Document:

<PAGE>   1

                                                                    EXHIBIT 10.2

                                     FORM OF
                                 LOAN AGREEMENT

         This Loan Agreement dated as of ____________ (the "LOAN DATE"), is
entered into by and between Daisytek International Corporation, a Delaware
corporation (the "COMPANY"), and ______________ (the "BORROWER").

         A. The Company has established the Daisytek International Corporation
Director and Officer Loan Plan (the "PLAN"). Except as otherwise defined herein,
capitalized terms used in this Agreement have the respective meanings set forth
in the Plan.

         B. The Company desires to loan the Borrower $ in accordance with the
terms of the Plan (the "LOAN").

         C. The Borrower desires to borrow such amount subject to the terms of
the Plan, this Agreement and the Note in order to acquire shares (the "PURCHASED
SHARES") of the Company's Common Stock, par value $0.01 per share (the "COMMON
STOCK"), on the open market.

         NOW, THEREFORE, in consideration of the mutual promises and covenants
set forth herein, the parties hereto agree as follows:

1.       Amount and Terms of the Loan.

         1.1. The Loan. On the terms and subject to the conditions of this
Agreement, the Company agrees to lend $___________ to the Borrower for the
purpose of enabling the Borrower to purchase shares of Common Stock in the open
market.

         1.2. Maturity Date. Subject to the prepayment provisions of subsections
1.3 and 1.4, the acceleration provisions set forth below and in Section 3 below,
the Loan shall mature on the third anniversary of the Loan Date (the "MATURITY
DATE"). Notwithstanding the foregoing, all principal and accrued but unpaid
interest outstanding under the Loan will automatically become due and payable
within 30 days after the Company makes demand for payment.

         1.3. Mandatory Prepayments and Interest Payments.

                  (a) In the event that any cash dividend or distribution is
         paid by the Company with respect to any Purchased Shares relating to
         the Loan, the Borrower shall make a mandatory prepayment with respect
         to the Loan equal to the amount of such dividend or distribution, which
         shall be applied first to accrued but unpaid interest under the Loan,
         then to principal. Notwithstanding the foregoing, in the event that the
         Committee under the Plan determines that the Borrower would recognize a
         net increase in taxable income from the receipt of any such dividends
         or distributions after giving effect to any deduction for the related
         payment under the Loan, the Committee may in its discretion permit the
         Borrower to retain a portion of the dividends or distributions so as to
         be able to pay all or part of his related increase in taxes.

                  (b) If, within 30 days of the Loan Date, the Borrower has not
         purchased shares of Common Stock with 100% of the proceeds of the Loan,
         the Borrower shall make a mandatory prepayment with respect to the Loan
         equal to the amount of the Loan proceeds not used to purchase shares of
         Common Stock.

<PAGE>   2

                  (c) Interest shall be compounded quarterly during the term of
         a Loan; provided, however, that the Borrower shall be entitled instead
         to pay such quarterly interest in cash to the Company.

                  (d) Any cash received upon an exchange or conversion of
         Purchased Shares shall be applied to reduce the outstanding Loan
         balance (with accrued but unpaid interest being reduced first). Any
         cash in excess of that applied against the outstanding Loan balance
         shall be paid to the Borrower.

         1.4 Optional Prepayments. The Borrower may make voluntary prepayments
on the Loan at any time without penalty in such minimum amounts as the Committee
may determine, which shall be applied first to accrued but unpaid interest, and
then to principal.

         1.5. Evidence of Borrowing. The Loan will be evidenced by a promissory
note in substantially the form attached as Exhibit A to this Agreement (the
"NOTE"). The Borrower will promptly execute and deliver to the Company any other
instruments evidencing the Loan reasonably requested by the Company.

