Document:

<PAGE>

                                                                    Exhibit 4.21

REGISTERED NO. ___
CUSIP NO.  _______

                            DOMINION RESOURCES, INC.
                           MEDIUM-TERM NOTE, SERIES B
                                 (Floating Rate)

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (DTC) TO THE
ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY
CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS
IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN
INTEREST HEREIN.

THIS MEDIUM-TERM NOTE, SERIES B, IS A GLOBAL SECURITY WITHIN THE MEANING OF THE
INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY
OR A NOMINEE THEREOF. THIS MEDIUM-TERM NOTE, SERIES B, MAY NOT BE EXCHANGED IN
WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS MEDIUM TERM
NOTE, SERIES B, IN WHOLE OR IN PART MAY BE REGISTERED IN THE NAME OF ANY PERSON
OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED
CIRCUMSTANCES DESCRIBED IN THE INDENTURE.

PRINCIPAL AMOUNT:

<TABLE>
<CAPTION>
BASE RATE:                             ORIGINAL ISSUE DATE:                 STATED MATURITY DATE:
<S>                                    <C>                                  <C>

IF LIBOR:                              IF CMT RATE:                         IF FLOATING RATE/FIXED RATE
[_] LIBOR Reuters,                     Designated CMT Telerate Page:        NOTE
[_] LIBOR Telerate, Page               If page 7052, one week ___ or one      Fixed Interest Rate:_________
Alternate time for obtaining quotes,   month                                  Fixed Rate Commencement
if needed:

INDEX CURRENCY:                        IF INVERSE FLOATING RATE
                                       NOTE
                                         Fixed Interest Rate:_________
INDEX MATURITY:                        INITIAL INTEREST RATE:               INITIAL INTEREST RESET
                                                                            DATE(S):

SPREAD:                                MINIMUM INTEREST RATE:               INTEREST PAYMENT DATE(S):

SPREAD MULTIPLIER:                     MAXIMUM INTEREST RATE:               INTEREST RESET DATE(S):
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
DAY COUNT CONVENTION                  SPECIFIED CURRENCY:        AUTHORIZED DENOMINATION
[_] Actual/360 for the period                                    (if other than U.S. $1,000 and
    from _____ to _____                                          integral multiples thereof):
[_] Actual/Actual for the period
    from _____ to _____
<S>                                   <C>                        <C>

REDEMPTION TERMS:                     REPAYMENT TERMS:           LIMITATION DATE:

REFUNDING RATE:                       EXCHANGE RATE AGENT:       CALCULATION AGENT:
</TABLE>

OTHER/ADDITIONAL PROVISIONS:

         DOMINION RESOURCES, INC., a corporation duly organized and existing
under the laws of Virginia (herein called the "Company", which term includes any
successor Person under the Indenture hereinafter referred to), for value
received, hereby promises to pay to Cede & Co. or registered assigns, the
principal sum of __________ on the Stated Maturity Date shown above (or upon
earlier redemption or repayment) (such Stated Maturity Date or earlier date of
redemption or repayment referred to herein as the "Maturity Date"), and to pay
interest thereon, at a rate per annum equal to the Initial Interest Rate
specified above until the Initial Interest Reset Date specified above and
thereafter at a rate determined in accordance with the provisions specified
above and on the reverse hereof with respect to the Base Rate specified above
until the principal hereof is paid or duly made available for payment. The
Company will pay interest in arrears on each Interest Payment Date, if any,
specified above (each, an "Interest Payment Date"), commencing with the first
Interest Payment Date next succeeding the Original Issue Date specified above,
and on the Maturity Date; provided, however, that if the Original Issue 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 next succeeding the Original Issue Date to the holder of this Note on the
Record Date with respect to such second Interest Payment Date.

         Interest on this Note will accrue from, and including, the immediately
preceding Interest Payment Date to which interest has been paid or duly provided
for (or from, and including, the Original Issue Date if no interest has been
paid or duly provided for with respect to this Note) to, but excluding, the
applicable Interest Payment Date or the Maturity Date, as the case may be (each,
an "Interest Period"). 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 Regular Record
Date for such interest, which shall be the close of business on the fifteenth
calendar day (whether or not a Business Day) preceding such Interest Payment
Date; provided, however, that interest payable on the Maturity Date will be
payable to the person to whom the principal hereof and premium, if any, hereon
shall be payable. Except as otherwise provided in the Indenture (hereinafter
defined), any such interest not so punctually paid or duly provided for will
forthwith cease to be payable to the Holder on such Regular Record Date and may
either be paid to the Person in whose name this Note (or one or more predecessor
Notes) is registered at the close of business on a Special Record Date for the
payment of such defaulted interest to be fixed by the Trustee, notice whereof
shall be given to Holders of Securities of this series not less than 10 days
prior to such Special Record Date, or be paid at any time in any other lawful
manner not inconsistent with the requirements of any securities exchange, if
any, on which the Securities of this series shall be listed, and upon such
notice as may be required by any such exchange, all as more fully provided in
the Indenture.

         Payment of the principal of (and premium, if any) and interest on this
Note will be made in immediately available funds upon surrender of this Note, in
the case of payment due at the Maturity Date, at the corporate trust office of
the Trustee, maintained for that purpose in the Borough of Manhattan, New York
City and currently located at GIS Unit Trust Window, 4 New York Plaza 1st Floor,
New York, New York 10024-2413; provided, however, that if such payment of
principal or interest is to be made in a Specified Currency other than U.S.
dollars, as provided on the reverse hereof, by wire transfer to

                                       2

<PAGE>

an account maintained by the Holder hereof in the country of such Specified
Currency shown above (the Holder's Overseas Account), as designated by the
Holder of this Note by written notice to the Trustee on or prior to the Regular
Record Date or at least 16 days prior to the Maturity Date or in connection with
any transfer after such sixteenth day. In the absence of such designation or if
such wire transfer cannot be made for any other reason, the Trustee will mail a
notice to the address of the Person entitled thereto as such address shall
appear on the Security Register on the Regular Record Date for any payment of
interest or on the date of such notice in connection with payment of principal,
as the case may be, requesting a designation pursuant to which such wire
transfer can be made and no such payment shall be made until such designation is
made. As more fully provided on the reverse hereof, if payment of principal of
(and premium, if any) and interest on this Note is to be made in U.S. dollars,
payment will be made (upon surrender of the Note, in the case of payment due at
the Maturity Date, at the foregoing corporate trust office) by wire transfer to
an account designated by the Holder (the Holder's U.S. Account) by written
notice to the Trustee on or prior to the Regular Record Date or at least 16 days
prior to the Maturity Date, or, in the absence of such designation, by check
mailed to the address of the Person entitled thereto as such address shall
appear on the Security Register on the Regular Record Date for any payment of
interest or the Maturity Date shown above for payment of principal, as the case
may be. As more fully provided on the reverse hereof, payment of the principal
of (and premium, if any) and interest on this Note will be made in such coin or
currency of the United States of America as at the time of payment is legal
tender for payment of public and private debts or, if payment of the principal
of and interest on this Note is to be made in a Specified Currency other than
U.S. dollars, subject to applicable laws and regulations, in the Specified
Currency shown above.

         If any Interest Payment Date other than the Maturity Date would
otherwise be a day that is not a Business Day, such Interest Payment Date shall
be postponed to the next succeeding Business Day, except that if LIBOR is an
applicable Base Rate and such Business Day falls in the next succeeding calendar
month, such Interest Payment Date shall be the immediately preceding Business
Day. If the Maturity Date falls on a day that is not a Business Day, the
required payment of principal, premium, if any, and/or interest shall be made on
the next succeeding Business Day with the same force and effect as if made on
the date such payment was due, and no interest shall accrue with respect to such
payment for the period from and after the Maturity Date to the date of such
payment on the next succeeding Business Day.

         REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS OF THIS SECURITY 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 by manual signature, this Security shall not be entitled to any
benefit under the Indenture or be valid or obligatory for any purpose.

         IN WITNESS WHEREOF, the Company has caused this instrument to be duly
executed.

Dated:                                      DOMINION RESOURCES, INC.

                                            By: ________________________________

                                            Name: ______________________________

                                            Title: _____________________________

                                       3

<PAGE>

                          CERTIFICATE OF AUTHENTICATION

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

                                JPMORGAN CHASE BANK, as Trustee

                                By: ________________________________
                                     Authorized Officer

                                       4

<PAGE>

                                                                    Exhibit 4.21

                                    (Reverse)
                            DOMINION RESOURCES, INC.
                           MEDIUM-TERM NOTE, SERIES B

         This Note is one of a duly authorized issue of securities of the
Company (herein called the "Securities"), issued and to be issued in one or more
series under an indenture, dated as of June 1, 2000, as heretofore supplemented
and amended and as further supplemented by a __________ Supplemental Indenture
dated as of __________ (the "________ Supplemental Indenture") (collectively, as
amended or supplemented from time to time, herein called the "Indenture," which
term shall have the meaning assigned to it in such instrument) between the
Company and JPMorgan Chase Bank, as Trustee (the "Trustee", which term includes
any successor trustee under the Indenture), to which the Indenture and all
indentures supplemental thereto reference is hereby made for a statement of the
respective rights, limitations of rights, duties and immunities thereunder of
the Company, the Trustee and the Holders of the Securities issued thereunder and
of the terms upon which the Securities are, and are to be, authenticated and
delivered. This Security is one of the series designated on the face hereof as
Medium-Term Notes, Series B (the "Notes"). There is no limit on the aggregate
principal amount of the Notes and, in addition, any issuance of a tranche of
Notes may be reopened at any time for the issuance of additional Notes having
the same interest rate, maturity and other terms as Notes of such tranche
previously issued.

         The floating rate Securities of this series are identical except for
Specified Currency, denomination, interest rate, issue date, Stated Maturity
Date, redemption or repayment terms, if any, whether regular floating rate
Notes, inverse floating rate Notes or floating rate/fixed rate Notes, and any
additional terms set forth on the face hereof.

         The principal of (and premium, if any) and interest on this Note are
payable by the Company in the Specified Currency shown on the face hereof. If
this Note is denominated in a Specified Currency other than U.S. dollars, unless
the Holder hereof shall have elected to receive payments in such Specified
Currency, payment of the principal of (and premium, if any) and interest on this
Note will be made in U.S. dollars. JPMorgan Chase Bank, in its capacity as
exchange rate agent, or such other Person as shall be appointed by the Company
(the "Exchange Rate Agent"), will convert payments of principal of (and premium,
if any) and interest on this Note to U.S. dollars. The amount to be received by
a Holder of this Note not electing to receive payments in such Specified
Currency will be based on a bid quotation in New York City received by the
Exchange Rate Agent at approximately 11:00 A.M. New York City time on the second
Business Day preceding the applicable payment date from a recognized foreign
exchange dealer (which may be the Exchange Rate Agent) for the purchase by the
quoting dealer of the Specified Currency for U.S. dollars for settlement on such
payment date in the aggregate amount of the U.S. dollars payable to all Holders
of Notes receiving payment in U.S. dollars and at which the dealer commits to
execute a contract. If such bid quotation is not available, payments will be
made in the Specified Currency. All currency exchange costs will be borne pro
rata by the Holders by deductions from such payments in U.S. dollars.

         As used herein, "Business Day" means with respect to any Note, any day,
other than a Saturday or Sunday, that is neither (a) a legal holiday nor (b) a
day on which banking institutions are authorized or required by law, regulation
or executive order to close in New York City; provided, however, that for Notes
denominated in a Specified Currency other than United States dollars that day is
also not a day on which commercial banking institutions are authorized or
required by law, regulation or executive order to close in the Principal
Financial Center of the country issuing the Specified Currency (or for Notes
denominated in euros, that day is also a day on which the Trans-European
Automated Real-time Gross Settlement Express Transfer System, commonly referred
to as "TARGET," is operating); provided, further, that with respect to a LIBOR
Note, the day must also be a London Business Day. "London Business Day" means
any day on which commercial banks are open for business (including for dealings
in deposits in the relevant Index Currency) in London. "Principal Financial
Center" means, as applicable, the capital city of the country issuing the
Specified Currency; or the capital city of the country to which the Index
Currency relates; provided, however, that the Principal Financial Center will be
New York City for United States dollars, Sydney for Australian dollars, Toronto
for Canadian dollars, Johannesburg for South African rand and Zurich for Swiss
francs.

<PAGE>

         If this Note is denominated in a Specified Currency other than U.S.
dollars, the Holder of this Note may elect to receive payment of the principal
of and interest on this Note in the Specified Currency by transmitting a written
request for such payment to the Trustee at its corporate trust office in New
York City on or prior to the Regular Record Date or at least 16 calendar days
prior to the Maturity Date, as the case may be. Such request may be in writing
(mailed or hand delivered) or may be by cable, telex or other form of facsimile
transmission. The Holder of this Note need not file a separate election for each
such payment. Such election, once properly made, will remain in effect until
this Note is transferred or until changed by written notice to the Trustee, but
written notice of any such change must be received by the Trustee on or prior to
the Regular Record Date or at least 16 calendar days prior to the Maturity Date,
as the case may be.

         In order for the Holder of this Note to receive payments by wire
transfer, such Holder shall designate an appropriate account (being either the
Holder's Overseas Account or the Holder's U.S. Account, as the case may be).
Such designation shall be made by filing the appropriate information with the
Trustee at its corporate trust office in New York City on or prior to the
Regular Record Date for an Interest Payment Date or at least 16 calendar days
prior to the Maturity Date, except as provided on the face hereof. The Trustee
will, subject to applicable laws and regulations (in the case of a Specified
Currency other than U.S. dollars), and until it receives notice to the contrary
or until this Note is transferred, make such payment and all succeeding payments
to such Holders by wire transfer to the designated Holder's Overseas Account or
Holder's U.S. Account, as the case may be. The Company will pay any
administrative costs imposed by banks in connection with making wire transfer of
payments, but any tax, assessment, governmental or other charge imposed upon
such payments will be borne by the Holder of this Note and deducted therefrom.

         If the Specified Currency other than U.S. dollars is not available for
the payment of principal or interest with respect to this Note due to the
imposition of exchange controls or other circumstances beyond the control of the
Company, the Company will be entitled to satisfy its obligations to the Holder
of this Note by making such payment in U.S. dollars on the basis of the Market
Exchange Rate (defined as the noon dollar buying rate in New York City for cable
transfers for such Specified Currency, as certified for customs purposes (or, if
not so certified, as otherwise determined) by the Federal Reserve Bank of New
York) as of the second Business Day prior to payment or, if the Market Exchange
Rate is not then available, on the basis of the most recently available Market
Exchange Rate, or as otherwise specified in the terms of this Note. The Market
Exchange Rate determined as provided above by the Exchange Rate Agent and
certified by the Company to the Trustee shall be conclusive absent manifest
error. Any payment made in U.S. dollars under those circumstances where the
required payment is in a Specified Currency other than U.S. dollars will not
constitute an Event of Default under the Indenture with respect to the Notes. A
good faith determination by the Exchange Rate Agent that the Specified Currency
is unavailable shall be binding upon the Trustee and the Holder of this Note.

