Document:

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                                                                    EXHIBIT 4.15

                      [FORM OF UNIVERSAL WARRANT AGREEMENT]

                     CREDIT SUISSE FIRST BOSTON (USA), INC.
                                 as the Company

                                       and

                            -------------------------
                              as the Warrant Agent

                           UNIVERSAL WARRANT AGREEMENT

                            dated as of ____________

                        Warrants to Purchase ____________

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                                TABLE OF CONTENTS

                                                                            PAGE

                                    ARTICLE 1

                               UNIVERSAL WARRANTS

Section 1.01. Ranking.........................................................1
Section 1.02. Form, Execution and Delivery of Warrant Certificates............1
Section 1.03. Number Unlimited; Issuable in Series............................3
Section 1.04. Countersignature and Delivery of Warrant Certificates...........4
Section 1.05. Place of Exercise; Registration of Transfers and Exchanges......7
Section 1.06. Mutilated or Missing Warrant Certificates......................10
Section 1.07. Registered Holders.............................................11
Section 1.08. Cancellation...................................................12
Section 1.09. Additional Warrant Agents......................................12
Section 1.10. Appointment of Calculation Agents..............................12

                                    ARTICLE 2

                   DURATION AND EXERCISE OF UNIVERSAL WARRANTS

Section 2.01. Duration and Exercise of Universal Warrants....................13
Section 2.02. Return of Money Held Unclaimed for Two Years...................13

                                    ARTICLE 3

                          OTHER PROVISIONS RELATING TO
                            RIGHTS OF WARRANTHOLDERS

Section 3.01. Warrantholder May Enforce Rights...............................13
Section 3.02. No Rights as Holder of Warrant Property Conferred by
              Universal Warrants or Warrant Certificates.....................13
Section 3.03. Merger, Consolidation, Conveyance or Transfer..................14

                                    ARTICLE 4

          UNIVERSAL WARRANTS ACQUIRED BY THE COMPANY; PAYMENT OF TAXES

Section 4.01. Universal Warrants Acquired by the Company.....................14
Section 4.02. Payment of Taxes...............................................15

                                    ARTICLE 5

                          CONCERNING THE WARRANT AGENT

Section 5.01. Warrant Agent..................................................15
Section 5.02. Condition of Warrant Agent's Obligations.......................15
Section 5.03. Resignation and Appointment of Successor.......................16

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                                TABLE OF CONTENTS
                                  (continued)

                                                                            PAGE

                                    ARTICLE 6

                                  MISCELLANEOUS

Section 6.01. Amendment......................................................18
Section 6.02. Notices and Demands to the Company and the Warrant Agent.......19
Section 6.03. Addresses for Notices..........................................20
Section 6.04. Notices to Warrantholders......................................20
Section 6.05. Obtaining of Approvals.........................................20
Section 6.06. Persons Having Rights under this Agreement.....................20
Section 6.07. Inspection of Agreement........................................20
Section 6.08. Officer's Certificates and Opinions of Counsel;
              Statements to be Contained Therein.............................21
Section 6.09. Payments Due on Saturdays, Sundays and Holidays................21
Section 6.10. Judgment Currency..............................................22
Section 6.11. Headings.......................................................22
Section 6.12. Counterparts...................................................22
Section 6.13. Applicable Law.................................................22

Exhibit A: Form of Registered Call Warrant Certificate......................A-1
Exhibit B: Form of Registered Put Warrant Certificate.......................B-1

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                                WARRANT AGREEMENT

            THIS AGREEMENT, dated as of ___________, ____, between Credit Suisse
First Boston (USA), Inc., a corporation organized and existing under the laws of
the State of Delaware (the "Company"), and _____________, a [bank] [trust
company] duly incorporated and existing under the laws of __________________, as
Warrant Agent (the "Warrant Agent"),

            WHEREAS, the Company has duly authorized the issue from time to time
of warrants (the "Universal Warrants") to purchase or sell (i) securities of an
entity unaffiliated with the Company, a basket of such securities, an index or
indices of such securities or any combination of the above, (ii) currencies or
composite currencies, or (iii) commodities (the property described in clauses
(i), (ii) and (iii), in relation to a Universal Warrant, being hereinafter
referred to as the "Warrant Property" applicable to such Universal Warrant) to
be issued in one or more series and in such number and with such terms as may
from time to time be authorized in accordance with the terms of this Agreement;

            WHEREAS, the Company has duly authorized the execution and delivery
of this Agreement to provide, among other things, for the delivery and
administration of the Universal Warrants; and

            WHEREAS, all things necessary to make this Agreement a valid
agreement according to its terms have been done;

            NOW, THEREFORE, the parties hereto agree as follows:

                                   ARTICLE 1

                               UNIVERSAL WARRANTS

            Section 1.01. RANKING. The Universal Warrants are unsecured
contractual obligations of the Company and will rank pari passu with the
Company's other unsecured contractual obligations and with the Company's
unsecured and unsubordinated debt.

            Section 1.02. FORM, EXECUTION AND DELIVERY OF WARRANT CERTIFICATES.
(a) Certificates ("Warrant Certificates") evidencing the Universal Warrants of
each series shall be substantially in the form of Exhibits I and II hereto or in
such form (not inconsistent with this Agreement) as shall be established by or
pursuant to one or more Board Resolutions (as defined below) (as set forth in a
Board Resolution or, to the extent established pursuant to, rather than set
forth in, a Board Resolution, in an Officer's Certificate (as defined below)
detailing such establishment) or in one or more agreements supplemental hereto,
in each case with such appropriate insertions, omissions, substitutions and
other variations as are required or permitted by this Agreement. The Warrant
Certificates may have imprinted or otherwise reproduced thereon such letters,
numbers or other marks of identification or designation and such legends or
endorsements as the officers of the Company executing the same may approve
(execution thereof to be conclusive evidence of such approval) and that are not
inconsistent with the provisions of this Agreement, or as may be required to
comply with any law or with any rule or regulation made pursuant thereto, or
with any rule or regulation of any self-regulatory organization (an "SRO") on
which the Universal Warrants of such series may be listed, or of any securities

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depository, or to conform to usage. The chairman of the board of directors, the
chief executive officer, the president, the chief financial officer, the chief
administrative officer, the chief accounting officer or any Managing Director
and the treasurer or any assistant treasurer or the secretary or any assistant
secretary shall execute the Warrant Certificates for the Company by facsimile or
manual signature in the name and on behalf of the Company. The seal of the
Company, if any, shall be reproduced on the Warrant Certificates. If an officer
whose signature is on a Warrant Certificate no longer holds that office at the
time the Warrant Certificate is authenticated, the Warrant Certificate shall
nevertheless be valid.

            "Board Resolution" means a copy of one or more resolutions,
certified by the secretary or an assistant secretary of the Company to have been
duly adopted or consented to by the Board of Directors and to be in full force
and effect, and delivered to the Warrant Agent.

            "Board of Directors" means either the Board of Directors of the
Company or any committee of such Board duly authorized to act on its behalf for
the purposes of this Agreement.

            "Officer's Certificate" means a certificate signed in the name of
the Company (i) by the chairman of the Board of Directors, the chief executive
officer, the president, the chief financial officer, the chief administrative
officer, the chief accounting officer or any Managing Director and (ii) by the
treasurer or any assistant treasurer, or the secretary or any assistant
secretary or such other person authorized by the Board of Directors to execute
any such certificate and deliver it to the Warrant Agent.

      (b) In case any officer of the Company who shall have signed a Warrant
Certificate, either manually or by facsimile signature, shall cease to be such
officer before such Warrant Certificate shall have been countersigned and
delivered by the Warrant Agent to the Company or delivered by the Company, such
Warrant Certificate nevertheless may be countersigned and delivered as though
the person who signed such Warrant Certificate had not ceased to be such officer
of the Company; and a Warrant Certificate may be signed on behalf of the Company
by any person who, at the actual date of the execution of such Warrant
Certificate, shall be a proper officer of the Company to sign such Warrant
Certificate, although at the date of the execution of this Warrant Agreement any
such person was not such officer.

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

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countersign and deliver in exchange for such temporary Warrant Certificates
final Warrant Certificates evidencing a like aggregate number of Universal
Warrants of the same series and of like tenor as those evidenced by such
temporary Warrant Certificates. Until so exchanged, such temporary Warrant
Certificates and the Universal Warrants evidenced thereby shall be entitled to
the same benefits under this Warrant Agreement as final Warrant Certificates and
the Universal Warrants evidenced thereby.

            Section 1.03. NUMBER UNLIMITED; ISSUABLE IN SERIES. (a) The
aggregate number of Universal Warrants that may be delivered under this
Agreement is unlimited.

      (b) The Universal Warrants may be issued in one or more series. There
shall be established in or pursuant to one or more Board Resolutions (and to the
extent established pursuant to, rather than set forth in, a Board Resolution, in
an Officer's Certificate detailing such establishment) or established in one or
more agreements supplemental hereto, prior to the initial issuance of Universal
Warrants of any series:

            (i) the designation of the Universal Warrants of the series, which
      shall distinguish the Universal Warrants of the series from the Universal
      Warrants of all other series;

            (ii) any limit upon the aggregate number of the Universal Warrants
      of the series that may be countersigned and delivered under this Agreement
      (except for Universal Warrants countersigned and delivered upon
      registration of transfer of, or in exchange for, or in lieu of, other
      Universal Warrants of the series);

            (iii) the specific Warrant Property purchasable or salable upon
      exercise of the Universal Warrants of the series, and the amount thereof
      (or the method for determining the same);

            (iv) the price at which the Universal Warrants of the series will be
      issued and, if other than U.S. dollars, the coin or currency or composite
      currency in which such issue price will be payable;

            (v) whether the Universal Warrants of the series are warrants to
      purchase ("call warrants") or warrants to sell ("put warrants") the
      Warrant Property;

            (vi) the price at which and, if other than U.S. Dollars, the coin or
      currency or composite currency with which the Warrant Property may be
      purchased or sold upon exercise of the Universal Warrants of the series
      (or the method for determining the same);

            (vii) whether the exercise price for the Universal Warrants of the
      series may be paid in cash or by the exchange of any other security of the
      Company, or both, or otherwise, and the method of exercise of the
      Universal Warrants of the series;

            (viii) whether the exercise of the Universal Warrants of the series
      is to be settled in cash or by delivery of the Warrant Property or both,
      or otherwise;

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            (ix) the date on which the right to exercise the Universal Warrants
      of the series shall commence and the date (the "Expiration Date") on which
      such right shall expire or, if the Universal Warrants of the series are
      not continuously exercisable throughout such period, the specific date or
      dates on which they will be exercisable;

            (x) whether the Warrant Certificates representing the Universal
      Warrants of the series will be in registered form ("Registered Warrants")
      or bearer form ("Bearer Warrants") or both;

            (xi) whether the Warrant Certificates evidencing any Registered
      Warrants or Bearer Warrants of the series will be issued in global form
      ("Global Warrant Certificates") or definitive form ("Definitive Warrant
      Certificates") or both, and whether and on what terms (if different from
      those set forth herein) Warrant Certificates in one form may be converted
      into or exchanged for Warrant Certificates in the other form;

            (xii) any warrant agents, depositaries, authenticating or paying
      agents, transfer agents or registrars or any determination or calculation
      agents or other agents with respect to Universal Warrants of the series;
      and

            (xiii)any other terms of the Universal Warrants of the series (which
      terms shall not be inconsistent with the provisions of this Agreement).

      (c) All Universal Warrants of any one series shall be substantially
identical, except as may otherwise be provided by or pursuant to the Board
Resolution or Officer's Certificate referred to above or as set forth in any
such agreement supplemental hereto. All Universal Warrants of any one series
need not be issued at the same time and may be issued from time to time,
consistent with the terms of this Agreement, if so provided by or pursuant to
such Board Resolution, such Officer's Certificate or in any such agreement
supplemental hereto.

            Section 1.04. COUNTERSIGNATURE AND DELIVERY OF WARRANT CERTIFICATES.
(a) The Company may deliver Warrant Certificates evidencing Universal Warrants
of any series executed by the Company to the Warrant Agent for countersignature
together with the applicable documents referred to below in this Section, and
the Warrant Agent shall thereupon countersign and deliver such Warrant
Certificates to or upon the order of the Company (contained in the Issuer Order
(as defined below) referred to below in this Section) or pursuant to such
procedures acceptable to the Warrant Agent as may be specified from time to time
by an Issuer Order. Any terms of the Universal Warrants evidenced by such
Warrant Certificates may be determined by or pursuant to such Issuer Order or
such other procedures. If provided for in such procedures, such Issuer Order may
authorize countersignature and delivery pursuant to oral instructions from the
Company or its duly authorized agent, which instructions shall be promptly
confirmed in writing. In countersigning such Warrant Certificates and accepting
the responsibilities under this Agreement in relation to the Universal Warrants
evidenced by such Warrant Certificates, the Warrant Agent shall be entitled to
receive (in the case of subparagraphs 1.04(a)(ii), 1.04(a)(iii) and 1.04(a)(iv)
below only at or before the time of the first request of the Company to the
Warrant Agent to countersign Warrant Certificates in a particular form
evidencing Universal Warrants) and shall be fully protected in relying upon,
unless and until such documents have been superseded or revoked:

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      (i) an Issuer Order requesting such countersignature and setting forth
delivery instructions if the Warrant Certificates are not to be delivered to the
Company;

      (ii) any Board Resolution, Officer's Certificate and/or executed
supplemental agreement pursuant to which the forms and terms of the Universal
Warrants evidenced by such Warrant Certificates were established;

      (iii) an Officer's Certificate setting forth the forms and terms of the
Universal Warrants evidenced by such Warrant Certificates stating that the form
or forms and terms of the Universal Warrants evidenced by such Warrant
Certificates have been established pursuant to Sections 1.02 and 1.03 and comply
with this Agreement, and covering such other matters as the Warrant Agent may
reasonably request; and

      (iv) At the option of the Company, either an Opinion of Counsel (as
defined below) or a letter addressed to the Warrant Agent permitting it to rely
on an Opinion of Counsel, substantially to the effect that:

            (A) the forms of the Warrant Certificates have been duly authorized
      and established in conformity with the provisions of this Agreement;

            (B) in the case of an underwritten offering, the terms of the
      Universal Warrants have been duly authorized and established in conformity
      with the provisions of this Agreement and, in the case of an offering that
      is not underwritten, certain terms of the Universal Warrants have been
      established pursuant to a Board Resolution, an Officer's Certificate or a
      supplemental agreement in accordance with this Agreement, and when such
      other terms as are to be established pursuant to procedures set forth in
      an Issuer Order shall have been established, all terms will have been duly
      authorized by the Company and will have been established in conformity
      with the provisions of this Agreement; and

            (C) when the Warrant Certificates have been executed by the Company
      and countersigned by the Warrant Agent in accordance with the provisions
      of this Agreement and delivered to and duly paid for by the purchasers
      thereof, subject to such other conditions as may be set forth in such
      opinion of counsel, they will have been duly issued under this Agreement
      and the Universal Warrants evidenced thereby will be valid and legally
      binding obligations of the Company, enforceable in accordance with their
      respective terms, and will be entitled to the benefits of this Agreement.

