Document:

EXHIBIT 4.1

                                FACE OF SECURITY
                             Fixed Rate Senior Note

REGISTERED                                                     REGISTERED
No. FXR - 1                                                    $7,750,000
                                                               CUSIP: 00079FAY8

     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.

<PAGE>

                               ABN AMRO BANK N.V.
                    SENIOR GLOBAL MEDIUM-TERM NOTE, SERIES A
                                  (Fixed Rate)

            11.50% Reverse Exchangeable Securities due July 24, 2003
                 linked to common stock of The Home Depot, Inc.

<TABLE>
<S>                           <C>                        <C>                           <C>
==================================================================================================================
ORIGINAL ISSUE DATE:          INITIAL REDEMPTION         INTEREST RATE:                MATURITY DATE:
    July 24, 2002                 DATE:  N/A                 11.50% per annum              July 24, 2003
------------------------------------------------------------------------------------------------------------------
INTEREST ACCRUAL DATE:        INITIAL REDEMPTION         INTEREST PAYMENT DATES:       OPTIONAL
    July 24, 2002                 PERCENTAGE:  N/A           January 24, 2003 and          REPAYMENT DATE:  N/A
                                                             July 24, 2003
------------------------------------------------------------------------------------------------------------------
SPECIFIED CURRENCY:           ANNUAL REDEMPTION          INTEREST PAYMENT PERIOD:      APPLICABILITY OF MODIFIED
    U.S. DOLLARS                  PERCENTAGE                 Semi-annually                 PAYMENT UPON
                                  REDUCTION:  N/A                                          ACCELERATION: N/A
                                                                                           (But see "Alternate
                                                                                           Exchange Calculation
                                                                                           in case of an Event
                                                                                           of Default")
------------------------------------------------------------------------------------------------------------------
IF SPECIFIED                  REDEMPTION NOTICE          APPLICABILITY OF              If yes, state issue Price:
    CURRENCY                      PERIOD:  N/A               ANNUAL INTEREST           N/A
    OTHER THAN U.S.                                          PAYMENTS:  N/A
    DOLLARS, OPTION
    TO ELECT
    PAYMENT IN U.S.
    DOLLARS: N/A
------------------------------------------------------------------------------------------------------------------
EXCHANGE RATE                                                                          ORIGINAL YIELD TO
    AGENT: N/A                                                                         MATURITY:  N/A
------------------------------------------------------------------------------------------------------------------
OTHER PROVISIONS: (see below)
------------------------------------------------------------------------------------------------------------------

==================================================================================================================
</TABLE>

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<PAGE>

Initial Price.........................  $28.70 per Underlying Share divided by
                                        the Exchange Factor.

Underlying Shares.....................  Common stock of the Underlying Company,
                                        par value $0.05 per share.

Underlying Company....................  The Home Depot, Inc.

Minimum Denominations.................  $1,000 and integral multiples thereof.

Payment at Maturity:..................  At maturity, the Issuer shall pay or
                                        deliver for each $1,000 principal
                                        amount of Notes, either (i) a cash
                                        payment equal to $1,000, if the
                                        Determination Price on the
                                        Determination Date of the Underlying
                                        Shares is at or above the Initial
                                        Price, or (ii) the number of Underlying
                                        Shares equal to the Stock Redemption
                                        Amount, if the Determination Price on
                                        the Determination Date of the
                                        Underlying Shares is lower than the
                                        Initial Price. The Issuer shall pay
                                        cash in lieu of delivering fractional
                                        Underlying Shares in an amount equal to
                                        the corresponding fractional Closing
                                        Price of the Underlying Shares as
                                        determined by the Calculation Agent on
                                        the Determination Date.

                                        If the Issuer is required to deliver
                                        Underlying Shares pursuant to the terms
                                        of the Notes, it shall, or cause the
                                        Calculation Agent to, provide written
                                        notice to the Trustee at its New York
                                        office, on which notice the Trustee may
                                        conclusively rely, of the Stock
                                        Redemption Amount, on or prior to the
                                        Issuer Notice Date. The Issuer shall,
                                        or shall cause the Calculation Agent
                                        to, deliver such Underlying Shares
                                        (and/or Exchange Property, if
                                        applicable) to the Trustee for delivery
                                        to the Holders.

Stock Redemption Amount:..............  The Calculation Agent shall determine
                                        the Stock Redemption Amount for each
                                        $1,000 principal amount of Notes on the
                                        Determination Date by dividing $1,000
                                        by the Initial Price.

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<PAGE>

                                        The number of Underlying Shares to be
                                        delivered at maturity shall be subject
                                        to any applicable adjustments (i) to
                                        the Exchange Factor and (ii) in the
                                        Exchange Property, as defined in
                                        paragraph 5 under "Adjustment Events"
                                        below, to be delivered instead of, or
                                        in addition to, such Underlying Shares
                                        in each case as a result of any
                                        corporate event described under
                                        "Adjustment Events" below.

Determination Date:...................  The third Business Day prior to the
                                        Maturity Date, or if such day is not a
                                        Trading Day, the immediately succeeding
                                        Trading Day; provided that the
                                        Determination Date shall be no later
                                        than the second scheduled Trading Day
                                        preceding the Maturity Date,
                                        notwithstanding the occurrence of a
                                        Market Disruption Event on such second
                                        scheduled Trading Day.

Determination Price:..................  The Closing Price per Underlying Share
                                        on the Determination Date, as
                                        determined by the Calculation Agent.

Closing Price.........................  If the Underlying Shares (or any other
                                        security for which a Closing Price must
                                        be determined) are listed on a U.S.
                                        securities exchange registered under
                                        the Exchange Act, are securities of The
                                        Nasdaq National Market or are included
                                        in the OTC Bulletin Board Service (the
                                        "OTC Bulletin Board"), operated by the
                                        National Association of Securities
                                        Dealers, Inc., the Closing Price for
                                        one Underlying Share (or one unit of
                                        any such other security) on any Trading
                                        Day means (I) the last reported sale
                                        price, regular way, in the principal
                                        trading session on such day on the
                                        principal securities exchange on which
                                        the Underlying Shares (or any such
                                        other security) are listed or admitted
                                        to trading or (ii) if not listed or
                                        admitted to trading on any such
                                        securities exchange or if such last
                                        reported sale price is not obtainable
                                        (even if the Underlying Shares (or
                                        other such security) are listed or
                                        admitted to trading on such securities
                                        exchange), the last reported sale price
                                        in the principal trading session on the
                                        over-the-counter market as reported on
                                        The Nasdaq National Market or OTC
                                        Bulletin Board on such day. If the last
                                        reported sale price is not

                                       4
<PAGE>

                                        available pursuant to clause (i) or
                                        (ii) of the preceding sentence, the
                                        Closing Price for any Trading Day shall
                                        be the mean, as determined by the
                                        Calculation Agent, of the bid prices
                                        for the Underlying Shares (or any such
                                        other security) obtained from as many
                                        dealers in such security (which may
                                        include AAI or any of the Issuer's
                                        other subsidiaries or affiliates), but
                                        not exceeding three, as will make such
                                        bid prices available to the Calculation
                                        Agent. A "securities of The Nasdaq
                                        National Market" shall include
                                        securities included in any successor to
                                        such system and the term "OTC Bulletin
                                        Board Service" shall include any
                                        successor service thereto.

Issuer Notice Date....................  The Business Day immediately succeeding
                                        the Determination Date; provided that
                                        the Issuer Notice Date shall be no
                                        later than the second scheduled Trading
                                        Day preceding the Maturity Date,
                                        notwithstanding the occurrence of a
                                        Market Disruption Event on such
                                        scheduled Trading Day.

Trading Day:..........................  A day, as determined by the Calculation
                                        Agent, on which trading is generally
                                        conducted on the New York Stock
                                        Exchange, the American Stock Exchange
                                        Inc., the Nasdaq National Market, the
                                        Chicago Mercantile Exchange, and the
                                        Chicago Board of Options Exchange and
                                        in the over-the-counter market for
                                        equity securities in the United States
                                        and on which a Market Disruption Event
                                        has not occurred.

Market Disruption Event:..............  Means, with respect to the Underlying
                                        Shares:

                                        (i)  a suspension, absence or material
                                             limitation of trading of the
                                             Underlying Shares on the primary
                                             market for the Underlying Shares
                                             for more than two hours of trading
                                             or during the one-half hour period
                                             preceding the close of trading in
                                             such market; or a breakdown or
                                             failure in the price and trade
                                             reporting systems of the primary
                                             market for the Underlying Shares
                                             that is, in the sole discretion of
                                             the Calculation Agent, material;
                                             or the suspension, absence or
                                             material limitation on the primary
                                             market

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<PAGE>

                                             for trading in futures or options
                                             contracts related to the Underlying
                                             Shares, if available, during the
                                             one-half hour period preceding the
                                             close of trading in the applicable
                                             market, in each case as determined
                                             by the Calculation Agent in its
                                             sole discretion; and

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

                                        For purposes of determining whether a
                                        Market Disruption Event has occurred:
                                        (1) a limitation on the hours or number
                                        of days of trading will not constitute
                                        a Market Disruption Event if it results
                                        from an announced change in the regular
                                        business hours of the relevant
                                        exchange; (2) a decision to permanently
                                        discontinue trading in the relevant
                                        futures or options contract will not
                                        constitute a Market Disruption Event;
                                        (3) limitations pursuant to New York
                                        Stock Exchange Inc. Rule 80A (or any
                                        applicable rule or regulation enacted
                                        or promulgated by the New York Stock
                                        Exchange Inc., any other
                                        self-regulatory organization or the
                                        Commission of similar scope as
                                        determined by the Calculation Agent) on
                                        trading during significant market
                                        fluctuations shall constitute a
                                        suspension, absence or material
                                        limitation of trading; (4) a suspension
                                        of trading in futures or options
                                        contracts on the Underlying Shares by
                                        the primary securities market trading
                                        in such futures or options, if
                                        available, by reason of (x) a price
                                        change exceeding limits set by such
                                        securities exchange or market, (y) an
                                        imbalance of orders relating to such
                                        contracts or (z) a disparity in bid and
                                        ask quotes relating to such contracts
                                        will constitute a suspension, absence
                                        or material limitation of trading in
                                        futures or options contracts related to
                                        the Underlying Shares; and (5) a
                                        suspension, absence or material
                                        limitation of trading on the primary

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<PAGE>

                                        securities market on which futures or
                                        options contracts related to the
                                        Underlying Shares are traded will not
                                        include any time when such securities
                                        market is itself closed for trading
                                        under ordinary circumstances.

                                        The Calculation Agent shall as soon as
                                        reasonably practicable under the
                                        circumstances notify the Issuer, the
                                        Trustee, the Depository Trust Company
                                        and the Agents of the existence or
                                        occurrence of a Market Disruption Event
                                        on any day that but for the occurrence
                                        or existence of a Market Disruption
                                        Event would have been the Determination
                                        Date.

Exchange Factor.......................  The Exchange Factor shall initially be
                                        1.0, but shall be subject to adjustment
                                        by the Calculation Agent upon the
                                        occurrence of certain corporate events
                                        affecting the Underlying Shares though
                                        and including the Determination Date.
                                        See "Adjustment Events" below.

Adjustment Events:....................  The Exchange Factor or the amount paid
                                        at maturity (in the case of paragraph 5
                                        below) shall be adjusted as follows:

                                        1.   If the Underlying Shares are
                                             subject to a stock split or
                                             reverse stock split, then once
                                             such split has become effective,
                                             the Exchange Factor shall be
                                             adjusted to equal the product of
                                             the prior Exchange Factor and the
                                             number of shares issued in such
                                             stock split or reverse stock split
                                             with respect to one Underlying
                                             Share.

                                        2.   If the Underlying Shares are
                                             subject (i) to a stock dividend
                                             (issuance of additional Underlying
                                             Shares) that is given ratably to
                                             all holders of Underlying Shares
                                             or (ii) to a distribution of the
                                             Underlying Shares as a result of
                                             the triggering of any provision of
                                             the corporate charter of the
                                             Underlying Company, in each case
                                             other than a stock split described
                                             in paragraph 1, then once the
                                             dividend has become effective and
                                             the Underlying Shares are trading
                                             ex-dividend, the Exchange Factor
                                             shall be adjusted so

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<PAGE>

                                             that the new Exchange Factor shall
                                             equal the prior Exchange Factor
                                             plus the product of (i) the number
                                             of shares issued with respect to
                                             one Underlying Share and (ii) the
                                             prior Exchange Factor.

                                        3.   There shall be no adjustments to
                                             the Exchange Factor to reflect
                                             cash dividends or other
                                             distributions paid with respect to
                                             the Underlying Shares other than
                                             Extraordinary Dividends as
                                             described below (except that
                                             distributions described in
                                             paragraph 2 above shall not be
                                             subject to this paragraph). A cash
                                             dividend or other distribution
                                             with respect to the Underlying
                                             Shares shall be deemed to be an
                                             "Extraordinary Dividend" if such
                                             dividend or other distribution
                                             exceeds the immediately preceding
                                             non-Extraordinary Dividend for the
                                             Underlying Shares by an amount
                                             equal to at least 10% of the
                                             closing price of the Underlying
                                             Shares (as adjusted for any
                                             subsequent corporate event
                                             requiring an adjustment hereunder,
                                             such as a stock split or reverse
                                             stock split) on the Trading Day
                                             preceding the ex-dividend date for
                                             the payment of such Extraordinary
                                             Dividend (the "ex-dividend date").
                                             If an Extraordinary Dividend
                                             occurs with respect to the
                                             Underlying Shares, the Exchange
                                             Factor with respect to the
                                             Underlying Shares will be adjusted
                                             on the ex-dividend date with
                                             respect to such Extraordinary
                                             Dividend so that the new Exchange
                                             Factor will equal the product of
                                             (i) the then current Exchange
                                             Factor and (ii) a fraction, the
                                             numerator of which is the Closing
                                             Price on the Trading Day preceding
                                             the ex-dividend date, and the
                                             denominator of which is the amount
                                             by which the Closing Price on the
                                             Trading Day preceding the
                                             ex-dividend date exceeds the
                                             Extraordinary Dividend Amount. The
                                             "Extraordinary Dividend Amount"
                                             with respect to an Extraordinary
                                             Dividend for the Underlying Shares
                                             shall equal (i) in the case of
                                             cash dividends or other
                                             distributions that constitute
                                             regular dividends, the amount per
                                             share of such Extraordinary
                                             Dividend minus the amount per
                                             share of the immediately preceding
                                             non-Extraordinary Dividend for the
                                             Underlying Shares or (ii) in the
                                             case of cash dividends or other
                                             distributions that do not
                                             constitute regular dividends, the
                                             amount per

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<PAGE>

                                             share of such Extraordinary
                                             Dividend. To the extent an
                                             Extraordinary Dividend is not paid
                                             in cash, the value of the non-cash
                                             component will be determined by
                                             the Calculation Agent, whose
                                             determination shall be conclusive.
                                             A distribution on the Underlying
                                             Shares described in clause (i),
                                             clause (iv) or clause (v) of
                                             paragraph 5 below that also
                                             constitutes an Extraordinary
                                             Dividend shall not cause an
                                             adjustment to the Exchange Factor
                                             pursuant to this paragraph 3.

