Document:

MORTGAGE INSURANCE STOP LOSS EXCESS OF LOSS AGREEMENT
                               AGREEMENT AR 13044

                              FINAL PLACEMENT SLIP

COMPANY:                       Triad Guaranty Insurance Corporation
                               an Illinois corporation

TERM AND
TERMINATION:                   This  Agreement  will  apply  to  Covered  Losses
                               arising out of Covered Business on or after 12:01
                               a.m.  in  Chicago,  Il on January  1st 2001 ("the
                               Effective  Date")  and will  remain in full force
                               and effect until it is terminated as  hereinafter
                               provided.    "Covered    Business"    will   mean
                               Certificates  issued by the Company  prior to, or
                               during the Term,  provided that,  with respect to
                               Certificates  issued  prior  to  the  Term,  such
                               Certificates  are in  force  as of the  Effective
                               Date.

                               The Agreement  will terminate as of 12:00 a.m. in
                               Chicago,  IL on January 1, 2003 ("the Termination
                               Date").

                               The  Company   may  elect  to  purchase   Run-off
                               Coverage  upon  providing  thirty (30) days prior
                               written  notice  before  the   Termination   Date
                               delivered by certified or registered  mail and by
                               paying  to  the  Reinsurer  the  Run-Off  Premium
                               within thirty (30) days following the Termination
                               Date. This Agreement will automatically terminate
                               if the  Reinsurer  does not  receive  the Run-off
                               Premium  when  it is  due  and  payable  and  the
                               Reinsurer  will be fully and finally  released of
                               all  obligations  with respect to this  Agreement
                               and the transaction hereunder.  In the event that
                               the  Company  purchases  Run-off  Coverage,   the
                               Reinsurer  will remain liable  through the end of
                               the Run-off Period with respect to Covered Losses
                               arising  from  Certificates  issued  prior to the
                               Termination  Date up to the  Limit of  Liability,
                               provided  that  the  Company's   Combined   Ratio
                               exceeds  100%  and  the   Risk-to-Capital   Ratio
                               exceeds  25-to-1 during the Run-off  Period.  The
                               Reinsurer  will not be liable for Covered  Losses
                               in any  calendar  quarter in which the  Company's
                               Combined Ratio is equal to, or less than 100% and
                               the  Risk-to-Capital  Ratio  is  equal to or less
                               than 25-to-1.

                               This  Agreement will  automatically  terminate if
                               the  Reinsurer   does  not  receive  the  Deposit
                               Premium  when  it is  due  and  payable  and  the
                               Reinsurer  will be fully and finally  released of
                               all  obligations  with respect to this  Agreement
                               and the transaction hereunder.

SPECIAL
TERMINATION:                   If the Company  violates any  provision set forth
                               in the Warranty  Article of this  Agreement,  the
                               Reinsurer may cancel this  Agreement by giving at
                               least 45 days prior  written  notice by certified
                               or  registered  mail to the Company.  The date 45
                               days after the Reinsurer has mailed such
<PAGE>
TRIAD GUARANTY INSURANCE CORP.                        MORTGAGE INS STOP LOSS XOL

SPECIAL
TERMINATION:
(continued)

                               notice will be referred to herein as the "Special
                               Termination  Date".  In such  event,  the Company
                               will  have  the  option  of  purchasing   Run-off
                               Coverage  by  payment  to  the  Reinsurer  of the
                               Run-off Premium within ten (10) days after

                               the Special Termination Date. This Agreement will
                               automatically terminate if the Reinsurer does not
                               receive  the Run-off  Premium  when it is due and
                               payable  and  the  Reinsurer  will be  fully  and
                               finally  released of all obligations with respect
                               to this Agreement and the transaction  hereunder.
                               In the event that the Company  purchases  Run-off
                               Coverage,   the  Reinsurer   will  remain  liable
                               through  the  end  of  the  Run-off  Period  with
                               respect   to   Covered    Losses   arising   from
                               Certificates   issued   prior   to  the   Special
                               Termination  Date up to the  Limit of  Liability,
                               provided  that  the  Company's   Combined   Ratio
                               exceeds 100%.  The  Reinsurer  will not be liable
                               for  Covered  Losses in any  calendar  quarter in
                               which the Company's Combined Ratio is equal to or
                               less than 100%.

