore or thereafter issued in accordance with the terms of this Agreement
as though all of such Warrants

                                       7
<PAGE>

had been issued at the date of the execution hereof. In any case of any such
merger, consolidation, conveyance or transfer, such changes in phraseology and
form (but not in substance) may be made in the Warrant Certificates
representing the Warrants thereafter to be issued as may be appropriate.

     (b) The Warrant Agent may receive a written opinion of legal counsel (who
shall be acceptable to the Warrant Agent) as conclusive evidence that any such
merger, consolidation, conveyance or transfer complies with the provisions of
this Section and the Indentures.

     [Add Anti-Dilution provisions as necessary.]

                                   ARTICLE 4
                             EXCHANGE AND TRANSFER

     SECTION 4.01. Exchange and Transfer. (a) Upon surrender at the corporate
trust office of the Warrant Agent at [address] [or     ], Warrant Certificates
evidencing Warrants may be exchanged for Warrant Certificates in other
authorized denominations evidencing such Warrants or the transfer thereof may
be registered in whole or in part; provided, however, that such other Warrant
Certificates shall evidence the same aggregate number of Warrants as the
Warrant Certificates so surrendered.

     (b) The Warrant Agent shall keep, at its corporate trust office at
[address] [and at        ], books in which, subject to such reasonable
regulations as it may prescribe, it shall register Warrant Certificates and
exchanges and transfers of outstanding Warrant Certificates upon surrender of
such Warrant Certificates to the Warrant Agent at its corporate trust office at
[address] [or       ] for exchange or registration of transfer, properly
endorsed [or accompanied by appropriate instruments of registration of transfer
and written instructions for transfer, all in form satisfactory to the Company
and the Warrant Agent.]

     (c) No service charge shall be made for any exchange or registration of
transfer of Warrant Certificates, but the Company may require payment of a sum
sufficient to cover any stamp or other tax or other governmental charge that
may be imposed in connection with any such exchange or registration of
transfer.

     (d) Whenever any Warrant Certificates, are so surrendered for exchange or
registration of transfer, an authorized officer of the Warrant Agent shall
manually countersign and deliver to the person or persons entitled thereto a
Warrant Certificate or Warrant Certificates, duly authorized and executed by
the

                                       8
<PAGE>

Company, as so requested. The Warrant Agent shall not effect any exchange or
registration of transfer which will result in the issuance of a Warrant
Certificate, evidencing a fraction of a Warrant or a number of full Warrants
and a fraction of a Warrant.

     (e) All Warrant Certificates, issued upon any exchange or registration of
transfer of Warrant Certificates shall be the valid obligations of the Company,
evidencing the same obligations, and entitled to the same benefits under this
Agreement, as the Warrant Certificates surrendered for such exchange or
registration or transfer.

     SECTION 4.02. Treatment of Holders of Warrant Certificates. Each Holder of
a Warrant Certificate, by accepting the same, consents and agrees with the
Company, the Warrant Agent and every subsequent Holder of such Warrant
Certificate that until the transfer of such Warrant Certificate is registered
on the books of such Warrant Agent, the Company and the Warrant Agent may treat
the registered Holder of such Warrant Certificate as the absolute owner thereof
for any purpose and as the person entitled to exercise the rights represented
by the Warrants evidenced thereby, any notice to the contrary notwithstanding.

     SECTION 4.03. Cancellation of Warrant Certificates. [(a)] Any Warrant
Certificate surrendered for exchange or registration of transfer or exercise of
the Warrants evidenced thereby shall, if surrendered to the Company, be
delivered to the Warrant Agent, and all Warrant Certificates surrendered or so
delivered to the Warrant Agent shall be promptly cancelled by the Warrant Agent
and shall not be reissued and, except as expressly permitted by this Agreement,
no Warrant Certificate shall be issued hereunder in exchange therefor or in
lieu thereof. The Warrant Agent shall cause all cancelled Warrant Certificates
to be destroyed and shall deliver a certificate of such destruction to the
Company.