                                        4.   If the Underlying Company issues
                                             rights or warrants to all holders
                                             of the Underlying Shares to
                                             subscribe for or purchase
                                             Underlying Shares at an exercise
                                             price per share less than the
                                             Closing Price of the Underlying
                                             Shares on both (i) the date the
                                             exercise price of such rights or
                                             warrants is determined and (ii)
                                             the expiration date of such rights
                                             or warrants, and if the expiration
                                             date of such rights or warrants
                                             precedes the maturity of this
                                             Note, then the Exchange Factor
                                             shall be adjusted to equal the
                                             product of the prior Exchange
                                             Factor and a fraction, the
                                             numerator of which shall be the
                                             number of Underlying Shares
                                             outstanding immediately prior to
                                             the issuance of such rights or
                                             warrants plus the number of
                                             additional Underlying Shares
                                             offered for subscription or
                                             purchase pursuant to such rights
                                             or warrants and the denominator of
                                             which shall be the number of
                                             Underlying Shares outstanding
                                             immediately prior to the issuance
                                             of such rights or warrants plus
                                             the number of additional
                                             Underlying Shares which the
                                             aggregate offering price of the
                                             total number of shares of the
                                             Underlying Shares so offered for
                                             subscription or purchase pursuant
                                             to such rights or warrants

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                                             would purchase at the Closing
                                             Price on the expiration date of
                                             such rights or warrants, which
                                             shall be determined by multiplying
                                             such total number of shares
                                             offered by the exercise price of
                                             such rights or warrants and
                                             dividing the product so obtained
                                             by such Closing Price.

                                        5.   If a Reorganization Event (as
                                             defined below) occurs, each holder
                                             of Notes will receive at maturity,
                                             in respect of each $1,000
                                             principal amount of each Note, the
                                             lesser of: (i) $1,000 in cash or
                                             (ii) Exchange Property (as defined
                                             below) in an amount with a value
                                             equal to the product of the stock
                                             redemption amount times the
                                             Transaction Value (as defined
                                             below). In the case of a
                                             Reorganization Event that is the
                                             result of any issuance of tracking
                                             stock by the Underlying Company or
                                             a Spin-off Event (as defined
                                             below), the Issuer may, at its
                                             sole option, in lieu of clause
                                             (ii) above, elect to deliver
                                             Exchange Property consisting
                                             solely of the reclassified
                                             Underlying Shares (in the case of
                                             an issuance of tracking stock) or
                                             the Underlying Shares with respect
                                             to which the spun-off security was
                                             issued (in the case of a Spin-off
                                             Event) and pay the cash value of
                                             such tracking stock or spun-off
                                             security as of the determination
                                             date. If the Issuer elects to
                                             deliver cash pursuant to the
                                             immediately preceding sentence,
                                             the Issuer will provide notice to
                                             holders of Notes as soon as
                                             practicable after the date of such
                                             Reorganization Event.

                                                "Reorganization Event" means
                                                (i) there has occurred any
                                                reclassification or change with
                                                respect to the Underlying
                                                Shares, including, without
                                                limitation, as a result of the
                                                issuance of any tracking stock
                                                by the Underlying Company; (ii)
                                                the Underlying Company or any
                                                surviving entity or subsequent
                                                surviving entity of the
                                                Underlying Company (an
                                                "Underlying Company Successor")
                                                has been subject to a merger,
                                                combination

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                                                or consolidation and is not the
                                                surviving entity; (iii) any
                                                statutory exchange of
                                                securities of the Underlying
                                                Company or any Underlying
                                                Company Successor with another
                                                corporation occurs (other than
                                                pursuant to clause (ii) above);
                                                (iv) the Underlying Company is
                                                liquidated; (v) the Underlying
                                                Company issues to all of its
                                                shareholders equity securities
                                                of an issuer other than the
                                                Underlying Company (other than
                                                in a transaction described in
                                                clauses (ii), (iii) or (iv)
                                                above) (a "Spin-off Event"); or
                                                (vi) a tender or exchange offer
                                                or going-private transaction is
                                                consummated for all the
                                                outstanding Underlying Shares.

                                                "Exchange Property" means
                                                securities, cash or any other
                                                assets distributed to holders
                                                of the Underlying Shares in any
                                                Reorganization Event,
                                                including, in the case of the
                                                issuance of tracking stock, the
                                                reclassified Underlying Shares
                                                and, in the case of a Spin-off
                                                Event, the Underlying Shares
                                                with respect to which the
                                                spun-off security was issued.

                                                "Transaction Value", at any
                                                date, means (i) for any cash
                                                received in any such
                                                Reorganization Event, the
                                                amount of cash received per
                                                Underlying Share; (ii) for any
                                                property other than cash or
                                                securities received in any such
                                                Reorganization Event, the
                                                market value, as determined by
                                                the calculation agent, as of
                                                the date of receipt, of such
                                                Exchange Property received for
                                                each Underlying Share; and
                                                (iii) for any security received
                                                in any such Reorganization
                                                Event (including in the case of
                                                the issuance of tracking stock,
                                                the reclassified Underlying
                                                Shares and, in the case of a
                                                Spin-off Event, the Underlying
                                                Shares with respect to which
                                                the spun-off security was
                                                issued), an amount equal to the
                                                closing price, as of the
                                                determination date, per share
                                                of such

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                                                security multiplied by the
                                                quantity of such security
                                                received for each Underlying
                                                Share.

                                             If Exchange Property consists of
                                             more than one type of property,
                                             holders of Notes will receive at
                                             maturity a pro rata share of each
                                             such type of Exchange Property in
                                             proportion to the quantity of such
                                             Exchange Property received in
                                             respect of each Underlying Share.
                                             If Exchange Property includes a
                                             cash component, holders will not
                                             receive any interest accrued on
                                             such cash component. In the event
                                             Exchange Property consists of
                                             securities, those securities will,
                                             in turn, be subject to the
                                             antidilution adjustments set forth
                                             in paragraphs 1 through 5.

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

                                        With respect to paragraphs 1 to 5
                                        above, no adjustments to the Exchange
                                        Factor shall be required unless such
                                        adjustment would require a change of at
                                        least 0.1% in the Exchange Factor then
                                        in effect. The Exchange Factor
                                        resulting from any of the adjustments
                                        specified above shall be rounded to the
                                        nearest one hundred-thousandth with
                                        five one-millionths being

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<PAGE>

                                        rounded upward.

                                        No adjustments to the Exchange Factor
                                        or method of calculating the Exchange
                                        Factor shall be required other than
                                        those specified above. However, the
                                        Issuer may, at its sole discretion,
                                        cause the Calculation Agent to make
                                        additional changes to the Exchange
                                        Factor upon the occurrence of corporate
                                        or other similar events that affect or
                                        could potentially affect market prices
                                        of, or shareholders' rights in, the
                                        Underlying Shares (or other Exchange
                                        Property) but only to reflect such
                                        changes, and not with the aim of
                                        changing relative investment risk. The
                                        adjustments specified above do not
                                        cover all events that could affect the
                                        market price or the Closing Price of
                                        the Underlying Shares, including,
                                        without limitation, a partial tender or
                                        partial exchange offer for the
                                        Underlying Shares.

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

                                        The Calculation Agent will provide
                                        information as to any adjustments to
                                        the Exchange Factor or method of
                                        calculating the Exchange Factor upon
                                        written request by any Holder of this
                                        Note.

Alternate Exchange Calculation in
case of an Event of Default...........  In case an Event of Default with
                                        respect to this Note shall have
                                        occurred and be continuing, the amount
                                        declared due and payable upon any
                                        acceleration of this Note shall be
                                        determined by the Calculation Agent,
                                        and shall be equal to the principal
                                        amount of this Note plus any accrued
                                        interest to but not including the date
                                        of acceleration.

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<PAGE>

Calculation Agent.....................  ABN AMRO Incorporated ("AAI"). All
                                        determinations made by the Calculation
                                        Agent will be at the sole discretion of
                                        the Calculation Agent and shall, in the
                                        absence of manifest error, be
                                        conclusive for all purposes and binding
                                        on the Holders and on the Issuer.

Additional Amounts....................  The Issuer shall, subject to certain
                                        exceptions and limitations set forth
                                        below, pay such additional amounts (the
                                        "Additional Amounts") to each holder of
                                        this Note as may be necessary in order
                                        that the net payment of the principal
                                        of this Note and any other amounts
                                        payable on this Note, after withholding
                                        for or on account of any present or
                                        future tax, assessment or governmental
                                        charge imposed upon or as a result of
                                        such payment by The Netherlands (or any
                                        political subdivision or taxing
                                        authority thereof or therein) or the
                                        jurisdiction of residence or
                                        incorporation of any successor
                                        corporation or any jurisdiction from or
                                        through which any amount is paid by the
                                        Issuer or a successor corporation, will
                                        not be less than the amount provided
                                        for in this Note to be then due and
                                        payable. The Issuer shall not, however,
                                        be required to make any payment of
                                        Additional Amounts to any such holder
                                        for or on account of:

                                        (a)   any such tax, assessment or other
                                              governmental charge that would not
                                              have been so imposed but for (i)
                                              the existence of any present or
                                              former connection between such
                                              holder (or between a fiduciary,
                                              settlor, beneficiary, member or
                                              shareholder of such holder, if
                                              such holder is an estate, a trust,
                                              a partnership or a corporation)
                                              and The Netherlands and its
                                              possessions, including, without
                                              limitation, such holder (or such
                                              fiduciary, settlor, beneficiary,
                                              member or shareholder) being or
                                              having been a citizen or resident
                                              thereof or being or having been
                                              engaged in a trade or business or
                                              present therein or having, or
                                              having had, a permanent
                                              establishment therein or (ii) the
                                              presentation, where presentation
                                              is required, by the holder of this
                                              Note for payment on a

                                      14
<PAGE>

                                              date more than 30 days after the
                                              date on which such payment became
                                              due and payable or the date on
                                              which payment thereof is duly
                                              provided for, whichever occurs
                                              later;

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

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

                                        (d)   any tax, assessment or other
                                              governmental charge required to be
                                              withheld by any paying agent from
                                              any payment of principal of, or
                                              supplemental redemption amount on,
                                              this Note, if such payment can be
                                              made without such withholding by
                                              presentation of this Note to any
                                              other paying agent;

                                        (e)   any tax, assessment or other
                                              governmental charge that would not
                                              have been imposed but for a
                                              holder's failure to comply with a
                                              request addressed to the holder
                                              or, if different, the beneficiary
                                              of the payment, to comply with
                                              certification, information or
                                              other reporting requirements
                                              concerning the nationality,
                                              residence or identity of the
                                              holder or beneficial owner of this
                                              Note, if such compliance is
                                              required by statute or by
                                              regulation of The Netherlands (or
                                              other relevant jurisdiction), or
                                              of any political subdivision or
                                              taxing authority thereof or
                                              therein, as a precondition to
                                              relief or exemption from such tax,
                                              assessment or other governmental
                                              charge; or

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

                                        Nor shall Additional Amounts be paid
                                        with respect to any payment on this
                                        Note to a holder who is a fiduciary or
                                        partnership or other than the sole
                                        beneficial owner of such payment to the
                                        extent such payment would be required
                                        by

                                      15
<PAGE>

                                        the laws of The Netherlands (or other
                                        relevant jurisdiction), or any
                                        political subdivision thereof, to be
                                        included in the income, for tax
                                        purposes, of a beneficiary or settlor
                                        with respect to such fiduciary or a
                                        member of such partnership or a
                                        beneficial owner who would not have
                                        been entitled to the Additional Amounts
                                        had such beneficiary, settlor, member
                                        or beneficial owner been the holder of
                                        this Note.

     ABN AMRO Bank N.V., a public limited liability company incorporated under
the laws of The Netherlands and with corporate seat in Amsterdam (together with
its successors and assigns, the "Issuer"), for value received, hereby promises
to pay to CEDE & CO., or registered assignees, the principal sum of U.S.
$7,750,000 (UNITED STATES DOLLARS SEVEN MILLION SEVEN HUNDRED AND FIFTY
THOUSAND), on the Maturity Date specified above (except to the extent redeemed
or repaid prior to maturity) and to pay interest thereon at the Interest Rate
per annum specified above, from and including the Interest Accrual Date
specified above until the principal hereof is paid or duly made available for
payment weekly, monthly, quarterly, semiannually or annually in arrears as
specified above as the Interest Payment Period on each Interest Payment Date
(as specified above), commencing on the Interest Payment Date next succeeding
the Interest Accrual Date specified above, and at maturity (or on any
redemption or repayment date); provided, however, that if the Interest Accrual
Date occurs between a Record Date, as defined below, and the next succeeding
Interest Payment Date, interest payments will commence on the second Interest
Payment Date succeeding the Interest Accrual Date to the registered holder of
this Note on the Record Date with respect to such second Interest Payment Date;
and provided, further, that if this Note is subject to "Annual Interest
Payments," interest payments shall be made annually in arrears and the term
"Interest Payment Date" shall be deemed to mean the first day of March in each
year.

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

                                      16
<PAGE>

     Payment of the principal of this Note, any premium and the interest due at
maturity (or any redemption or repayment date), unless this Note is denominated
in a Specified Currency other than U.S. dollars and is to be paid in whole or
in part in such Specified Currency, will be made in immediately available funds
upon surrender of this Note at the office or agency of the Paying Agent, as
defined on the reverse hereof, maintained for that purpose in the Borough of
Manhattan, The City of New York, or at such other paying agency as the Issuer
may determine, in U.S. dollars. U.S. dollar payments of interest, other than
interest due at maturity or on any date of redemption or repayment, will be
made by U.S. dollar check mailed to the address of the person entitled thereto
as such address shall appear in the Note register. A holder of U.S. $10,000,000
(or the equivalent in a Specified Currency) or more in aggregate principal
amount of Notes having the same Interest Payment Date, the interest on which is
payable in U.S. dollars, shall be entitled to receive payments of interest,
other than interest due at maturity or on any date of redemption or repayment,
by wire transfer of immediately available funds if appropriate wire transfer
instructions have been received by the Paying Agent in writing not less than 15
calendar days prior to the applicable Interest Payment Date.

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

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

     If the holder elects to receive all or a portion of payments of principal
of and any premium and interest on this Note, if denominated in a Specified
Currency other than U.S. dollars, in U.S. dollars, the Exchange Rate Agent (as
defined on the reverse hereof) will convert such payments into U.S. dollars. In
the event of such an election, payment in respect of this Note will be based
upon the exchange rate as determined by the Exchange Rate Agent based on the
highest bid

                                      17
<PAGE>

quotation in The City of New York received by such Exchange Rate Agent at
approximately 11:00 a.m., New York City time, on the second Business Day
preceding the applicable payment date from three recognized foreign exchange
dealers (one of which may be the Exchange Rate Agent unless such Exchange Rate
Agent is an affiliate of the Issuer) for the purchase by the quoting dealer of
U.S. dollars for the Specified Currency for settlement on such payment date in
the amount of the Specified Currency payable in the absence of such an election
to such holder and at which the applicable dealer commits to execute a
contract. If such bid quotations are not available, such payment will be made
in the Specified Currency. All currency exchange costs will be borne by the
holder of this Note by deductions from such payments.

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

     Unless the certificate of authentication hereon has been executed by the
Trustee referred to on the reverse hereof by manual signature, this Note shall
not be entitled to any benefit under the Indenture, as defined on the reverse
hereof, or be valid or obligatory for any purpose.

                                      18
<PAGE>

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

                                      ABN AMRO BANK N.V.

Dated:  July 24, 2002                 By:
        ---------------------             --------------------------------
                                           Name:
                                           Title:

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

TRUSTEE' CERTIFICATE
   OF AUTHENTICATION

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

JPMORGAN CHASE BANK,
   as Trustee

By:  _____________________________
     Authorized Officer

<PAGE>

                              REVERSE OF SECURITY

     This Note is one of a duly authorized issue of Global Medium-Term Notes,
Series A, having maturities more than nine months from the date of issue (the
"Notes") of the Issuer. The Notes are issuable under an Indenture, dated as of
November 27, 2000, between the Issuer and JPMorgan Chase Bank, as Trustee (the
"Trustee," which term includes any successor trustee under the Indenture) (as
may be amended or supplemented from time to time, the "Indenture"), to which
Indenture and all indentures supplemental thereto reference is hereby made for
a statement of the respective rights, limitations of rights, duties and
immunities of the Issuer, the Trustee and holders of the Notes and the terms
upon which the Notes are, and are to be, authenticated and delivered. The
Issuer has appointed JPMorgan Chase Bank at its corporate trust office in The
City of New York as the paying agent (the "Paying Agent," which term includes
any additional or successor Paying Agent appointed by the Issuer) with respect
to the Notes. The terms of individual Notes may vary with respect to interest
rates, interest rate formulas, issue dates, maturity dates, or otherwise, all
as provided in the Indenture. To the extent not inconsistent herewith, the
terms of the Indenture are hereby incorporated by reference herein.

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

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

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

<PAGE>

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

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

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

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

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

<PAGE>

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

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

     The Indenture provides that (a) if an Event of Default (as defined in the
Indenture) due to the default in payment of principal of, premium, if any, or
interest on, any series of debt securities issued under the Indenture,
including the series of Medium-Term Notes of which this Note forms a part, or
due to the default in the performance or breach of any other covenant or
warranty of the Issuer applicable to the debt securities of such series but not
applicable to all outstanding debt securities issued under the Indenture shall
have occurred and be continuing, either the Trustee or the holders of not less
than 25% in principal amount of the debt securities of each affected series
(voting as a single class) may then declare the principal of all debt
securities of all such series and interest accrued thereon to be due and
payable immediately and (b) if an Event of Default due to a default in the
performance of any other of the covenants or agreements in the Indenture
applicable to all outstanding debt securities issued thereunder, including this
Note, or due to certain events of bankruptcy or insolvency of the Issuer, shall
have occurred and be continuing, either the Trustee or the holders of not less
than 25% in principal amount of all debt securities

<PAGE>

issued under the Indenture then outstanding (treated as one class) may declare
the principal of all such debt securities and interest accrued thereon to be
due and payable immediately, but upon certain conditions such declarations may
be annulled and past defaults may be waived (except a continuing default in
payment of principal (or premium, if any) or interest on such debt securities)
by the holders of a majority in principal amount of the debt securities of all
affected series then outstanding.

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

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

     Except as set forth below, if the principal of, premium, if any, or
interest on, this Note is payable in a Specified Currency other than U.S.
dollars and such Specified Currency is not available to the Issuer for making
payments hereon due to the imposition of exchange controls or other
circumstances beyond the control of the Issuer or is no longer used by the
government of the country issuing such currency or for the settlement of
transactions by public institutions within the international banking community,
then the Issuer will be entitled to satisfy its obligations to the holder of
this Note by making such payments in U.S. dollars on the basis of the Market
Exchange Rate on the date of such payment or, if the Market Exchange Rate is
not

<PAGE>

available on such date, as of the most recent practicable date; provided,
however, that if the euro has been substituted for such Specified Currency, the
Issuer may at its option (or shall, if so required by applicable law) without
the consent of the holder of this Note effect the payment of principal of,
premium, if any, or interest on, any Note denominated in such Specified
Currency in euro in lieu of such Specified Currency in conformity with legally
applicable measures taken pursuant to, or by virtue of, the treaty establishing
the European Community (the "EC"), as amended by the treaty on European Union
(as so amended, the "Treaty"). Any payment made under such circumstances in
U.S. dollars or euro where the required payment is in an unavailable Specified
Currency will not constitute an Event of Default. If such Market Exchange Rate
is not then available to the Issuer or is not published for a particular
Specified Currency, the Market Exchange Rate will be based on the highest bid
quotation in The City of New York received by the Exchange Rate Agent at
approximately 11:00 a.m., New York City time, on the second Business Day
preceding the date of such payment from three recognized foreign exchange
dealers (the "Exchange Dealers") for the purchase by the quoting Exchange
Dealer of the Specified Currency for U.S. dollars for settlement on the payment
date, in the aggregate amount of the Specified Currency payable to those
holders or beneficial owners of Notes and at which the applicable Exchange
Dealer commits to execute a contract. One of the Exchange Dealers providing
quotations may be the Exchange Rate Agent unless the Exchange Rate Agent is an
affiliate of the Issuer. If those bid quotations are not available, the
Exchange Rate Agent shall determine the market exchange rate at its sole
discretion.

     The "Exchange Rate Agent," if any, shall be indicated on the face hereof.

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

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

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

     No provision of this Note or of the Indenture shall alter or impair the
obligation of the Issuer, which is absolute and unconditional, to pay the
principal of, premium, if any, and interest on this

<PAGE>

Note at the time, place, and rate, and in the coin or currency, herein
prescribed unless otherwise agreed between the Issuer and the registered holder
of this Note.

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

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

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

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

<PAGE>

                                 ABBREVIATIONS

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

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

     UNIF GIFT MIN ACT -_______________________ Custodian ____________________
                                (Minor)                         (Cust)
     Under Uniform Gifts to Minors Act _______________________________________
                                                       (State)

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

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

<PAGE>

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

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

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

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

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

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

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

Dated:__________________

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

<PAGE>

                           OPTION TO ELECT REPAYMENT

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

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

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

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

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

Dated: ______________________

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

                                                                     EXHIBIT 4.1

                               SUNOCO PARTNERS LLC
                            LONG-TERM INCENTIVE PLAN

SECTION 1. Purpose of the Plan.

     The Sunoco Partners LLC Long-Term Incentive Plan (the "Plan") is intended
to promote the interests of Sunoco Logistics Partners L.P., a Delaware limited
partnership (the "Partnership"), by providing to employees and directors of
Sunoco Partners LLC, a Pennsylvania limited liability company (the "Company"),
and its Affiliates who perform services for the Partnership and its
subsidiaries, incentive awards for superior performance that are based on Units.
The Plan is also intended to enhance the ability of the Company and its
Affiliates to attract and retain employees whose services are key to the growth
and profitability of the Partnership, and to encourage them to devote their best
efforts to the business of the Partnership and its subsidiaries, thereby
advancing the Partnership's interests.

SECTION 2. Definitions.

     As used in the Plan, the following terms shall have the meanings set forth
below:

          2.1  "Affiliate" means, with respect to any Person, any other Person
     that directly or indirectly, through one or more intermediaries, controls,
     is controlled by or is under common control with, the Person in question.
     As used herein, the term "control" means the possession, direct or
     indirect, of the power to direct or cause the direction of the management
     and policies of a Person, whether through ownership of voting securities,
     by contract or otherwise.

          2.2  "Award" means a grant of one or more Options or Restricted Units
     pursuant to the Plan, and shall include any tandem DERs granted with
     respect to such Award.

          2.3  "Board" means the Board of Directors of the Company.

          2.4  "Cause" means:

               (i)   fraud or embezzlement on the part of the Participant;

               (ii)  conviction of or the entry of a plea of nolo contendere by
          the Participant to any felony;

               (iii) the willful and continued failure or refusal by the
          Participant to perform substantially the Participant's duties with the
          Company or an Affiliate thereof (other than any such failure resulting
          from incapacity due to physical or mental illness, or death, or
          following notice of employment termination by the Participant for Good
          Reason) within thirty (30) days following the delivery of a written
          demand for substantial performance to the Participant by the Board, or
          any employee of the Company or an Affiliate with supervisory authority
          over the Participant, that specifically identifies the manner in which
          the Board or such supervising employee believes that the Participant
          has not substantially performed the Participant's duties; or

               (iv)  any act of willful misconduct by the Participant which:

                     (a)  is intended to result in substantial personal
               enrichment of the Participant at the expense of the Partnership,
               the Company or any of their Affiliates; or

                                        1

<PAGE>

                     (b)  has a material adverse impact on the business or
               reputation of the Partnership, the Company or any Affiliate
               thereof (such determination to be made by the Partnership, the
               Company or any such Affiliate in the good faith exercise of its
               reasonable judgment).

          2.5  "Change of Control" means, and shall be deemed to have occurred
     upon the occurrence of one or more of the following events:

               (i)   the consolidation, reorganization, merger or other
          transaction pursuant to which more than 50% of the combined voting
          power of the outstanding equity interests in the Company cease to be
          owned by Sunoco and its Affiliates;

               (ii)  a "Change in Control" of Sunoco, as defined from time to
          time in the Sunoco stock plans; or

               (iii) the general partner (whether the Company or any other
          Person) of the Partnership ceases to be an Affiliate of Sunoco.

          2.6  "Committee" means the Compensation Committee of the Board, such
     subcommittee thereof, or such other committee of the Board appointed to
     administer the Plan.

          2.7  "DER" or "Distribution Equivalent Right" means a contingent
     right, granted in tandem with a specific Restricted Unit, to receive an
     amount in cash equal to the cash distributions made by the Partnership with
     respect to a Unit during the period such Restricted Unit is outstanding.

          2.8  "Director" means a member of the Board who is not an Employee.

          2.9  "Employee" means any employee of the Company or an Affiliate, who
     performs services for the Partnership.

          2.10 "Exchange Act" means the Securities Exchange Act of 1934, as
     amended.

          2.11 "Fair Market Value" means, as of any date and in respect of any
     Unit, the opening price of a Unit on such date (which price shall be the
     closing price of a Unit on the previous trading day, as reflected in the
     consolidated trading tables of The Wall Street Journal or any other
     publication selected by the Committee). If there is no sale of Units on the
     New York Stock Exchange for more than ten (10) days immediately preceding
     such date, or if deemed appropriate by the Committee for any other reason,
     the Fair Market Value of such Units shall be as determined in good faith by
     the Committee in such other manner as it may deem appropriate.

          2.12 "Good Reason" means:

               (i)   a reduction in the Participant's annual base salary;

               (ii)  failure to pay the Participant any compensation due under
          an employment agreement, if any;

               (iii) failure to continue to provide benefits substantially
          similar to those then enjoyed by the Participant unless the
          Partnership, the Company or their Affiliates provide aggregate
          benefits equivalent to those then in effect;

               (iv)  failure to continue a compensation plan or to continue the
          Participant's participation in a plan on a basis not materially less
          favorable to the Participant, subject to the power of the Partnership,
          the Company or their Affiliates to amend such plans in their
          reasonable discretion, including, without limitation, providing a
          replacement plan; or

                                        2

<PAGE>

               (v) the Partnership, the Company or their Affiliates purported
          termination of the Participant's employment for Cause not pursuant to
          a procedure indicating the specific provision of the definition of
          Cause contained in this Plan as the basis for such termination of
          employment;

          The Participant may not terminate for Good Reason unless he has given
     written notice delivered to the Partnership, the Company or their
     Affiliates, as appropriate, of the action or inaction giving rise to Good
     Reason, such notice to state with specificity the nature of the breach,
     failure or refusal, and such action or inaction is not corrected within
     thirty (30) days thereafter.

          2.13 "Member" means, as of any date, any Person that has executed the
     limited liability company operating agreement of the Company (the "LLC
     Agreement") as a member of the Company, and thereafter been admitted to the
     Company as a member as provided in the LLC Agreement, but such term does
     not include any Person who has ceased to be a member in the Company.

          2.14 "Option" means on option to purchase Units granted under the
     Plan.

          2.15 "Participant" means any Employee or Director granted an Award
     under the Plan.

          2.16 "Partnership Agreement" means the Amended and Restated Agreement
     of Limited Partnership of the Partnership.

          2.17 "Person" means an individual or a corporation, limited liability
     company, partnership, joint venture, trust, unincorporated organization,
     association, government agency or political subdivision thereof or other
     entity.

          2.18 "Restricted Period" means the period established by the Committee
     with respect to an Award during which the Award either remains subject to
     forfeiture or is not exercisable by the Participant.

          2.19 "Restricted Unit" means a phantom, or notional, unit granted
     under the Plan which is equivalent in value and in distribution rights to a
     Unit and which, upon vesting, entitles the Participant to receive a Unit or
     its Fair Market Value in cash, whichever is determined by the Committee.

          2.20 "Rule 16b-3" means Rule 16b-3 promulgated by the SEC under the
     Exchange Act, or any successor rule or regulation thereto as in effect from
     time to time.

          2.21 "SEC" means the Securities and Exchange Commission, or any
     successor thereto.

          2.22 "Sunoco" means Sunoco, Inc.

          2.23 "Unit" means a Common Unit of the Partnership.

SECTION 3.  Administration.

     The Plan shall be administered by the Committee. A majority of the
Committee shall constitute a quorum, and the acts of the members of the
Committee who are present at any meeting thereof at which a quorum is present,
or acts unanimously approved by the members of the Committee in writing, shall
be the acts of the Committee. Annual grant levels for Participants will be
recommended to the Committee by the Chief Executive Officer of the Company.

                                        3

<PAGE>

     Subject to the terms of the Plan and applicable law, and in addition to
other express powers and authorizations conferred on the Committee by the Plan,
the Committee shall have full power and authority to:

               (i)    designate Participants;

               (ii)   determine the type or types of Awards to be granted to a
          Participant;

               (iii)  determine the number of Units to be covered by Awards;

               (iv)   determine the terms and conditions of any Award;

               (v)    determine whether, to what extent, and under what
          circumstances Awards may be settled, exercised, canceled, or
          forfeited;

               (vi)   interpret and administer the Plan and any instrument or
          agreement relating to an Award made under the Plan

               (vii)  establish, amend, suspend, or waive such rules and
          regulations and appoint such agents as it shall deem appropriate for
          the proper administration of the Plan; and

               (viii) make any other determination and take any other action
          that the Committee deems necessary or desirable for the administration
          of the Plan.

     Unless otherwise expressly provided in the Plan, all designations,
determinations, interpretations, and other decisions under or with respect to
the Plan or any Award shall be within the sole discretion of the Committee, may
be made at any time and shall be final, conclusive, and binding upon all
Persons, including the Company, the Partnership, any Affiliate, any Participant,
and any beneficiary of any Award.

     Subject to the following and any applicable law, the Committee, in its sole
discretion, may delegate any or all of its powers and duties under the Plan to
the Chief Executive Officer of the Company, including the power to grant Awards
under the Plan, provided the Chief Executive Officer is also a member of the
Board, subject to such limitations on such delegated powers and duties as the
Committee may impose, if any. Upon any such delegation all references in the
Plan to the "Committee", other than in Section 7 ("Amendment and Termination"),
shall be deemed to include the Chief Executive Officer; provided, however, that
such delegation shall not limit the Chief Executive Officer's right to receive
Awards under the Plan. Notwithstanding the foregoing, the Chief Executive
Officer may not grant Awards to, or take any action with respect to any Award
previously granted to, a person who is an officer subject to Rule 16b-3 or a
member of the Board.

SECTION 4.  Units Available for Awards.

          4.1  Units Available. Subject to adjustment as provided in Section
     4.3, the number of Units with respect to which Awards may be granted under
     the Plan is one million two hundred fifty thousand (1,250,000). If any
     Award is forfeited or otherwise terminates or is canceled without the
     delivery of Units, then the Units covered by such Award, to the extent of
     such forfeiture, termination, or cancellation, shall again be Units with
     respect to which Awards may be granted.

          4.2  Sources of Units Deliverable Under Awards. Any Units delivered
     pursuant to an Award shall consist, in whole or in part, of Units acquired
     in the open market, from any Affiliate, the Partnership or any other
     Person, or any combination of the foregoing, as determined by the Committee
     in its discretion.

          4.3  Adjustments.  If the Committee determines that any distribution
     (whether in the form of cash, Units, other securities, or other property),
     re-capitalization, split, reverse split,

                                        4

<PAGE>

     reorganization, merger, consolidation, split-up, spin-off, combination,
     repurchase, or exchange of Units or other securities of the Partnership,
     issuance of warrants or other rights to purchase Units or other securities
     of the Partnership, or other similar transaction or event affects the Units
     such that an adjustment is determined by the Committee to be appropriate in
     order to prevent dilution or enlargement of the benefits or potential
     benefits intended to be made available under the Plan, then the Committee
     shall, in such manner as it may deem equitable, adjust any or all of:

               (i)   the number and type of Units (or other securities or
          property) with respect to which Awards may be granted;

               (ii)  the number and type of Units (or other securities or
          property) subject to outstanding Awards; and

               (iii) if deemed appropriate, make provision for a cash payment
          to the holder of an outstanding Award; provided, that the number of
          Units subject to any Award will always be a whole number.

SECTION 5.  Eligibility.

     Any Employee or Director will be eligible to be designated a Participant
and receive an Award under the Plan.

SECTION 6.  Awards.

          6.1  Options. The Committee shall have the authority to determine the
     Employees and Directors to whom Options will be granted, the number of
     Units to be covered by each Option, the purchase price therefor and the
     conditions and limitations applicable to the exercise of the Option,
     including the following terms and conditions and such additional terms and
     conditions, as the Committee shall determine, that are not inconsistent
     with the provisions of the Plan.

               (i)   Exercise Price. The purchase price per Unit purchasable
          under an Option shall be determined by the Committee at the time the
          Option is granted but shall not be less than its Fair Market Value as
          of the date of grant.

               (ii)  Time and Method of Exercise. The Committee shall determine
          the Restricted Period, i.e., the time or times at which an Option may
          be exercised in whole or in part, and the method or methods by which
          payment of the exercise price with respect thereto may be made or
          deemed to have been made which may include, without limitation, cash,
          check acceptable to the Company, a "cashless-broker" exercise (through
          procedures approved by the Company), other securities or other
          property, a note from the Participant (in a form acceptable to the
          Company), or any combination thereof, having a Fair Market Value on
          the exercise date equal to the relevant exercise price.

               (iii) Forfeiture. Except as otherwise provided in the terms of
          the Option grant, upon termination of a Participant's employment with
          Company and its Affiliates or membership on the Board, whichever is
          applicable, for any reason during the applicable Restricted Period,
          all Options shall be forfeited by the Participant, unless otherwise
          provided in a written employment agreement (if any) between the
          Participant and the Company or one or more of its Affiliates. The
          Committee may, in its discretion, waive in whole or in part such
          forfeiture with respect to a Participant's Options.

                                        5

<PAGE>

     6.2 Restricted Units. The Committee shall have the authority to determine
the Employees and Directors to whom Restricted Units shall be granted, the
number of Restricted Units to be granted to each such Participant, the duration
of the Restricted Period, the conditions under which the Restricted Units may
become vested or forfeited, and such other terms and conditions as the Committee
may establish respecting such Awards, including whether DERs are granted with
respect to such Restricted Units.

         (i)   DERs. To the extent provided by the Committee, in its discretion,
     a grant of Restricted Units may include a tandem DER grant, which may
     provide that such DERs shall be paid directly to the Participant, be
     credited to a bookkeeping account (with or without interest in the
     discretion of the Committee) subject to the same restrictions as the tandem
     Award, or be subject to such other provisions or restrictions as determined
     by the Committee in its discretion.

         (ii)  Forfeiture. Except as otherwise provided in the terms of the
     Award agreement, upon termination of a Participant's employment with the
     Company and its Affiliates or membership on the Board, whichever is
     applicable, for any reason during the applicable Restricted Period, all
     Restricted Units shall be forfeited by the Participant, unless otherwise
     provided in a written employment agreement (if any) between the Participant
     and the Company or one or more of its Affiliates. The Committee may, in its
     discretion, waive in whole or in part such forfeiture with respect to a
     Participant's Restricted Units.

         (iii) Lapse of Restrictions. Upon, or as soon as reasonably
     practicable following, the vesting of each Restricted Unit, the Participant
     shall be entitled to receive from the Company one Unit or its Fair Market
     Value, in cash, as determined by the Committee, subject to the provisions
     of Section 8.2.

     6.3 General.

         (i)   Awards May Be Granted Separately or Together. Awards may, in the
     discretion of the Committee, be granted either alone or in addition to, in
     tandem with, or in substitution for any other Award granted under the Plan
     or any award granted under any other plan of the Company or any Affiliate.
     Awards granted in addition to or in tandem with other Awards or awards
     granted under any other plan of the Company or any Affiliate may be granted
     either at the same time as or at a different time from the grant of such
     other Awards or awards.

         (ii)  Limits on Transfer of Awards.

               (a) Except as provided in (b) below:

                   (1)  no Award and no right under any such Award may be
               assigned, alienated, pledged, attached, sold or otherwise
               transferred or encumbered by a Participant and any such purported
               assignment, alienation, pledge, attachment, sale, transfer or
               encumbrance shall be void and unenforceable against the Company
               or any Affiliate

                   (2)  each Option shall be exercisable only by the Participant
               during the Participant's lifetime, or by the person to whom the
               Participant's rights shall pass by will or the laws of descent
               and distribution; and

               (b) To the extent specifically provided by the Committee with
         respect to an Option grant, an Option may be transferred by a
         Participant without consideration to immediate family members or
         related family trusts, limited partnerships or similar entities or on
         such terms and conditions as the Committee may from time

                                        6

<PAGE>

         to time establish. In addition, Awards may be transferred by will and
         the laws of descent and distribution.

         (iii)  Term of Awards. The term of each Award shall be for such period
     as may be determined by the Committee.

         (iv)   Unit Certificates. All certificates for Units or other
     securities of the Partnership delivered under the Plan pursuant to any
     Award or the exercise thereof shall be subject to such stop transfer orders
     and other restrictions as the Committee may deem advisable under the Plan
     or the rules, regulations, and other requirements of the SEC, any stock
     exchange upon which such Units or other securities are then listed, and any
     applicable federal or state laws, and the Committee may cause a legend or
     legends to be put on any such certificates to make appropriate reference to
     such restrictions.

         (v)    Consideration for Grants. Awards may be granted for such
     consideration as the Committee determines including, without limitation,
     services or such minimal cash consideration as may be required by
     applicable law.

         (vi)   Delivery of Units or other Securities and Payment by Participant
     of Consideration. Notwithstanding anything in the Plan or any grant
     agreement to the contrary, delivery of Units pursuant to the exercise or
     vesting of an Award may be deferred for any period during which, in the
     good faith determination of the Committee, the Company is not reasonably
     able to obtain Units to deliver pursuant to such Award without violating
     the rules or regulations of any applicable law or securities exchange. No
     Units or other securities shall be delivered pursuant to any Award until
     payment in full of any amount required to be paid pursuant to the Plan or
     the applicable Award agreement (including, without limitation, any exercise
     price or any tax withholding) is received by the Company. Such payment may
     be made by such method or methods and in such form or forms as the
     Committee shall determine, including, without limitation, cash, other
     Awards, withholding of Units, cashless broker exercises with immediate
     sale, or any combination thereof; provided, however, that the combined
     value, as determined by the Committee, of all cash and cash equivalents and
     the Fair Market Value of any such Units or other property so tendered to
     the Company, as of the date of such tender, is at least equal to the full
     amount required to be paid to the Company pursuant to the Plan or the
     applicable Award agreement.

         (vii)  Change in Control. Upon a Change in Control, or such period
     prior thereto as may be established by the Committee, all Awards shall
     automatically vest and become payable or exercisable, as the case may be,
     in full. In this regard, all Restricted Periods shall terminate and all
     performance criteria, if any, shall be deemed to have been achieved at the
     maximum level.

         (viii) Sale of Significant Assets. In the event the Company or the
     Partnership sells or otherwise disposes of, other than to an Affiliate, a
     significant portion of the assets under its control, (such significance to
     be determined by action of the Board of the Company in its sole
     discretion), and as a consequence of such disposition:

                (a) a Participant's employment is terminated by the Partnership,
         the Company or their Affiliates without Cause or by the Participant
         for Good Reason; provided, however, that in the case of any such
         termination by the Participant under this subparagraph 6.3(viii)(a),
         such termination shall not be deemed to be for Good Reason unless the
         termination occurs within 180 days after the occurrence of the
         applicable sale or disposition constituting the reason for the
         termination; or

                                        7

<PAGE>

                (b) as a result of such sale or disposition, the Participant's
          employer shall no longer be the Partnership, the Company or one of
          their Affiliates,

          then all of such Participant's Awards shall automatically vest and
     become payable or exercisable, as the case may be, in full. In this regard,
     all Restricted Periods shall terminate and all performance criteria, if
     any, shall be deemed to have been achieved at the maximum level.

SECTION 7.  Amendment and Termination.

     Except to the extent prohibited by applicable law and unless otherwise
expressly provided in an Award agreement or in the Plan:

          (i)   Amendments to the Plan. Except as required by applicable law or
     the rules of the principal securities exchange on which the Units are
     traded and subject to Section 7(ii) below, the Board or the Committee may
     amend, alter, suspend, discontinue, or terminate the Plan in any manner;
     provided, however, that neither the Board nor the Committee may increase
     the number of Units available for Awards under the Plan, without the
     express prior written consent of the Members of the Company.

          (ii)  Amendments to Awards. The Committee may waive any conditions or
     rights under, amend any terms of, or alter any Award theretofore granted,
     provided no change, other than pursuant to Section 7(iii), in any Award
     shall materially reduce the benefit to Participant without the consent of
     such Participant.

          (iii) Adjustment of Awards Upon the Occurrence of Certain Unusual or
     Nonrecurring Events. The Committee is hereby authorized to make adjustments
     in the terms and conditions of, and the criteria included in, Awards in
     recognition of unusual or nonrecurring events (including, without
     limitation, the events described in Section 4.3 of the Plan) affecting the
     Partnership or the financial statements of the Partnership, or of changes
     in applicable laws, regulations, or accounting principles, whenever the
     Committee determines that such adjustments are appropriate in order to
     prevent dilution or enlargement of the benefits or potential benefits
     intended to be made available under the Plan.

SECTION 8.  General Provisions.

     8.1  No Rights to Awards. No Person shall have any claim to be granted any
Award, and there is no obligation for uniformity of treatment of Participants.
The terms and conditions of Awards need not be the same with respect to each
Participant.

     8.2  Withholding. The Company or any Affiliate is authorized to withhold
from any Award, from any payment due or transfer made under any Award or from
any compensation or other amount owing to a Participant the amount (in cash,
Units, other securities, Units that otherwise would be issued pursuant to such
Award or other property) of any applicable taxes payable in respect of the grant
of an Award, its exercise, the lapse of restrictions thereon, or any payment or
transfer under an Award or under the Plan and to take such other action as may
be necessary in the opinion of the Company to satisfy its withholding
obligations for the payment of such taxes.

     8.3  No Right to Employment. The grant of an Award shall not be construed
as giving a Participant the right to be retained in the employment of the
Company or any Affiliate or to

                                        8

<PAGE>

     remain on the Board, as applicable. Further, the Company or an Affiliate
     may at any time dismiss a Participant from employment, free from any
     liability or any claim under the Plan, unless otherwise expressly provided
     in the Plan or in any Award agreement.

         8.4  Governing Law. The validity, construction, and effect of the Plan
     and any rules and regulations relating to the Plan shall be determined in
     accordance with the laws of the Commonwealth of Pennsylvania and applicable
     federal law.

         8.5  Severability. If any provision of the Plan or any Award is or
     becomes or is deemed to be invalid, illegal, or unenforceable in any
     jurisdiction or as to any Person or Award, or would disqualify the Plan or
     any Award under any law deemed applicable by the Committee, such provision
     shall be construed or deemed amended to conform to the applicable laws, or
     if it cannot be construed or deemed amended without, in the determination
     of the Committee, materially altering the intent of the Plan or the Award,
     such provision shall be stricken as to such jurisdiction, Person or Award
     and the remainder of the Plan and any such Award shall remain in full force
     and effect.

         8.6  Other Laws. The Committee may refuse to issue or transfer any
     Units or other consideration under an Award if, in its sole discretion, it
     determines that the issuance or transfer of such Units or such other
     consideration might violate any applicable law or regulation, the rules of
     the principal securities exchange on which the Units are then traded, or
     entitle the Partnership or an Affiliate to recover the entire then Fair
     Market Value thereof under Section 16(b) of the Exchange Act, and any
     payment tendered to the Company by a Participant, other holder or
     beneficiary in connection with the exercise of such Award shall be promptly
     refunded to the relevant Participant, holder or beneficiary.

         8.7  No Trust or Fund Created. Neither the Plan nor any Award shall
     create or be construed to create a trust or separate fund of any kind or a
     fiduciary relationship between the Company or any Affiliate and a
     Participant or any other Person. To the extent that any Person acquires a
     right to receive payments from the Company or any Affiliate pursuant to an
     Award, such right shall be no greater than the right of any general
     unsecured creditor of the Company or any Affiliate.

         8.8  No Fractional Units. No fractional Units shall be issued or
     delivered pursuant to the Plan or any Award, and the Committee shall
     determine whether cash, other securities, or other property shall be paid
     or transferred in lieu of any fractional Units or whether such fractional
     Units or any rights thereto shall be canceled, terminated, or otherwise
     eliminated.

         8.9  Headings. Headings are given to the Sections and subsections of
     the Plan solely as a convenience to facilitate reference. Such headings
     shall not be deemed in any way material or relevant to the construction or
     interpretation of the Plan or any provision thereof.

         8.10 Facility Payment. Any amounts payable hereunder to any person
     under legal disability or who, in the judgment of the Committee, is unable
     to properly manage his financial affairs, may be paid to the legal
     representative of such person, or may be applied for the benefit of such
     person in any manner which the Committee may select, and the Company shall
     be relieved of any further liability for payment of such amounts.

         8.11 Gender and Number. Words in the masculine gender shall include the
     feminine and the neuter, the plural shall include the singular and the
     singular shall include the plural.

                                        9

<PAGE>

SECTION 9.  Term of the Plan.

The Plan shall be effective on the date of its approval by the Board and shall
continue until the date terminated by the Board or Units are no longer available
for grants of Awards under the Plan, whichever occurs first. However, unless
otherwise expressly provided in the Plan or in an applicable Award Agreement,
any Award granted prior to such termination, and the authority of the Board or
the Committee to amend, alter, adjust, suspend, discontinue, or terminate any
such Award or to waive any conditions or rights under such Award, shall extend
beyond such termination date.

                                       10

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