         2.1. Restrictions on Purchased Shares. From the date of the purchase of
the Purchased Shares until the principal of the Loan and all unpaid interest
thereon is repaid in full (the "RESTRICTED PERIOD"):

         (a) Certificates representing Purchased Shares shall bear the following
legend in addition to any other legends that the Company may deem appropriate:

         THIS CERTIFICATE AND THE SHARES OF STOCK AND ALL RIGHTS HEREBY
         REPRESENTED ARE SUBJECT TO THE TERMS, CONDITIONS AND RESTRICTIONS SET
         FORTH IN THE DAISYTEK INTERNATIONAL CORPORATION DIRECTOR AND OFFICER
         LOAN PLAN AND ANY AGREEMENT UNDER THAT PLAN AND THE LOAN AGREEMENT
         BETWEEN THE OWNER OF SUCH SHARES AND DAISYTEK INTERNATIONAL CORPORATION
         MAY NOT BE SOLD OR TRANSFERRED EXCEPT IN ACCORDANCE WITH THE TERMS AND
         CONDITIONS OF SUCH PLAN AND AGREEMENTS, COPIES OF WHICH ARE ON FILE AT
         THE OFFICES OF DAISYTEK INTERNATIONAL CORPORATION.

         (b) Certificates representing Purchased Shares shall be registered in
the name of the Borrower and the Borrower shall be treated as a stockholder with
respect to such shares, including the right to vote such shares.

         2.2. Voting and Other Rights of the Borrower and the Company.
Simultaneously with the execution and delivery of this Agreement, the Borrower
will execute and deliver to the Company a proxy in the form attached as Exhibit
B hereto (the "PROXY"). So long as no Event of Default (as described in
subsection 3.1) has occurred and is continuing, the Borrower will be entitled to
vote and to exercise all other rights and remedies with respect to the Purchased
Shares. Upon the occurrence and during the continuance of an Event of Default
(as defined in Section 3.1), the Proxy will automatically become effective
pursuant to its terms, and the Company or its substituted proxy will have the
right to vote and to exercise all other rights and remedies with respect to the
Purchased Shares.

                                       2
<PAGE>   3

3.       Events of Default.

         3.1. Events of Default. For purposes of this Agreement, any of the
following events will constitute an "EVENT OF DEFAULT":

                  (a) the Borrower fails to pay any amount due under the Loan
         and the default remains uncured for a period of 10 days after the date
         the Company gives the Borrower notice of the default;

                  (b) the Borrower defaults under or breaches any other
         covenant, representation or warranty under the Note, this Agreement or
         any other agreement under the Plan and the default or breach remains
         uncured for a period of 30 days after the date the Company gives the
         Borrower notice of his default or breach;

                  (c) the Borrower applies for or consents to the appointment of
         a receiver, trustee, custodian or liquidator of any of his property,
         admits in writing his inability to pay his debts as they mature, makes
         a general assignment as a bankrupt or insolvent or is the subject of an
         order for relief under Chapter 13 of the United States Bankruptcy Code
         or files a voluntary petition in bankruptcy or a petition or answer
         seeking an arrangement with creditors to take advantage of any
         bankruptcy, insolvency, readjustment or debt or liquidation law or
         statute, or an answer admitting the material allegations of a petition
         filed against him in any proceeding under any such law; or

                  (d) any court of competent jurisdiction enters an order,
         judgment or decree, without the application, approval or consent of the
         Borrower, approving a petition appointing a receiver, trustee,
         custodian or liquidator of all or a substantial part of the assets of
         the Borrower, and such order, judgment or decree continues unstayed and
         in effect for a period of 30 days.

         3.2. Consequences of Events of Default. If an Event of Default occurs,
the Company may enforce its rights under the Plan, the Note and any other
agreement entered into under the Plan.

4.       General.

         4.1. Compliance with Withholding. The Company shall have the right to
require the Borrower to pay to the Company the amount of any taxes that are
required to be withheld in connection with any repayment of a Loan, any release
of Purchased Shares or any sale of Purchased Shares. To the extent permitted by
the Committee, the Borrower may elect to have any distribution otherwise
required to be made under this Agreement to be withheld to fulfill any tax
withholding obligation.

         4.2. Amendment and Waiver. This Agreement may only be amended by
written agreement of the Borrower and the Company.

         4.3. Severability. Whenever possible, each provision of this Agreement
will be interpreted in such manner as to be effective and valid under applicable
law so long as the economic or legal substance of the transactions contemplated
hereby is not affected in any manner adverse to any party; but if any provision
of this Agreement is held to be prohibited by or invalid under applicable law,
such provision will be ineffective only to the extent of such prohibition or
invalidity, without invalidating the remainder of such provision or the
remaining provisions of this Agreement.