      In rendering such opinions, such counsel may qualify any opinions as to
      enforceability by stating that such enforceability may be limited by
      bankruptcy, insolvency, reorganization, liquidation, moratorium and other
      similar laws affecting the rights and remedies of creditors and is subject
      to general principles of equity (regardless of whether such enforceability
      is considered in a proceeding in equity or at law). Such counsel may rely,
      as to all matters governed by the laws of jurisdictions other than the
      State of New York and the federal law of the United

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      States, upon opinions of other counsel (copies of which shall be delivered
      to the Warrant Agent), who shall be counsel reasonably satisfactory to the
      Warrant Agent, in which case the opinion shall state that such counsel
      believes he and the Warrant Agent are entitled so to rely. Such counsel
      may also state that, insofar as such opinion involves factual matters,
      such counsel has relied, to the extent such counsel deems proper, upon
      certificates of officers of the Company and its subsidiaries and
      certificates of public officials.

            "Issuer Order" means a written statement, request or order signed in
the name of the Company (i) by the chairman of the Board of Directors, the
president, the executive vice president or any senior vice president and (ii) by
the treasurer or any assistant treasurer, or the secretary or any assistant
secretary or such other person specifically designated by the Board of Directors
to execute any such written instrument, request or order.

            "Opinion of Counsel" means an opinion in writing signed by Cleary,
Gottlieb, Steen & Hamilton or by such other legal counsel, who may be an
employee of or counsel to the Company, and who shall be satisfactory to the
Warrant Agent.

      (b) The Warrant Agent shall have the right to decline to countersign and
deliver any Warrant Certificates under this Section if the Warrant Agent, being
advised by counsel, determines that such action may not lawfully be taken by the
Company or if the Warrant Agent in good faith determines that (i) such action
would expose the Warrant Agent to personal liability to existing registered or
beneficial holders of Universal Warrants (each, a "Warrantholder") or would
affect the Warrant Agent's own rights, duties or immunities under the Warrant
Certificates, the Universal Warrants, this Agreement or otherwise or (ii) the
terms of such Universal Warrants are administratively unacceptable to it.

      (c) If the Company shall establish pursuant to Section 1.03 that the
Universal Warrants of a series are to be evidenced in whole or in part by one or
more Global Warrant Certificates, then the Company shall execute and the Warrant
Agent shall, in accordance with this Section and the Issuer Order with respect
to such series, countersign and deliver one or more Global Warrant Certificates
that (i) shall evidence all or part of the Universal Warrants of such series
issued in such form and not yet canceled, (ii) shall be registered in the name
of the Depositary (as defined below) for such Universal Warrants or the nominee
of such Depositary, (iii) shall be delivered by the Warrant Agent to such
Depositary or pursuant to such Depositary's instructions and (iv) shall bear a
legend substantially to the following effect: "Unless and until it is exchanged
in whole or in part for Universal Warrants in definitive registered form, this
Warrant Certificate and the Universal Warrants evidenced hereby may not be
transferred except as a whole by the Depositary to the nominee of the Depositary
or by a nominee of the Depositary to the Depositary or another nominee of the
Depositary or by the Depositary or any such nominee to a successor Depositary or
a nominee of such successor Depositary".

            "Depositary" means, with respect to the Universal Warrants of any
series that are or may be evidenced by one or more Global Warrant Certificates,
the person or persons designated as Depositary by the Company pursuant to
Section 1.03 hereof until a successor Depositary shall have become such pursuant
to the applicable provisions of this Agreement, and thereafter "Depositary"
shall mean or include each person who is then a Depositary hereunder,

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and if at any time there is more than one such person, "Depositary" as used with
respect to the Universal Warrants of any such series shall mean the Depositary
with respect to that series.

      (d) If so required by applicable law, each Depositary for a series of
Universal Warrants must, at the time of its designation and at all times while
it serves as Depositary, be a clearing agency registered under the Securities
Exchange Act of 1934 and any other applicable statute or regulation.

      (e) Each Warrant Certificate shall be dated the date of its
countersignature. A Warrant Certificate shall not be valid for any purpose, and
no Universal Warrant evidenced thereby shall be exercisable, unless and until
such Warrant Certificate has been countersigned by the manual signature of an
authorized officer of the Warrant Agent. Such countersignature by an authorized
officer of the Warrant Agent upon any Warrant Certificate executed by the
Company in accordance with this Agreement shall be conclusive evidence that the
Warrant Certificate so countersigned and the Universal Warrants evidenced
thereby have been duly issued hereunder.

            Section 1.05. PLACE OF EXERCISE; REGISTRATION OF TRANSFERS AND
EXCHANGES. (a) Except as otherwise established pursuant to Section 1.03 with
respect to Universal Warrants of a series, Universal Warrants may be presented
for exercise at the Warrant Agent's Window (as defined below) in accordance with
procedures to be established pursuant to Section 1.03.

      (b) Except as otherwise provided herein or as established pursuant to
Section 1.03 with respect to the Universal Warrants of a series, the Warrant
Agent shall from time to time register the transfer of any outstanding
Registered Definitive Warrant Certificates upon the records to be maintained by
it for that purpose (the "Warrant Register") at the Warrant Agent's Office (as
defined below), subject to such reasonable regulations as the Company or the
Warrant Agent may prescribe with respect to the Universal Warrants of such
series, upon surrender thereof at the Warrant Agent's Window (as defined below),
Attention: Transfer Department, duly endorsed by, or accompanied by a written
instrument or instruments of transfer in form satisfactory to the Warrant Agent
and the Company duly executed by, the Registered Holder(s) (as defined below)
thereof or by the duly appointed legal representative thereof or by a duly
authorized attorney, such signature to be guaranteed by a bank or trust company
with a correspondent office in The City of New York or by a broker or dealer
that is a member of the National Association of Securities Dealers, Inc. or by a
member of a national securities exchange or in such other manner acceptable to
the Warrant Agent and the Company. Upon any such registration of transfer, one
or more new Warrant Certificates of the same series and like terms evidencing a
like number of unexercised Universal Warrants shall be issued to the
transferee(s) and the surrendered Warrant Certificate shall be cancelled by the
Warrant Agent.

      (c) Except as otherwise established for a series of Universal Warrants
pursuant to Section 1.03, at the option of a Registered Holder, Definitive
Warrant Certificates may be exchanged for other Definitive Warrant Certificates
evidencing the same aggregate number of unexercised Universal Warrants of the
same series and of like tenor upon surrender to the Warrant Agent of the
Definitive Warrant Certificates to be exchanged at the Warrant Agent's Window,
Attention: ______________. The "Warrant Agent's Window" shall be the window of
the Warrant Agent maintained for purposes of transfer and tender in the Borough
of Manhattan, The City of New York (or at the address of any additional agency
established by the Company

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pursuant to Section 1.08 hereof, or at the address of any successor Warrant
Agent (as provided in Section 5.03)), which is, on the date of this Agreement,
[___________________________ _____________]. If the Universal Warrants of any
series are issued in both registered and unregistered form, except as otherwise
established for such series pursuant to Section 1.03, at the option of the
holder thereof, Warrant Certificates evidencing Bearer Warrants of any series
may be exchanged for Definitive Warrant Certificates evidencing an equal number
of unexercised Registered Warrants of the same series and of like tenor upon
surrender of such Warrant Certificates evidencing Bearer Warrants to be
exchanged at the Warrant Agent's Window, Attention: Transfer Department. Unless
otherwise established for such series pursuant to Section 1.03, Registered
Warrants of any series may not be exchanged for Bearer Warrants of such series.
Upon surrender of any unexercised Warrant Certificate for exchange, the Warrant
Agent shall cancel such Warrant Certificate, and the Company shall execute, and
the Warrant Agent shall countersign and deliver, one or more new Warrant
Certificates evidencing a like number of unexercised Universal Warrants of the
same series and of like tenor.

      (d) Universal Warrants evidenced by the Warrant Certificates issued upon
transfer or exchange pursuant to paragraph (b) or (c) of this Section shall be
valid obligations of the Company, constituting the same obligations of the
Company as the Universal Warrants evidenced by the Warrant Certificates
surrendered for transfer or exchange, and entitled to the same benefits under
this Agreement as were such Universal Warrants evidenced by the Warrant
Certificates prior to such surrender.

      (e) Except as provided in Section 1.06, no service charge shall be made
for any registration of transfer or exchange of Warrant Certificates, but the
Company may require payment of a sum sufficient to cover any tax or other
governmental charge that may be imposed in connection with any registration of
transfer or exchange of Warrant Certificates, other than exchanges pursuant to
this Section not involving any transfer.

      (f) In the event that upon any exercise of Universal Warrants evidenced by
a Warrant Certificate the number of Universal Warrants exercised shall be less
than the total number of Universal Warrants evidenced by such Warrant
Certificate, there shall be issued to the Registered Holder thereof (or, in the
case of Bearer Warrants, the holder thereof) or his assignee a new Warrant
Certificate evidencing the number of Universal Warrants of the same series and
of like tenor not exercised.

      (g) Warrant Certificates evidencing Bearer Warrants shall be transferable
by delivery.

      (h) Notwithstanding any other provision of this Agreement, unless and
until it is exchanged in whole or in part for Definitive Warrant Certificates, a
Global Warrant Certificate evidencing all or a portion of the Universal Warrants
of a series may not be transferred except as a whole by the Depositary for such
series to a nominee of such Depositary or by a nominee of such Depositary to
such Depositary or another nominee of such Depositary or by such Depositary or
any such nominee to a successor Depositary for such series or a nominee of such
successor Depositary.

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      (i) If at any time the Depositary for any series of Universal Warrants
notifies the Company that it is unwilling or unable to continue as Depositary
for such series or if at any time the Depositary for such series shall no longer
be eligible under this Agreement, the Company shall appoint a successor
Depositary with respect to such series. If a successor Depositary for such
series is not appointed by the Company within 90 days after the Company receives
such notice or becomes aware of such ineligibility, the Company's election
pursuant to Section 1.03 that such series be evidenced by one or more Global
Warrant Certificates shall no longer be effective and the Company will execute,
and the Warrant Agent, upon receipt of an Officer's Certificate for the
countersignature and delivery of Definitive Warrant Certificates evidencing
Universal Warrants of such series, will countersign and deliver Definitive
Warrant Certificates evidencing Universal Warrants of such series and of like
tenor in an aggregate number equal to the number of the unexercised Universal
Warrants represented by such Global Warrant Certificate or Certificates in
exchange for such Global Warrant Certificate or Certificates.

      (j) If established pursuant to Section 1.03 with respect to a series of
Universal Warrants evidenced in whole or in part by one or more Global Warrant
Certificates, the Depositary for such series may surrender such Global Warrant
Certificate or Certificates in exchange in whole or in part for Definitive
Warrant Certificates evidencing Universal Warrants of the same series and of
like tenor on such terms as are acceptable to the Company and such Depositary.
Thereupon, the Company shall execute, and the Warrant Agent shall countersign
and deliver, without service charge,

            (i) to the person specified by such Depositary a new Definitive
      Warrant Certificate of the same series and of like tenor in an aggregate
      number equal to and in exchange for such person's beneficial interest in
      the Universal Warrants evidenced by such Global Warrant Certificate or
      Certificates; and

            (ii) to such Depositary a new Global Warrant Certificate or
      Certificates evidencing Universal Warrants of the same series and of like
      tenor in number equal to the difference, if any, between the number of
      unexercised Universal Warrants evidenced by the surrendered Global Warrant
      Certificates and the number of unexercised Universal Warrants evidenced by
      such Definitive Warrant Certificate countersigned and delivered pursuant
      to clause 1.05(j)(i) above.

Upon the exchange of a Global Warrant Certificate for Definitive Warrant
Certificates, such Global Warrant Certificate shall be canceled by the Warrant
Agent or an agent of the Company or the Warrant Agent. Registered Definitive
Warrant Certificates issued in exchange for a Registered Global Warrant
Certificate pursuant to this Section shall be registered in such names and in
such authorized denominations as the Depositary for such series, pursuant to
instructions from its direct or indirect participants or otherwise, shall
instruct the Warrant Agent or an agent of the Company or the Warrant Agent. The
Warrant Agent or such agent shall deliver such Warrant Certificates to or as
directed by the persons in whose names such Warrant Certificates are so
registered. Definitive Bearer Warrant Certificates issued in exchange for a
Global Bearer Warrant Certificate pursuant to this Section shall be issued in
such authorized denominations as the Depositary for such series, pursuant to
instructions from its direct or indirect participants or otherwise, shall
instruct the Warrant Agent or an agent of the Company or the Warrant Agent.

                                       9
<PAGE>

The Warrant Agent or such agent shall deliver such Warrant Certificates to or as
directed by the Depositary for such series.

      (k) Notwithstanding anything herein or in the terms of any series of
Universal Warrants to the contrary, none of the Company, the Warrant Agent or
any agent of the Company or the Warrant Agent (any of which, other than the
Company, shall rely on an Officer's Certificate and an Opinion of Counsel) shall
be required to exchange any Bearer Warrant for a Registered Warrant if such
exchange would result in adverse Federal income tax consequences to the Company
under then applicable United States Federal income tax laws.

      (l) The Company will maintain one or more offices or agencies in a city or
cities located outside the United States (including any city in which such an
agency is required to be maintained under the rules of any stock exchange on
which the Universal Warrants of such series are listed) where the Bearer
Warrants, if any, of each series may be presented for exercise and payment. No
payment on any Bearer Warrants will be made upon presentation of such Bearer
Warrant at an agency of the Company within the United States nor will any
payment be made by transfer to an account in, or by mail to an address in, the
United States unless pursuant to applicable United States laws and regulations
then in effect such payment can be made without adverse tax consequences to the
Company. Notwithstanding the foregoing, payments in United States dollars with
respect to Bearer Warrants of any series which are payable in United States
dollars may be made at an agency of the Company maintained in the Borough of
Manhattan, The City of New York if such payment in United States dollars at each
agency maintained by the Company outside the United States for payment on such
Bearer Warrants is illegal or effectively precluded by exchange controls or
other similar restrictions.

      (m) The Company may from time to time designate one or more additional
offices or agencies where the Universal Warrants of a series may be presented
for exercise and payment, where the Universal Warrants of that series may be
presented for exchange as provided in this Agreement and where the Registered
Universal Warrants of that series may be presented for registration of transfer
as in this Agreement provided, and the Company may from time to time rescind any
such designation, as the Company may deem desirable or expedient; provided,
however, that no such designation or rescission shall in any manner relieve the
Company of its obligation to maintain the agencies provided for in this Section.
The Company will give to the Warrant Agent prompt written notice of any such
designation or rescission thereof.