     [(b) If the Company notifies the relevant Trustee of its election to
redeem [, as a whole but not in part,] the Warrant Securities pursuant to the
Indenture or the terms thereof, the Company may elect, and shall give notice to
the Warrant Agent of its election, to cancel the unexercised Warrants, the
Warrant Certificates and the rights evidenced thereby. Promptly after receipt
of such notice by the Warrant Agent, the Company shall, or, at the Company's
request, the Warrant Agent shall in the name of and at the expense of the
Company, give notice of such cancellation to the Holders of the Warrant
Certificates, such notice to be so given not less than 30 nor more than 60 days
prior to the date fixed for the redemption of the Warrant Securities pursuant
to Indenture or the terms thereof. The unexercised Warrants, the Warrant
Certificates and the rights evidenced thereby shall be cancelled and become
void on the 15th day prior to such date fixed for redemption.]

                                       9
<PAGE>

                                   ARTICLE 5
                          CONCERNING THE WARRANT AGENT

     SECTION 5.01. Warrant Agent. The Company hereby appoints as Warrant Agent
of the Company in respect of the Warrants and the Warrant Certificates upon the
terms and subject to the conditions herein and in the Warrant Certificates set
forth; and          hereby accepts such appointment. The Warrant Agent shall
have the powers and authority granted to and conferred upon it in the Warrant
Certificates and herein and such further powers and authority to act on behalf
of the Company as the Company may hereafter grant to or confer upon it. All of
the terms and provisions with respect to such powers and authority contained in
the Warrant Certificates are subject to and governed by the terms and
provisions hereof.

     SECTION 5.02. Conditions of Warrant Agent's Obligations. The Warrant Agent
accepts its obligations herein set forth upon the terms and conditions hereof,
including the following, to all of which the Company agrees and to all of which
the rights hereunder of the Holders from time to time of the Warrant
Certificates shall be subject:

     (a) Compensation and Indemnification. The Company agrees promptly to pay
the Warrant Agent the compensation to be agreed upon with the Company for all
services rendered by the Warrant Agent and to reimburse the Warrant Agent for
reasonable out-of-pocket expenses (including reasonable attorneys' fees)
incurred by the Warrant Agent without negligence, bad faith or breach of this
Agreement on its part in connection with the services rendered hereunder by the
Warrant Agent. The Company also agrees to indemnify the Warrant Agent for, and
to hold it harmless against, any loss, liability or expense incurred without
negligence or bad faith on the part of the Warrant Agent, arising out of or in
connection with its acting as Warrant Agent hereunder, as well as the
reasonable costs and expenses of defending against any claim of such liability.

     (b) Agent for the Company. In acting under this Agreement and in
connection with the Warrants and the Warrant Certificates, the Warrant Agent is
acting solely as agent of the Company and does not assume any obligation or
relationship of agency or trust for or with any of the Holders of Warrant
Certificates or beneficial owners of Warrants.

     (c) Counsel. The Warrant Agent may consult with counsel satisfactory to it
in its reasonable judgment, and the advice of such counsel shall be full and
complete authorization and protection in respect of any action taken, suffered
or

                                       10
<PAGE>

omitted by it hereunder in good faith and in accordance with the advice of such
counsel.

     (d) Documents. The Warrant Agent shall be protected and shall incur no
liability for or in respect of any action taken or thing suffered by it in
reliance upon any Warrant Certificate, notice, direction, consent, certificate,
affidavit, statement or other paper or document reasonably believed by it to be
genuine and to have been presented or signed by the proper parties.

     (e) Certain Transactions. The Warrant Agent, and its officers, directors
and employees, may become the owner of, or acquire any interest in, Warrants,
with the same rights that it or they would have if it were not the Warrant
Agent hereunder, and, to the extent permitted by applicable law, it or they may
engage or be interested in any financial or other transaction with the Company
and may act on, or as depositary, trustee or agent for, any committee or body
of holders of Warrant Securities or other obligations of the Company as freely
as if it were not the Warrant Agent hereunder. [Nothing in this Warrant
Agreement shall be deemed to prevent the Warrant Agent from acting as Trustee
under the Indenture.]