         4.4. Complete Agreement. This document and the documents referred to
herein contain the complete agreement between the parties and supersede any
prior understandings, agreements or

                                       3
<PAGE>   4

representations by or between the parties, written or oral, which relate to the
subject matter hereof.

         4.5. Governing Law. The provisions of this Agreement shall be construed
in accordance with the internal laws of the State of Texas.

         IN WITNESS WHEREOF the parties have executed this Agreement as of the
date first written above.

BORROWER                                     DAISYTEK INTERNATIONAL
                                             CORPORATION

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

                                       4
<PAGE>   5

                                    EXHIBIT A

                             FORM OF PROMISSORY NOTE

$____________                                                             [DATE]

         FOR VALUE RECEIVED, the undersigned (the "BORROWER") promises to pay,
on or before ______________ to the order of Daisytek International Corporation
or any successor thereto (the "COMPANY"), at such place as the Company shall
designate, the principal sum shown above, together with interest from the date
hereof on the principal balance outstanding under this Note as provided
hereinafter and in the Loan Agreement dated the date hereof between the Company
and the Borrower (the "LOAN AGREEMENT").

         This Note is subject to the terms of the Daisytek International
Corporation Director and Officer Loan Plan (the "PLAN") and is secured by the
Loan Agreement and has been delivered by the Borrower pursuant to the Loan
Agreement. The holder of this Note is entitled to the benefits of the Loan
Agreement and may enforce the agreements of the Borrower herein and therein and
exercise the remedies provided for hereby and thereby or otherwise in respect of
this Note.

         Except as set forth below, from the date hereof interest shall accrue
on the outstanding principal amount hereof at the rate set forth in the Plan.

         Interest shall accrue on the outstanding principal balance hereof at a
fluctuating rate per annum equal to the Applicable Interest Rate (as defined in
the Plan). Interest shall be compounded quarterly during the term of this Note;
provided, however, that the Borrower shall be entitled instead to pay such
quarterly interest in cash to the Company. Payments of both principal and
interest hereunder shall be made in lawful money of the United States of
America. This Note may be prepaid, in whole or in part, at any time without
premium or penalty.

         If an Event of Default (as that term is defined in the Loan Agreement)
shall occur, all principal and accrued but unpaid interest payable under this
Note shall accelerate and become immediately due and payable without any
presentment, demand, protest, or other notice of any kind and, until repaid in
full, all amounts due hereunder, including without limitation interest due
hereunder, shall bear interest at an annual rate equal to the lower of (A) two
percent (2%) higher than the rate calculated pursuant to the calculation set
forth above and (B) the highest rate, if any, permitted at law.

         If legal action is necessary to collect any amount due hereunder,
Borrower shall be liable for the payment of reasonable attorney's fees and the
costs of Company incurred to others in connection with such collection.

         The Borrower hereby agrees to be personally liable for payment of this
Note.

         This Note is to be governed by and construed in accordance with the
laws of the State of Texas. In any action brought under or arising out of this
Note, the undersigned hereby consents to the jurisdiction of any competent court
within the State of Texas and consents to service of process by any means
authorized by Texas law.

                                                   BORROWER

                                                   -----------------------------
                                                   Name:

<PAGE>   6

                                    EXHIBIT B

                                  FORM OF PROXY

         The undersigned hereby revokes any previous or contemporaneous proxies
and appoints _______________ as attorney and proxy of the undersigned to cause
notice to be given with respect to and to attend any and all meetings of
shareholders of Daisytek International Corporation, a Delaware corporation (the
"COMPANY"), to vote all shares of capital stock of the Company owned by the
undersigned and held by the Company (the "PURCHASED SHARES") pursuant to the
Loan Agreement dated ___________ between the Company and the undersigned (the
"LOAN AGREEMENT"), and to represent and otherwise to act for the undersigned in
the same manner and with the same effect as if the undersigned were personally
present.