            Section 1.06. MUTILATED OR MISSING WARRANT CERTIFICATES. (a) If any
Warrant Certificate evidencing Universal Warrants of any series is mutilated,
lost, stolen or destroyed, the Company may in its discretion execute, and the
Warrant Agent may countersign and deliver, in exchange and substitution for the
mutilated Warrant Certificate, or in replacement for the Warrant Certificate
lost, stolen or destroyed, a new Warrant Certificate representing an equivalent
number of unexercised Universal Warrants of the same series and of like tenor,
bearing an identification number, if applicable, not contemporaneously
outstanding, but only (in case of loss, theft or destruction) upon receipt of
evidence satisfactory to the Company and the Warrant Agent of such loss, theft
or destruction of such Warrant Certificate and security or indemnity, if
requested, also satisfactory to them. Applicants for such substitute Warrant
Certificates shall also comply with such other reasonable regulations and pay
such other reasonable charges as the Company or the Warrant Agent may prescribe.

                                       10
<PAGE>

      (b) In case the Universal Warrants evidenced by any such mutilated, lost,
stolen or destroyed Warrant Certificate have been or are about to be exercised,
or deemed to be exercised, the Company in its absolute discretion may, instead
of issuing a new Warrant Certificate, and subject to the conditions set forth in
clause 1.06(a) above, direct the Warrant Agent to treat the same as if it had
received the Warrant Certificate together with an irrevocable exercise notice in
proper form in respect thereof, as established with respect to the Universal
Warrants of such series.

      (c) The Universal Warrants evidenced by each new Warrant Certificate
issued pursuant to this Section in lieu of any lost, stolen or destroyed Warrant
Certificate shall be original, additional contractual obligations of the
Company, and shall be entitled to the same benefits under this Agreement as the
Universal Warrants evidenced by the Warrant Certificate that was lost, stolen or
destroyed.

      (d) Upon the issuance of any new Warrant Certificate in accordance with
this Section, the Company may require the payment of a sum sufficient to cover
any tax or other governmental charge that may be imposed in relation thereto and
any other expenses (including the fees and expenses of the Warrant Agent)
connected therewith.

      (e) The provisions of this Section are exclusive and shall preclude (to
the extent lawful) any other rights and remedies with respect to the replacement
or payment of mutilated, lost, stolen or destroyed Warrant Certificates.

            Section 1.07. REGISTERED HOLDERS. (a) Prior to due presentment for
registration of transfer, the Company, the Warrant Agent, and any agent of the
Company or the Warrant Agent may deem and treat the person in whose name a
Warrant Certificate shall be registered in the Warrant Register (a "Registered
Holder") as the absolute owner of the Registered Warrants evidenced thereby
(notwithstanding any notation of ownership or other writing on the Warrant
Certificate) for any purpose whatsoever, and as the person entitled to exercise
the rights represented by the Registered Warrants evidenced thereby, and neither
the Company nor the Warrant Agent, nor any agent of the Company or the Warrant
Agent, shall be affected by any notice to the contrary. All payments on account
of any Registered Warrant to the Registered Holder, or upon his order, shall be
valid, and to the extent of the sum or sums so paid, effectual to satisfy and
discharge the liability of the Company for moneys paid upon such Registered
Warrant. This Section shall be without prejudice to the rights of Warrantholders
as described elsewhere herein.

      (b) The Company, the Warrant Agent and any agent of the Company or the
Warrant Agent may treat the holder of any Bearer Warrant as the absolute owner
of such Bearer Warrant for the purpose of exercising the rights represented
thereby and for all other purposes and neither the Company, the Warrant Agent,
nor any agent of the Company or the Warrant Agent shall be affected by any
notice to the contrary. All payments on account of such Bearer Warrant made to
any such person, or upon his order, shall be valid, and, to the extent of the
sum or sums so paid, effectual to satisfy and discharge the liability for moneys
payable upon such Bearer Warrant. This Section shall be without prejudice to the
rights of Warrantholders as described elsewhere herein.

                                       11
<PAGE>

            Section 1.08. CANCELLATION. All Universal Warrant Certificates
surrendered to the Warrant Agent for redemption or registration of transfer or
exchange shall be promptly cancelled by the Warrant Agent. The Company may at
any time deliver to the Warrant Agent for cancellation any Universal Warrant
Certificates previously countersigned and delivered hereunder which the Company
may have acquired in any manner whatsoever, and all Universal Warrant
Certificates so delivered shall, upon receipt by the Warrant Agent of an Issuer
Order, be promptly cancelled by the Warrant Agent. No Universal Warrant
Certificates shall be countersigned in lieu of or in exchange for any Universal
Warrant Certificates cancelled as provided in this Section, except as permitted
by this Agreement. All cancelled Universal Warrant Certificates held by the
Warrant Agent shall be disposed of in accordance with its customary procedures
and a certificate of their disposition shall be delivered by the Warrant Agent
to the Company, unless by Issuer Order the Company shall direct that cancelled
Universal Warrant Certificates be returned to it.

            If the Company or any affiliate of the Company shall acquire any
Universal Warrant Certificate, such acquisition shall not operate as a
cancellation of such Universal Warrant Certificate unless and until such
Universal Warrant Certificate is delivered to the Warrant Agent for the purpose
of cancellation.

            Section 1.09. ADDITIONAL WARRANT AGENTS. Whenever the Company shall
appoint a warrant agent other than the Warrant Agent with respect to the
Universal Warrants of any series, it will cause such warrant agent to execute
and deliver to the Warrant Agent an instrument in which such agent shall agree
with the Warrant Agent, subject to the provisions of this Section,

      (a) that it will hold all Warrant Property received by it as such agent
for any payment with respect to the Universal Warrants of such series in trust
for the benefit of the Warrantholders of such series if any, or of the Warrant
Agent, and

      (b) that it will give the Warrant Agent notice of any failure by the
Company to make any payment with respect to the Universal Warrants of such
series when the same shall be due and payable.

            The Company will, on or prior to each date of any payment of
Universal Warrants of any such series, deposit with the Warrant Agent or any
such additional warrant agent a sum sufficient to make such payment, and the
Company will promptly notify the Warrant Agent of any failure to take such
action with respect to any such additional warrant agent.

            Section 1.10. APPOINTMENT OF CALCULATION AGENTS. Pursuant to Section
1.03 hereof, the Company may, in connection with any series of Universal
Warrants appoint Credit Suisse First Boston Corporation or any other person or
entity as Calculation Agent to make any calculations as may be required pursuant
to the terms of any such series of Universal Warrants. Any such Calculation
Agent shall act as an independent expert and, unless otherwise provided by this
Agreement, its calculations and determinations under this Agreement shall,
absent manifest error, be final and binding on the Company, the Warrant Agent
and the Warrantholders. Any such calculations will be made available to a
Warrantholder for inspection at the Warrant Agent's Office.

                                       12
<PAGE>

                                   ARTICLE 2

                 DURATION AND EXERCISE OF UNIVERSAL WARRANTS

            Section 2.01. DURATION AND EXERCISE OF UNIVERSAL WARRANTS. All terms
with respect to duration and exercise of Universal Warrants will be established
pursuant to Section 1.03 for each series of Universal Warrants.

            Section 2.02. RETURN OF MONEY HELD UNCLAIMED FOR TWO YEARS. Except
as otherwise provided herein, any money or other assets deposited with or paid
to the Warrant Agent for the payment of any Universal Warrants and not paid but
remaining unclaimed for two years after the date upon which such money or other
assets shall have become due and payable shall be repaid by the Warrant Agent to
the Company, at the Company's request pursuant to an Officer's Certificate, and
the holders of such Universal Warrants shall thereafter look only to the Company
for any payment which such holders may be entitled to collect and all liability
of the Warrant Agent with respect to such money shall thereupon cease; provided
that the Warrant Agent, before making any such repayment, may (but shall not be
obligated to) at the expense of the Company notify (i) in the case of Registered
Warrants evidenced by Definitive Warrant Certificates, the Registered Holders,
(ii) in the case of Warrants evidenced by one or more Global Warrant
Certificates, the participants of the Depositary, and (iii) in the case of
Bearer Warrants evidenced by Definitive Warrant Certificates, the holders
thereof, in each case as provided in Section 6.04, that said money has not been
so applied and remains unclaimed and that after a date named in the notification
any unclaimed balance of said money then remaining will be returned to the
Company.

                                   ARTICLE 3

            OTHER PROVISIONS RELATING TO RIGHTS OF WARRANTHOLDERS

            Section 3.01. WARRANTHOLDER MAY ENFORCE RIGHTS. Notwithstanding any
of the provisions of this Agreement, any Warrantholder may, without the consent
of the Warrant Agent, the Depositary, any participant of the Depositary, any
other Warrantholder, the holder of any Warrant Property or, if applicable, the
common depositary for Morgan Guaranty Trust Company of New York, Brussels
Office, or its successor, as operator of the Euroclear System and Clearstream
Banking SA, or its successor, in and for its own behalf, enforce, and may
institute and maintain, any suit, action or proceeding against the Company
suitable to enforce, or otherwise in respect of, its right to exercise its
Universal Warrants as provided in this Agreement and established with respect to
such Universal Warrants pursuant to Section 1.03.

            Section 3.02. NO RIGHTS AS HOLDER OF WARRANT PROPERTY CONFERRED BY
UNIVERSAL WARRANTS OR WARRANT CERTIFICATES. No Warrant Certificate or Universal
Warrant evidenced thereby shall entitle the holder or any beneficial owner
thereof to any of the rights of a holder or beneficial owner of Warrant
Property, including, without limitation, the right to receive the payment of
principal of (premium, if any) or interest, if any, on Warrant Property or to
vote or to enforce any rights under any documents governing Warrant Property.

                                       13
<PAGE>

            Section 3.03. MERGER, CONSOLIDATION, CONVEYANCE OR TRANSFER. (a) If
at any time there shall be a merger or consolidation of the Company or a
conveyance or transfer of its property and assets substantially as an entirety,
then in any such event the successor, if other than the Company, shall by an
instrument of assumption delivered to the Warrant Agent succeed to and be
substituted for the Company, with the same effect as if it had been named herein
and in the Warrant Certificates as the Company. The Company shall thereupon,
except in the case of a transfer by way of lease, be relieved of any further
obligation hereunder and under the Universal Warrants and the Warrant
Certificates, and the Company, as the predecessor corporation, except in the
case of a transfer by way of lease, may thereupon or at any time thereafter be
dissolved, wound up or liquidated. Such successor and assuming corporation may
thereupon cause to be signed, and may issue either in its own name or in the
name of the Company, Warrant Certificates evidencing any or all of the Universal
Warrants issuable hereunder that theretofore shall not have been signed by the
Company. All the Universal Warrants so issued shall in all respects have the
same legal rank and benefit under this Agreement as the Universal Warrants
theretofore or thereafter issued in accordance with the terms of this Agreement
as though all of such Universal Warrants had been issued at the date of the
execution hereof. In any case of any such merger, consolidation, conveyance or
transfer, such changes in phraseology and form (but not in substance) may be
made in the Warrant Certificates representing the Universal Warrants thereafter
to be issued as may be appropriate. (b) The Warrant Agent may receive an Opinion
of Counsel as conclusive evidence that any such merger, consolidation,
conveyance, transfer or assumption complies with the provisions of this Section.

                                   ARTICLE 4

         UNIVERSAL WARRANTS ACQUIRED BY THE COMPANY; PAYMENT OF TAXES

            Section 4.01. UNIVERSAL WARRANTS ACQUIRED BY THE COMPANY. (a) In the
event the Company shall purchase or otherwise acquire Universal Warrants, such
Universal Warrants may, at the option of the Company, be (i) in the case of
Bearer Warrants or Registered Warrants evidenced by Definitive Warrant
Certificates, delivered to the Warrant Agent, and if so delivered, the Warrant
Agent shall promptly cancel such Universal Warrants on the records of the
Warrant Agent or (ii) in the case of Warrants evidenced by one or more Global
Warrant Certificates, surrendered free through a participant of the Depositary
to the Depositary for credit to the account of the Warrant Agent maintained at
the Depositary, and if so credited, the Warrant Agent shall promptly note the
cancellation of such Universal Warrants by notation on the records of the
Warrant Agent and the Warrant Agent shall cause its records to be marked to
reflect the reduction in the number of Universal Warrants evidenced by the
Global Warrant Certificate or Certificates by the number of Universal Warrants
so canceled promptly after such account is credited. Universal Warrants acquired
by the Company may also, at the option of the Company, be resold by the Company
directly or to or through any of its affiliates in lieu of being surrendered to
the Warrant Agent or credited to its account. No Warrant Certificate shall be
countersigned in lieu of or in exchange for any Universal Warrant that is
canceled as provided herein, except as otherwise expressly permitted by this
Agreement. (b) Any canceled Warrant Certificate held by the Warrant Agent under
this Agreement shall be disposed of by the Warrant Agent in accordance with its
customary procedures unless otherwise directed by the Company, and the Warrant
Agent shall deliver a certificate of disposition to the Company evidencing the
same.

                                       14
<PAGE>

            Section 4.02. PAYMENT OF TAXES. The Company will pay all stamp,
withholding and other duties, if any, attributable to the initial issuance of
each series or tranche of Universal Warrants; provided, however, that, anything
in this Agreement to the contrary notwithstanding, the Company shall not be
required to pay any tax or other governmental charge that may be payable in
respect of any transfer involving any beneficial or record interest in, or
ownership interest of, any Universal Warrants or Warrant Certificates.

                                   ARTICLE 5

                          CONCERNING THE WARRANT AGENT

            Section 5.01. WARRANT AGENT. The Company hereby appoints
___________________ as Warrant Agent of the Company in respect of the Universal
Warrants upon the terms and subject to the conditions set forth herein; and
______________________ hereby accepts such appointment. The Warrant Agent shall
have the powers and authority granted to and conferred upon it in this Agreement
and such further powers and authority to act on behalf of the Company as the
Company may hereafter grant to or confer upon it with its consent. All of the
terms and provisions with respect to such powers and authority contained in any
Warrant Certificate are subject to and governed by the terms and provisions
hereof.

            Section 5.02. CONDITION OF WARRANT AGENT'S OBLIGATIONS. The Warrant
Agent accepts its obligations herein set forth upon the terms and conditions
hereof, including the following, to all of which the Company agrees and to all
of which the rights hereunder of the holders from time to time of the Universal
Warrants shall be subject:

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

      (b) In acting under this Agreement, the Warrant Agent is acting solely as
agent of the Company and does not assume any obligation or relationship of
agency or trust for or with any Warrantholders.

      (c) The Warrant Agent may consult with counsel satisfactory to it
(including counsel to the Company), and the opinion of such counsel shall be
full and complete authorization and protection in respect of any action taken,
suffered or omitted by it hereunder in good faith and in accordance with the
opinion of such counsel.

                                       15
<PAGE>

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

      (e) The Warrant Agent and its officers, directors and employees may become
the owner of, or acquire any interest in, any Universal Warrants or other
obligations of the Company, with the same rights that it or they would have if
it were not the Warrant Agent hereunder and, to the extent permitted by
applicable law, it or they may engage or be interested in any financial or other
transaction with the Company and may act on behalf of, or as depositary, trustee
or agent for, any committee or body of owners or holders of Universal Warrants
or other obligations of the Company as freely as if it were not the Warrant
Agent hereunder.

      (f) The Warrant Agent shall not be under any liability for interest on any
monies at any time received by it pursuant to any of the provisions of this
Agreement nor shall it be obligated to segregate such monies from other monies
held by it, except as required by law. The Warrant Agent shall not be
responsible for advancing funds on behalf of the Company.

      (g) The Warrant Agent shall not be under any responsibility with respect
to the validity or sufficiency of this Agreement or the execution and delivery
hereof (except the due authorization, execution and delivery hereof by the
Warrant Agent) or with respect to the validity or execution of the Warrant
Certificates (except its countersignature thereof).

      (h) The recitals contained herein and in the Warrant Certificates (except
as to the Warrant Agent's countersignature thereon) shall be taken as the
statements of the Company, and the Warrant Agent assumes no responsibility for
the correctness of the same.

      (i) The Warrant Agent shall be obligated to perform such duties as are
specifically set forth in this Agreement and no implied duties or obligations
shall be read into this Agreement against the Warrant Agent. The Warrant Agent
shall not be under any obligation to take any action hereunder likely to involve
it in any expense or liability, the payment of which is not, in its reasonable
opinion, assured to it. The Warrant Agent shall not be accountable or under any
duty or responsibility for the application by the Company of any proceeds of the
issuance of any Warrants. The Warrant Agent shall have no duty or responsibility
in case of any default by the Company in the performance of its covenants or
agreements contained in this Agreement or in any Warrant Certificate or in the
case of the receipt of any written demand from a holder of a Universal Warrant
with respect to such default, including, without limiting the generality of the
foregoing, any duty or responsibility to initiate or attempt to initiate any
proceedings at law or otherwise or, except as provided in Section 6.02, to make
any demand upon the Company.

            Section 5.03. RESIGNATION AND APPOINTMENT OF SUCCESSOR. (a) The
Company agrees, for the benefit of the holders from time to time of the
Universal Warrants, that there shall at all times be a Warrant Agent hereunder
with respect to each series of Universal Warrants until all the Universal
Warrants of such series are no longer outstanding or until monies for the
payment of all outstanding Universal Warrants of such series, if any, shall have
been paid

                                       16
<PAGE>

to the Warrant Agent and shall have been returned to the Company as provided in
Section 2.02, whichever occurs earlier.

      (b) The Warrant Agent may at any time resign as such agent with respect to
any series of Universal Warrants by giving written notice to the Company of such
intention on its part, specifying the date on which its desired resignation
shall become effective, subject to the appointment of a successor Warrant Agent
with respect to such series and acceptance of such appointment by such successor
Warrant Agent as hereinafter provided. The Warrant Agent hereunder may be
removed with respect to any series of Universal Warrants at any time by the
filing with it of an instrument in writing signed by or on behalf of the Company
and specifying such removal and the date when it shall become effective. Such
resignation or removal shall take effect upon the appointment by the Company, as
hereinafter provided, of a successor Warrant Agent with respect to such series
(which shall be a banking institution organized under the laws of the United
States of America or one of the states thereof, have a combined capital and
surplus of at least $50,000,000 (as set forth in its most recent reports of
condition published pursuant to law or to the requirements of any United States
federal or state regulatory or supervisory authority) and having an office in
the Borough of Manhattan, The City of New York) and the acceptance of such
appointment by such successor Warrant Agent. In the event a successor Warrant
Agent has not been appointed and accepted its duties within 90 days of the
Warrant Agent's notice of resignation, the Warrant Agent may apply to any court
of competent jurisdiction for the designation of a successor Warrant Agent with
respect to such series. The obligation of the Company under Section 5.02(a)shall
continue to the extent set forth therein notwithstanding the resignation or
removal of the Warrant Agent with respect to any series of Universal Warrants.

      (c) In case at any time the Warrant Agent with respect to any series of
Universal Warrants shall give notice of its intent to resign, or shall be
removed, or shall become incapable of acting, or shall be adjudged a bankrupt or
insolvent, or make an assignment for the benefit of its creditors, or consent to
the appointment of a receiver or custodian of all or any substantial part of its
property, or shall admit in writing its inability to pay or meet its debts as
they mature, or if a receiver or custodian of it or of all or any substantial
part of its property shall be appointed, or if any public officer shall have
taken charge or control of the Warrant Agent or of its property or affairs, for
the purpose of rehabilitation, conservation or liquidation, a successor Warrant
Agent, qualified as aforesaid, shall be promptly appointed by the Company by an
instrument in writing, filed with the successor Warrant Agent. Upon the
appointment as aforesaid of a successor Warrant Agent and acceptance by the
latter of such appointment, the Warrant Agent so superseded shall cease to be
Warrant Agent hereunder with respect to such series.

      (d) Any successor Warrant Agent appointed hereunder with respect to any
series of Universal Warrants shall execute, acknowledge and deliver to its
predecessor and to the Company an instrument accepting such appointment
hereunder, and thereupon such successor Warrant Agent, without any further act,
deed or conveyance, shall become vested with all the authority, rights, powers,
trusts, immunities, duties and obligations of such predecessor with like effect
as if originally named as Warrant Agent with respect to such series hereunder,
and such predecessor, upon payment of its charges and disbursements then unpaid,
shall thereupon become obligated to transfer, deliver and pay over, and such
successor Warrant Agent shall be

                                       17
<PAGE>

entitled to receive, all monies, securities and other property on deposit with
or held by such predecessor (including, without limitation, the Warrant
Register), as Warrant Agent with respect to such series hereunder.

      (e) If a successor Warrant Agent is appointed with respect to the
Universal Warrants of one or more (but not all) series, the Company, the
predecessor Warrant Agent and each successor Warrant Agent with respect to the
Universal Warrants of any applicable series shall execute and deliver an
agreement supplemental hereto that shall contain such provisions as shall be
deemed necessary or desirable to confirm that all the rights, powers and duties
of the predecessor Warrant Agent with respect to the Universal Warrants of any
series as to which the predecessor Warrant Agent is not retiring shall continue
to be vested in the predecessor Warrant Agent, and shall add to or change any of
the provisions of this Agreement as shall be necessary to provide for or
facilitate the administration of the Universal Warrants hereunder by more than
one Warrant Agent, it being understood that nothing herein or in such
supplemental agreement shall constitute such Warrant Agents Co-Warrant Agents of
the same Universal Warrants and that each such Warrant Agent shall be a Warrant
Agent with respect to separate series of Universal Warrants.

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

                                   ARTICLE 6

                                 MISCELLANEOUS

            Section 6.01. AMENDMENT. (a) This Agreement and the terms of the
Universal Warrants of any series may be amended (by means of an agreement
supplemental hereto or otherwise) by the Company and the Warrant Agent, without
the consent of the Warrantholders of any series of Universal Warrants, (i) for
the purpose of curing any ambiguity, or of curing, correcting or supplementing
any defective or inconsistent provision contained herein or therein, (ii) to
establish the form or terms of Warrant Certificates or Universal Warrants of any
series as permitted by Sections 1.02 and 1.03, (iii) to evidence and provide for
the acceptance of appointment hereunder by a successor Warrant Agent with
respect to the Universal Warrants of any series and to add to or change any of
the provisions of this Agreement as shall be necessary to provide for or
facilitate the administration of the Universal Warrants hereunder by more than
one Warrant Agent pursuant to Section 5.03, or (iv) in any other manner which
the Company may deem necessary or desirable and which will not materially and
adversely affect the interests of the Warrantholders of such series.

      (b) The Company and the Warrant Agent may modify or amend this Agreement
(by means of an agreement supplemental hereto or otherwise) with the consent of

                                       18
<PAGE>

Warrantholders holding not less than a majority in number of the then
outstanding Universal Warrants of all series affected by such modification or
amendment, for any purpose; provided, however, that no such modification or
amendment that changes the exercise price of the Universal Warrants of any
series, shortens the period of time during which the Universal Warrants of such
series may be exercised, or otherwise materially and adversely affects the
exercise rights of the affected Warrantholders or reduces the percentage of the
number of outstanding Universal Warrants of such series, the consent of whose
holders is required for modification or amendment of this Agreement, may be made
without the consent of each Warrantholder affected thereby. In the case of
Universal Warrants evidenced by one or more Global Warrant Certificates, the
Company and the Warrant Agent shall be entitled to rely upon certification in
form satisfactory to each of them that any requisite consent has been obtained
from holders of beneficial ownership interests in the relevant Global Warrant
Certificate. Such certification may be provided by participants of the
Depositary acting on behalf of such beneficial owners of Universal Warrants,
provided that any such certification is accompanied by a certification from the
Depositary as to the Universal Warrant holdings of such participants.

      (c) An amendment that changes or eliminates any provision of this
Agreement that has expressly been included solely for the benefit of one or more
particular series of Universal Warrants, or that modifies the rights of
Warrantholders of such series with respect to such provision, shall be deemed
not to affect the rights under this Agreement of the Warrantholders of any other
series.

      (d) Upon the request of the Company, accompanied by a copy of a Board
Resolution (which Board Resolution may provide general terms or parameters for
such action and may provide that the specific terms of such action may be
determined in accordance with or pursuant to an Issuer Order) authorizing the
execution of any such amendment, and upon the filing with the Warrant Agent of
evidence of the consent of Warrantholders as aforesaid, the Warrant Agent shall
join with the Company in the execution of such amendment unless such amendment
affects the Warrant Agent's own rights, duties or immunities under this
Agreement or otherwise, in which case the Warrant Agent may in its discretion,
but shall not be obligated to, enter into such amendment. In executing, or
accepting the additional duties created by, any amendment permitted by this
Article, the Warrant Agent shall be entitled to receive, and shall be fully
protected in relying upon, an Opinion of Counsel stating that the execution of
such amendment is authorized or permitted by this Agreement. The fact and date
of the execution of any consent of Warrantholders, or the authority of the
Person executing the same, may be proved in any manner which the Warrant Agent
(with the approval of the Company) deems sufficient.

      (e) It shall not be necessary for the consent of the Warrantholders under
this Section to approve the particular form of any proposed amendment, but it
shall be sufficient if such consent shall approve the substance thereof.

            Section 6.02. NOTICES AND DEMANDS TO THE COMPANY AND THE WARRANT
AGENT. If the Warrant Agent shall receive any notice or demand addressed to the
Company by any Warrantholder pursuant to the provisions of this Agreement or the
terms of the Universal Warrants of any series, the Warrant Agent shall promptly
forward such notice or demand to the Company.

                                       19
<PAGE>

            Section 6.03. ADDRESSES FOR NOTICES. Any communications to the
Warrant Agent with respect to this Agreement shall be in writing addressed to
[____________________________, Attention: _______________________] (the "Warrant
Agent's Office") and any communications to the Company with respect to this
Agreement shall be addressed to Credit Suisse First Boston (USA), Inc., Eleven
Madison Avenue, New York, New York 10010, Attention: Corporate Treasury
Department (or in each case to such other address as shall be given in writing
to the other party hereto).

            Section 6.04. NOTICES TO WARRANTHOLDERS. The Company may cause to
have notice given to the Warrantholders of any series by providing the Warrant
Agent with a form of notice to be distributed by (i) in the case of Registered
Warrants evidenced by Definitive Warrant Certificates, the Warrant Agent to
Registered Holders by first class mail, (ii) in the case of Warrants evidenced
by one or more Global Warrant Certificates, the Depositary to be distributed by
the Depositary to its participants in accordance with the custom and practices
of the Depositary or (iii) in the case of Bearer Warrants evidenced by
Definitive Warrant Certificates, publication at least once in an Authorized
Newspaper (as defined below) in The City of New York, and Western Europe.
"Authorized Newspaper" means a newspaper (which, in the case of The City of New
York, will, if practicable, be The Wall Street Journal (Eastern Edition) and, in
the case of Western Europe, will, if practicable, be the Financial Times (London
Edition)) published in an official language of the country of publication
customarily published at least once a day for at least five days in each
calendar week and of general circulation in The City of New York, and Western
Europe, as applicable. If it shall be impractical in the opinion of the Warrant
Agent to make any publication of any notice required hereby in an Authorized
Newspaper, any publication or other notice in lieu thereof that is made or given
with the approval of the Warrant Agent shall constitute a sufficient publication
of such notice.

            Section 6.05. OBTAINING OF APPROVALS. The Company will from time to
time take all action that may be necessary to obtain and keep effective any and
all filings or notices under applicable law, which may be or become required in
connection with the issuance, sale, trading, transfer or delivery of the Warrant
Certificates or the exercise of the Universal Warrants.

            Section 6.06. PERSONS HAVING RIGHTS UNDER THIS AGREEMENT. Nothing in
this Agreement expressed or implied and nothing that may be inferred from any of
the provisions hereof is intended, or shall be construed, to confer upon, or
give to, any person or corporation other than the Company, the Warrant Agent and
the Warrantholders any right, remedy or claim under or by reason of this
Agreement or of any covenant, condition, stipulation, promise or agreement
hereof, and all covenants, conditions, stipulations, promises and agreements
contained in this Agreement shall be for the sole and exclusive benefit of the
Company, the Warrant Agent, their respective successors and the Warrantholders.

            Section 6.07. INSPECTION OF AGREEMENT. A copy of this Agreement
shall be available at all reasonable times at the Warrant Agent's Office for
inspection by the Warrantholders, participants of the Depositary certified as
such by the Depositary or any person certified by any such participant to be an
indirect participant of the Depositary or any person certified by any such
participant to be a beneficial owner of a Universal Warrant, in each case, on
behalf of whom such participant holds Universal Warrants.

                                       20
<PAGE>

            Section 6.08. OFFICER'S CERTIFICATES AND OPINIONS OF COUNSEL;
STATEMENTS TO BE CONTAINED THEREIN. (a) Each certificate or opinion provided for
in this Agreement and delivered to the Warrant Agent with respect to compliance
with a condition or covenant provided for in this Agreement shall include (i) a
statement that the person making such certificate or opinion has read such
covenant or condition, (ii) a brief statement as to the nature and scope of the
examination or investigation upon which the statements or opinions contained in
such certificate or opinion are based, (iii) a statement that, in the opinion of
such person, such person has made such examination or investigation as is
necessary to enable such person to express an informed opinion as to whether or
not such covenant or condition has been complied with and (iv) a statement as to
whether or not, in the opinion of such person, such condition or covenant has
been complied with.

      (b) Any certificate, statement or opinion of an officer of the Company may
be based, insofar as it relates to legal matters, upon a certificate or opinion
of or representations by counsel, unless such officer knows that the certificate
or opinion or representations with respect to the matters upon which such
officer's certificate, statement or opinion may be based as aforesaid are
erroneous, or in the exercise of reasonable care should know that the same are
erroneous. Any certificate, statement or opinion of counsel may be based,
insofar as it relates to factual matters, information with respect to which is
in the possession of the Company, upon the certificate, statement or opinion of
or representations by an officer or officers of the Company, unless such counsel
knows that the certificate, statement or opinion or representations with respect
to the matters upon which such officer's certificate, statement or opinion may
be based as aforesaid are erroneous, or in the exercise of reasonable care
should know that the same are erroneous.

      (c) Any certificate, statement or opinion of an officer of the Company or
of counsel may be based, insofar as it relates to accounting matters, upon a
certificate or opinion of or representations by an accountant or firm of
accountants in the employ of the Company, unless such officer or counsel, as the
case may be, knows that the certificate or opinion or representations with
respect to the accounting matters upon which such officer's or counsel's, as the
case may be, certificate, statement or opinion may be based as aforesaid are
erroneous, or in the exercise of reasonable care should know that the same are
erroneous. Any certificate or opinion of any independent firm of public
accountants filed with and directed to the Warrant Agent shall contain a
statement that such firm is independent.

            Section 6.09. PAYMENTS DUE ON SATURDAYS, SUNDAYS AND HOLIDAYS. If
the date fixed for any payment with respect to the Universal Warrants of any
series appertaining thereto shall not be a Business Day (as defined below), then
such payment need not be made on such date, but may be made on the next
succeeding Business Day with same force and effect as if made on the date fixed,
and no interest shall accrue for the period after such date. "Business Day"
means, with respect to any Universal Warrant, a Business Day as established
pursuant to Section 1.03 hereof or if the term Business Day is not so specified,
Business Day means any day that is not a Saturday or Sunday or a legal holiday
in The City of New York or a day on which banking institutions in The City of
New York are authorized or required by law, regulation or executive order to be
closed.

                                       21
<PAGE>

            Section 6.10. JUDGMENT CURRENCY. The Company agrees, to the fullest
extent that it may effectively do so under applicable law, that (a) if for the
purpose of obtaining judgment in any court it is necessary to convert the sum
due in respect of the Universal Warrants of any series (the "Required Currency")
into a currency in which a judgment will be rendered (the "Judgment Currency"),
the rate of exchange used shall be the rate at which in accordance with normal
banking procedures the Warrant Agent could purchase in The City of New York the
Required Currency with the Judgment Currency on the day on which final
unappealable judgment is entered, unless such day is not a New York Banking Day
(as defined below), in which event, to the extent permitted by applicable law,
the rate of exchange used shall be the rate at which in accordance with normal
banking procedures the Warrant Agent could purchase in The City of New York the
Required Currency with the Judgment Currency on the last New York Banking Day
preceding the day on which final unappealable judgment is entered and (b) its
obligations under this Agreement and the terms of the Universal Warrants of such
series to make payments in the Required Currency (i) shall not be discharged or
satisfied by any tender, or any recovery pursuant to any judgment (whether or
not entered in accordance with clause 6.10(a)), in any currency other than the
Required Currency, except to the extent that such tender or recovery shall
result in the actual receipt, by the payee, of the full amount of the Required
Currency expressed to be payable in respect of such payments, (ii) shall be
enforceable as an alternative or additional cause of action for the purpose of
recovering in the Required Currency so expressed to be payable and (iii) shall
not be affected by judgment being obtained for any other sum due under this
Agreement. For purposes of the foregoing, "New York Banking Day" means any day
except a Saturday, Sunday or a legal holiday in The City of New York or a day on
which banking institutions in The City of New York are authorized or required by
law or executive order to close.

            Section 6.11. HEADINGS. The descriptive headings of the several
Articles and Sections of this Agreement are inserted for convenience only and
shall not control or affect the meaning or construction of any of the provisions
hereof.

            Section 6.12. COUNTERPARTS. This Agreement may be executed in any
number of counterparts, each of which so executed shall be deemed to be an
original; but such counterparts shall together constitute but one and the same
instrument.

            Section 6.13. APPLICABLE LAW. This Agreement and each Universal
Warrant shall be deemed to be a contract under the laws of the State of New
York, and for all purposes shall be construed in accordance with the laws of
said State, excluding choice of law provisions.

                                       22
<PAGE>

            IN WITNESS WHEREOF, this Agreement has been duly executed by the
parties hereto as of the day and year first above written.

                                    CREDIT SUISSE FIRST BOSTON (USA), INC.

[SEAL]                              By:
                                       ---------------------------------------
                                       Name:
                                       Title:

Attest:

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

                                    [WARRANT AGENT]

[SEAL]                              By:
                                       ---------------------------------------
                                       Name:
                                       Title:

Attest:

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

                                       23
<PAGE>

                                    EXHIBIT A

                   FORM OF REGISTERED CALL WARRANT CERTIFICATE

                  [FACE OF REGISTERED CALL WARRANT CERTIFICATE]

No. _____                                                 CUSIP No. __________

            [Unless and until it is exchanged in whole or in part for Universal
Warrants in definitive registered form, this Warrant Certificate and the
Universal Warrants evidenced hereby may not be transferred except as a whole by
the Depositary to the nominee of the Depositary or by a nominee of the
Depositary to the Depositary or another nominee of the Depositary or by the
Depositary or any such nominee to a successor Depositary or a nominee of such
successor Depositary.]

                     CREDIT SUISSE FIRST BOSTON (USA), INC.

                       [Designation of Universal Warrants]

NUMBER OF WARRANTS EVIDENCED BY THIS CERTIFICATE: [UP TO _____]

WARRANT PROPERTY:

AMOUNT OF WARRANT PROPERTY PURCHASABLE PER WARRANT:

CALL PRICE PER WARRANT:

FORM OF PAYMENT OF CALL PRICE:

FORM OF SETTLEMENT:

DATES OF EXERCISE:

OTHER TERMS:

            This Warrant Certificate certifies that __________, or registered
assigns, is the Registered Holder of the number of [Designation of Universal
Warrants] (the "Warrants") [specified above] [specified on Schedule A hereto].
Upon receipt by the Warrant Agent of this Warrant Certificate, the exercise
notice on the reverse hereof (or an exercise notice in substantially identical
form delivered herewith) (the "Exercise Notice"), duly completed and executed,
and the Call Price per Warrant set forth above, in the form set forth above, for
each Warrant to be exercised (the "Exercise Property") at the Warrant Agent's
Window, Attention: Tender Department, in the Borough of Manhattan, The City of
New York, each Warrant evidenced hereby entitles the Registered Holder hereof to
receive, subject to the terms and conditions set forth herein and in the Warrant
Agreement (as defined below), from Credit Suisse First Boston (USA), Inc. (the
"Company") the amount and form of property (the "Warrant Property") specified
above. Warrants will not entitle the Warrantholder to any of the rights of the
holders of any of the Warrant Property.

                                      A-1
<PAGE>

            Reference is hereby made to the further provisions of this Warrant
Certificate set forth on the reverse hereof, and such further provisions shall
for all purposes have the same effect as though fully set forth in this place.

            This Warrant Certificate shall not be valid unless countersigned by
the Warrant Agent.

                                      A-2
<PAGE>

            IN WITNESS WHEREOF, Credit Suisse First Boston (USA), Inc. has
caused this instrument to be duly executed.

Dated as of ______________

                                    CREDIT SUISSE FIRST BOSTON (USA), INC.

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

Attest:

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

Countersigned:

----------------------------------,
as Warrant Agent

By:
   -------------------------------
   Authorized Signatory

                                      A-3
<PAGE>

               [REVERSE OF REGISTERED CALL WARRANT CERTIFICATE]

                    CREDIT SUISSE FIRST BOSTON (USA), INC.

            The Warrants evidenced by this Warrant Certificate are part of a
duly authorized issue of Universal Warrants issued by the Company pursuant to a
Universal Warrant Agreement, dated as of ___________, _____ (the "Warrant
Agreement"), between the Company and [____________________] (the "Warrant
Agent") and are subject to the terms and provisions contained in the Warrant
Agreement, to all of which terms and provisions each Warrantholder consents by
acceptance of this Warrant Certificate or a beneficial interest therein and
which Warrant Agreement is hereby incorporated by reference in and made a part
of this Warrant Certificate. Without limiting the foregoing, all capitalized
terms used herein and not otherwise defined shall have the meanings set forth in
the Warrant Agreement. A copy of the Warrant Agreement is on file at the Warrant
Agent's Office. The Warrants constitute a separate series of Universal Warrants
under the Warrant Agreement.

            The Warrants are unsecured contractual obligations of the Company
and rank pari passu with the Company's other unsecured contractual obligations
and with the Company's unsecured and unsubordinated debt.

            Subject to the provisions hereof and the Warrant Agreement, each
Warrant may be exercised during the dates of exercise set forth on the face
hereof by delivering or causing to be delivered this Warrant Certificate, the
Exercise Notice, duly completed and executed, and the Exercise Property for each
such Warrant to the Warrant Agent's Window, in the Borough of Manhattan, The
City of New York, which is, on the date hereof (unless otherwise specified
herein), [__________________________________________, Attention:
_________________,] or at such other address as the Warrant Agent may specify
from time to time.

            Each Warrant entitles the Warrantholder to receive, upon exercise,
the Warrant Property set forth on the face hereof.

            The Warrant Agreement and the terms of the Warrants are subject to
amendment as provided in the Warrant Agreement.

            This Warrant Certificate shall be governed by, and interpreted in
accordance with, the laws of the State of New York.

                                      A-4
<PAGE>

                       [Designation of Universal Warrants]

                                 Exercise Notice

[Warrant Agent
Name and Address]

Attention: [________________]

            The undersigned (the "Registered Holder") hereby irrevocably
exercises _______ Warrants (the "Exercised Warrants") and delivers to you
herewith a Warrant Certificate or Certificates, registered in the Registered
Holder's name, representing a number of Warrants at least equal to the number of
Exercised Warrants, and the Exercise Property with respect thereto.

            The Registered Holder hereby directs the Warrant Agent (a) to
deliver the Warrant Property as follows: and (b) if the number of Exercised
Warrants is less than the number of Warrants represented by the enclosed Warrant
Certificate, to deliver a Warrant Certificate representing the unexercised
Warrants to:

Dated:

                                          --------------------------------------
                                          (Registered Holder)

                                          By:
                                             ---------------------------------
                                             Authorized Signatory
                                             Address:
                                             Telephone:

                                      A-5
<PAGE>

            [If Warrant is a Global Warrant, insert this Schedule A.]

                                   SCHEDULE A

                       [Designation of Universal Warrants]

                            GLOBAL UNIVERSAL WARRANT
                              SCHEDULE OF EXCHANGES

            The initial number of Universal Warrants represented by this Global
Universal Warrant is __________. In accordance with the Universal Warrant
Agreement dated as of ________, 20__ between the Issuer and
_______________________, as Warrant Agent, the following reductions as a result
of the exercise of the number of Universal Warrants indicated below have been
made:

                                          Reduced Number
                         Number of         Outstanding       Notation Made
  Date of Exchange       Universal        Following Such    by or on Behalf
     of Excise       Warrants Exercised      Exercise       of Warrant Agent

                                      A-6
<PAGE>

                                    EXHIBIT B

                  FORM OF REGISTERED PUT WARRANT CERTIFICATE

                 [FACE OF REGISTERED PUT WARRANT CERTIFICATE]

No. _____                                                 CUSIP No. __________

            [Unless and until it is exchanged in whole or in part for Universal
Warrants in definitive registered form, this Warrant Certificate and the
Universal Warrants evidenced hereby may not be transferred except as a whole by
the Depositary to the nominee of the Depositary or by a nominee of the
Depositary to the Depositary or another nominee of the Depositary or by the
Depositary or any such nominee to a successor Depositary or a nominee of such
successor Depositary.]

                    CREDIT SUISSE FIRST BOSTON (USA), INC.

                       [Designation of Universal Warrants]

NUMBER OF WARRANTS EVIDENCED BY THIS CERTIFICATE: [UP TO ____]

CASH SETTLEMENT VALUE PER WARRANT (OR METHOD OF DETERMINING SAME):

[WARRANT PROPERTY:]

[AMOUNT OF WARRANT PROPERTY SALABLE PER WARRANT:]

[PUT PRICE FOR SUCH SPECIFIED AMOUNT OF WARRANT PROPERTY PER WARRANT:]

[METHOD OF DELIVERY OF ANY WARRANT PROPERTY TO BE DELIVERED FOR SALE UPON
EXERCISE OF WARRANTS:]

DATES OF EXERCISE:

OTHER TERMS:

            This Warrant Certificate certifies that __________, or registered
assigns, is the Registered Holder of the number of [Designation of Universal
Warrants] (the "Warrants") [specified above] [specified on Schedule A hereto].
Upon receipt by the Warrant Agent of this Warrant Certificate, the exercise
notice on the reverse hereof (or an exercise notice in substantially identical
form delivered herewith)(the "Exercise Notice"), duly completed and executed,
and the Amount of Warrant Property saleable per Warrant set forth above,
adjusted, if applicable, as set forth above, for each Warrant to be exercised,
delivered as set forth above at the Warrant Agent's Window, Attention:
_________________, in the Borough of Manhattan, The City of New York (which is,
on the date hereof, _________________________________,

                                      B-1
<PAGE>

Attention: ____________________), each Warrant evidenced hereby entitles the
Registered Holder hereof to receive, subject to the terms and conditions set
forth herein and in the Warrant Agreement (as defined below), from Credit Suisse
First Boston (USA), Inc. (the "Company") the [Cash Settlement Value][Put Price]
per Warrant specified above.

            Unless otherwise indicated above, a Warrant will not require or
entitle a Warrantholder to sell or deliver to the Company, nor will the Company
be under any obligation to, nor will it, purchase or take delivery from any
Warrantholder of, any Warrant Property, and upon exercise of a Warrant, the
Company will make only a cash payment in the amount of the Cash Settlement Value
or Put Price per Warrant. Warrantholders will not receive any interest on any
Cash Settlement Value.

            Reference is hereby made to the further provisions of this Warrant
Certificate set forth on the reverse hereof and such further provisions shall
for all purposes have the same effect as though fully set forth in this place.

            This Warrant Certificate shall not be valid unless countersigned by
the Warrant Agent.

                                      B-2
<PAGE>

            IN WITNESS WHEREOF, Credit Suisse First Boston (USA), Inc. has
caused this instrument to be duly executed.

Dated as of ______________

                                    CREDIT SUISSE FIRST BOSTON (USA), INC.

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

Attest:

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

Countersigned:

----------------------------------,
as Warrant Agent

By:
   -------------------------------
   Authorized Signatory

                                      B-3
<PAGE>

                 [REVERSE OF REGISTERED PUT WARRANT CERTIFICATE]

                     CREDIT SUISSE FIRST BOSTON (USA), INC.

            The Warrants evidenced by this Warrant Certificate are part of a
duly authorized issue of Universal Warrants issued by the Company pursuant to a
Universal Warrant Agreement, dated as of ___________, ___ (the "Universal
Warrant Agreement"), between the Company and [_________________] (the "Warrant
Agent") and are subject to the terms and provisions contained in the Universal
Warrant Agreement, to all of which terms and provisions each Warrantholder
consents by acceptance of this Warrant Certificate or a beneficial interest
therein and which Universal Warrant Agreement is hereby incorporated by
reference in and made a part of this Warrant Certificate. Without limiting the
foregoing, all capitalized terms used herein and not otherwise defined shall
have the meanings set forth in the Universal Warrant Agreement. A copy of the
Universal Warrant Agreement is on file at the Warrant Agent's Office. The
Warrants constitute a separate series of Universal Warrants under the Universal
Warrant Agreement.

            The Warrants are unsecured contractual obligations of the Company
and rank pari passu with the Company's other unsecured contractual obligations
and with the Company's unsecured and unsubordinated debt.

            The Warrant Agreement and the terms of the Warrants are subject to
amendment as provided in the Universal Warrant Agreement.

            This Warrant Certificate shall be governed by, and interpreted in
accordance with, the laws of the State of New York.

                                      B-4
<PAGE>

                       [Designation of Universal Warrants]

                                 Exercise Notice

[Warrant Agent
Name & Address]

Attention: [__________________]

            The undersigned (the "Registered Holder") hereby irrevocably
exercises __________ Warrants (the "Exercised Warrants") and delivers to you
herewith a Warrant Certificate or Certificates, registered in the Registered
Holder's name, representing a number of Warrants at least equal to the number of
Exercised Warrants[, and the Warrant Property with respect thereto].

            The Registered Holder hereby directs the Warrant Agent (a) to
deliver the [Cash Settlement Value][Put Price]* per Warrant as follows:

            and (b) if the number of Exercised Warrants is less than the number
of Warrants represented by the enclosed Warrant Certificate, to deliver a
Warrant Certificate representing the unexercised Warrants to:

Dated:

                                     -------------------------------------------
                                     (Registered Holder)

                                     By:
                                        --------------------------------------
                                        Authorized Signatory
                                        Address:
                                        Telephone:

                                      B-5
<PAGE>

            [If Warrant is a Global Warrant, insert this Schedule A.]

                       [Designation of Universal Warrants]

                                   SCHEDULE A

                            GLOBAL UNIVERSAL WARRANT
                              SCHEDULE OF EXCHANGES

            The initial number of Universal Warrants represented by this Global
Universal Warrant is __________. In accordance with the Universal Warrant
Agreement dated as of ________, 20__ between the Issuer and
_______________________, as Warrant Agent [as Collateral Agent], the following
reductions as a result of the exercise of the number of Universal Warrants
indicated below have been made:

                                          Reduced Number
                         Number of         Outstanding       Notation Made
  Date of Exchange       Universal        Following Such    by or on Behalf
     of Excise       Warrants Exercised      Exercise       of Warrant Agent

                                      B-6<PAGE>

                                                                     EXHIBIT 4.1

                               STEWART & STEVENSON

                             ELECTIVE DEFERRAL PLAN

                             Effective June 1, 2001

<PAGE>

                                TABLE OF CONTENTS

                                                                           PAGE

I.      DEFINITIONS AND CONSTRUCTION.........................................1
        1.1   DEFINITIONS....................................................1
            (1)   ACCOUNTS...................................................1
            (2)   AFFILIATE..................................................1
            (3)   ANNUAL DIRECTOR CASH COMPENSATION..........................1
            (4)   BASE SALARY................................................1
            (5)   BOARD......................................................1
            (6)   BONUS......................................................1
            (7)   CODE.......................................................1
            (8)   COMMITTEE..................................................1
            (9)   COMPANY....................................................1
            (10)  COMPENSATION...............................................1
            (11)  DEFERRAL ACCOUNT...........................................2
            (12)  DIRECTOR...................................................2
            (13)  DISABILITY.................................................2
            (14)  EFFECTIVE DATE.............................................2
            (15)  ELECTION DATE..............................................2
            (16)  EMPLOYER...................................................2
            (17)  EMPLOYER ACCOUNT...........................................2
            (18)  EMPLOYER DEFERRALS.........................................2
            (19)  FIXED DATE.................................................2
            (20)  FIXED DATE BENEFITS........................................2
            (21)  FUNDS......................................................2
            (22)  PARTICIPANT................................................2
            (23)  PLAN.......................................................2
            (24)  PLAN YEAR..................................................2
            (25)  RETIRE OR RETIREMENT.......................................3
            (26)  RETIREMENT BENEFITS........................................3
            (27)  RETIREMENT DATE............................................3
            (28)  SELECTED PARTICIPANT.......................................3
            (29)  TRUST......................................................3
            (30)  TRUST AGREEMENT............................................3
            (31)  TRUST FUND.................................................3
            (32)  TRUSTEE....................................................3
            (33)  UNFORESEEABLE FINANCIAL EMERGENCY..........................3
            (34)  VESTED INTEREST............................................3
            (35)  VESTING SERVICE............................................3
        1.2   NUMBER AND GENDER..............................................4
        1.3   HEADINGS.......................................................4

II.     SELECTED PARTICIPANTS................................................4
        2.1   PARTICIPATION..................................................4

                                      (i)
<PAGE>

        2.2   CESSATION OF ACTIVE PARTICIPATION..............................4

III.    ACCOUNT CREDITS AND ALLOCATIONS OF INCOME OR LOSS....................4
        3.1   PARTICIPANT DEFERRALS..........................................4
        3.2   EMPLOYER DEFERRALS.............................................5
        3.3   VALUATION OF ACCOUNTS..........................................5

IV.     DEEMED INVESTMENT OF FUNDS...........................................6

V.      DETERMINATION OF VESTED INTEREST AND FORFEITURES.....................6
        5.1   DEFERRAL ACCOUNT...............................................6
        5.2   EMPLOYER ACCOUNT...............................................6
        5.3   FORFEITURES....................................................6

VI.     WITHDRAWALS..........................................................7
        6.1   EMERGENCY BENEFIT..............................................7
        6.2   ELECTIVE WITHDRAWAL............................................7

VII.    TERMINATION BENEFITS.................................................7
        7.1   AMOUNT OF BENEFIT..............................................7
        7.2   TIME OF PAYMENT................................................8
        7.3   ALTERNATIVE FORMS OF BENEFIT PAYMENTS..........................8
        7.4   DESIGNATION OF BENEFICIARIES...................................9
        7.5   PAYMENT OF BENEFITS............................................9
        7.6   UNCLAIMED BENEFITS............................................10
        7.7   EMPLOYMENT RELATIONSHIP.......................................10

VIII.   ADMINISTRATION OF THE PLAN..........................................10
        8.1   APPOINTMENT OF COMMITTEE......................................10
        8.2   COMMITTEE POWERS AND DUTIES...................................10
        8.3   CLAIMS REVIEW.................................................11
        8.4   EMPLOYER TO SUPPLY INFORMATION................................12
        8.5   INDEMNITY.....................................................12

IX.     ADMINISTRATION OF FUNDS.............................................12
        9.1   PAYMENT OF EXPENSES...........................................12
        9.2   TRUST FUND PROPERTY...........................................12

X.      NATURE OF THE PLAN..................................................12

XI.     MISCELLANEOUS.......................................................13
        11.1  NOT CONTRACT OF EMPLOYMENT....................................13
        11.2  ALIENATION OF INTEREST FORBIDDEN..............................14
        11.3  WITHHOLDING...................................................14
        11.4  AMENDMENT AND TERMINATION.....................................14
        11.5  SEVERABILITY..................................................14
        11.6  GOVERNING LAWS................................................14
        11.7  GUARANTY......................................................14

                                      (ii)
<PAGE>

                               STEWART & STEVENSON

                             ELECTIVE DEFERRAL PLAN

                              W I T N E S S E T H :

      WHEREAS, STEWART & STEVENSON SERVICES, INC. desiring to aid certain of its
employees and its directors in making more adequate provision for their
retirement has decided to adopt the Stewart & Stevenson Elective Deferral Plan
(the "Plan");

      NOW THEREFORE, the Plan is hereby adopted as follows, effective June 1,
2001:

                                     (iii)

<PAGE>

                                       I.

                          DEFINITIONS AND CONSTRUCTION

1.1 DEFINITIONS. Where the following words and phrases appear in the Plan, they
shall have the respective meanings set forth below, unless their context clearly
indicates to the contrary.

            (1) ACCOUNTS: A Participant's Employer Account and/or Deferral
      Account, including the amounts credited thereto.

            (2) AFFILIATE: Each corporation or unincorporated entity, directly
      or indirectly, through one or more intermediaries, controlling, controlled
      by, or under common control with the Company. For this purpose, control
      shall be determined by a more than 50% ownership standard.

            (3) ANNUAL DIRECTOR CASH COMPENSATION: A Director's annual retainer
      payable in cash and any annual fee payable in cash for acting as chairman
      of a committee of the Board.

            (4) BASE SALARY: The base rate of pay paid in cash by the Employer
      to or for the benefit of a Participant for services rendered or labor
      performed while a Participant, including base pay a Participant could have
      received in cash in lieu of (i) Compensation deferrals pursuant to Section
      3.1 and (ii) contributions made on his behalf by the Employer to the
      Stewart & Stevenson 401(k) Savings Plan or a plan maintained pursuant to
      section 125 of the Code.

            (5) BOARD: The Board of Directors of the Company.

            (6) BONUS: The amount awarded to a Participant under a bonus plan
      maintained by the Employer including bonus amounts a Participant could
      have received in cash in lieu of (i) Compensation deferrals pursuant to
      Section 3.1 and (ii) contributions made on his behalf by the Employer to
      the Stewart & Stevenson 401(k) Savings Plan or a plan maintained pursuant
      to section 125 of the Code.

            (7) CODE: The Internal Revenue Code of 1986, as amended.

            (8) COMMITTEE: The committee appointed by the Board to administer
      this Plan, or, if no such committee is appointed, the committee appointed
      by the Board to administer the Stewart & Stevenson Pension Plan.

            (9) COMPANY: Stewart & Stevenson Services, Inc.

            (10) COMPENSATION: Base Salary, Bonuses, and Annual Director Cash
      Compensation.

                                      -1-
<PAGE>

            (11) DEFERRAL ACCOUNT: An individual account for each Participant to
      which is credited his Compensation deferrals pursuant to Section 3.1 and
      which reflects such account's changes in value as provided in Section 3.3.

            (12) DIRECTOR: A member of the Board.

            (13) DISABILITY: A Participant's disability qualifying him to
      receive benefits under the Employer's long-term disability plan.

            (14) EFFECTIVE DATE: June 1, 2001 except that the initial deferral
      elections for Compensation other than Annual Director Cash Compensation
      shall be effective July 1, 2001.

            (15) ELECTION DATE: The first day of each Plan Year and, with
      respect to an individual who becomes a Participant on other than the first
      day of a Plan Year, the date such individual becomes a Participant except
      that the initial Election Date for Compensation other than Annual Director
      Cash Compensation shall be July 1, 2001.

            (16) EMPLOYER: The Company and each Affiliate which employs a
      Participant.

            (17) EMPLOYER ACCOUNT: An individual account for each Participant to
      which is credited the Employer Deferrals, if any, made on his behalf
      pursuant to Section 3.2 and which reflects such account's changes in value
      as provided in Section 3.3.

            (18) EMPLOYER DEFERRALS: Deferrals made by the Employer on a
      Participant's behalf pursuant to Section 3.2.

            (19) FIXED DATE: An Election Date selected by a Participant pursuant
      to Section 3.1(e) and clause (i) of Section 7.2 as of which all or part of
      such Participant's Plan benefits are to be paid.

            (20) FIXED DATE BENEFITS: Plan benefits that are to be paid as of a
      Fixed Date.

            (21) FUNDS: The investment funds designated from time to time for
      the deemed investment of Accounts pursuant to Article IV.

            (22) PARTICIPANT: The President of Stewart & Stevenson Services,
      Inc. and each of his direct reports, each officer of the Company, each
      Selected Participant, and each Director.

            (23) PLAN: The Stewart & Stevenson Elective Deferral Plan, as
      amended from time to time.

            (24) PLAN YEAR: The twelve-consecutive month period commencing
      January 1 of each year, except that the initial Plan Year shall commence
      June 1, 2001, and end December 31, 2001.

                                      -2-
<PAGE>

            (25) RETIRE OR RETIREMENT: Termination of employment by a
      Participant on or after such Participant's Retirement Date other than by
      reason of death or Disability.

            (26) RETIREMENT BENEFITS: Plan benefits that are paid or commence at
      a Participant's Retirement.

            (27) RETIREMENT DATE: The earlier of (i) the first date upon which a
      Participant has both completed ten or more years of Vesting Service and
      attained fifty-five years of age or (ii) the date upon which such
      Participant has attained sixty-two years of age.

            (28) SELECTED PARTICIPANT: A management or highly compensated
      employee of the Company and its Affiliates selected to participate in the
      Plan pursuant to the provisions of Article II.

            (29) TRUST: The trust, if any, established under the Trust
      Agreement.

            (30) TRUST AGREEMENT: The agreement, if any, entered into between
      the Company and the Trustee pursuant to Article X.

            (31) TRUST FUND: The funds and properties, if any, held pursuant to
      the provisions of the Trust Agreement, together with all income, profits
      and increments thereto.

            (32) TRUSTEE: The trustee or trustees qualified and acting under the
      Trust Agreement at any time.

            (33) UNFORESEEABLE FINANCIAL EMERGENCY: An unexpected need of a
      Participant for cash that (i) arises from a sudden and unexpected illness
      or accident of the Participant or of a dependent of a Participant, loss of
      the Participant's property due to casualty, or similar extraordinary and
      unforeseeable circumstances arising as a result of events beyond the
      control of such Participant and (ii) would result in severe financial
      hardship to such Participant if his Compensation deferral election was not
      canceled pursuant to Section 3.1(d) and/or if a benefit payment pursuant
      to Section 6.1 was not permitted. Cash needs arising from foreseeable
      events, such as the purchase of a house or education expenses for
      children, shall not be considered to be the result of an Unforeseeable
      Financial Emergency. Further, cash needs which may be relieved (a) through
      reimbursement or compensation by insurance or otherwise, or (b) by
      liquidation of the Participant's assets, to the extent the liquidation of
      such assets would not itself cause severe financial hardship, or (c) by
      cessation of deferrals under the Plan shall not be considered to be
      Unforeseeable Financial Emergencies.

            (34) VESTED INTEREST: The portion of a Participant's Accounts which,
      pursuant to the Plan, is nonforfeitable.

            (35) VESTING SERVICE: A Participant's aggregate period of employment
      with the Employer (or service on the Board in the case of a Participant
      who is a Director) from the Participant's most recent date of hire (or
      commencement of service on the Board in the case of a Participant who is a
      Director).

                                      -3-
<PAGE>

      1.2 NUMBER AND GENDER. Wherever appropriate herein, words used in the
singular shall be considered to include the plural and words used in the plural
shall be considered to include the singular. The masculine gender, where
appearing in the Plan, shall be deemed to include the feminine gender.

      1.3 HEADINGS. The headings of Articles and Sections herein are included
solely for convenience, and if there is any conflict between such headings and
the text of the Plan, the text shall control.

                                       II.

                              SELECTED PARTICIPANTS

      2.1 PARTICIPATION. The Board, in its sole discretion, may select
management and highly compensated employees of the Company and its Affiliates,
other than those specifically named in Section 1.1(22), to become Participants.
The Board shall notify such Selected Participants of their selection and the
Election Date as of which such selection shall become effective. Subject to the
provisions of Section 2.2, a Selected Participant shall remain eligible to defer
Compensation hereunder and receive an allocation of Employer Deferrals for each
Plan Year following his initial selection.

      2.2 CESSATION OF ACTIVE PARTICIPATION. Notwithstanding any provision
herein to the contrary, a Selected Participant shall cease to be entitled to
defer Compensation hereunder or receive an allocation of Employer Deferrals
effective as of any date designated by the Board. Any such Board action shall be
communicated to the affected individual prior to the effective date of such
action. Such an individual may again become entitled to defer Compensation
hereunder and receive an allocation of Employer Deferrals beginning on any
subsequent Election Date selected by the Board in its sole discretion.

                                      III.

                ACCOUNT CREDITS AND ALLOCATIONS OF INCOME OR LOSS

      3.1 PARTICIPANT DEFERRALS.

            (a) A Participant may elect to defer up to 75% of his Base Salary to
be paid in a Plan Year and/or up to 90% of his Bonus to be paid in a Plan Year;
provided, however, that no Participant may elect to defer less than $5,000 of
Base Salary and/or Bonus for a Plan Year. A Participant who is a Director may
elect to defer up to 100% of his Annual Director Cash Compensation to be paid in
a Plan Year. With respect to an individual who becomes a Participant on other
than the first day of a Plan Year, any such deferral election shall apply only
for the portion of such Plan Year commencing with the date such individual first
becomes a Participant. Compensation for a Plan Year not so deferred by such
election shall be received by such Participant in cash.

            (b) A Participant's election to defer an amount of his Compensation
pursuant to this Section shall be made by executing a Compensation deferral
election pursuant to which the Participant authorizes the Employer to reduce his
Compensation in the elected amount and

                                      -4-
<PAGE>

the Employer, in consideration thereof, agrees to credit an equal amount to such
Participant's Deferral Account maintained under the Plan. Deferral elections may
be made either in percentages, dollar amounts, or a combination of percentages
and dollar amounts, as determined by the Committee. Compensation deferrals made
by a Participant shall be credited to such Participant's Deferral Account as of
a date determined in accordance with procedures established from time to time by
the Committee; provided, however, that such deferrals shall be credited to the
Participant's Deferral Account no later than 30 days after the date upon which
the Compensation deferred would have been received by such Participant in cash
if he had not elected to defer such amount pursuant to this Section 3.1.

            (c) A Participant's Compensation deferral election shall become
effective as of the Election Date which is on or after the election is executed
by the Participant and filed with the Employer. A Participant's Compensation
deferral election shall remain in force and effect for the entire Plan Year to
which such election relates except that a Participant's Compensation deferral
election shall be automatically suspended during an unpaid leave of absence or
upon the Participant's Disability.

            (d) In the event that the Committee, upon written petition of a
Participant, determines in its sole discretion that such Participant has
suffered an Unforeseeable Financial Emergency or that such Participant will,
absent termination of such Participant's Compensation deferral election then in
effect, suffer an Unforeseeable Financial Emergency, then such Participant's
Compensation deferral then in effect, if any, shall be terminated as soon as
administratively practicable after such determination. A Participant whose
Compensation deferral election has been so terminated may again elect to defer a
portion of his Compensation, effective as of any subsequent Election Date that
is at least twelve months after the effective date of such termination, by
executing and delivering to the Employer a new Compensation deferral election
prior to such Election Date.

            (e) A Participant's Compensation deferral election shall indicate
the applicable time and form of payment, as provided in Sections 7.2 and 7.3,
for the Compensation deferred thereunder for such Plan Year and any valuation
adjustments thereto pursuant to Section 3.3. A Participant may make different
time and form of payment elections with respect to deferrals of Base Salary,
Bonuses, and Annual Director Cash Compensation for any Plan Year. Each
Participant's Account shall be divided into subaccounts to reflect such
Participant's various elections respecting time and form of payment.

      3.2 EMPLOYER DEFERRALS. As of any date selected by the Employer, the
Employer may credit a Participant's Employer Account with such amount, if any,
as the Employer shall determine in its sole discretion. Such credits may be made
on behalf of some Participants but not others, and such credits may vary in
amount among individual Participants.

      3.3 VALUATION OF ACCOUNTS. All amounts allocated to a Participant's
Accounts shall be deemed invested among the Funds as provided in Article IV at
such time or times determined in accordance with procedures established form
time to time by the Committee. The balances of such Accounts shall reflect the
daily pricing of the assets in which such Accounts are deemed invested until the
time of distribution.

                                      -5-
<PAGE>

                                       IV.

                           DEEMED INVESTMENT OF FUNDS

      Each Participant shall designate, in accordance with the procedures
established from time to time by the Committee, the manner in which the amounts
allocated to his Accounts shall be deemed to be invested from among the Funds
made available from time to time for such purpose by the Committee. Such
Participant may designate one of such Funds for the deemed investment of all the
amounts allocated to his Accounts or he may split the deemed investment of the
amounts allocated to his Accounts between such Funds in such increments as the
Committee may prescribe. If a Participant fails to make a proper designation,
then his Accounts shall be deemed to be invested in the Fund or Funds designated
by the Committee from time to time in a uniform and nondiscriminatory manner.

      A Participant may change his deemed investment designation for future
amounts to be allocated to his Accounts. Any such change shall be made in
accordance with the procedures established by the Committee, and the frequency
of such changes may be limited by the Committee.

      A Participant may elect to convert his deemed investment designation with
respect to the amounts already allocated to his Accounts. Any such conversion
shall be made in accordance with the procedures established by the Committee,
and the frequency of such conversions may be limited by the Committee.

                                       V.

                DETERMINATION OF VESTED INTEREST AND FORFEITURES

      5.1 DEFERRAL ACCOUNT. A Participant shall have a 100% Vested Interest in
his Deferral Account at all times.

      5.2 EMPLOYER ACCOUNT. A Participant's Vested Interest in his Employer
Account shall be determined in accordance with a vesting schedule established by
the Committee, which schedule shall be based on the Participant's Vesting
Service. Such vesting schedule may be uniform for all amounts in all Employer
Accounts or different vesting schedules may be established for different
Employer Deferrals or for different Participants. Each Participant's Employer
Account shall be divided into subaccounts as necessary to reflect such
Participant's various vesting schedules. Participants shall be advised of the
vesting schedule applicable to any Employer Deferral.

      5.3 FORFEITURES. A Participant who terminates employment with the Employer
with a Vested Interest in his Employer Account that is less than 100% shall
forfeit to the Employer the nonvested portion of such Account as of the date of
such termination.

                                      -6-
<PAGE>

                                       VI.

                                   WITHDRAWALS

      6.1 EMERGENCY BENEFIT. In the event that the Committee, upon written
petition of a Participant, determines in its sole discretion that such
Participant has suffered an Unforeseeable Financial Emergency, such Participant
shall be entitled to a benefit in an amount not to exceed the lesser of (i) the
amount determined by the Committee as necessary to meet such Participant's needs
created by the Unforeseeable Financial Emergency, or (ii) the then value of such
Participant's Vested Interest in his Accounts. Such benefit shall be paid in a
single lump sum payment as soon as administratively practicable after the
Committee has made its determinations with respect to the availability and
amount of such benefit. If a Participant's Accounts are deemed to be invested in
more than one Fund, such benefit shall be distributed pro rata from each Fund in
which such Accounts are deemed to be invested. If a Participant's Deferral
Account contains one or more subaccounts based on elected time of payment, such
benefit shall be considered to have been distributed, first, from the subaccount
with respect to which the earliest distribution would be made, then, from the
subaccount with respect to which the next earliest distribution would be made,
and continuing in such manner until all of such subaccounts have been exhausted.
The deferrals of a Participant receiving a payment pursuant to this Section
shall be suspended in accordance with the provisions of Section 3.1(d).

      6.2 ELECTIVE WITHDRAWAL. A Participant may elect at any time, by following
the election procedure prescribed by the Committee, to withdraw as a benefit all
or a portion of his Vested Interest in his Accounts, subject to a withdrawal
penalty of 10% of the amount of any such withdrawal (15% of the amount of the
withdrawal if the withdrawal occurs after the Participant has terminated
employment with the Employer). Upon any such withdrawal, the withdrawal penalty
shall be forfeited to the Employer. Further, upon any such withdrawal, such
Participant's participation in the Plan shall terminate and no further
Compensation deferrals or Employer Deferrals shall be made under the Plan on
behalf of such Participant until the Election Date that is at least three years
after the date of such withdrawal. If a Participant's Accounts are deemed to be
invested in more than one Fund, such withdrawal shall be distributed pro rata
from each Fund in which such Accounts are deemed to be invested. If a
Participant's Accounts contains one or more subaccounts based on elected time of
payment, such withdrawal shall be considered to have been distributed, first,
from the subaccount with respect to which the earliest distribution would be
made, then, from the subaccount with respect to which the next earliest
distribution would be made, and continuing in such manner until all of such
subaccounts have been exhausted.

                                      VII.

                              TERMINATION BENEFITS

      7.1 AMOUNT OF BENEFIT. A Participant or, in the event of the death of the
Participant, the Participant's designated beneficiary, shall be entitled to a
benefit equal in value to the Participant's Vested Interest in the balance in
his Accounts as of the date the payment of such benefit is to be made or to
commence pursuant to Section 7.2.

                                      -7-
<PAGE>

      7.2 TIME OF PAYMENT. Payment of a Participant's benefit under Section 7.1
shall be made or commence, with respect to such Participant's Accounts, or with
respect to such Participant's subaccounts established pursuant to Section 3.1(e)
separately and respectively, as soon as administratively practicable after the
date irrevocably elected by such Participant pursuant to Section 3.1(e). A
Participant may, pursuant to Section 3.1(e), elect distribution with respect to
his deferrals for any Plan Year, and any valuation adjustments thereto pursuant
to Section 3.3, (i) to be made as of a selected Election Date which is at least
three years following the Election Date for the Plan Year of the deferral or
(ii) to be made or commenced as of the Election Date next following his
Retirement, or as a combination of (i) and (ii). Notwithstanding the foregoing,
payment of a Participant's benefit under Section 7.1, including any Fixed Date
Benefits that have not yet been paid, shall be paid as soon as administratively
practicable after the first day of the month following the date the Participant
terminates his employment with the Employer for any reason other than
Retirement, including Disability or death. For this purpose, a Participant on
Disability for a period of two years shall be deemed to have terminated his
employment with the Employer as of the end of such two-year period. In the case
of a Participant who Retires, payment of such Participant's benefit under
Section 7.1, including any Fixed Date Benefits that have not yet been paid,
shall be made or commence as of the Election Date next following such
Participant's Retirement.

      7.3 ALTERNATIVE FORMS OF BENEFIT PAYMENTS.

            (a) A Participant's benefit under Section 7.1 shall be paid in the
form of a single lump sum payment if payable as a result of such Participant's
termination of employment with the Employer prior to his Retirement Date, if
payable as a result of the Participant's death prior to the commencement of
installment payments pursuant to Section 7.3(b)(2), if payable as a result of a
Participant's termination of employment due to Disability, or if payable prior
to a Participant's termination of employment as a Fixed Date Benefit.

            (b) With respect to a Participant whose termination of employment
with the Employer occurs on or after his Retirement Date, such Participant shall
receive his benefit payments, including any Fixed Date Benefits that have not
yet been paid, in one of the following forms elected by such Participant
pursuant to Section 3.1(e):

                  (1) A single lump sum payment; or

                  (2) Annual installment payments for a term certain of either 5
            or 10 years payable to the Participant or, in the event of such
            Participant's death prior to the end of such term certain, to his
            designated beneficiary as provided in Section 7.4, provided that if
            such Participant's designated beneficiary is other than his spouse,
            the balance of such Participant's Accounts following his death shall
            be paid to his designated beneficiary in a single lump sum payment.

In the event such Participant fails to timely elect the form in which his
benefit payments are to be made, such benefit payments shall be in the form of a
single lump sum payment. If all or part of a Participant's benefit is to be paid
in installments, each installment payment shall be determined by multiplying the
Participant's Vested Interest in the balance in his Accounts subject to such
installment election by a fraction, the numerator of which is one and the
denominator of which is

                                      -8-
<PAGE>

the number of remaining installment payments to be made to the Participant,
provided that if, on the Participant's Retirement Date, the value of the
Participant's Vested Interest in the balance in his Accounts subject to such
installment election is less than $50,000, the Committee may, in its sole
discretion, cause the Participant's entire benefit to be paid in a single lump
sum payment.

            (c) A Participant may revise his election made pursuant to Section
3.1(e) regarding the form of payment of his benefit, but such revised election
shall not be effective until one year from the date of the revised election and
shall be effective only if such Participant has not Retired prior to the
expiration of such one-year period. Any revised election shall apply to all
amounts in a Participant's Accounts.

      7.4 DESIGNATION OF BENEFICIARIES.

            (a) Each Participant shall have the right to designate the
beneficiary or beneficiaries to receive payment of his benefit in the event of
his death. Each such designation shall be made by executing the beneficiary
designation form prescribed by the Committee and filing same with the Committee.
Any such designation may be changed at any time by execution of a new
designation in accordance with this Section. Notwithstanding the foregoing, if a
Participant who is married on the date of his death has designated an individual
or entity other than his surviving spouse as his beneficiary, such designation
shall not be effective unless such surviving spouse has consented thereto in
writing. Any such consent by such surviving spouse shall be irrevocable.

            (b) If no such designation is on file with the Committee at the time
of the death of the Participant or such designation is not effective for any
reason as determined by the Committee, then the designated beneficiary or
beneficiaries to receive such benefit shall be as follows:

                  (1) If a Participant leaves a surviving spouse, his benefit
            shall be paid to such surviving spouse;

                  (2) If a Participant leaves no surviving spouse, his benefit
            shall be paid to such Participant's executor or administrator, or to
            his heirs at law if there is no administration of such Participant's
            estate.

            (c) Notwithstanding the preceding provisions of this Section and to
the extent not prohibited by state or federal law, if a Participant is divorced
from his spouse and at the time of his death is not remarried to the person from
whom he was divorced, any designation of such divorced spouse as his beneficiary
under the Plan filed prior to the divorce shall be null and void unless the
contrary is expressly stated in writing filed with the Committee by the
Participant. The interest of such divorced spouse failing hereunder shall vest
in the persons specified in Paragraph (b) above as if such divorced spouse did
not survive the Participant.

      7.5 PAYMENT OF BENEFITS. To the extent the Trust Fund has sufficient
assets, the Trustee shall pay benefits to Participants or their beneficiaries,
except to the extent the Employer pays the benefits directly and provides
adequate evidence of such payment to the Trustee. To the extent the Trustee does
not or cannot pay benefits out of the Trust Fund, the benefits shall be paid by
the Employer. Any benefit payments made to a Participant or for his benefit
pursuant to

                                      -9-
<PAGE>

any provision of the Plan shall be debited to such Participant's Accounts. All
benefit payments shall be made in cash.

      7.6 UNCLAIMED BENEFITS. In the case of a benefit payable on behalf of a
Participant, if the Committee is unable to locate the Participant or beneficiary
to whom such benefit is payable, upon the Committee's determination thereof,
such benefit shall be forfeited to the Employer. Notwithstanding the foregoing,
if subsequent to any such forfeiture the Participant or beneficiary to whom such
benefit is payable makes a valid claim for such benefit, such forfeited benefit
shall be restored to the Plan by the Employer.

      7.7 EMPLOYMENT RELATIONSHIP. For purposes of this Article VII and Section
1.1(35), a Participant (other than a Participant who is a Director) shall be
considered to be in the employment of the Employer as long as such Participant
remains an employee of either the Company or an Affiliate, and transfers among
Employers shall not be considered a termination of employment. Notwithstanding
the preceding sentence, it is expressly provided that a Participant shall be
considered to have terminated employment with the Employer at the time of the
termination of the "Affiliate" status under the Plan of the entity or other
organization that employs such Participant. A Director shall be considered to
have terminated employment with the Employer at the time he ceases to be a
Director. Any question as to whether and when there has been a termination of
employment, and the cause of such termination, shall be determined by the
Committee and its determination shall be final.

                                      VIII.

                           ADMINISTRATION OF THE PLAN

      8.1 APPOINTMENT OF COMMITTEE. The general administration of the Plan shall
be vested in the Committee.

      8.2 COMMITTEE POWERS AND DUTIES. The Committee shall supervise the
administration and enforcement of the Plan according to the terms and provisions
hereof and shall have all powers necessary to accomplish these purposes,
including, but not by way of limitation, the right, power, authority, and duty:

            (a) To make rules, regulations, and bylaws for the administration of
the Plan that are not inconsistent with the terms and provisions hereof, and to
enforce the terms of the Plan and the rules and regulations promulgated
thereunder by the Committee;

            (b) To construe in its discretion all terms, provisions, conditions,
and limitations of the Plan;

            (c) To correct any defect or to supply any omission or to reconcile
any inconsistency that may appear in the Plan in such manner and to such extent
as it shall deem in its discretion expedient to effectuate the purposes of the
Plan;

            (d) To employ and compensate such accountants, attorneys, investment
advisors, and other agents, employees, and independent contractors as the
Committee may deem necessary or advisable for the proper and efficient
administration of the Plan;

                                      -10-
<PAGE>

            (e) To determine in its discretion all questions relating to
eligibility;

            (f) To determine whether and when there has been a termination of a
Participant's employment with the Employer, and the reason for such termination;

            (g) To make a determination in its discretion as to the right of any
person to a benefit under the Plan and to prescribe procedures to be followed by
distributees in obtaining benefits hereunder;

            (h) To receive and review reports from the Trustee as to the
financial condition of the Trust Fund, including its receipts and disbursements;
and

            (i) To establish or designate Funds as investment options as
provided in Article IV.

      8.3 CLAIMS REVIEW. In any case in which a claim for Plan benefits of a
Participant or beneficiary is denied or modified, the Committee shall furnish
written notice to the claimant within ninety days (or within 180 days if
additional information requested by the Committee necessitates an extension of
the ninety-day period), which notice shall:

            (a) State the specific reason or reasons for the denial or
modification;

            (b) Provide specific reference to pertinent Plan provisions on which
the denial or modification is based;

            (c) Provide a description of any additional material or information
necessary for the Participant, his beneficiary, or representative to perfect the
claim and an explanation of why such material or information is necessary; and

            (d) Explain the Plan's claim review procedure as contained herein.

In the event a claim for Plan benefits is denied or modified, if the
Participant, his beneficiary, or a representative of such Participant or
beneficiary desires to have such denial or modification reviewed, he must,
within sixty days following receipt of the notice of such denial or
modification, submit a written request for review by the Committee of its
initial decision. In connection with such request, the Participant, his
beneficiary, or the representative of such Participant or beneficiary may review
any pertinent documents upon which such denial or modification was based and may
submit issues and comments in writing. Within sixty days following such request
for review the Committee shall, after providing a full and fair review, render
its final decision in writing to the Participant, his beneficiary or the
representative of such Participant or beneficiary stating specific reasons for
such decision and making specific references to pertinent Plan provisions upon
which the decision is based. If special circumstances require an extension of
such sixty-day period, the Committee's decision shall be rendered as soon as
possible, but not later than 120 days after receipt of the request for review.
If an extension of time for review is required, written notice of the extension
shall be furnished to the Participant, beneficiary, or the representative of
such Participant or beneficiary prior to the commencement of the extension
period.

                                      -11-
<PAGE>

      8.4 EMPLOYER TO SUPPLY INFORMATION. The Employer shall supply full and
timely information to the Committee, including, but not limited to, information
relating to each Participant's Compensation, age, retirement, death, or other
cause of termination of employment and such other pertinent facts as the
Committee may require. The Employer shall advise the Trustee of such of the
foregoing facts as are deemed necessary for the Trustee to carry out the
Trustee's duties under the Plan and the Trust Agreement. When making a
determination in connection with the Plan, the Committee shall be entitled to
rely upon the aforesaid information furnished by the Employer.

      8.5 INDEMNITY. The Company shall indemnify and hold harmless each member
of the Committee and each employee of the Employer who is a delegate of the
Committee against any and all expenses and liabilities arising out of his
administrative functions or fiduciary responsibilities with respect to the Plan,
including any expenses and liabilities that are caused by or result from an act
or omission constituting the negligence of such individual in the performance of
such functions or responsibilities, but excluding expenses and liabilities that
are caused by or result from such individual's own gross negligence or willful
misconduct. Expenses against which such individual shall be indemnified
hereunder shall include, without limitation, the amounts of any settlement or
judgment, costs, counsel fees, and related charges reasonably incurred in
connection with a claim asserted or a proceeding brought or settlement thereof.

                                       IX.

                             ADMINISTRATION OF FUNDS

      9.1 PAYMENT OF EXPENSES. All expenses incident to the administration of
the Plan and Trust, including but not limited to, legal, accounting, Trustee
fees, and expenses of the Committee, may be paid by the Employer and, if not
paid by the Employer, shall be paid by the Trustee from the Trust Fund, if any,
and reflected in the daily pricing of the Funds pursuant to Section 3.3.

      9.2 TRUST FUND PROPERTY. All income, profits, recoveries, contributions,
forfeitures and any and all moneys, securities and properties of any kind at any
time received or held by the Trustee shall be held for investment purposes as a
commingled Trust Fund pursuant to the terms of the Trust Agreement. The
Committee shall maintain one or more Accounts in the name of each Participant,
but the maintenance of an Account designated as the Account of a Participant
shall not mean that such Participant shall have a greater or lesser interest
than that due him by operation of the Plan and shall not be considered as
segregating any funds or property from any other funds or property contained in
the commingled fund. No Participant shall have any title to any specific asset
in the Trust Fund, if any.

                                       X.

                               NATURE OF THE PLAN

      The Company intends and desires by the adoption of the Plan to recognize
the value to the Company and its Affiliates of the past and present services of
employees covered by the Plan

                                      -12-
<PAGE>

and to encourage and assure their continued service by making more adequate
provision for their future retirement security. The provisions of the Plan and
the Trust Agreement shall apply separately and equally to the Company and each
other Employer. It shall not be necessary for Employers other than the Company
to execute the Plan and Trust Agreement. Each such Employer shall be
conclusively presumed to have consented to its participation under the Plan and
Trust Agreement, including any and all amendments thereto, upon its submission
of information to the Committee required by the terms of or with respect to the
Plan or upon making a contribution to the Trust Fund pursuant to the terms of
the Plan.

      The Plan is intended to constitute an unfunded, unsecured plan of deferred
compensation for a select group of management or highly compensated employees of
the Employer. Plan benefits herein provided are to be paid out of each
Employer's general assets. Nevertheless, subject to the terms hereof and of the
Trust Agreement, each Employer may transfer money or other property to the
Trustee, and the Trustee shall pay Plan benefits to Participants and their
beneficiaries out of the Trust Fund.

      The Company, in its sole discretion, may establish the Trust and enter
into the Trust Agreement. In such event, subtrusts shall be established under
the Trust Agreement for the Company and each other Employer. Each Employer shall
remain the owner of all assets in the Trust Fund attributable to its
contributions and such assets shall be subject to the claims of such Employer's
creditors if such Employer ever becomes insolvent. For purposes hereof, an
Employer shall be considered "insolvent" if (a) the Employer is unable to pay
its debts as they become due, or (b) the Employer is subject to a pending
proceeding as a debtor under the United Sates Bankruptcy Code (or any successor
federal statute). The chief executive officer of the Company and the Board shall
have the duty to inform the Trustee in writing if an Employer becomes insolvent.
Such notice given under the preceding sentence by any party shall satisfy all of
the parties' duty to give notice. When so informed, the Trustee shall suspend
payments to the Participants employed by such Employer and hold the assets for
the benefit of such Employer's general creditors. If the Trustee receives a
written allegation that an Employer is insolvent, the Trustee shall suspend
payments to the Participants employed by such Employer and hold the Trust Fund
for the benefit of such Employer's general creditors, and shall determine within
the period specified in the Trust Agreement whether such Employer is insolvent.
If the Trustee determines that such Employer is not insolvent, the Trustee shall
resume payments to such Participants. No Participant or beneficiary shall have
any preferred claim to, or any beneficial ownership interest in, any assets of
the Trust Fund.

                                       XI.

                                  MISCELLANEOUS

      11.1 NOT CONTRACT OF EMPLOYMENT. The adoption and maintenance of the Plan
shall not be deemed to be a contract between the Employer and any person or to
be consideration for the employment of any person. Nothing herein contained
shall be deemed to give any person the right to be retained in the employ of the
Employer or to restrict the right of the Employer to discharge any person at any
time nor shall the Plan be deemed to give the Employer the right to require any
person to remain in the employ of the Employer or to restrict any person's right
to terminate his employment at any time.

                                      -13-
<PAGE>

      11.2 ALIENATION OF INTEREST FORBIDDEN. The interest of a Participant or
his beneficiary or beneficiaries hereunder may not be sold, transferred,
assigned, or encumbered in any manner, either voluntarily or involuntarily, and
any attempt so to anticipate, alienate, sell, transfer, assign, pledge,
encumber, or charge the same shall be null and void; neither shall the benefits
hereunder be liable for or subject to the debts, contracts, liabilities,
engagements or torts of any person to whom such benefits or funds are payable,
nor shall they be an asset in bankruptcy or subject to garnishment, attachment
or other legal or equitable proceedings. Plan provisions to the contrary
notwithstanding, the Committee shall comply with the terms and provisions of an
order that satisfies the requirements for a "qualified domestic relations order"
as such term is defined in section 206(d)(3)(B) of the Employee Retirement
Income Security Act of 1974, as amended, including an order that requires
distributions to an alternate payee prior to a Participant's "earliest
retirement age" as such term is defined in section 206(d)(3)(E)(ii) of such Act.

      11.3 WITHHOLDING. All Compensation deferrals and payments provided for
hereunder shall be subject to applicable withholding and other deductions as
shall be required of the Employer under any applicable local, state or federal
law.

      11.4 AMENDMENT AND TERMINATION. The Committee may from time to time, in
its discretion, amend, in whole or in part, any or all of the provisions of the
Plan; provided, however, that no amendment may be made that would impair the
rights of a Participant with respect to amounts already allocated to his
Accounts. The Committee may terminate the Plan at any time. In the event that
the Plan is terminated, each Participant's Vested Interest in his Accounts shall
become 100%, and the balance in such Accounts shall be paid to such Participant
or his designated beneficiary in the manner specified by the Committee, which
may include the payment of a single lump sum payment in full satisfaction of all
of such Participant's or beneficiary's benefits hereunder.

      11.5 SEVERABILITY. If any provision of this Plan shall be held illegal or
invalid for any reason, said illegality or invalidity shall not affect the
remaining provisions hereof; instead, each provision shall be fully severable
and the Plan shall be construed and enforced as if said illegal or invalid
provision had never been included herein.

      11.6 GOVERNING LAWS. ALL PROVISIONS OF THE PLAN SHALL BE CONSTRUED IN
ACCORDANCE WITH THE LAWS OF TEXAS EXCEPT TO THE EXTENT PREEMPTED BY FEDERAL LAW.

      11.7 GUARANTY. Notwithstanding any provisions of the Plan to the contrary,
in the event any Employer fails to make payment of the benefits due under the
Plan on behalf of Participants in its employ, whether directly or through the
Trust, the Company shall be liable for and shall make payment of such benefits
due as a guarantor of such entity's obligations hereunder. The guaranty
obligations provided herein shall be satisfied directly and not through the
Trust.

                                      -14-
<PAGE>

      EXECUTED this 1st day of June, 2001.

                                          STEWART & STEVENSON
                                          SERVICES, INC.

                                             By:  /s/ Michael L. Grimes
                                                    --------------------------
                                             Name:   Michael L. Grimes
                                                    --------------------------
                                             Title:  President and CEO
                                                    --------------------------

                                      -15-

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