         Except as set forth below or on the face hereof, unless this Note is
identified on the face hereof as an Inverse Floating Rate Note or a Floating
Rate/Fixed Rate Note, this Note shall bear interest at the rate determined by
reference to the applicable Base Rate based on the Index Maturity (a) plus or
minus the Spread, if any, and/or (b) multiplied by the Spread Multiplier, if
any, in each case as specified on the face hereof. Commencing on the Initial
Interest Reset Date, the rate at which interest on this Note shall be payable
shall be reset as of each Interest Reset Date specified on the face hereof;
provided, however, that the interest rate in effect for the period, if any, from
the Original Issue Date to the Initial Interest Reset Date shall be the Initial
Interest Rate.

         If this Note is identified on the face hereof as an Inverse Floating
Rate Note, this Note will bear interest at a fixed interest rate minus the rate
determined by reference to the applicable Base Rate (i) plus or minus the
applicable Spread, if any, and/or (ii) multiplied by the applicable Spread
Multiplier, if any; provided, however, that interest on an Inverse Floating Rate
Note will not be less than zero. Commencing on the first Interest Reset Date,
the rate at which interest on this Note is payable will be reset as of each
Interest Reset Date; provided, further, that the interest rate in effect for the
period, if any, from the Original Issue Date to the first Interest Reset Date
will be the Initial Interest Rate.

                                       2

<PAGE>

         If this Note is identified on the face hereof as a Floating Rate/Fixed
Rate Note, this Note will bear interest from the Original Issue Date to the
first Interest Reset Date for such Note at the Initial Interest Rate set forth
on the face hereof and thereafter the rate of interest on such Note will be
reset as of each Interest Reset Date to a rate determined by reference to the
applicable Base Rate (i) plus or minus the applicable Spread, if any, and/or
(ii) multiplied by the applicable Spread Multiplier, if any; provided, however,
that the interest rate in effect commencing on the fixed rate commencement date
specified on the face hereof will be the fixed rate of interest specified on the
face hereof, or if no such fixed rate is specified, the rate of interest
beginning on the fixed rate commencement date shall be the interest rate in
effect on the day immediately preceding the fixed rate commencement date.

         Unless otherwise specified on the face hereof, the rate with respect to
each Base Rate will be determined in accordance with the applicable provisions
below. Except as set forth above, the interest rate in effect on each day shall
be (i) if such day is an Interest Reset Date, the interest rate determined as of
the Interest Determination Date (as hereinafter defined) immediately preceding
such Interest Reset Date or (ii) if such day is not an Interest Reset Date, the
interest rate determined as of the Interest Determination Date immediately
preceding the most recent Interest Reset Date. If any Interest Reset Date would
otherwise be a day that is not a Business Day, such Interest Reset Date shall be
postponed to the next succeeding Business Day, except that if LIBOR is an
applicable Base Rate and such Business Day falls in the next succeeding calendar
month, such Interest Reset Date shall be the immediately preceding Business Day
as used herein, "Interest Reset Period" means the period of time beginning on an
Interest Reset Date for this Note and ending on the calendar day immediately
preceding the next succeeding Interest Reset Date.

         "Interest Determination Date" means, with respect to any Interest Reset
Date, the day the Calculation Agent will refer to when determining the new
interest rate at which a Floating Rate Note will reset, which is applicable as
follows: for Commercial Paper Rate Notes, Federal Funds Rate Notes and Prime
Rate Notes, the Interest Determination Date will be the Business Day prior to
the Interest Reset Date; for LIBOR Notes, the Interest Determination Date will
be the second London Business Day prior to the Interest Reset Date, except that
the Interest Determination Date pertaining to an Interest Reset Date for a LIBOR
Note for which the Index Currency is pounds sterling will be the Interest Reset
Date; for CD Rate Notes and CMT Rate Notes, the Interest Determination Date will
be the second Business Day next preceding the Interest Reset Date; and for
Treasury Rate Notes, the Interest Determination Date will be the day of the week
in which the Interest Reset Date falls on which Treasury bills would normally be
auctioned. Treasury bills are normally sold at auction on Monday of each week,
unless that day is a legal holiday, in which case the auction is normally held
on the following Tuesday, but the auction may be held on the preceding Friday.
If, as the result of a legal holiday, the auction is held on the preceding
Friday, that Friday will be the Interest Determination Date pertaining to the
Interest Reset Date occurring in the next succeeding week.

         Unless otherwise specified on the face hereof, the "Calculation Date,"
where applicable, pertaining to an Interest Determination Date will be the
earlier of (i) the tenth calendar day after such Interest Determination Date,
or, if such day is not a Business Day, the next succeeding Business Day, or (ii)
the Business Day preceding the applicable Interest Payment Date or Stated
Maturity Date or for any principal amount to be redeemed or repaid, the
Redemption Date or Repayment Date, as the case may be.

         "H.15 Daily Update" means the daily update of H.15(519), available
through the world wide web site of the Board of Governors of the Federal Reserve
System at http://www.federalreserve.gov/releases/ h15/ update or any successor
site or publication.

         "H.15(519)" means the Statistical Release H.15(519), Selected Interest
Rates, published by the Board of Governors of the Federal Reserve System, or any
successor publication of the Board of Governors of the Federal Reserve System.

         "Telerate" means Bridge Telerate, Inc., or any successor service.

                                       3

<PAGE>

         CD Rate. If the Base Rate for this Note is specified on the face hereof
as the CD Rate, this Note will bear interest at the interest rate, calculated
with reference to the CD Rate and the Spread and/or Spread Multiplier, if any,
and subject to the Minimum Interest Rate, and the Maximum Interest Rate, if any,
specified on the face hereof. The CD Rate will be, for any Interest
Determination Date, the rate on that date for negotiable U.S. dollar
certificates of deposit having the Index Maturity specified on the face hereof
as published in H.15(519) under the heading "CDs (secondary market)." The
following procedures will apply if the CD Rate cannot be determined as described
above: If the above rate is not published in H.15(519) by 3:00 p.m., New York
City time, on the Calculation Date pertaining to the applicable Interest
Determination Date, the CD Rate will be the rate on that Interest Determination
Date set forth in the H.15 Daily Update, or such other recognized electronic
source used for the purpose of displaying such rate, or any successor site or
publication, which is commonly referred to as the "H.15 Daily Update," for the
Interest Determination Date for negotiable certificates of deposit having the
Index Maturity specified on the face hereof, under the caption "CDs (secondary
market)." If the above rate is not yet published in either H.15(519), the H.15
Daily Update or some other recognized source for the purpose of displaying the
rate, by 3:00 p.m., New York City time, on the Calculation Date, the Calculation
Agent will determine the CD Rate to be the arithmetic mean of the secondary
market offered rates as of 10:00 a.m., New York City time, on that Interest
Determination Date of three leading nonbank dealers in negotiable U.S. dollar
certificates of deposit in New York City selected by the Calculation Agent,
after consultation with the Company, for negotiable certificates of deposit of
major United States money center banks of the highest credit standing in the
market for negotiable certificates of deposit with a remaining maturity closest
to the Index Maturity specified on the face hereof in an amount that is
representative for a single transaction in that market at that time. If the
dealers selected by the Calculation Agent are not quoting as set forth above,
the CD Rate for the applicable Interest Reset Period will be the same as the CD
Rate in effect for the immediately preceding Interest Reset Period (or, if there
was no Interest Reset Period, the rate of interest payable on the CD Rate Notes
for which the CD Rate is being determined shall be the Initial Interest Rate).

         CMT Rate. If the Base Rate for this Note is specified on the face
hereof as the CMT Rate, this Note will bear interest at the interest rate,
calculated with reference to the CMT Rate and the Spread and/or Spread
Multiplier, if any, and subject to the Minimum Interest Rate, and the Maximum
Interest Rate, if any, specified on the face hereof. The CMT Rate shall be
determined in the following manner: if CMT Telerate Page 7051 is specified on
the face hereof, CMT Rate means the percentage equal to the yield for U.S.
Treasury securities at "constant maturity" having the Index Maturity specified
on the face hereof as published in H.15(519) under the caption "Treasury
Constant Maturities", as the yield is displayed on the Telerate on page 7051 (or
any other page as may replace the specified page on that service) ("Telerate
Page 7051"), for the particular Interest Determination Date. The following
paragraphs detail the procedures to be followed in the event that CMT Telerate
Page 7051 is specified on the face hereof, but the foregoing method for
determining CMT Rate is not available.