         This proxy shall become effective immediately, without further action
by the undersigned, upon an Event of Default under the Loan Agreement occurs,
and shall remain in effect until such Event of Default shall be remedied by the
undersigned.

         This proxy shall be deemed to be a proxy coupled with an interest and
is irrevocable and has been granted pursuant to Section 2.2 of the Loan
Agreement.

         The undersigned authorizes such attorney and proxy to substitute any
other person to act hereunder, to revoke any substitution and to file this proxy
(immediately upon its becoming effective as set forth above) and any
substitution or revocation with the Secretary of the Company.

Dated: [__________]
                                                --------------------------------
                                                Name:<PAGE>   1
                                                                     EXHIBIT 4.2

                             TAMPA ELECTRIC COMPANY

                                       and

                              THE BANK OF NEW YORK
                                   As Trustee

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

                          THIRD SUPPLEMENTAL INDENTURE

                            dated as of June 15, 2001

                           Supplementing the Indenture

                            dated as of July 1, 1998

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

                                  $250,000,000

                              6.875% Notes Due 2012

<PAGE>   2

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>

                                                                                                     PAGE
                                                                                                     ----
<S>                        <C>                                                                        <C>
ARTICLE ONE                DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION...................  2

         Section 101.      Definitions...............................................................  2

         Section 102.      Section References........................................................  2

ARTICLE TWO                DESIGNATION AND TERMS OF THE NOTES........................................  2

         Section 201.      Establishment of Series...................................................  2

         Section 202.      Variations in Terms of Notes..............................................  3

         Section 203.      Amount and Denominations; the Depositary..................................  3

         Section 204.      Interest Rates and Interest Payment Dates.................................  3

         Section 205.      Form and Other Terms of the Notes.........................................  3

         Section 206.      Authentication and Delivery...............................................  4

         Section 207.      Redemption, No Sinking Fund...............................................  4

ARTICLE THREE              AMENDMENTS TO ORIGINAL INDENTURE..........................................  6

         Section 301.      Amendment to Correct Section 610 of Original Indenture....................  6

         Section 302.      Additional Amendment to Modify Definition in the Original Indenture.......  6

         Section 303.      Amendment to Section 801 of Original Indenture............................  6

         Section 304.      Effectiveness of Amendment under Section 303..............................  7

ARTICLE FOUR               MISCELLANEOUS.............................................................  7

         Section 401.      Effect On Original Indenture..............................................  7

         Section 402.      Counterparts..............................................................  7

         Section 403.      Recitals..................................................................  7

         Section 404.      Governing Law.............................................................  7
</TABLE>

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<PAGE>   3

         This Third Supplemental Indenture, dated as of June 15, 2001, between
Tampa Electric Company, a corporation duly organized and existing under the laws
of the State of Florida (hereinafter called the "COMPANY") and having its
principal office at TECO Plaza, 702 North Franklin Street, Tampa, Florida 33602,
and The Bank of New York, as trustee (hereinafter called the "TRUSTEE") and
having its principal corporate trust office at 101 Barclay Street, 21st Floor
West, New York, New York 10286.

                                   WITNESSETH:

         WHEREAS, the Company and the Trustee entered into an Indenture, dated
as of July 1, 1998 (the "ORIGINAL INDENTURE"), pursuant to which one or more
series of debt of the Company (the "SECURITIES") may be issued from time to
time; and

         WHEREAS, Section 201 of the Original Indenture permits the terms of any
series of Securities to be established in an indenture supplemental to the
Original Indenture; and

         WHEREAS, Section 901(7) of the Original Indenture provides that a
supplemental indenture may be entered into by the Company and the Trustee
without the consent of any Holders of the Securities to establish the form and
terms of the Securities of any series; and

         WHEREAS, the Company has requested the Trustee to join with it in the
execution and delivery of this Third Supplemental Indenture in order to
supplement and amend the Original Indenture by, among other things, establishing
the form and terms of one series of Securities to be known as the Company's
"6.875% Notes Due 2012" (the "NOTES") and amending and adding certain provisions
thereof for the benefit of the Holders of the Notes; and