                               If the  Company  is  acquired  by or merged  with
                               another  entity  during  the Term or  during  the
                               Run-off  Period  so that the  Company  is not the
                               surviving  organization,  then  within 90 days of
                               the  announcement  date  of such  acquisition  or
                               merger,  the  Reinsurer  may, at the  Reinsurer's
                               sole discretion,  provide the Company with notice
                               of cancellation by certified or registered  mail.
                               In such event, this Agreement will be canceled on
                               a  Cut-off  Basis as of the date  such  notice is
                               mailed to the Company (the  "Cut-off  Termination
                               Date") and the  Reinsurer  will,  within ten (10)
                               days of such  notice,  return to the  Company any
                               unearned premium received by the Reinsurer hereon
                               as of the date of such  cancellation,  calculated
                               on a pro-rata basis over the calendar quarter. In
                               the event of such  cancellation  the Company will
                               not have the option to purchase  Run-off Coverage
                               and the  Reinsurer  will  be  fully  and  finally
                               released of all obligations  with respect to this
                               Agreement and the transaction hereunder.

BUSINESS
COVERED:                       All business classified by the Company as
                               Mortgage Guaranty Insurance.

TERRITORY:                     To follow the Company's Certificates.

RETENTION
& LIMIT:                       The  Reinsurer will be liable for 100% of Covered
                               Losses,  paid by the  Company in any calendar
                               quarter during the Run-off Period, if any, in
                               which:

                               A. The Risk-to-Capital Ratio exceeds 25-to-1; and

                                       2
<PAGE>

RETENTION
& LIMIT:
(continued)
                               B.       The Combined Ratio exceeds 100%.

                               The Reinsurer's liability for Covered Losses will
                               not exceed the Limit of Liability.

                               "Limit of Liability"  will mean Covered Losses in
                               an amount equal to $25,000,000. The maximum Limit
                               of  Liability  during  the Term  and any  Run-off
                               Period is $25,000,000 in the aggregate.

RUN OFF:                       In the event the  Risk-to-Capital  Ratio for any
                               calendar quarter exceeds 25-to-1 and the Combined
                               Ratio for  such  calendar  quarter  exceeds  100%
                               during the Term, the Agreement will automatically
                               terminate  by  notice  to the  Company  delivered
                               by certified  or registered  mail and the Run-off
                               Coverage will commence.  In the event of  such  a
                               termination,  the  last  day  of  such  calendar
                               quarter  will  be the Termination Date.

                               The  Company  will  pay the  Run-off  Premium  in
                               accordance    with   the    Premium    Adjustment
                               calculation  outlined in the  Premium  Section of
                               this Agreement.  The Reinsurer will remain liable
                               through  the  end  of  the  Run-off  Period  with
                               respect   to   Covered    Losses   arising   from
                               Certificates  issued  prior  to such  Termination
                               Date up to the Limit of Liability,  provided that
                               the Company's Combined Ratio exceeds 100% and the
                               Risk-to-Capital  Ratio exceeds 25-to-1 during the
                               Run-off Period.

ALLOCATED LOSS
ADJUSTMENT
EXPENSE:                       Included within the Reinsurer's Limit of
                               Liability.

PREMIUM:                       Deposit Premium of $1,400,000  payable  quarterly
                               over the Term within 30 days of the following
                               dates:

                               January 1, 2001                $175,000
                               April 1, 2001                  $175,000
                               July 1, 2001                   $175,000
                               October 1, 2001                $175,000

                               January 1, 2002                $175,000
                               April 1, 2002                  $175,000
                               July 1, 2002                   $175,000
                               October 1, 2002                $175,000

                                       3
<PAGE>

PREMIUM:
(continued)
                               Premium Adjustment

                               Run-off  Premium  will  be  equal  to  50% of the
                               difference between $25,000,000 and the cumulative
                               Deposit Premium received by the Reinsurer.