..    If the rate referred to in the preceding paragraph does not so appear on
     Telerate Page 7051 by 3:30 p.m., New York City time, on the Calculation
     Date for the applicable Interest Determination Date, the CMT Rate will be
     the percentage equal to the yield for U.S. Treasury securities at "constant
     maturity" having the particular Index Maturity and for the particular
     Interest Determination Date as published in H.15(519) under the caption
     "Treasury Constant Maturities".

..    If the rate referred to in the preceding paragraph does not so appear in
     H.15(519) by 3:30 p.m., New York City time, on the Calculation Date for the
     applicable Interest Determination Date, the CMT Rate will be the rate on
     the particular Interest Determination Date for the period of the particular
     Index Maturity as may then be published by either the Federal Reserve
     System Board of Governors or the U.S. Department of the Treasury that the
     Calculation Agent determines to be comparable to the rate which would
     otherwise have been published in H.15(519).

..    If the rate referred to in the preceding paragraph is not so published by
     3:30 p.m., New York City time, on the Calculation Date for the applicable
     Interest Determination Date, the CMT Rate will be the rate on the
     particular Interest Determination Date calculated by the Calculation Agent
     as a yield to maturity based on the arithmetic mean of the secondary market
     bid prices at approximately 3:30 p.m., New

                                       4

<PAGE>

     York City time, on that Interest Determination Date of three leading
     primary U.S. government securities dealers in New York City (each, a
     "Reference Dealer"), selected by the Calculation Agent from five Reference
     Dealers selected by the Calculation Agent and eliminating the highest
     quotation, or, in the event of equality, one of the highest, and the lowest
     quotation or, in the event of equality, one of the lowest, for U.S.
     Treasury securities with an original maturity equal to the particular Index
     Maturity, a remaining term to maturity no more than 1 year shorter than
     that Index Maturity and in a principal amount that is representative for a
     single transaction in the securities in that market at that time.

..    If fewer than five but more than two of the prices referred to in the
     preceding paragraph are provided as requested, the CMT Rate will be the
     rate on the particular Interest Determination Date calculated by the
     Calculation Agent based on the arithmetic mean of the bid prices obtained
     and neither the highest nor the lowest of the quotations shall be
     eliminated.

..    If fewer than three of the prices referred to two paragraphs above are
     provided as requested, the CMT Rate will be the rate on the particular
     Interest Determination Date calculated by the Calculation Agent as a yield
     to maturity based on the arithmetic mean of the secondary market bid prices
     as of approximately 3:30 p.m., New York City time, on that Interest
     Determination Date of three Reference Dealers selected by the Calculation
     Agent from five Reference Dealers selected by the Calculation Agent and
     eliminating the highest quotation or, in the event of equality, one of the
     highest and the lowest quotation or, in the event of equality, one of the
     lowest, for U.S. Treasury securities with an original maturity greater than
     the particular Index Maturity, a remaining term to maturity closest to that
     Index Maturity and in a principal amount that is representative for a
     single transaction in the securities in that market at that time.

..    If fewer than five but more than two prices referred to in the preceding
     paragraph are provided as requested, the CMT Rate will be the rate on the
     particular Interest Determination Date calculated by the Calculation Agent
     based on the arithmetic mean of the bid prices obtained and neither the
     highest nor the lowest of the quotations will be eliminated.

..    If fewer than three prices referred to two paragraphs above are provided as
     requested, the CMT Rate for the applicable Interest Reset Date will be the
     same as the CMT Rate for the immediately preceding Interest Reset Period
     (or, if there was no Interest Reset Period, the rate of interest payable on
     the CMT Rate Notes for which the CMT Rate is being determined shall be the
     Initial Interest Rate).

         If CMT Telerate Page 7052 is specified on the face hereof, CMT Rate
means the percentage equal to the one-week or one-month, as specified on the
face hereof, average yield for U.S. Treasury securities at "constant maturity"
having the Index Maturity specified on the face hereof as published in H.15(519)
opposite the caption "Treasury Constant Maturities", as the yield is displayed
on the Telerate on page 7052 (or any other page as may replace the specified
page on that service) ("Telerate Page 7052"), for the week or month, as
applicable, ended immediately preceding the week or month, as applicable, in
which the particular Interest Determination Date falls. The following paragraphs
detail the procedures to be followed in the event that CMT Telerate Page 7052 is
specified on the face hereof, but the foregoing method for determining CMT Rate
is not available.

..    If the rate referred to in the preceding paragraph does not so appear on
     Telerate Page 7052 by 3:30 p.m., New York City time, on the Calculation
     Date for the applicable Interest Determination Date, the CMT Rate will be
     the percentage equal to the one-week or one-month, as specified on the face
     hereof, average yield for U.S. Treasury securities at "constant maturity"
     having the particular Index Maturity and for the week or month, as
     applicable, preceding the particular Interest Determination Date as
     published in H.15(519) opposite the caption "Treasury Constant Maturities."

..    If the rate referred to in the preceding paragraph does not so appear
     in H.15(519) by 3:30 p.m., New York City time, on the Calculation Date for
     the applicable Interest Determination Date, the CMT Rate will be the
     one-week or one-month, as specified on the face hereof, average yield for
     U.S. Treasury

                                       5

<PAGE>

     securities at "constant maturity" having the particular Index Maturity as
     otherwise announced by the Federal Reserve Bank of New York for the week or
     month, as applicable, ended immediately preceding the week or month, as
     applicable, in which the particular Interest Determination Date falls.

..    If the rate referred to in the preceding paragraph is not so published by
     3:30 p.m., New York City time, on the Calculation Date for the applicable
     Interest Determination Date, the CMT Rate will be the rate on the
     particular Interest Determination Date calculated by the Calculation Agent
     as a yield to maturity based on the arithmetic mean of the secondary market
     bid prices at approximately 3:30 p.m., New York City time, on that Interest
     Determination Date of three Reference Dealers selected by the Calculation
     Agent from five Reference Dealers selected by the Calculation Agent and
     eliminating the highest quotation, or, in the event of equality, one of the
     highest, and the lowest quotation or, in the event of equality, one of the
     lowest, for U.S. Treasury securities with an original maturity equal to the
     particular Index Maturity, a remaining term to maturity no more than 1 year
     shorter than that Index Maturity and in a principal amount that is
     representative for a single transaction in the securities in that market at
     that time.

..    If fewer than five but more than two of the prices referred to in the
     preceding paragraph are provided as requested, the CMT Rate will be the
     rate on the particular Interest Determination Date calculated by the
     Calculation Agent based on the arithmetic mean of the bid prices obtained
     and neither the highest nor the lowest of the quotations shall be
     eliminated.

..    If fewer than three prices referred to two paragraphs above are provided as
     requested, the CMT Rate will be the rate on the particular Interest
     Determination Date calculated by the Calculation Agent as a yield to
     maturity based on the arithmetic mean of the secondary market bid prices as
     of approximately 3:30 p.m., New York City time, on that Interest
     Determination Date of three Reference Dealers selected by the Calculation
     Agent from five Reference Dealers selected by the Calculation Agent and
     eliminating the highest quotation or, in the event of equality, one of the
     highest and the lowest quotation or, in the event of equality, one of the
     lowest, for U.S. Treasury securities with an original maturity greater than
     the particular Index Maturity, a remaining term to maturity closest to that
     Index Maturity and in a principal amount that is representative for a
     single transaction in the securities in that market at the time.