         WHEREAS, the Company and the Trustee desire to enter into this Third
Supplemental Indenture for the purposes set forth in Sections 201 and 901 of the
Original Indenture as referred to above; and

         WHEREAS, the Company has furnished the Trustee with a Board Resolution
authorizing the execution of this Third Supplemental Indenture; and

         WHEREAS, all things necessary to make this Third Supplemental Indenture
a valid agreement of the Company and the Trustee and a valid supplement to the
Original Indenture have been done,

         NOW, THEREFORE, THIS THIRD SUPPLEMENTAL INDENTURE WITNESSETH:

         For and in consideration of the premises and the purchase of the Notes
to be issued hereunder by holders thereof, the Company and the Trustee mutually
covenant and agree, for the equal and proportionate benefit of the respective
holders from time to time of the Notes, as follows:

<PAGE>   4

                                  ARTICLE ONE
             DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

SECTION 101.  DEFINITIONS

         All capitalized terms that are used herein and not otherwise defined
herein shall have the meanings assigned to them in the Original Indenture. The
Original Indenture together with this Third Supplemental Indenture are
hereinafter sometimes collectively referred to as the "INDENTURE."

         "BUSINESS DAY" shall mean any day other than a Saturday or Sunday that
is neither a legal holiday nor a day on which banking institutions are
authorized or required by law or regulations to close in the City of New York.

         "DEPOSITARY" shall have the meaning specified in Section 203 hereof.

         "INTEREST RATE" shall mean the annual rate of interest applicable to
the Notes.

         "INTEREST PAYMENT DATE" shall have the meaning set forth in Section
204(a) hereof.

         "NOTES" shall have the meaning set forth in Section 201 hereof.

         "ORIGINAL ISSUE DATE" shall mean the date upon which the Notes are
initially issued by the Company, such date to be set forth on the face of the
Note.

         "RECORD DATE" shall mean the fifteenth calendar day (whether or not a
Business Day) immediately preceding the related Interest Payment Date.

         "STATED MATURITY DATE" shall mean June 15, 2012.

SECTION 102.  SECTION REFERENCES

         Each reference to a particular section set forth in this Third
Supplemental Indenture shall, unless the context otherwise requires, refer to
this Third Supplemental Indenture.

                                  ARTICLE TWO
                       DESIGNATION AND TERMS OF THE NOTES

SECTION 201.  ESTABLISHMENT OF SERIES

         There is hereby created a series of Securities to be known and
designated as the "6.875% Notes Due 2012" (the "NOTES"), which shall rank
equally with each other and all other unsecured and unsubordinated indebtedness
of the Company. For the purposes of the Original Indenture, the Notes shall
constitute a single series of Securities.

                                     - 2 -
<PAGE>   5

SECTION 202.  VARIATIONS IN TERMS OF NOTES

         Subject to the terms and conditions set forth in the Original Indenture
and in this Third Supplemental Indenture, the terms of any particular Note may
vary from the terms of any other Note as contemplated by Section 301 of the
Original Indenture, and the terms for a particular Note will be set forth in
such Note as delivered to the Trustee or an Authenticating Agent for
authentication pursuant to Section 303 of the Original Indenture.

SECTION 203.  AMOUNT AND DENOMINATIONS; THE DEPOSITARY

         The aggregate principal amount of Notes that may be issued under this
Third Supplemental Indenture is limited to $250,000,000. The authorized
denominations of Notes shall be $1,000 or integral multiples of $1,000 in excess
thereof.

         The Notes shall be issuable only in fully registered form, without
coupons, and will initially be registered in the name of The Depository Trust
Company or its successor ("DEPOSITARY"), or its nominee who is hereby designated
as "U.S. Depositary" under the Original Indenture.

SECTION 204.  INTEREST RATES AND INTEREST PAYMENT DATES

         (a) Interest Rate. The Notes shall bear interest at the annual rate set
forth on the face thereof (the "INTEREST RATE") from the Original Issue Date to
the Stated Maturity Date. Interest on the Notes will be payable semi-annually on
June 15 and December 15 of each year (each, an "INTEREST PAYMENT DATE"),
commencing on December 15, 2001. Such interest will be payable to the holder
thereof as of the related Record Date.