     (f) No Liability for Interest. The Warrant Agent shall have no liability
for interest on any monies at any time received by it pursuant to any of the
provisions of this Agreement or of the Warrant Certificates.

     (g) No Liability for Invalidity. The Warrant Agent shall not be under any
responsibility with respect to the validity or sufficiency of this Agreement or
the execution and delivery hereof (except the due authorization to execute this
Agreement and the due execution and delivery hereof by the Warrant Agent) or
with respect to the validity or execution of any Warrant Certificates (except
its countersignature thereof).

     (h) No Liability for Recitals. The recitals contained herein shall be
taken as the statements of the Company and the Warrant Agent assumes no
liability for the correctness of the same.

     (i) No Implied Obligations. The Warrant Agent shall be obligated to
perform only such duties as are herein and in the Warrant Certificates
specifically set forth and no implied duties or obligations shall be read into
this Agreement or the Warrant Certificates against the Warrant Agent. The
Warrant Agent shall not be under any obligation to take any action hereunder
which may tend to involve it in any expense or liability, the payment of which
within a reasonable time is not, in its reasonable opinion, assured to it. The
Warrant Agent shall not be accountable or under any duty or responsibility for
the use by the Company of any of the Warrant Certificates countersigned by the
Warrant Agent and delivered by

                                       11
<PAGE>

it to the Company pursuant to this Agreement or for the application by the
Company of the proceeds of the Warrant Certificates. The Warrant Agent shall
have no duty or responsibility in case of any default by the Company in the
performance of its covenants or agreements contained herein or in the Warrant
Certificates or in the case of the receipt of any written demand from a Holder
of a Warrant Certificate with respect to such default, including, without
limiting the generality of the foregoing, any duty or responsibility to
initiate or attempt to initiate any proceedings at law or otherwise or, except
as provided in Section 6.02, to make any demand upon the Company.

     SECTION 5.03. Resignation and Appointment of Successor. (a) The Company
agrees, for the benefit of the Holders from time to time of the Warrant
Certificates, that there shall at all times be a Warrant Agent hereunder until
all the Warrants have been exercised or are no longer exercisable.

     (b) The Warrant Agent may at any time resign as such by giving written
notice of its resignation to the Company, specifying the desired date on which
its resignation shall become effective; provided, however, that such date shall
be not less than 90 days after the date on which such notice is given unless
the Company agrees to accept shorter notice. Upon receiving such notice of
resignation, the Company shall promptly appoint a successor Warrant Agent
(which shall be a bank or trust company in good standing, authorized under the
laws of the jurisdiction of its organization to exercise corporate trust
powers) by written instrument in duplicate signed on behalf of the Company, one
copy of which shall be delivered to the resigning Warrant Agent and one copy to
the successor Warrant Agent. The Company may, at any time and for any reason,
remove the Warrant Agent and appoint a successor Warrant Agent (qualified as
aforesaid) by written instrument in duplicate signed on behalf of the Company
and specifying such removal and the date when it is intended to become
effective, one copy of which shall be delivered to the Warrant Agent being
removed and one copy to the successor Warrant Agent. Any resignation or removal
of the Warrant Agent and any appointment of a successor Warrant Agent shall
become effective upon acceptance of appointment by the successor Warrant Agent
as provided in this subsection (b). In the event a successor Warrant Agent has
not been appointed and accepted its duties within 90 days of the Warrant
Agent's notice of resignation, the Warrant Agent may apply to any court of
competent jurisdiction for the designation of a successor Warrant Agent. Upon
its resignation or removal, the Warrant Agent shall be entitled to the payment
by the Company of the compensation and to the reimbursement of all reasonable
out-of-pocket expenses (including reasonable attorneys' fees) incurred by it
hereunder as agreed to in Section 5.02(a).