                               In the event that  Run-off  Coverage is purchased
                               subsequent  to the  Termination  Date or  Special
                               Termination Date, the Company will pay the entire
                               Run-off Premium within 10 days of the Termination
                               Date   or   effective   date   of   the   Special
                               Termination, whichever applies.

                               In the event that  Run-off  Coverage is triggered
                               during the Term,  no Run-off  Premium will be due
                               until the  Reinsurer  has paid Covered  Losses in
                               excess of $12,500,000 plus the cumulative Deposit
                               Premium  received  by  the  Reinsurer  as of  the
                               Termination  Date.  At  such  time,  the  Run-off
                               Premium,  or a portion  thereof will be due in 10
                               days provided that payment of the entire  Run-Off
                               Premium  or  portion  thereof  does not cause the
                               Company's  Risk-to-Capital  Ratio to exceed 25:1.
                               Whenever  the  Company's   Risk-to-Capital  Ratio
                               falls below 25:1,  it will pay the  Reinsurer the
                               largest  portion  of the unpaid  Run-off  Premium
                               that   it   can   pay    without    forcing   its
                               Risk-to-Capital Ratio to exceed 25:1. The Company
                               will  make such  payments  until it has p aid the
                               entire Run-off Premium.

NO CLAIMS BONUS:               The Reinsurer will pay the Company a No Claims
                               Bonus, if

                              1. The  Agreement   either   expires   at the
                                 Termination   Date  or  is  terminated  by  the
                                 Reinsurer prior to the Termination date for any
                                 reason set forth  in  the Special   Termination
                                 Article, except  special  termination  in the
                                 event of merger or acquisition of the Company,

                              2. No  Covered  Losses  have  been  paid  by  the
                                 Reinsurer hereunder, and

                              3. The Company elects not to purchase Run-off
                                 Coverage.

                               In such event, the No Claims Bonus will equal 50%
                               of the Deposit Premium  received by the Reinsurer
                               prior  to  the   Special   Termination   Date  or
                               Termination  Date,  whichever  applies,  provided
                               that  the   Reinsurer   retains  a   minimum   of
                               $2,000,000  of the Deposit  Premium after payment
                               of such No Claims Bonus.

                                       4
<PAGE>

NO CLAIMS BONUS:
(continued)

                               The  Reinsurer  will pay the  Company a No Claims
                               Bonus if the  Reinsurer  cancels  this  Agreement
                               under the Special  Termination  provision  (other
                               than if the Company is acquired by or merged with
                               another  entity  so that the  Company  is not the
                               surviving  organization,  then  within 90 days of
                               the  announcement  date  of such  acquisition  or
                               merger)  and  the  Company   elects  to  purchase
                               Run-off Coverage subsequent to which:

                               1)   the Run-off Period  expires with no  Covered
                                    Losses paid by the Reinsurer, or

                               2)   no  Covered  Losses  have  been  paid by the
                                    Reinsurer  and the Company and the Reinsurer
                                    agree to a full  and  final  commutation  of
                                    this    Agreement   and   the    transaction
                                    hereunder.

                               In such event, the No Claims Bonus will equal 90%
                               of the Run-off Premium received by the Reinsurer.

                               Upon  payment  to the  Company  of the No  Claims
                               Bonus,  the  Reinsurer  will be fully and finally
                               released of all obligations  with respect to this
                               Agreement and the transaction hereunder.

WARRANTY:
                               1. The Company will  not provide  traditional  or
                                  dollar  mortgage pool insurance. However,  the
                                  Company may provide  co-primary  insurance  of
                                  policies  on  which  it  has  issued   primary
                                  coverage, such co-primary insurance  may  have
                                  certain  pool  characteristics.   Co-primary
                                  coverage  is  defined  as the level of primary
                                  coverage  required to  reduce  the  investor's
                                  risk  exposure to that of the 80% GSE  charter
                                  requirements,  plus provide  second layer pool
                                  coverage of up to 60% of the risk.  This  pool
                                  is  capped,  however, at 1.75% of the original
                                  risk  written for that entire book.  If a pool
                                  layer is ever  exhausted,  mortgage  insurance
                                  will then be limited to only  primary  charter
                                  level coverages. Primary coverage levels under
                                  the  co-primary umbrella  would  be 16% at 95%
                                  LTV, 12% at 90% LTV, and 6% at 85% LTV.   Pool
                                  coverage   extends  each  of   these   primary
                                  coverage levels upward by 60%
                               2. The Reinsurer is to be notified of any
                                  potential  Risk-in Force to Capital growth
                                  greater than 35% per year.
                               3. The Reinsurer  is to be notified  of  material
                                  changes  in  underwriting   and/or   reserving
                                  philosophies and methodologies.