         (b) Computation of Interest. The amount of interest payable for any
period will be computed on the basis of a year of 360 days consisting of twelve
30-day months. Except for the effect of any adjustment in the Interest Payment
Date as provided in the following sentence, the amount of interest payable for
any period shorter than a full six-month period for which interest is computed,
will be computed on the basis of the actual number of days elapsed in such a
180-day period. If any Interest Payment Date would otherwise be a day that is
not a Business Day, such Interest Payment Date will be postponed to the next
succeeding Business Day, and no interest will accrue on such payment for the
period from and after such Interest Payment Date to the date of such payment on
the next succeeding Business Day, except that, if such Business Day is in the
next succeeding calendar year, such payment shall be made on the immediately
preceding Business Day, in each case with the same force and effect as if made
on such date.

SECTION 205.  FORM AND OTHER TERMS OF THE NOTES

     (a) Attached hereto as EXHIBIT A is the form of Note, which form is hereby
established as the form in which Notes may be issued.

     (b) Subject to (a) above, any Note may be issued in such other form as may
be provided by, or not inconsistent with, the terms of the Original Indenture
and this Third Supplemental Indenture.

                                     - 3 -
<PAGE>   6

SECTION 206.  AUTHENTICATION AND DELIVERY

         As provided in and pursuant to Section 303 of the Original Indenture,
each time that the Company delivers Notes to the Trustee or Authenticating Agent
for authentication after the initial issuance of Notes under this Indenture, the
Company shall deliver a Supplemental Company Order in the form of EXHIBIT B to
this Third Supplemental Indenture for the authentication and delivery of such
Notes and the Trustee or such Authenticating Agent shall authenticate and
deliver such Notes.

SECTION 207.  REDEMPTION, NO SINKING FUND

         The Notes are subject to redemption, in whole or in part, at any time,
and at the option of the Company, at a redemption price equal to the greater of:

                 (i)  100% of the principal amount of Notes then outstanding to
         be redeemed, or

                 (ii) the sum of the present values of the remaining scheduled
         payments of principal and interest on the Notes then outstanding to be
         redeemed (not including any portion of such payments of interest
         accrued as of the redemption date) discounted to the redemption date on
         a semiannual basis (computed based on a 360-day year consisting of
         twelve 30-day months) at the Adjusted Treasury Rate, plus 25 basis
         points (0.25%), as calculated by an Independent Investment Banker,

plus, in both of the above cases, accrued and unpaid interest thereon to the
redemption date.

         The Company will mail a notice of redemption at least 30 days but no
more than 60 days before the redemption date to each holder of Notes to be
redeemed. If the Company elects to partially redeem the Notes, the Trustee will
select in a fair and appropriate manner the Notes to be redeemed.

         Unless the Company defaults in payment of the redemption price, on and
after the redemption date, interest will cease to accrue on the Notes or
portions thereof called for redemption.

         The Notes are not entitled to the benefit of any sinking fund or
analogous provision.

         "ADJUSTED TREASURY RATE" means, with respect to any redemption date:

                 (iii) the yield, under the heading which represents the average
         for the immediately preceding week, appearing in the most recently
         published statistical release designated "H.15(519)" or any successor
         publication which is published weekly by the Board of Governors of the
         Federal Reserve System and which establishes yields on actively traded
         United States Treasury securities adjusted to constant maturity under
         the caption "Treasury Constant Maturities," for the maturity
         corresponding to the Comparable Treasury Issue (if no maturity is
         within three months before or after the Remaining Life, as defined
         below, yields for the two published maturities most closely

                                     - 4 -

<PAGE>   7
         corresponding to the Comparable Treasury Issue will be determined and
         the Adjusted Treasury Rate will be interpolated or extrapolated from
         such yields on a straight line basis, rounding to the nearest month);
         or

                 (iv) if such release (or any successor release) is not
         published during the week preceding the calculation date or does not
         contain such yields, the rate per annum equal to the semi-annual
         equivalent yield to maturity of the Comparable Treasury Issue,
         calculated using a price for the Comparable Treasury Issue (expressed
         as a percentage of its principal amount) equal to the Comparable
         Treasury Price for such redemption date.