                                       12
<PAGE>

     (c) The Company shall remove the Warrant Agent and appoint a successor
Warrant Agent if the Warrant Agent (i) shall become incapable of acting, (ii)
shall be adjudged bankrupt or insolvent, (iii) shall commence a voluntary case
or other proceeding seeking liquidation, reorganization or other relief with
respect to it or its debts under any bankruptcy, insolvency or other similar
law now or hereafter in effect or seeking the appointment of a trustee,
receiver, liquidator, custodian or other similar official of it or any
substantial part of its property, (iv) shall consent to, or shall have had
entered against it a court order for, any such relief or to the appointment of
or taking possession by any such official in any involuntary case or other
proceedings commenced against it, (v) shall make a general assignment for the
benefit of creditors or (vi) shall fail generally to pay its debts as they
become due. Upon the appointment as aforesaid of a successor Warrant Agent and
acceptance by it of such appointment, the predecessor Warrant Agent shall, if
not previously disqualified by operation of law, cease to be Warrant Agent
hereunder.

     (d) Any successor Warrant Agent appointed hereunder shall execute,
acknowledge and deliver to its predecessor and the Company an instrument
accepting such appointment hereunder, and thereupon such successor Warrant
Agent, without any further act, deed or conveyance, shall become vested with
all the authority, rights, powers, immunities, duties and obligations of such
predecessor with like effect as if originally named as Warrant Agent hereunder,
and such predecessor shall thereupon become obligated to transfer, deliver and
pay over, and such successor Warrant Agent shall be entitled to receive, all
monies, securities and other property on deposit with or held by such
predecessor as Warrant Agent hereunder.

     (e) Any corporation into which the Warrant Agent hereunder may be merged
or converted or any corporation with which the Warrant Agent may be
consolidated, or any corporation resulting from any merger, conversion or
consolidation to which the Warrant Agent shall be a party, or any corporation
to which the Warrant Agent shall sell or otherwise transfer all or
substantially all the assets and business of the Warrant Agent, provided that
it shall be qualified as aforesaid, shall be the successor Warrant Agent under
this Agreement without the execution or filing of any paper or any further act
on the part of any of the parties hereto.

                                       13
<PAGE>

                                   ARTICLE 6
                                 MISCELLANEOUS

     SECTION 6.01. Amendment. This Agreement and the terms of the Warrants and
the Warrant Certificates may be amended by the parties hereto, without the
consent of the Holder of any Warrant Certificate or the beneficial owner of any
Warrant, for the purpose of curing any ambiguity, or of curing, correcting or
supplementing any defective or inconsistent provision contained herein or in
the Warrant Certificates, or making any other provisions with respect to
matters or questions arising under this Agreement as the Company and the
Warrant Agent may deem necessary or desirable, provided that such action shall
not affect adversely the interests of the Holders of the Warrant Certificates
or the beneficial owners of Warrants in any material respect.

     SECTION 6.02. Notices and Demands to the Company and Warrant Agent. If the
Warrant Agent shall receive any notice or demand addressed to the Company by
the Holder of a Warrant Certificate pursuant to the provisions of the Warrant
Certificates, the Warrant Agent shall promptly forward such notice or demand to
the Company.

     SECTION 6.03. Addresses. Any communication from the Company to the Warrant
Agent with respect to this Agreement shall be addressed to         , Attention:
_____________, and any communication from the Warrant Agent to the Company with
respect to this Agreement shall be addressed to International Paper Company,
400 Atlantic Street, Stamford, Connecticut, 06921, Attention: ______________
(or such other address as shall be specified in writing by the Warrant Agent or
by the Company).

     SECTION 6.04. Applicable Law. The validity, interpretation and performance
of this Agreement and each Warrant Certificate issued hereunder and of the
respective terms and provisions hereof and thereof shall be governed by, and
construed in accordance with, the laws of the State of New York.

     SECTION 6.05. Delivery of Prospectus. The Company will furnish to the
Warrant Agent sufficient copies of a prospectus relating to the Warrant
Securities deliverable upon exercise of Warrants (the "Prospectus"), and the
Warrant Agent agrees that upon the exercise of any Warrant, the Warrant Agent
will deliver to the Holder of the Warrant Certificate evidencing such Warrant,
prior to or concurrently with the delivery of the Warrant Securities issued
upon such exercise, a Prospectus. The Warrant Agent shall not, by reason of any
such delivery, assume any responsibility for the accuracy or adequacy of such
Prospectus.

                                       14
<PAGE>

     SECTION 6.06. Obtaining of Governmental Approval. The Company will from
time to time take all action which may be necessary to obtain and keep
effective any and all permits, consents and approvals of governmental agencies
and authorities and securities acts filings under United States federal and
state laws (including without limitation a registration statement in respect of
the Warrants and Warrant Securities under the Securities Act of 1933), which
may be or become requisite in connection with the issuance, sale, transfer and
delivery of the Warrant Certificates, the exercise of the Warrants, the
issuance, sale, transfer and delivery of the Warrant Securities issued upon
exercise of the Warrants or upon the expiration of the period during which the
Warrants are exercisable.

     SECTION 6.07. Persons Having Rights Under Warrant Agreement. Nothing in
this Agreement shall give to any person other than the Company, the Warrant
Agent and the Holders of the Warrant Certificates any right, remedy or claim
under or by reason of this Agreement.

     SECTION 6.08. Headings. The descriptive headings of the several Articles
and Sections of this Agreement are inserted for convenience only and shall not
control or affect the meaning or construction of any of the provisions hereof.

     SECTION 6.09. Counterparts. This Agreement may be executed in any number
of counterparts, each of which as so executed shall be deemed to be an
original, but such counterparts shall together constitute but one and the Same
instrument.

     SECTION 6.10. Inspection of Agreement. A copy of this Agreement shall be
available at all reasonable times at the principal corporate trust office of
the Warrant Agent for inspection by the Holder of any Warrant Certificate. The
Warrant Agent may require such Holder to submit his Warrant Certificate for
inspection by it.

     SECTION 6.11. Notices to Holders of Warrants. Any notice to Holders of
Warrants evidenced by Warrant Certificates which by any provisions of this
Warrant Agreement is required or permitted to be given shall be given by first
class mail prepaid at such Holder's address as it appears on the books of the
Warrant Agent.

                                       15
<PAGE>

     IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
duly executed and their respective corporate seals to be hereunto affixed and
attested, all as of the date first above written.

                                              INTERNATIONAL PAPER COMPANY

                                              By__________________________
                                                   Name:
                                                   Title:

                                              [WARRANT AGENT]

                                              By__________________________
                                                  Name:
                                                  Title:

                                       16
<PAGE>

                                                                      EXHIBIT A

                         [FORM OF WARRANT CERTIFICATE]

                                     [Face]

Form of Legend if                                  [Prior to ________________,
Warrants are not                                   Warrants evidenced by this
immediately exercisable:                           Warrant Certificate cannot
                                                   be exercised.]

                EXERCISABLE ONLY IF AUTHENTICATED BY THE WARRANT
                            AGENT AS PROVIDED HEREIN

              VOID AFTER THE CLOSE OF BUSINESS ON _________, ____

                          INTERNATIONAL PAPER COMPANY

                        Warrant Certificate representing
                              Warrants to purchase
                         [Title of Warrant Securities]
                              as described herein

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

No.                                                    _______________ Warrants

     This certifies that [_____________________] or registered assigns is the
registered owner of the above indicated number of Warrants, each Warrant
entitling such registered owner to purchase, at any time [after the close of
business on _________, ____, and] on or before the close of business on
____________, ____, [____ shares of the [Title of Warrant Securities]]
[$________ aggregate principal amount of [Title of Warrant Securities]](the
"Warrant Securities") of International Paper Company (the "Company") [, issued
or to be issued under the Indenture (as hereinafter defined),] on the following
basis.2 [During the period from ________, ____ through and including
___________, ____, each Warrant shall entitle the Holder thereof, subject to
the provisions of this Agreement, to purchase from the Company the [principal]
amount of Warrant Securities stated

--------
     2 Complete and modify the following provisions as appropriate to reflect
the terms of the Warrants and the Warrant Securities.

                                      A-1
<PAGE>

above in this Warrant Certificate at the exercise price of [ ] [___% of the
principal amount thereof [plus accrued amortization, if any, of the original
issue discount of the Warrant Securities][plus accrued interest, if any, from
the most recent date from which interest shall have been paid on the Warrant
Securities or, if no interest shall have been paid on the Warrant Securities,
from ___________, ____]; [in each case, the original issue discount ($_______
for each $1,000 principal amount of Warrant Securities) will be amortized at a
___% annual rate, computed on a[n] [semi-]annual basis[, using a 360-day year
constituting of twelve 30-day months]] (the "Exercise Price"). The Holder of
this Warrant Certificate may exercise the Warrants evidenced hereby, in whole
or in part, by surrendering this Warrant Certificate, with the purchase form
set forth hereon duly completed, accompanied [by payment in full, in lawful
money of the United States of America, [in cash or by certified check or
official bank check in New York Clearing House funds] [by bank wire transfer in
immediately available funds]], the Exercise Price for each Warrant exercised,
to the Warrant Agent (as hereinafter defined), at the corporate trust office of
[name of Warrant Agent], or its successor as warrant agent (the "Warrant
Agent") [or at ____________,] at the addresses specified on the reverse hereof
and upon compliance with and subject to the conditions set forth herein and in
the Warrant Agreement (as hereinafter defined). This Warrant Certificate may be
exercised only for the purchase of [    shares of] Warrant Securities [in the
principal amount of      ] or any integral multiple thereof. [Cashless Exercise
Option].

     The term "Holder" as used herein shall mean the person in whose name at
the time such Warrant Certificate shall be registered upon the books to be
maintained by the Warrant Agent for that purpose pursuant to Section 3.01 of
the Warrant Agreement.

     Any whole number of Warrants evidenced by this Warrant Certificate may be
exercised to purchase Warrant Securities in registered form. Upon any exercise
of fewer than all of the Warrants evidenced by this Warrant Certificate, there
shall be issued to the registered owner hereof a new Warrant Certificate
evidencing the number of Warrants remaining unexercised.

     This Warrant Certificate is issued under and in accordance with the
Warrant Agreement dated as of __________, ____ (the "Warrant Agreement"),
between the Company and the Warrant Agent and is subject to the terms and
provisions contained in the Warrant Agreement, to all of which terms and
provisions the Holder of this Warrant Certificate consents by acceptance
hereof. Copies of the Warrant Agreement are on file at the above-mentioned
office of the Warrant Agent [and at _______________].

                                      A-2
<PAGE>

     [The Warrant Securities to be issued and delivered upon the exercise of
Warrants evidenced by this Warrant Certificate will be issued under and in
accordance with an Indenture, dated as of ________________ (the "Indenture"),
between the Company and ________________, a [corporation] [national banking
association] organized under the laws of the State of __________, as trustee
(such trustee, and any successors to such trustee, the "Trustee") and will be
subject to the terms and provisions contained in the Warrant Securities and in
the Indenture. Copies of the Indenture, including the form of the Warrant
Securities, are on file at the corporate trust office of the Trustee [and at
               ].]

     This Warrant Certificate, and all rights hereunder, may be transferred
when surrendered at the corporate trust office of the Warrant Agent [or
_________] by the registered owner or his assigns, in person or by an attorney
duly authorized in writing, in the manner and subject to the limitations
provided in the Warrant Agreement.

     After authentication by the Warrant Agent and prior to the expiration of
this Warrant Certificate, this Warrant Certificate may be exchanged at the
corporate trust office of the Warrant Agent [or at _____________] for Warrant
Certificates representing the same aggregate number of Warrants.

     This Warrant Certificate shall not entitle the registered owner hereof to
any of the rights of a registered holder of the Warrant Securities, including,
without limitation, [the right to receive payments of principal of (and
premium, if any) or interest, if any, on the Warrant Securities or to enforce
any of the covenants of the Indenture] [the right to receive dividend payments
on the Warrant Securities or any voting rights].

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

     This Warrant Certificate shall not be valid or obligatory for any purpose
until authenticated by the Warrant Agent.

                                      A-3
<PAGE>

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

     Dated: _____________
                                            INTERNATIONAL PAPER COMPANY

                                            By_________________________________
Attest:

___________________________________

Certificate of Authentication

     This is one of the Warrant Certificates referred to in the
within-mentioned Warrant Agreement.

___________________________________
                   As Warrant Agent

By_________________________________
               Authorized Signature

                                      A-4
<PAGE>

                    [REVERSE] [FORM OF WARRANT CERTIFICATE]
                    (Instructions for Exercise of Warrants)

     To exercise any Warrants evidenced hereby, the Holder of this Warrant
Certificate must pay [in cash or by certified check or official bank check in
New York Clearing House funds or by bank wire transfer in immediately available
funds], the Exercise Price in full for each of the Warrants exercised, to
_________, Corporate Trust Department, _______________, Attn: ___________ [or
________________], which payment should specify the name of the Holder of this
Warrant Certificate and the number of Warrants exercised by such Holder. In
addition, the Holder of this Warrant Certificate should complete the
information required below and present in person or mail by registered mail
this Warrant Certificate to the Warrant Agent at the addresses set forth below.

                               [FORM OF EXERCISE]

                  (To be executed upon exercise of Warrants.)

     The undersigned hereby irrevocably elects to exercise _________ Warrants,
represented by this Warrant Certificate, to purchase [_______ shares of [Title
of Equity Securities]] [$_________ aggregate principal amount of the [Title of
Debt Securities]] (the "Warrant Securities") of International Paper Company and
represents that he has tendered payment for such Warrant Securities [in cash or
by certified check or official bank check in New York Clearing House funds or
by bank wire transfer in immediately available funds] to the order of
International Paper Company, c/o Treasurer in the amount of $___________ in
accordance with the terms hereof. The undersigned requests that said
[principal] amount of Warrant Securities be in fully registered form, in the
authorized denominations, registered in such names and delivered, all as
specified in accordance with the instructions set forth below.

     If said [principal] amount of Warrant Securities is less than all of the
Warrant Securities purchasable hereunder, the undersigned requests that a new
Warrant Certificate representing the remaining balance of the Warrants
evidenced hereby be issued and delivered to the undersigned unless otherwise
specified in the instructions below.

Dated:

                                               Name_____________________________
                                                         (Please Print)

_________________________________
(Insert Social Security or Other
Identifying Number of Holder)                  Address__________________________

                                      A-5
<PAGE>

                                               _________________________________
                                               Signature________________________
                                               (Signed exactly as name appears
                                               on the other side of this Warrant
                                               Certificate)

           This Warrant may be exercised at the following addresses:

                  By hand at             _____________________________
                                         _____________________________
                                         _____________________________
                                         _____________________________

                  By mail at             _____________________________
                                         _____________________________
                                         _____________________________
                                         _____________________________

(Instructions as to form and delivery of Warrant Securities and/or Warrant
Certificates):

                                      A-6
<PAGE>

                             [[FORM OF ASSIGNMENT]

              (TO BE EXECUTED TO TRANSFER THE WARRANT CERTIFICATE)

     FOR VALUE RECEIVED __________________ hereby sells, assigns and transfers
unto

                                                  Please insert social
                                                  security or other
                                                  identifying number

                                                  ______________________________

___________________________________
(Please print name and address
     including zip code)

________________________________________________________________________________
the right represented by the within Warrant Certificate and does hereby
irrevocably constitute and appoint _________________, Attorney, to transfer
said Warrant Certificate on the books of the Warrant Agent with full power of
substitution.

Dated:

                                         __________________________________
                                                      Signature
                                         (Signed exactly as name appears on the
                                         other side of this Warrant Certificate)

Signature Guarantee:

_____________________________________
Participant in a recognized Signature
Guarantee Medallion Program (or other
signature guarantor program reasonably
acceptable to the Warrant Agent)

                                      A-7

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