                                       5
<PAGE>

WARRANTY:
(continued)
                               4.   The  Reinsurer  is to be notified of any
                                    primary rate decrease(s)  which,  either
                                    individually or cumulatively  with prior
                                    primary rate  decreases  are expected to
                                    result  in  an  aggregate  primary  rate
                                    decrease of greater  than 10% in any one
                                    year.
                               5.   The Reinsurer is to be notified prior to
                                    or as  soon  as  practicable  after  any
                                    sudden,     unannounced    or    unusual
                                    reductions  (10% or  more)  in  Capital,
                                    including  but not  limited to  dividend
                                    payments,   stock  buy  back   plans  or
                                    premature debt retirement.
                               6.   The Company  will  advise the  Reinsurer  of
                                    any  changes in the Company's master policy.

REPORTS:                       Within  45  days  after the end of each  calendar
                               quarter,  the Company will  furnish the Reinsurer
                               with a report of reinsurance premium due them for
                               that period.  Such report will contain such other
                               information  as  may be required by the Reinsurer
                               for completion  of its NAIC interim and/or annual
                               statement,  or as may be required by the  Federal
                               National  Mortgage  Association, the Federal Home
                               Loan Mortgage Corporation,or any other regulatory
                               agency or rating  entity.  Such report will  also
                               contain the following information:

                               1.  RISK IN  FORCE. Gross insurance  in force for
                                   all  risk, including gross  risk  outstanding
                                   and gross unearned premiums  thereon,  before
                                   any deduction for reinsurance hereunder.

                               2.  REINSURED  LOANS IN DEFAULT.  The  number  of
                                   loans  which  have been reported in  default,
                                   the total aggregate  principal    balance  of
                                   such  loans,   the  maximum  potential   risk
                                   for such loans in default, the reserve before
                                   any  deduction for reinsurance therefore that
                                   the   Company   has   established,   and  the
                                   Reinsurer's share of such reserve.

                               3.  CLAIMS  RECEIVED.  The number  of  loans  for
                                   which  claims  have  been  received  (but not
                                   paid), the aggregate amount of  such  claims,
                                   the  reserve  therefore   that  the   Company
                                   has    established    before   deduction  for
                                   reinsurance,  and  the  Reinsurer's  share of
                                   such reserve.

                               4.  LOAN LEVEL DETAIL.A computer readable compact
                                   disc in the standard  "MICA" format detailing
                                   lending during such calendar quarter.

                               5.  PREMIUMS.A summary of aggregate loan balances
                                   for which  either  an  initial   premium   or
                                   renewal premium was paid to the Company,  the
                                   gross written premiums  and  unearned premium
                                   reserves.

                                       6

<PAGE>

REPORTS:
(continued)

                               6.  REINSURANCE PREMIUMS.   Reinsurance  Premiums
                                   due from the Company.

                               7.  REINSURANCE CLAIMS.  Covered Losses  and  the
                                   amounts, if any, due from the Reinsurer.

                               Within 30 days after receipt of such report,  the
                               Reinsurer will remit any amounts due the Company.

OFFSET:
                               The  parties  hereto have the right to offset any
                               balance(s)  due from one to the other  under this
                               Agreement or any other  agreement,  including but
                               not  limited  to the  Excess of Loss  Reinsurance
                               Agreement  heretofore  or hereafter  entered into
                               between  the  Company  and the  Reinsurer  or any
                               affiliate  of  the  Company  and  the  Reinsurer,
                               whether  acting  as  assuming  reinsurer,  ceding
                               company  or in  any  other  capacity.  The  party
                               asserting  the right of offset may exercise  such
                               right at any time whether the  balance(s) due are
                               on  account  of  premiums,   losses,  salvage  or
                               otherwise.  This provision  shall not be affected
                               by the insolvency of either party hereto.