The Adjusted Treasury Rate will be calculated on the third Business Day
preceding the redemption date.

         "COMPARABLE TREASURY ISSUE" means the United States Treasury security
selected by an Independent Investment Banker as having a maturity comparable to
the remaining term of the Notes to be redeemed that would be used, at the time
of selection and in accordance with customary financial practice, in pricing new
issues of corporate debt securities of comparable maturity to the remaining term
of such Notes (the "REMAINING LIFE").

         "COMPARABLE TREASURY PRICE" means (1) the average of five Reference
Treasury Dealer Quotations for such redemption date, after excluding the highest
and lowest Reference Treasury Dealer Quotations, or (2) if the Independent
Investment Banker obtains fewer than five such Reference Treasury Dealer
Quotations, the average of all such quotations.

         "INDEPENDENT INVESTMENT BANKER" means Banc of America Securities LLC
and its successors, or if that firm is unwilling or unable to serve as such, an
independent investment and banking institution of national standing appointed by
the Company.

         "REFERENCE TREASURY DEALER" means:

                 (i) Banc of America Securities LLC and its successors; provided
         that, if Banc of America Securities LLC ceases to be a primary U.S.
         Government securities dealer in New York City (a "Primary Treasury
         Dealer"), the Company will substitute another Primary Treasury Dealer;
         and

                 (ii) up to four other Primary Treasury Dealers selected by the
         Company.

         "REFERENCE TREASURY DEALER QUOTATIONS" means, with respect to each
Reference Treasury Dealer and any redemption date, the average, as determined by
the Independent Investment Banker, of the bid and asked prices for the
Comparable Treasury Issue (expressed in each case as a percentage of its
principal amount) quoted in writing to the Independent Investment Banker at 5:00
p.m., New York City time, on the third Business Day preceding such redemption
date.

                                     - 5 -
<PAGE>   8

                                 ARTICLE THREE
                        AMENDMENTS TO ORIGINAL INDENTURE

SECTION 301.  AMENDMENT TO CORRECT SECTION 610 OF ORIGINAL INDENTURE

         In order to correct a mistaken reference, pursuant to Section 901(9) of
the Original Indenture, Section 610(d)(1) of the Original Indenture is hereby
amended, effective immediately, to read as follows:

             "(d) If at any time:

                  (1) the Trustee shall fail to comply with Section 608 after
         written request therefor by the Company or any Holder who has been a
         bona fide Holder of a Security for at least six months, or"

SECTION 302. ADDITIONAL AMENDMENT TO MODIFY DEFINITION IN THE ORIGINAL INDENTURE

         In order to modify a provision of the Original Indenture in a manner
not adversely affecting the interests of the Holders of Securities of any series
in any material respect, pursuant to Section 901(9) of the Original Indenture,
the definition of "Company Request" or "Company Order" in Section 101 of the
Original Indenture is hereby amended, effective immediately, to read as follows:

                  "'COMPANY REQUEST' or 'COMPANY ORDER' means a written request
         or order signed in the name of the Company by its President, a Vice
         President, its Chief Financial Officer, its Treasurer or an Assistant
         Treasurer and delivered to the Trustee."

SECTION 303.  AMENDMENT TO SECTION 801 OF ORIGINAL INDENTURE

         Subparagraph (1) of Section 801 of the Original Indenture is amended,
effective as provided in Section 304 hereof, to read as follows:

                  "(1) the Corporation formed by such consolidation into which
         the Company is merged or the Person which acquires by conveyance or
         transfer the properties and assets of the Company substantially as an
         entirety (a) shall be, if a Corporation, a Corporation organized and
         existing under the laws of (i) the United States of America or any
         State or the District of Columbia or (ii) a foreign jurisdiction and
         which consents to the jurisdiction of the courts of the United States
         of America or of any State, and (b) shall expressly assume, by an
         indenture supplemental hereto, executed and delivered to the Trustee,
         in form satisfactory to the Trustee, the due and punctual payment of
         the principal of (and premium, if any) and interest on all the
         Securities and the performance of every covenant of this Indenture on
         the part of the Company to be performed or observed;"

                                     - 6 -
<PAGE>   9

SECTION 304.  EFFECTIVENESS OF AMENDMENT UNDER SECTION 303.

     The amendment to the Original Indenture set forth in Section 303 hereof
shall be effective upon the approval of the Holders of Outstanding Securities
under the Indenture as required by Section 901(5) and Section 902 of the
Original Indenture. For this purpose, the Holders of the Notes, by their
acquisition thereof, shall be deemed to have approved such amendment.

                                  ARTICLE FOUR
                                  MISCELLANEOUS

SECTION 401. EFFECT ON ORIGINAL INDENTURE

         The Third Supplemental Indenture is a supplement to the Original
Indenture. As supplemented by this Third Supplemental Indenture, the Original
Indenture is in all respects ratified, approved and confirmed, and the Original
Indenture and this Third Supplemental Indenture shall together constitute one
and the same instrument.

SECTION 402.  COUNTERPARTS

         This Third Supplemental Indenture may be executed in any number of
counterparts, each of which so executed shall be deemed to be an original, but
all such counterparts shall together constitute by one and the same instrument.

SECTION 403.  RECITALS

         The recitals contained herein shall be taken as the statements of the
Company, and the Trustee assumes no responsibility for their correctness. The
Trustee makes no representations as to the validity or sufficiency of this Third
Supplemental Indenture.

SECTION 404.  GOVERNING LAW

         This Third Supplemental Indenture shall be governed by and construed in
accordance with the laws of the jurisdiction that govern the Original Indenture
and its construction.

              [The balance of this page intentionally left blank.]

                                     - 7 -

<PAGE>   10

         IN WITNESS WHEREOF, the parties hereto have caused this Third
Supplemental Indenture to be duly executed as of the date and year first written
above.

                                       TAMPA ELECTRIC COMPANY

                                        By: /s/ Gordon L. Gillette
                                           -------------------------------------
                                        Name:    Gordon L. Gillette
                                        Title:   Senior Vice President - Finance
                                                 and Chief Financial Officer

                                       THE BANK OF NEW YORK, AS TRUSTEE

                                       By: /s/ James Hall
                                           -------------------------------------
                                           Name: James Hall
                                           Title: Vice President

<PAGE>   11

State of Georgia                    )
                                    ) SS.:
County of Carroll                   )

     On the 20th day of June, 2001 before me personally came Gordon Lindsay
Gillette to me known, who, being by me duly sworn, did depose and say that s/he
is Sr. V.P., Finance of TAMPA ELECTRIC COMPANY, one of the corporations
described in and which executed the foregoing instrument.

                                            Glenda H. Kunz
                                            ------------------------------------
                                            Notary Public

State of New York           )
                            ) SS.:
County of New York          )

         On the 21st day of June, 2001 before me personally came James Hall, to
me known, who, being by me duly sworn, did depose and say that he/she is Vice
President of THE BANK OF NEW YORK, one of the corporations described in and
which executed the foregoing instrument.

                                            Karen Katlan
                                            ------------------------------------
                                            Notary Public

<PAGE>   12

                                                                       EXHIBIT A

                                  FORM OF NOTE

[Not reproduced here to avoid unnecessary reproduction. See Exhibit 4.3 to this
Current Report on Form 8-K for a copy of the executed Note.]

<PAGE>   13

                                                                       EXHIBIT B

                             TAMPA ELECTRIC COMPANY

                              6.875% NOTES DUE 2012

                           SUPPLEMENTAL COMPANY ORDER

         Pursuant to Section 206 of Article Two of the Third Supplemental
Indenture, dated as of June 15, 2001, to the Indenture, dated as of July 1,
1998, as amended, you are instructed to prepare and authenticate a Note, of the
series identified above, in the principal amount of $______________. The Note is
being delivered in exchange for issued and outstanding Notes of the series
identified above.

         IN WITNESS WHEREOF, I have hereunto set my hand this _________ day
of _________, ____.

                                           TAMPA ELECTRIC COMPANY

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

                                 Exhibit B -- 1

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