..    If fewer than five but more than two prices referred to in the preceding
     paragraph are provided as requested, the CMT Rate will be the rate on the
     particular Interest Determination Date calculated by the Calculation Agent
     based on the arithmetic mean of the bid prices obtained and neither the
     highest or the lowest of the quotations will be eliminated.

..    If fewer than three prices referred to two paragraphs above are provided as
     requested, the CMT Rate for the applicable Interest Reset Date will be the
     same as the CMT Rate for the immediately preceding Interest Reset Period
     (or, if there was no Interest Reset Period, the rate of interest payable on
     the CMT Rate Notes for which the CMT Rate is being determined shall be the
     Initial Interest Rate).

         For purposes of the above calculations (whether CMT Telerate Page 7051
or CMT Telerate Page 7052 is specified on the face hereof), if two U.S. Treasury
securities with an original maturity greater than the Index Maturity specified
on the face hereof have remaining terms to maturity equally close to the
particular Index Maturity, the quotes for the U.S. Treasury security with the
shorter remaining term to maturity will be used.

         If no CMT Telerate Page is specified on the face hereof, CMT Telerate
Page 7052, for the most recent week, shall be deemed specified.

         Commercial Paper Rate. If the Base Rate for this Note is specified on
the face hereof as the Commercial Paper Rate, this Note will bear interest at
the interest rate, calculated with reference to the Commercial Paper Rate and
the Spread and/or Spread Multipler, if any, and subject to the Minimum Interest
Rate and the Maximum Interest Rate, if any, specified on the face hereof. The
Commercial Paper

                                       6

<PAGE>

Rate shall be determined to be for any Interest Determination Date, the Money
Market Yield, calculated as described below, of the rate on that date for
commercial paper having the Index Maturity specified on the face hereof, as that
rate is published in H.15(519), under the heading "Commercial Paper -
Nonfinancial."

     The following procedures will apply if the Commercial Paper Rate cannot be
determined as described above: If the above rate is not published by 3:00 p.m.,
New York City time, on the Calculation Date pertaining to the applicable
Interest Determination Date, then the Commercial Paper Rate will be the Money
Market Yield of the rate on that Interest Determination Date for commercial
paper of the Index Maturity specified on the face hereof as published in H.15
Daily Update or some other recognized electronic source for the purpose of
displaying the rate, under the heading "Commercial Paper - Nonfinancial" If by
3:00 p.m., New York City time, on that Calculation Date the rate is not yet
published in either H.15(519) or the H.15 Daily Update, or some other recognized
electronic source for the purpose of displaying the rate, then the Calculation
Agent will determine the Commercial Paper Rate to be the Money Market Yield of
the arithmetic mean of the offered rates as of 11:00 a.m., New York City time,
on that Interest Determination Date of three leading dealers of U.S. dollar
commercial paper in New York City selected by the Calculation Agent, after
consultation with the Company, for commercial paper of the Index Maturity
specified on the face hereof, placed for an industrial issuer whose bond rating
is "AA," or the equivalent, from a nationally recognized statistical rating
organization. If the dealers selected by the Calculation Agent are not quoting
as mentioned above, the Commercial Paper Rate for the applicable Interest Reset
Period will be the same as the Commercial Paper Rate in effect for the
immediately preceding Interest Reset Period (or, if there was no Interest Reset
Period, the rate of interest payable on the Commercial Paper Rate Notes for
which the Commercial Paper Rate is being determined shall be the Initial
Interest Rate).

     The "Money Market Yield" will be a yield calculated in accordance with the
following formula:

          Money Market Yield =   D x 360            x 100
                                 ------------------
                                            360 - (D x M)
"D" refers to the applicable per year rate for commercial paper quoted on a bank
discount basis and expressed as a decimal; and "M" refers to the actual number
of days in the interest period for which interest is being calculated.

     Federal Funds Rate. If the Base Rate for this Note is specified on the face
hereof as the Federal Funds Rate, this Note will bear interest at the interest
rate, calculated with reference to the Federal Funds Rate and the Spread and/or
Spread Multiplier, if any, and subject to the Minimum Interest Rate and Maximum
Interest Rate, if any, specified on the face hereof. The Federal Funds Rate
shall be determined as of the applicable Interest Determination Date to be the
rate on that date for U.S. dollar federal funds as published in H.15(519) under
the heading "Federal Funds (Effective)" as that rate is displayed on the
Telerate on page 120 or any other page as may replace the applicable page on
that service, which is commonly referred to as "Telerate Page 120."

     The following procedures will apply if the Federal Funds Rate cannot be
determined as described above: If the above rate is not published by 3:00 p.m.,
New York City time, on the Calculation Date pertaining to the Interest
Determination Date, the Federal Funds Rate will be the rate on that Interest
Determination Date as published in the H.15 Daily Update under the heading
"Federal Funds/ Effective Rate," or another recognized electronic source used
for the purpose of displaying that rate, under the caption "Federal Funds
(Effective)." If that rate is not yet published in either H.15(519) or the H.15
Daily Update or some other recognized electronic source for the purpose of
displaying the rate, by 3:00 p.m., New York City time, on the Calculation Date
pertaining to the Interest Determination Date then the Calculation Agent will
determine the Federal Funds Rate to be the arithmetic mean of the rates for the
last transaction in overnight U.S. dollar federal funds, as of 9:00 a.m., New
York City time, on the Interest Determination Date, arranged by each of three
leading brokers of federal funds transactions in New York City selected by the
Calculation Agent. If the brokers selected by the Calculation Agent are not
quoting as

                                       7

<PAGE>

Interest Reset Period, the rate of interest payable on the Federal Funds Rate
Notes for which the Federal Funds Rate is being determined shall be the Initial
Interest Rate).

     LIBOR. If the Base Rate for this Note is specified on the face hereof as
LIBOR, this Note will bear interest at the interest rate, calculated with
reference to LIBOR and the Spread and/or Spread Multiplier, if any, and subject
to the Minimum Interest Rate and the Maximum Interest Rate, if any, specified on
the face hereof. LIBOR shall be determined by the Calculation Agent as of the
applicable Interest Determination Date (a LIBOR Interest Determination Date) in
accordance with the following provisions:

     (a)  if "LIBOR Reuters" is specified on the face hereof, the arithmetic
          mean of the offered rates for deposits in the Index Currency having
          the Index Maturity designated on the face hereof, commencing on the
          second London Business Day immediately following that Interest
          Determination Date, that appear on the Designated LIBOR Page as of
          11:00 a.m., London time, on that Interest Determination Date, if at
          least two offered rates appear on the Designated LIBOR Page, except
          that if the specified Designated LIBOR Page, by its terms provides
          only for a single rate, that single rate will be used; or

     (b)  if "LIBOR Telerate" is specified in on the face hereof, the rate for
          deposits in the Index Currency having the Index Maturity designated on
          the face hereof, commencing on the second London Business Day
          immediately following that Interest Determination Date or, if pounds
          sterling is the Index Currency, commencing on that Interest
          Determination Date, that appears on the Designated LIBOR Page at
          approximately 11:00 a.m., London time, on that Interest Determination
          Date.

     If fewer than the required number of offered rates appear, then the
Calculation Agent will request the principal London offices of each of four
major reference banks in the London interbank market, as selected by the
Calculation Agent after consultation with the Company, to provide the
Calculation Agent with its offered quotation for deposits in the Index Currency
for the period of the Index Maturity specified on the face hereof commencing on
the second London Business Day immediately following the Interest Determination
Date or, if pounds sterling is the Index Currency, commencing on that Interest
Determination Date, to prime banks in the London interbank market at
approximately 11:00 a.m., London time, on that Interest Determination Date and
in a principal amount of not less than $1,000,000 (or the equivalent in the
Index Currency, if the Index Currency is not the U.S. dollar) that is
representative of a single transaction in the Index Currency in the market at
that time. If at least two quotations are provided, LIBOR determined on that
Interest Determination Date will be the arithmetic mean of those quotations. If
fewer than two quotations are provided, LIBOR will be determined on that
Interest Determination Date as the arithmetic mean of the rates quoted at
approximately 11:00 a.m., London time, or some other time specified on the face
hereof, in the applicable Principal Financial Center for the country of the
Index Currency on the Interest Determination Date, by three major banks in that
Principal Financial Center selected by the Calculation Agent, after consultation
with the Company, for loans in the Index Currency to leading European banks,
having the Index Maturity specified on the face hereof and in a principal amount
of not less than $1,000,000 (or the equivalent in the Index Currency, if the
Index Currency is not the U.S. dollar) that is representative of a single
transaction in that Index Currency in the market at that time. If the banks so
selected by the Calculation Agent are not quoting as mentioned in the previous
sentence, LIBOR for the applicable Interest Reset Period will be the same as
LIBOR in effect for the immediately preceding Interest Reset Period (or, if
there was no Interest Reset Period, the rate of interest payable on the LIBOR
Notes for which LIBOR is being determined shall be the Initial Interest Rate).

     If neither LIBOR Reuters nor LIBOR Telerate is specified on the face
hereof, LIBOR for the applicable Index Currency will be determined as if LIBOR
Telerate were specified, and, if the U.S. dollar is the Index Currency, as if
Page 3750, had been specified.

     "Designated LIBOR Page" means either: (i) if "LIBOR Reuters" is designated
on the face hereof, the display on the Reuters Monitor Money Rates Service for
the purpose of displaying the London interbank rates of major banks for the
applicable Index Currency or its designated successor; or (ii) if

                                       8

<PAGE>

"LIBOR Telerate" is designated on the face hereof, the display on the Telerate
page specified on the face hereof, or any other page as may replace that page on
that service, for the purpose of displaying the London interbank rates of major
banks for the applicable Index Currency.

     Prime Rate. If the Base Rate for this Note is specified on the face hereof
as the Prime Rate, this Note will bear interest at the interest rate, calculated
with reference to the Prime Rate and the Spread and/or Spread Multiplier, if
any, and subject to the Minimum Interest Rate and the Maximum Interest Rate, if
any, specified on the face hereof. The Prime Rate shall be determined as of the
applicable Interest Determination Date to be the rate set forth on that date in
H.15(519) under the heading "Bank Prime Loan."

     The following procedures will apply if the Prime Rate cannot be determined
as described above: If the above rate is not published prior to 3:00 p.m., New
York City time, on the Calculation Date pertaining to the applicable Interest
Determination Date, then the Prime Rate will be the rate on that Interest
Determination Date as published in H.15 Daily Update, or such other recognized
electronic source used for the purpose of displaying such rate, under the
heading "Bank Prime Loan." If the rate is not published prior to 3:00 p.m., New
York City time, on the Calculation Date in either H.15(519) or the H.15 Daily
Update, or some other recognized electronic source for the purpose of displaying
the rate, then the Calculation Agent will determine the Prime Rate to be the
arithmetic mean of the rates of interest publicly announced by each bank that
appears on the Reuters Screen USPRIME 1 Page as that bank's prime rate or base
lending rate as in effect as of 11:00 a.m., New York City time, on that Interest
Determination Date as quoted on the Reuters Screen USPRIME 1 Page on the
Interest Determination Date. If fewer than four rates appear on the Reuters
Screen USPRIME 1 Page for that Interest Determination Date, the Calculation
Agent will determine the Prime Rate to be the arithmetic mean of the prime rates
or base lending rates quoted on the basis of the actual number of days in the
year divided by 360 as of the close of business on that Interest Determination
Date by three major banks in New York City selected by the Calculation Agent,
after consultation with the Company, from which quotations are requested. If
fewer than two quotations are provided, the Prime Rate shall be calculated by
the Calculation Agent and shall be determined as the arithmetic mean on the
basis of the prime rates in New York City by the appropriate number of
substitute banks or trust companies organized and doing business under the laws
of the United States, or any State thereof, in each case having total equity
capital of at least U.S. $500 million and being subject to supervision or
examination by federal or state authority, selected by the Calculation Agent to
quote the rate or rates. If the banks or trust companies selected by the
Calculation Agent are not quoting as mentioned above, the Prime Rate for the
applicable Interest Reset Period will be the same as the Prime Rate in effect
for the immediately preceding Interest Reset Period (or, if there was no
Interest Reset Period, the rate of interest payable on the Prime Rate Notes for
which the Prime Rate is being determined shall be the Initial Interest Rate).

     "Reuters Screen US PRIME 1 Page" means the display designated as Page "US
PRIME 1" on the Reuters Monitor Money Rates Service (or such other page as may
replace the US PRIME 1 Page on such service for the purpose of displaying prime
rates or base lending rates of major United States banks).

     Treasury Rate. If the Base Rate for this Note is specified on the face
hereof as the Treasury Rate, this Note will bear interest at the interest rate,
calculated with reference to the Treasury Rate and the Spread and/or Spread
Multiplier, if any, and subject to the Minimum Interest Rate and the Maximum
Interest Rate, if any, specified on the face hereof. The Treasury Rate shall be
determined as of the applicable Interest Determination Date to be the rate from
the auction held on the applicable Interest Determination Date of direct
obligations of the United States, which are commonly referred to as "Treasury
Bills," having the Index Maturity specified on the face hereof as that rate
appears under the caption "Investment Rate" on the display on the Telerate on
page 56 or any other page as may replace page 56 on that service, referred to as
"Telerate Page 56," or page 57 or any other page as may replace page 57 on that
service, referred to as "Telerate Page 57."

     The following procedures will apply if the Treasury Rate cannot be
determined as described above: If the rate described above is not published by
3:00 p.m., New York City time, on the Calculation Date pertaining to the
applicable Interest Determination Date, the Treasury Rate for the Interest
Determination Date will be the yield to maturity (expressed as a bond
equivalent, on the basis of a year of

                                       9

<PAGE>

365 or 366 days, as applicable and applied on a daily basis) of the rate of the
applicable Treasury Bills, published in the H.15 Daily Update, or any other
recognized electronic source used for the purpose of displaying the rate, under
the caption "U.S. Government Securities/Treasury Bills/Auction High" on the
Interest Determination Date, or if not so published by 3:00 p.m., New York City
time on the Calculation Date, the yield to maturity (expressed as a bond
equivalent, on the basis of a year of 365 or 366 days, as applicable and applied
on a daily basis) of the auction rate of the applicable Treasury Bills as
otherwise announced by the United States Department of the Treasury. In the
event that the results of the auction of Treasury Bills having the Index
Maturity designated on the face hereof are not published or reported as provided
above by 3:00 p.m., New York City time, on the Calculation Date or if no auction
is held on the Interest Determination Date, then the Treasury Rate will be the
yield to maturity (expressed as a bond equivalent, on the basis of a year of 365
or 366 days, as applicable and applied on a daily basis) of the rate on the
Interest Determination Date of Treasury Bills having the Index Maturity
specified on the face hereof published in H.15(519), or such other recognized
electronic source used for the purpose of displaying that rate, under the
caption "U.S. Government Securities/ Treasury Bills/ Secondary Market." If the
rate referred to in the immediately preceding sentence is not so published by
3:00 p.m., New York City time, on the Calculation Date pertaining to the
applicable Interest Determination Date, the Treasury Rate shall be the yield to
maturity (expressed as a bond equivalent, on the basis of a year of 365 or 366
days, as applicable and applied on a daily basis) of the rate on the Interest
Determination Date of such Treasury Bills as published in the H.15 Daily Update,
or other recognized electronic source used for the purpose of displaying that
rate, under the caption "U.S. Government Securities/Treasury Bills/Secondary
Market." If the rate referred to above is not published in H.15(519), H.15 Daily
Update, or another recognized electronic source, by 3:00 p.m., New York City
time, on the Calculation Date pertaining to the applicable Interest
Determination Date, the Treasury Rate shall be calculated by the Calculation
Agent and shall be a yield to maturity (expressed as a bond equivalent, on the
basis of a year of 365 or 366 days, as applicable and applied on a daily basis)
calculated using the arithmetic mean of the secondary market bid rates, as of
approximately 3:30 p.m., New York City time, on the applicable Interest
Determination Date, of three primary United States government securities
dealers, selected by the Calculation Agent, after consultation with the Company,
for the issue of Treasury Bills with a remaining maturity closest to the Index
Maturity specified in on the face hereof. If the dealers selected by the
Calculation Agent are not quoting as mentioned in the immediately preceding
sentence, the Treasury Rate for the applicable Interest Reset Period will be the
same as the Treasury Rate in effect for the immediately preceding Interest Reset
Period (or, if there was no Interest Reset Period, the rate of interest payable
on the Treasury Rate Notes for which the Treasury Rate is being determined shall
be the Initial Interest Rate).

     Notwithstanding the foregoing, the interest rate hereon shall not be
greater than the Maximum Interest Rate, if any, or less than the Minimum
Interest Rate, if any, specified on the face hereof. The interest rate on this
Note will in no event be higher than the maximum rate permitted by New York law,
as the same may be modified by United States law of general application.

     The Calculation Agent shall calculate the interest rate hereon in
accordance with the foregoing on or before each Calculation Date. At the request
of the Holder hereof, the Calculation Agent will provide to the Holder hereof
the interest rate hereon then in effect and, if determined, the interest rate
which will become effective as a result of a determination made for the next
succeeding Interest Reset Date.

     With respect to this Note, accrued interest shall be calculated by
multiplying the principal amount of this Note by an accrued interest factor.
Such accrued interest factor will be computed by adding the interest factors
calculated for each day in the period for which interest is being paid. Unless
otherwise specified on the face hereof, the interest factor for each day is
computed by dividing the interest rate applicable to that day: (i) by 360, in
the case of CD Rate Notes, Commercial Paper Rate Notes, Federal Funds Rate
Notes, LIBOR Notes (except for LIBOR Notes denominated in pounds sterling) and
Prime Rate Notes; (ii) by 365, in the case of LIBOR Notes denominated in pounds
sterling; or (iii) by the actual number of days in the year, in the case of
Treasury Rate Notes or CMT Rate Notes. All percentages used in or resulting from
any calculation of the rate of interest on this Note will be rounded, if
necessary, to the nearest one hundred-thousandth of a percentage point, with
five one-millionths of a percentage point rounded upward, and all dollar amounts
used in or resulting from such calculation on this Note will be rounded to the
nearest cent, with one-half cent rounded upward, or in the case of a foreign
currency, to the

                                       10

<PAGE>

nearest unit, with one-half unit being rounded upward. The interest rate in
effect on any Interest Reset Date will be the applicable rate as reset on such
date. The interest rate applicable to any other day is the interest rate from
the immediately preceding Interest Reset Date (or, if none, the Initial Interest
Rate).

     If so provided on the face of this Note, this Note may be redeemed by the
Company in accordance with the Redemption Terms set forth on the face hereof. If
no Redemption Terms are set forth on the face hereof, this Note may not be
redeemed prior to the Maturity Date. On and after the initial Redemption Date
specified in the Redemption Terms, if any, this Note may be redeemed at any time
in whole or in part (provided that any remaining principal amount of this Note
shall be equal to an authorized denomination) at the option of the Company, at
the applicable Redemption Price specified in the Redemption Terms, together with
interest thereon payable to the Redemption Date, on notice given not more than
60 nor less than 20 calendar days prior to the Redemption Date. In the event of
redemption of this Note in part only, a new Note for the unredeemed portion
hereof shall be issued in the name of the Holder hereof upon the surrender
hereof.

     Notwithstanding the foregoing, the Company may not, prior to the Limitation
Date specified on the face hereof, if any, redeem this Note as contemplated by
the next preceding paragraph as a part of, or in anticipation of, any refunding
operation by the application, directly or indirectly, of monies borrowed having
an interest cost to the Company (calculated in accordance with generally
accepted financial practice) of less than the Refunding Rate specified on the
face hereof, if any.

     The Notes will not have a sinking fund.

     If Repayment Terms are indicated on the face of this Note, the Company may
be required to repurchase this Note at the option of the Holder, in whole or in
part, on the Repayment Date(s) and at the applicable Repayment Price(s)
specified in the Repayment Terms, plus accrued interest, if any, to the
applicable Repayment Date. On or before the applicable Repayment Date, the
Company shall deposit with the Trustee money sufficient to pay the applicable
Repayment Price and any interest accrued on the portion of this Note to be
tendered for repayment. On and after such Repayment Date, interest will cease to
accrue on this Note or any portion hereof tendered for repayment.

     The repayment option may be exercised by the Holder of this Note for less
than the entire principal amount hereof, but in that event, the principal amount
hereof remaining outstanding after repayment must be in an authorized
denomination. In the event of repurchase of this Note in part only, a new Note
or Notes of this series and of like tenor for the unpurchased portion hereof
will be issued in the name of the Holder hereof upon the cancellation hereof.

     In order for this Note to be repaid, the Trustee must receive at least 30
calendar days but not more than 60 calendar days prior to the Repayment Date (i)
this Note with the form entitled "Option to Elect Repayment" attached to this
Note duly completed or (ii) a facsimile transmission or a letter from a member
of a national securities exchange or the National Association of Securities
Dealers, Inc. or a commercial bank or trust company in the United States setting
forth the name of the Holder of this Note, the principal amount of this Note,
the principal amount of this Note to be repaid, the registered number or a
description of the tenor and terms of this Note, a statement that the option to
elect repayment is being exercised thereby, and a guarantee that this Note to be
repaid, together with the duly completed form entitled "Option to Elect
Repayment" attached to this Security, will be received by the Trustee not later
than the fifth Business Day after the date of such facsimile transmission or
letter; however, such facsimile transmission or letter shall only be effective
if this Note and duly completed form are received by the Trustee by such fifth
Business Day. Such notice, once given, will be irrevocable unless waived by the
Company.

     Unless otherwise indicated on the face hereof, this Note will not be
subject to repayment at the option of the Holder.

     If an Event of Default with respect to the Notes shall occur and be
continuing, the principal of the Notes may be declared due and payable in the
manner and with the effect provided in the Indenture.

                                       11

<PAGE>

     The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the
Company and the rights of the Holders of the Securities of each series to be
affected under the Indenture at any time by the Company and the Trustee with the
consent of the Holders of a majority in principal amount of the Securities at
the time Outstanding of each series to be affected. The Indenture also contains
provisions permitting the Holders of specified percentages in principal amount
of the Securities of each series at the time Outstanding, on behalf of the
Holders of all Securities of such series, to waive certain past defaults under
the Indenture and their consequences. Any such consent or waiver by the Holder
of this Note shall be conclusive and binding upon such Holder and upon all
future Holders of this Note and of any Note issued upon the registration of
transfer hereof or in exchange herefor or in lieu hereof, whether or not
notation of such consent or waiver is made upon this Note.

     As provided in and subject to the provisions of the Indenture, the Holder
of this Note shall not have the right to institute any proceeding with respect
to the Indenture or for the appointment of a receiver or trustee or for any
other remedy thereunder, unless such Holder shall have previously given the
Trustee written notice of a continuing Event of Default with respect to the
Notes, the Holders of not less than a majority in principal amount of the Notes
at the time Outstanding shall have made written request to the Trustee to
institute proceedings in respect of such Event of Default as Trustee and offered
the Trustee reasonable indemnity, and the Trustee shall not have received from
the Holders of a majority in principal amount of the Notes at the time
Outstanding a direction inconsistent with such request, and shall have failed to
institute any such proceeding for 60 days after receipt of such notice, request
and offer of indemnity. The foregoing shall not apply to any suit instituted by
the Holder of this Note for the enforcement of any payment of principal hereof
or premium, if any, or interest hereon on or after the respective due dates
expressed or provided for herein.

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

     As provided in the Indenture and subject to certain limitations therein set
forth, the transfer of this Note is registerable in the Security Register, upon
surrender of this Note, for registration of transfer at the office or agency of
the Company in any place where the principal of and any premium and interest on
this Note are payable, duly endorsed by, or accompanied by a written instrument
of transfer in form satisfactory to the Company and the Security Registrar duly
executed by, the Holder hereof or his attorney duly authorized in writing, and
thereupon one or more new Notes having the same Stated Maturity Date and
Original Issue Date, of authorized denominations and of like tenor and for the
same aggregate principal amount in the same Specified Currency, will be issued
to the designated transferee or transferees.

     The Notes are issuable only in registered form without coupons and unless
otherwise specified on the face hereof, in denominations of U.S. $1,000 and in
integral multiples of U.S. $1,000 in excess thereof or the approximate
equivalent of U.S. $1,000 in the Specified Currency in which this Note is
denominated (if not U.S. dollars) at the Market Exchange Rate on the Business
Day immediately preceding the trade date for the original issuance of each
tranche of Notes, as determined by the Exchange Rate Agent. As provided in the
Indenture and subject to certain limitations therein set forth, Notes are
exchangeable for a like aggregate principal amount of Notes having the same
Specified Currency, Stated Maturity Date and Original Issue Date of any
authorized denominations as requested by the Holder surrendering the same, upon
surrender of the Note or Notes to be exchanged at the office or agency of the
Company.

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

     Prior to due presentment of this Note for registration of transfer, the
Company, the Trustee and any agent of the Company, or the Trustee may treat the
Person in whose name this Note is registered as the

                                       12

<PAGE>

absolute owner hereof for all purposes, whether or not this Note be overdue, and
neither the Company, the Trustee nor any such agent shall be affected by notice
to the contrary.

     Reference in this Note to "U.S.$" or "U.S. dollars", is to the currency of
the United States of America. Reference in this Note to the "Specified Currency"
is to the Specified Currency shown on the face hereof. All terms used in this
Note and not otherwise defined herein which are defined in the Indenture shall
have the meanings assigned to them in the Indenture.

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

                                       13

<PAGE>

                                  ABBREVIATIONS

     The following abbreviations, when used in the inscription above in 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          UNIF GIFT MIN ACT _____Custodian  _____

TEN ENT -  as tenants by the entireties                 (Cust)           (Minor)

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

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

                                       14

<PAGE>

                            [FORM OF TRANSFER NOTICE]

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

________________________________________________________________________________
     Insert Taxpayer Identification No.

________________________________________________________________________________
     Please print or typewrite name and address including zip code of assignee

     the within Note and all rights thereunder, hereby irrevocably constituting
     and appointing

     ________________________________________________________
     attorney to transfer said Note on the books of the Company with full power
     of substitution in the premises.

Dated: ____________                    ______________________________________

                                       NOTICE:  The signature to this assignment
                                                must correspond with the name as
                                                written elsewhere upon  the
                                                within instrument in every
                                                particular, without alteration
                                                or enlargement or any change
                                                whatever.

                                       15

<PAGE>

                            OPTION TO ELECT REPAYMENT

     The undersigned hereby irrevocably requests and instructs the Company to
repay the within Note (or portion thereof specified below) pursuant to its terms
at the applicable Repayment Price set forth on the face thereof, together with
the interest to the 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: __________________________           _______________________________

NOTE: 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.

                                       16<PAGE>

                                                                     EXHIBIT 4.1

                            CERTIFICATE OF AMENDMENT
                                       OF
                              AMENDED AND RESTATED
                          CERTIFICATE OF INCORPORATION
                                       OF
                           MICROSTRATEGY INCORPORATED

                         Pursuant to Section 242 of the
                General Corporation Law of the State of Delaware

         MicroStrategy Incorporated (hereinafter called the "Company"),
organized and existing under and by virtue of the General Corporation Law of the
State of Delaware, does hereby certify as follows:

         The Board of Directors of the Company duly adopted resolutions by
written consent on June 18, 2002 and at a meeting on July 29, 2002, pursuant to
Sections 141 and 242 of the General Corporation Law of the State of Delaware,
setting forth an amendment to the Amended and Restated Certificate of
Incorporation of the Company, as amended, and declaring said amendment to be
advisable and directing that it be submitted to and considered by the
stockholders of the Company for approval. The stockholders of the Company duly
approved said proposed amendment at the Annual Meeting of Stockholders held on
July 23, 2002 in accordance with Section 242 of the General Corporation Law of
the State of Delaware. The resolution setting forth the amendment is as follows:

RESOLVED: That the first paragraph of Article Four of the Amended and Restated
          Certificate of Incorporation of the Company, as amended, be and hereby
          is deleted in its entirety and the following two paragraphs are
          inserted in lieu thereof:

               "That, effective at 5:00 p.m., eastern time, on the filing date
               of this Certificate of Amendment of Amended and Restated
               Certificate of Incorporation, as amended, (the "Effective Time"),
               a one-for-ten reverse stock split of the Company's Class A Common
               Stock (as defined below) and Class B Common Stock (as defined
               below) shall become effective, pursuant to which each ten shares
               of Class A Common Stock and each ten shares of Class B Common
               Stock, respectively, outstanding and held of record by each
               stockholder of the Company (including treasury shares)
               immediately prior to the Effective Time shall be reclassified and
               combined into one share of Class A Common Stock and one share of
               Class B Common Stock, respectively, automatically and without any
               action by the holder thereof upon the Effective Time and shall
               represent one share of Class A Common Stock and one share of
               Class B Common Stock, respectively, from and after the Effective
               Time. No fractional shares of Class A Common Stock or Class B
               Common Stock shall be issued as a result of such reclassification
               and combination. In lieu of any fractional shares to which the
               stockholder would otherwise be entitled, the Company shall pay
               cash equal to such fraction multiplied by the average

<PAGE>

               of the high and low trading prices of the Class A Common Stock on
               the Nasdaq National Market (or the Nasdaq SmallCap Market if the
               Class A Common Stock is listed on the Nasdaq SmallCap Market
               immediately preceding the Effective Time) during regular trading
               hours for the five trading days immediately preceding the
               Effective Time.

               The total number of shares of capital stock which the Company
               shall have authority to issue is 500,000,000 shares, consisting
               of three classes of capital stock:

               (a)  330,000,000 shares of Class A Common Stock, par value $0.001
                    per share (the "Class A Common Stock");

               (b)  165,000,000 shares of Class B Common Stock, par value $0.001
                    per share (the "Class B Common Stock") (the Class A Common
                    Stock and the Class B Common Stock are collectively referred
                    to as the "Common Stock"); and

               (c)  5,000,000 shares of Preferred Stock, par value $0.001 per
                    share (the "Preferred Stock").

         IN WITNESS WHEREOF, the Company has caused its corporate seal to be
affixed hereto and this Certificate of Amendment to be signed by its duly
authorized officer this 30th day of July, 2002.

                                        MICROSTRATEGY INCORPORATED

                                        By:   /s/ Eric F. Brown
                                              ----------------------------------
                                            Name:  Eric F. Brown
                                            Title: President and CFO

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