SALVAGE:
                               The Reinsurer  will be credited with its share of
                               salvage in respect of claims  settled  under this
                               Agreement  pursuant to the  Property  Acquisition
                               Settlement  Option,  less its  share of  recovery
                               expense.

                               In the event the Company  exercises  its Property
                               Acquisition  Settlement  Option, the Company will
                               use its best  efforts to sell the  property  at a
                               fair and reasonable price as soon as practicable.
                               The sale of such  property or an  agreement as to
                               the salvage  value will be a condition  precedent
                               to the filing of a reinsurance claim with respect
                               to such loss payment.

                               If the  amount  recovered  exceeds  the  recovery
                               expense, such expense will be borne by each party
                               in  proportion  to its benefit from the recovery.
                               If  the  recovery   expense  exceeds  the  amount
                               recovered,  the amount recovered (if any) will be
                               applied to the  reimbursement of recovery expense
                               and the  remaining  expense will be borne by each
                               party in proportion to its liability for the loss
                               before recovery was attempted.

                                       7
<PAGE>

ENTIRE
AGREEMENT/AMENDMENTS:

                               This   Agreement   will   constitute  the  entire
                               agreement between the parties. This Agreement may
                               be  altered  or  amended  in any of its terms and
                               conditions  by mutual  consent of the Company and
                               the Reinsurers  either by written  addenda hereto
                               or by an  exchange  of  letters,  signifying  the
                               assent of both  parties;  such addenda or letters
                               will then constitute a part of this Agreement.

OTHER
PROVISIONS:                    The Reinsurer will  be subject to  terms,  rates,
                               conditions,  interpretations, waivers,    modifi-
                               cations,and alterations of the Company's policies
                               that are the subject of this Agreement.

                               Insolvency Clause
                               Arbitration Clause
                               Definitions Article - as attached
                               Taxes Clause
                               Access to Records  (Company to have the right to
                                    approve/disapprove  of third party
                                    representatives of the Reinsurer)
                               Loss Settlements Clause
                               Delays, Errors or Omissions Clause(not applicable
                                    as regards violation of the Warranty section
                                    hereunder)
                               Service of Suit Clause
                               Currency (U.S. Dollars) Clause
                               Confidentiality Clause
                               Aon Re Inc. Intermediary Clause - as attached
                               and others as applicable.

                                       8
<PAGE>

BROKERAGE:     10% of deposit  premium,  plus 1.5% of net  developed  premium if
               program  goes into run-off.

We ask that you review the terms and conditions set forth hereinabove.  Assuming
that you find  everything to be in order,  please  indicate your  acceptance and
approval by signing and returning one copy of this Final  Placement  Slip to Aon
Re Inc.

REINSURER:                Ace Capital Mortgage Reinsurance Co.

THRU:
     --------------------------------------------------------------------------

SIGNED                                        REFERENCE
LINE:                                         NUMBER:
     ------------------------------------             --------------------------

ACCEPTED &
APPROVED BY:
            --------------------------------------------------------------------

(For  processing  purposes  it is  important  that you  provide  your  Company's
reference number for this program.)

                                       9
<PAGE>

We ask that you review the terms and conditions set forth hereinabove.  Assuming
that you find  everything to be in order,  please  indicate your  acceptance and
approval by signing and returning one copy of this Final  Placement  Slip to Aon
Re Inc.

REINSURER:                Ace Capital Mortgage Reinsurance Co.

THRU:
     --------------------------------------------------------------------------

SIGNED                                       REFERENCE
LINE:                                        NUMBER:
     ---------------------------------------        ---------------------------

ACCEPTED &
APPROVED BY:
            -------------------------------------------------------------------

(For  processing  purposes  it is  important  that you  provide  your  Company's
reference number for this program.)

                                       10
<PAGE>

DEFINITIONS

         The following definitions will apply to this Agreement:

         a)       "Allocated  Loss  Adjustment  Expense"  will mean any expense,
                  including,  but not  limited  to fees  and  costs  of  outside
                  contractors,  such  as  title  companies,  investigators,  and
                  attorneys,  incurred  by the  Company  during  the  course  of
                  receipt,   evaluation   or   adjustment   of  any   notice  of
                  delinquency,  loss or claim  for any  reason.  Allocated  Loss
                  Adjustment  Expense  will be  included  within  the  Limit  of
                  Liability. Allocated Loss Adjustment Expense shall not include
                  salaries and overhead of the Company and its personnel.

         b)       "Certificates"  will  mean  the  certificates  issued  by  the
                  Company pursuant to the terms and conditions  specified in any
                  Master  Policy that extend the  indicated  coverage  option to
                  specified loans and renewals thereon.

         c)       "Combined  Ratio"  will mean, with  respect  to  any  calendar
                   quarter, the sum of:

                  1.  Losses and Allocated Loss Adjustment  Expense  incurred in
                      such calendar quarter divided by earned premium for such
                      calendar quarter, and

                  2.  Other  underwriting  expenses  incurred  in such  calendar
                      quarter  divided  by written premium for such calendar
                      quarter,

                  as such quantities are reported  in the  Company's   statutory
                  filings  with  the  Illinois regulators.

         d)       "Coverage Percentage" will mean, with respect to a Certificate
                  included  in the Covered  Business,  the  coverage  percentage
                  specified on the face of such Certificate.

         e)       "Covered  Business"  will  mean  Certificates  issued  by  the
                  Company prior to or during the Underwriting  Period;  provided
                  that, with respect to  Certificates  issued prior to the Term,
                  such Certificates are in force as of the Effective Date.

         f)       "Covered  Losses" will mean Loss and Allocated Loss Adjustment
                  Expenses  paid by the Company  during the Term and any Run-off
                  Period in  respect of Covered  Business,  less any  salvage or
                  recovery,  including  reinsurance  recoveries  other  than the
                  reinsurance provided hereby.

         g)       "Current  Principal  Amount"  will  mean,  with  respect  to a
                  Certificate  included in the Covered Business at any date, the
                  latest  reported  principal  amount  at such  date of the loan
                  insured under such Certificate.

         h)       "Cut-off  Basis"  will  mean that the  Reinsurer  will have no
                  liability  for Covered  Losses  paid by the Company  after the
                  Cut-off Termination Date.

         i)       "Effective Date will mean 12:01 a.m. in Chicago, Illinois on
                  January 1, 2001.

                                       11

<PAGE>

DEFINITIONS - (continued)

         j)       "Limit of  Liability"  will mean  Covered  Losses in an amount
                  equal to  $25,000,000.  The maximum Limit of Liability  during
                  the  Term  and  any  Run-off  Period  is  $25,000,000  in  the
                  aggregate.

         k)       "Loss" as used in this  Agreement will  have the  meaning  set
                  forth in the  Company's  MasterPolicies and Certificates.

         l)       "Master  Policies" will mean the mortgage  guaranty  insurance
                  policies  issued by the  Company to mortgage  lenders  setting
                  forth  the  terms  and  conditions  of the  mortgage  guaranty
                  insurance provided by the Company.

         m)       "Property  acquisition  settlement  option"  as  used  in this
                  Agreement,  and as its meaning is  understood  in the mortgage
                  insurance  industry,  will mean the method of claim settlement
                  whereby the Company  pays the entire  amount due the  insured,
                  without reduction for the percentage of coverage, such payment
                  being  a  final  discharge  of the  Company's  liability,  and
                  whereby the Company  acquires Good and  Merchantable  Title to
                  the property.

         n)       "Risk-to-Capital Ratio" will mean,with respect to any calendar
                  quarter:

                  1.       The aggregate of the Coverage  Percentage  multiplied
                           by the Current Principal Amount as of the end of such
                           calendar  quarter of each mortgage loan insured under
                           the  Certificates  included in the Covered  Business,
                           all less risk ceded to Reinsurers with respect to the
                           Covered Business, divided by

                  2.       The   Company's    statutory   surplus   as   regards
                           policyholders  as of such  calendar  quarter end plus
                           the  Company's   contingency   reserves  as  of  such
                           calendar  quarter end (as such statutory  surplus and
                           contingency  reserves are  reported in the  Company's
                           statutory filings with the Illinois regulators).

         o)       "Run-Off  Coverage"  will mean that,  subject to the terms and
                  conditions  hereof,  the Reinsurer  will remain liable through
                  the end of the Run-off  Period with respect to Covered  Losses
                  arising from Certificates  issued prior to a Termination Date,
                  or the Special Termination Date.

         p)       "Run-off  eriod" will mean either the  10-year  period
                  commencing as of 11:59 p.m.on a Termination Date or the
                  Special Termination Date, whichever is earlier.

         q)       "Term" will mean the period  commencing on the Effective  Date
                  and ending on the earlier of the Termination Date, the Special
                  Termination Date or the Cut-off Termination Date.

         r)       "Underwriting  Period"  will  mean  a period of 24 consecutive
                  months, commencing with the Effective Date.

                                       12
<PAGE>

INTERMEDIARY

         Aon Re  Inc.,  an  Illinois  corporation,  or  one  of  its  affiliated
corporations duly licensed as a reinsurance  intermediary,  is hereby recognized
as the Intermediary  negotiating this Agreement for all business hereunder.  All
communications (including losses, loss expenses, salvages, and loss settlements)
relating to this  Agreement will be transmitted to the Company or the Reinsurers
through the  Intermediary.  Payments by the Company to the Intermediary  will be
deemed  payments  to  the   Reinsurers.   Payments  by  the  Reinsurers  to  the
Intermediary  will be deemed payment to the Company only to the extent that such
payments are actually received by the Company.

                                    13<PAGE>

                                                                  EXECUTION COPY

                                                                EXHIBIT 4(a)(15)

================================================================================

                              UTILICORP UNITED INC.

                                       and

                           BANK ONE TRUST COMPANY, NA
        (as successor in interest to The First National Bank of Chicago)
                                   as Trustee

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

                       Senior Floating Rate Notes due 2002

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

                        FOURTEENTH SUPPLEMENTAL INDENTURE

                          Dated as of November 20, 2000

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

================================================================================
<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>

                                                                           PAGE
<S>                                                                        <C>
ARTICLE ONE DEFINITIONS.......................................................2
ARTICLE TWO TERMS AND ISSUANCE OF THE SENIOR NOTES............................3
         Section 201.  Issue of Senior Notes..................................3
         Section 202.  Form of Senior Notes; Incorporation of Terms...........3
         Section 203.  Place of Payment.......................................3
         Section 204.  Limitation on Issuance of Mortgage Bonds...............3
ARTICLE THREE MISCELLANEOUS...................................................4
         Section 301.  Execution of Supplemental Indenture....................4
         Section 302.  Conflict With Trust Indenture Act......................4
         Section 303.  Effect of Headings.....................................4
         Section 304.  Successors and Assigns.................................4
         Section 305.  Separability Clause....................................5
         Section 306.  Benefits of Fourteenth Supplemental Indenture..........5
         Section 307.  Governing Law..........................................5
         Section 308.  Execution and Counterparts.............................5
EXHIBIT A...................................................................A-1
</TABLE>

<PAGE>

                  FOURTEENTH SUPPLEMENTAL INDENTURE, dated as of November 20,
2000 (herein called the "Fourteenth Supplemental Indenture"), between UTILICORP
UNITED INC., a corporation duly organized and existing under the laws of the
State of Delaware (hereinafter called the "Company"), party of the first part,
and BANK ONE TRUST COMPANY, NA (as successor in interest toThe First National
Bank of Chicago), a national banking association duly organized and existing
under the laws of the United States, as Trustee under the Original Indenture
referred to below (hereinafter called the "Trustee"), party of the second part.

                                   WITNESSETH:
                  WHEREAS, the Company has heretofore executed and delivered to
the Trustee an Indenture, dated as of November 1, 1990 (hereinafter called the
"Original Indenture"), to provide for the issuance from time to time of certain
of its unsecured senior notes (hereinafter called the "Securities"), the form
and terms of which are to be established as set forth in Sections 201 and 301 of
the Original Indenture; and
                  WHEREAS, