Document:

<PAGE>
                                                                     EXHIBIT 4.2

                              FORM OF DOMESTIC NOTE

                  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.

                                                                      Registered
                                                                        $

                                                                 See Reverse For
                                                             Certain Definitions

                                 [Form of Note]

Registered

No.                            RYDER SYSTEM, INC.
                                  % NOTE DUE                               CUSIP

         RYDER SYSTEM, INC., a corporation organized and existing under the laws
of the State of Florida (herein called the "Corporation", which term shall
include any successor corporation to the extent provided in the Indenture
hereinafter referred to), for value received, hereby promises to pay to Cede &
Co., or registered assigns, the principal sum         of         DOLLARS on
   , and to pay interest on said principal sum, semi-annually on         and
     of each year, commencing        , at the rate of     % per annum from
        or         as the case may be, next preceding the date of this Note to
which interest has been paid or duly provided for, unless the date hereof is a
date to which interest has been paid or duly provided for, in which case from
the date of this Note, or unless no interest has been paid or duly provided for
on the Notes, in which case from         , until the principal hereof becomes
due and payable, and or any overdue principal and (to the extent that the
payment of such interest shall be legally enforceable) on any overdue
installment of interest at the rate of     % per annum. Notwithstanding the
foregoing, when there is no existing default in the payment of interest on the
Notes, if the date hereof is after the         or         , as the case may be,
next preceding such         or         and before the next succeeding         or
        this Note shall bear interest from the next succeeding         or
; provided, however that if the Corporation shall default in the payment of
interest due on such         or         then this Note shall bear interest from
the next preceding        or         to which interest has been paid or duly
provided for, or if no interest has been paid or duly provided for on the Notes,
from         . The interest so payable, and punctually paid or duly provided
for, on any         or         will be paid to the person in whose name this
Note is registered on the close of business on the        or        next
preceding such         or         . The principal of and interest on this Note
are payable in such coin or currency of the United States of America as at the
time of payment is legal tender for payment of public and private debts, at the
office or agency of the Corporation in the Borough of Manhattan, The City of New
York, New York; provided, however, that payment of interest may be made at the
option of the Corporation by check mailed to the address of the person

<PAGE>
                                                                               2

entitled thereto as such address shall appeal in the Note Register. Any interest
not punctually paid or duly provided for shall be payable as provided in the
Indenture.

         Reference is made to the further provisions of this Note set forth on
the reverse hereof, which shall have the same effect as though fully set forth
at this place.

         This Note shall not be valid or obligatory for any purpose until the
certificate of authentication hereon shall have been manually signed by the
Trustee.

         IN WITNESS WHEREOF, Ryder System, Inc. has caused this instrument to be
signed in its name by its President, Vice President or Treasurer and by its
Secretary or an Assistant Secretary, or by facsimiles of any of their signatures
to be hereto affixed.

                                       RYDER SYSTEM, INC.

                                       By:
                                           -------------------------------------
Dated:

<PAGE>
                                                                               3

TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

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

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

<PAGE>
                                                                               4

                               [Form of Reverse]
                               RYDER SYSTEM, INC.
                                   % NOTE DUE

         This Note is one of a duly authorized issue of debentures, notes, bonds
or other evidences of indebtedness of the Corporation (the "Debt Securities") of
the Series hereinafter specified, all issued or to be issued under and pursuant
to an indenture dated as of         , 2003, between the Corporation and J.P.
Morgan Trust Company, National Association, as Trustee (the "Trustee"), to which
indenture and all indentures supplemental hereto (the "Indenture") reference is
hereby made for a description of the rights, limitations of rights, obligations,
duties and immunities hereunder of the Trustee, the Corporation and the Holders
of the Debt Securities. The Debt Securities may be issued in one or more Series,
which different Series may be issued in various aggregate principal amounts, may
be issued in various currencies, including composite currencies, may mature at
different times, may bear interest (if any) at different rates, may be issued in
registered or bearer form, may be subject to different redemption provisions (if
any), may be subject to different sinking, purchase or analogous funds (if any),
may be subject to different covenants and Events of Default and may otherwise
vary as in the Indenture provided. This Note is one of a Series designated as
the      % Notes Due      , of the Corporation (hereinafter called the "Notes"),
limited in aggregate principal amount to $ ________.

         In case an Event of Default with respect to the Notes shall have
occurred and be continuing, the principal hereof may be declared due and payable
in the manner and with the effect provided in the Indenture.

         The Indenture permits, with certain exception as therein provided, the
amendment thereof and of the Debt Securities of any Series at any time by the
Corporation with the consent of the Holders of at least a majority in aggregate
Principal amount of the Debt Securities affected by such amendment. The
Indenture also contains provisions permitting the Holders of a majority in
aggregate principal amount of the Debt Securities of any Series, on behalf of
the Holders of all Debt Securities of such Series, to waive compliance by the
Corporation with certain provisions of the Indenture and certain past defaults
under the Indenture and their consequences. Any such consent or waiver by the
Holder of this Note (unless revoked as provided in the Indenture) shall be
conclusive and binding upon such Holder and upon all future Holders and owners
of this Note and any Notes which may be issued in exchange or substitution
herefor, irrespective of whether or not any notation thereof is made upon this
Note or such other Notes.

         The Notes are issued in registered form without coupons in
denominations of $_____ principal amount and any multiple of $_____ principal
amount. Notes may be exchanged for a like aggregate principal amount of Notes of
other authorized denominations in the manner and subject to the limitations
provided in the Indenture, but without the payment of any service charge.

         The Notes may be redeemed at the option of the Corporation as a whole,
or from time to time in part, upon mailing a notice of such redemption not less
than 30 days prior to the date fixed for redemption to the Holders of Notes at
their last registered addresses, all as further provided in the Indenture, on or
after          at the following redemption prices (expressed as percentages of
principal amount) and on or after         at 100% of the principal amount
hereof together in each case with accrued interest to the date fixed for
redemption:

    If Redeemed during the                                     Percentage of
     12 months beginning                                      Principal Amount
     -------------------                                      ----------------
                                                                     %
                                                                     %
                                                                     %
                                                                     %
                                                                     %
                                                                     %
                                                                     %

<PAGE>
                                                                               5

         The Notes are also subject to redemption, through the operation of the
sinking fund as herein provided on         and on each         thereafter to and
including         on notice as set forth above and at 100% of the principal
amount thereof (the "sinking fund redemption price"), together with accrued
interest to the date fixed for redemption.

         As and for a sinking fund for the retirement of the Notes and so long
as any of the Bonds remain outstanding and unpaid, the Corporation will pay to
the Trustee in cash, on or         before         and on or before         in
each year thereafter to and including         (each such date being hereinafter
called a "sinking fund date") an amount sufficient to redeem $ principal amount
of the Notes (or such lesser amount equal to the principal amount then
outstanding) at the sinking fund redemption price.

         The Corporation may increase its sinking fund payment in any year by an
additional amount up to    % of the mandatory sinking fund payment for that year
and no such optional sinking fund payment shall operate to reduce the amount of
any mandatory sinking fund payment.

         The Corporation may, at its option, credit against any sinking fund
payment on any sinking fund date, the principal amount of Notes acquired through
purchase or otherwise and surrendered to the Trustee for cancellation and Notes
redeemed otherwise than through the operation of the sinking fund upon delivery
to the Trustee of an Officers' Certificate at least 60 days before such sinking
fund date, specifying the principal amount of Notes so to be credited together
with the Notes so to be credited if not theretofore surrendered to the Trustee
for cancellation.

         This Note is a global security. Accordingly, unless and until it is
exchanged in whole or in part for individual certificates evidencing the Notes
represented hereby, this Note may not be transferred except as a whole by The
Depository Trust Company (the "Depository") to a nominee of such Depository or
by a nominee of such Depository or by the Depository or any nominee to a
successor Depository or any nominee of such successor or such nominee. Ownership
of beneficial interests in this Note will be shown on, and the transfer of that
ownership will be effected only through, records maintained by the applicable
Depository or its nominee (with respect to interest of participants) and the
records of participants (with respect to interests of persons other than
participants). The laws of some states require that certain purchasers of
securities take physical delivery of such securities in definitive form. Such
limits and such laws may impair the ability to transfer beneficial interests in
this Note. Except as provided below, owners of beneficial interests in this Note
will not be entitled to have any individual certificates and will not be
considered the owners or Holders thereof under the Indenture.

         Neither the Company, any Paying Agent or any Registrar will have any
responsibility or liability for any aspect of the records relating to or
payments made on account of beneficial ownership interests in this Note or for
maintaining, supervising or reviewing any records relating to such beneficial
ownership interests.

         If the Depository is at any time unwilling, unable or ineligible to
continue as depository and a successor depository is not appointed by the
Company within 90 days, the Company will issue individual certificates
evidencing the Notes represented hereby in definitive form in

<PAGE>
                                                                               6

exchange for this Note. In addition, the Company may at any time and in its sole
discretion determine not to have any Notes represented by one or more global
securities and, in such event, will issue individual certificates evidencing
Notes in definitive form in exchange for this Note.

         Upon due presentment for registration of transfer of this Note at the
office or agency of the Corporation in the Borough of Manhattan, City of New
York, New York, a new Note or Notes of authorized denominations of an equal
aggregate principal amount will be issued to the transferee in exchange
therefore, subject to the limitations provided in the Indenture, without charge
except for any tax or other governmental charge imposed in connection therewith.

         The Corporation, the Trustee, any Paying Agent and any Registrar may
deem and treat the registered holder hereof as the absolute owner of this Note
(whether or not this Note shall be overdue and not withstanding any notation of
ownership or other writing hereon), for the purpose of receiving payment hereof,
or on account hereof, and for all other purposes, and neither the Corporation
nor the Trustee nor any Paying Agent nor any Registrar shall be affected by any
notice to the contrary.

         No recourse for the payment of the principal of or interest on this
Note, for any claim based hereon or otherwise in respect hereof, and no recourse
under or upon any obligation or agreement of the corporation in the Indenture or
in any Note shall be had against any incorporator, stockholder, officer or
director, as such, past, present or future, of the Corporation, either directly
or through the Corporation 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 thereof and
as part of the consideration for the issue hereof, expressly waived and
released.

         Terms used herein which are defined in the Indenture shall have the
respective meanings assigned thereto in the Indenture.

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

<PAGE>
                                                                               7

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

TEN COM  -- as tenants in common             UNIF GIFT MIN ACT--
                                                      ________Custodian________
TEN ENT  -- as tenants by the entireties               (CUST)           (MINOR)

JT TEN   -- as joint tenants with                  under Uniform Gifts to Minors
right of survivorship and not as tenants in
common
                                                         Act ________________
                                                                 (State)

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

      FOR VALUE RECEIVED, the undersigned sells, assigns and transfers unto

PLEASE INSERT SOCIAL SECURITY OR OTHER
    IDENTIFYING NUMBER OF ASSIGNEE

--------------------------------------------------------------------------------
            (please print or typewrite name and address or assignee)

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

--------------------------------------------------------------------------------
the within Note of Ryder System, Inc. and does hereby irrevocably constitute and
appoint
                                                                        Attorney
-----------------------------------------------------------------------
to transfer said Note on the books of said Corporation, with full power of
substitution in the premises.

Dated
      ----------------------------

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

                  NOTICE: The signature to this assignment must correspond with
                  the name as it appears upon the face of the within Note in
                  every particular, without alteration or enlargement or any
                  change what-ever, and be guaranteed by the endorser's bank or
                  broker.<PAGE>
                                                                     EXHIBIT 4.3

                            FORM OF MEDIUM-TERM NOTE

                  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.

REGISTERED NO.                 RYDER SYSTEM, INC.               REGISTERED CUSIP
--------------                  MEDIUM-TERM NOTE                ----------------
                                (Fixed Rate Note)

Issue Date:                                          Total Amount of OID:

Principal Amount:                                    Yield to Maturity:

Issue Price:                                         Initial Accrual Period OID:

Maturity Date:

Interest Rate:

Interest Payment Dates:

               Redemption                                        Redemption
                 Date(s)                                          Price(s)
                 -------                                          --------

                Repayment                                        Repayment
                 Date(s)                                          Price(s)
                 -------                                          --------

                  If applicable, the "Total Amount of OID", "Yield to Maturity"
and "Initial Accrual Period OID" (computed under the appropriate method) below
will be completed solely for the purposes of applying the United States Federal
income tax original issue discount ("OID") rules.

<PAGE>
                                                                               2

                  This Note is a registered Note of RYDER SYSTEM, INC., a
Florida corporation (the "Company"). This Note is one of a series of Securities
(as defined on the reverse hereof) issued under the Indenture referred to on the
reverse hereof designated as Medium-Term Notes (the "Notes"). Subject to the
provisions hereof, the Company, for value received, hereby promises to pay to
     , or         registered assigns, the principal sum of        on the
Maturity Date shown above and to pay the premium, if any, and interest, if any,
thereon, as described on the reverse hereof.

                  The principal of (and premium, if any) and interest, if any,
on this Note are payable by the Company in such coin or currency specified on
the face hereof as at the time of payment shall be legal tender for the payment
of public and private debts.

                  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
manually executed by or on behalf of the Trustee under the Indenture, this Note
shall not be entitled to any benefits under the Indenture, or be valid or
obligatory for any purpose.

                  IN WITNESS WHEREOF, RYDER SYSTEM, INC. has caused this Note to
be signed in its name by its President, a Vice President or Treasurer and by its
Secretary or an Assistant Secretary, or by facsimile of any of their signatures
to be hereto affixed.

Dated:                                 RYDER SYSTEM, INC.
      -----------------------------

                                       By:
                                           -------------------------------------
                                             [Title]

<PAGE>
                                                                               3

TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

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

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

<PAGE>
                                                                               4

                               RYDER SYSTEM, INC.
                                Medium-Term Note

                  1. This Note is one of the duly authorized issue of
debentures, notes, bonds or other evidences of indebtedness (hereinafter called
the "Securities") of the Company, of the series hereinafter specified, all
issued or to be issued under and pursuant to the Indenture dated as of         ,
2003 between the Company and J.P. Morgan Trust Company, National Association
(the "Indenture"), to which Indenture and all other indentures supplemental
thereto reference is hereby made for a statement of the respective rights,
limitations of rights, obligations and duties thereunder of the Trustee and any
agent of the Trustee, any Paying Agent for this Note, the Company and the
Holders of the Securities and the terms upon which the Securities are issued and
are to be authenticated and delivered.

                  The Securities may be issued in one or more series, which
different series may be issued in various aggregate principal amounts, may
mature at different times, may bear interest (if any) at different rates, may be
subject to different redemption provisions (if any), may be subject to different
sinking, purchase or analogous funds (if any), may be subject to different
covenants and Events of Default and may otherwise vary as provided or permitted
in the Indenture. This Note is one of the series of Securities of the Company
issued pursuant to the Indenture designated as the Medium-Term Notes (herein
called the "Notes"), limited in aggregate principal amount to $      . The Notes
of this series may be issued at various times with different maturity dates and
different principal repayment provisions, may bear interest at different rates,
and may otherwise vary, all as provided in the Indenture.

                  2. (A) The regular record date ("Regular Record Date") with
respect to any Interest Payment Date (as defined below) shall be the 15th
calendar day next preceding such Interest Payment Date, whether or not such date
shall be a Business Day (as defined below). Interest which is payable, and is
punctually paid or duly provided for, on any Interest Payment Date shall be paid
to the Person in whose name a Note is registered at the close of business on the
Regular Record Date next preceding such Interest Payment Date; PROVIDED,
HOWEVER, that interest payable on the Maturity Date (as set forth on the face
hereof) will be paid to the Person to whom principal shall be payable; PROVIDED
FURTHER that the first payment of interest on any Note with an Issue Date (as
set forth on the face hereof) between a Regular Record Date and an Interest
Payment Date or on an Interest Payment Date will be made on the Interest Payment
Date following the next succeeding Regular Record Date to the registered owner
of said Note on such next succeeding Regular Record Date. "Business Day" means
any day, other than a Saturday or Sunday, that is neither a legal holiday nor a
day on which banking institutions are authorized or obligated by law or
regulation to be closed in The City of New York.

                  In connection with any calculations of the rate of interest
hereon, all percentages will be rounded, if necessary, to the nearest one
millionth of a percentage point (with five ten-millionths of a percentage point
being rounded upwards) and all dollar amounts used in or resulting from such
calculation will be rounded to the nearest cent (with one-half cent being
rounded upward).

                  (B) The Company promises to pay interest on the principal
amount at the rate per annum shown on the face hereof until the principal amount
hereof is paid or made available for payment or upon earlier redemption or
repayment. The Company will pay interest semiannually on            and
 (each such date an "Interest Payment Date"), commencing with the first Interest
Payment Date following the Issue Date shown on the face hereof and on the
Maturity Date; PROVIDED, HOWEVER, that the first payment of interest on any Note
originally issued between a Regular Record Date and an Interest Payment Date or
on an Interest Payment Date will be made on the Interest Payment Date following
the next succeeding Regular Record Date to the registered owner on such next
Regular Record Date. Interest shall accrue from and including the most recent
Interest Payment Date or, if no interest has been paid or duly provided for,
from and including the Original Issue Date shown on the face hereof, to but
excluding the Interest Payment Date. The amount of such interest payable on any
Interest Payment Date shall be computed on the basis of a 360-day year or twelve
30-day months. Notwithstanding the foregoing, periodic payments of interest will
not be made in respect of a Note for which the interest rate is zero (a

<PAGE>
                                                                               5

"Zero-Coupon Note"). If any Interest Payment Date or the Maturity Date (or date
of redemption or repayment) of this Note falls on a day that is not a Business
Day, the payment will be made on the next Business Day as if it were made on the
date such payment was due, and no interest shall accrue on the amount so payable
for the period from and after such Interest Payment Date or the Maturity Date
(or the date of redemption or repayment), as the case may be.

                  3. (A) Payments of interest (other than interest payable on
the Maturity Date) on Notes will be made in such coin or currency of the United
States of America as at the time of payment is legal tender for payment of
public and private debts, initially at the office of the Trustee; PROVIDED that
payment of interest may be made, at the option of the Company, by mailing a
check to the Holder at the address of the Holder appearing on the register on
the applicable Regular Record Date. Notwithstanding the foregoing, a Holder of
U.S. $10,000,000 or more in aggregate principal amount of Notes of like tenor
and terms shall be entitled to receive such payments in U.S. Dollars by wire
transfer of immediately available funds, but only if appropriate payment
instructions have been received in writing by the Paying Agent in The City of
New York, 15 calendar days prior to the applicable Interest Payment Date.
Principal and any premium and interest payable on the Maturity Date will be paid
in immediately available funds upon surrender of such Note at the office of the
Paying Agent in The City of New York or at such other office or agency as the
Company may designate in time for the Paying Agent make such payments in such
funds in accordance with its normal procedures.

                  (B) Initially, J.P. Morgan Trust Company, National Association
will be the Paying Agent and the Registrar with respect to the Notes. The
Company reserves the right at any time to vary or terminate the appointment of
any Paying Agent or Registrar and to appoint additional or other Paying Agents
and additional or other Registrars and to approve any change in the office
through which any Paying Agent or Registrar acts; PROVIDED that there will at
all times be a Paying Agent and Registrar in The City of New York.

                  4. If specified on the face hereof, this Note may be redeemed,
as a whole or from time to time in part, at the option of the Company, on not
less than 30 nor more than 60 days' notice given as provided in the Indenture,
on any redemption date(s) and at the related redemption price(s) set forth on
the face hereof, together with any accrued interest to the date of redemption.
The redemption price(s) are expressed as a percentage of the principal amount of
this Note. If no such redemption date is set forth on the face hereof, this Note
may not be so redeemed pursuant to this Section 4. If less than all the Notes of
like tenor and terms are to be redeemed, the particular Notes to be redeemed
shall be selected by the Trustee not more than 45 days prior to the redemption
date from the Notes of like tenor and terms not previously called for
redemption. Such selection shall be of principal amounts equal to the minimum
authorized denomination for such Notes or any integral multiple thereof. Subject
to the immediately preceding sentence, such selection shall be made by any
method as the Trustee deems fair and appropriate.

                  5. If specified on the face hereof, this Note will be subject
to repayment at the option of the Holder hereof on the repayment date(s) and at
the related repayment price(s) set forth on the face hereof. The repayment
price(s) are expressed as a percentage of the principal amount of this Note. If
no such repayment date is set forth on the face hereof, this Note may not be so
repaid. On each repayment date, if any, this Note shall be repayable in whole or
in part at the option of the Holder hereof at the applicable repayment price set
forth on the face hereof, together with interest thereon to the date of
repayment. For this Note to be repaid in whole or in part at the option of the
Holder hereof, the Paying Agent must receive not less than 30 nor more than 45
days prior to the repayment date (i) the Note with the form entitled "Option to
Elect Repayment" below duly completed or (ii) a 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 of America setting forth the name of the Holder of the
Note, the principal amount of the Note, the principal amount of the Note to be
repaid, the certificate number of the Note or a description of the tenor and
terms of the Note to be repaid, a statement that the option to elect repayment
is being exercised thereby and a guarantee that the Note to be repaid with the
form entitled "Option to Elect Repayment" on the reverse of the Note duly
completed will be received by the Paying Agent not later than five Business Days
after the date of such facsimile transmission or letter and such Note and form
duly completed are received by the Paying Agent by such fifth Business Day.

<PAGE>
                                                                               6

Exercise of such repayment option shall be irrevocable. Such option may be
exercised by the Holder for less than the entire principal amount; PROVIDED that
the principal amount remaining outstanding after repayment is an authorized
denomination.

                  6. If an Event of Default with respect to the Notes shall
occur and be continuing, the principal of all of the Notes may be declared due
and payable in the manner and with the effect provided in the Indenture. If the
principal of any Original Issue Discount Note is declared to be due and payable
or if such a Note is to be redeemed pursuant to Section 4 above, the amount of
principal due and payable with respect to such Note shall be the amount equal to
(a) the Issue Price of such Note plus (b) the portion of the difference between
the Issue Price and the principal amount of such Note that has accrued at the
yield to maturity set forth on the face hereof (computed in accordance with
generally accepted United States bond yield computation principles) at the date
as of which such amount is declared due and payable in the manner and with the
effect provided in the Indenture, but in no event shall such amount exceed the
stated principal amount.

                  7. The Indenture permits, with certain exceptions as therein
provided, the Company and the Trustee to enter into supplemental indentures to
amend the Indenture or the Securities with the written consent of the Holders of
at least a majority in aggregate Principal amount of the Securities then
outstanding affected thereby. The Indenture also permits the Holders of a
majority in principal amount of the Securities at the time outstanding of each
series on behalf of the Holders of all Securities of such series, to waive
compliance by the Company with certain provisions of the Indenture and certain
past defaults and their consequences with respect to such series under the
Indenture. Any such consent or waiver by the Holder of this Note shall be
conclusive and binding upon such Holder and upon all future Holders of this Note
and of any Note issued upon the registration of transfer hereof or in exchange
hereof or in lieu hereof, whether or not notation of such consent or waiver is
made upon this Note or such other Notes.

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

                  9. The authorized denominations of Notes are $1,000 and any
larger amount that is an integral multiple of $1,000.

                  10. As provided in the Indenture and subject to certain
limitations therein set forth, the transfer of a Note is registerable in the
register, upon surrender of such Note for registration of transfer at the office
of the Registrar for this series or at the offices of any transfer agent
designated by the Company for such purpose. Every Note presented for
registration of transfer shall (if so required by the Company or the Trustee) be
duly endorsed, or accompanied by a written instrument of transfer in form
satisfactory to the Company and the Registrar duly executed by the Holder or its
attorney duly authorized in writing, and one or more new Notes of like tenor and
terms in registered form, of authorized denominations and for the same aggregate
principal amount, will be issued in the name or names of the designated
transferee or transferees and delivered at the office of the Registrar in The
City of New York, or mailed, at the request, risk and expense of the transferee
or transferees, to the address or addresses shown in the register for such
transferee or transferees.

                  Any transfers of Notes or interest in Notes in different
denominations shall in each case be for Notes in interests of like tenor and
terms and equal aggregate principal amounts.

                  The Company, the Trustee, the Registrar and any agent of the
Company, the Trustee or the Registrar may treat the Person in whose name a Note
is registered as the owner hereof for all purposes, whether or not such Note is
overdue, and neither the Company, the Trustee, the Registrar nor any such agent
shall be affected by notice to the contrary.

<PAGE>
                                                                               7

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

                  11. This Note is a global security. Accordingly, unless and
until it is exchanged in whole or in part for individual certificates evidencing
the Notes represented hereby, this Note may not be transferred except as a whole
by The Depository Trust Company (the "Depository") to a nominee of such
Depository or by a nominee of such Depository or by the Depository or any
nominee to a successor Depository or any nominee of such successor or such
nominee. Ownership of beneficial interests in this Note will be shown on, and
the transfer of that ownership will be effected only through, records maintained
by the applicable Depository or its nominee (with respect to interest of
participants) and the records of participants (with respect to interests of
persons other than participants). The laws of some states require that certain
purchasers of securities take physical delivery of such securities in definitive
form. Such limits and such laws may impair the ability to transfer beneficial
interests in this Note. Except as provided below, owners of beneficial interests
in this Note will not be entitled to have any individual certificates and will
not be considered the owners or Holders thereof under the Indenture.

                  Neither the Company, any Paying Agent or any Registrar will
have any responsibility or liability for any aspect of the records relating to
or payments made on account of beneficial ownership interests in this Note or
for maintaining, supervising or reviewing any records relating to such
beneficial ownership interests.

                  If the Depository is at any time unwilling, unable or
ineligible to continue as depository and a successor depository is not appointed
by the Company within 90 days, the Company will issue individual certificates
evidencing the Notes represented hereby in definitive form in exchange for this
Note. In addition, the Company may at any time and in its sole discretion
determine not to have any Notes represented by one or more global securities
and, in such event, will issue individual certificates evidencing Notes in
definitive form in exchange for this Note.

                  12. Unless otherwise defined herein, all terms used in this
Note which are defined in the Indenture shall have the meanings assigned to them
in the Indenture.

                  13. The Indenture and the Notes shall be construed in
accordance with and governed by the laws of the State of New York.

                  14. No recourse for the payment of the principal of or
interest on this Note, for any claim based hereon or otherwise in respect
hereof, and no recourse under or upon any obligation or agreement of the Company
in the Indenture or in any Note shall be had against any incorporator,
stockholder, officer or director as such, past, present or future, of the
Company either directly or through the Company 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.

<PAGE>
                                                                               8

                           REGISTRAR AND PAYING AGENT
                               (subject to change)

                 J.P. Morgan Trust Company, National Association
                                4 New York Plaza
                            New York, New York 10004
                     Attention: Institutional Trust Services

                            OPTION TO ELECT REPAYMENT

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

(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 be in
authorized denominations) 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):

Repayment Date: ______________________

Date:  _______________________________

Signature:  ___________________________

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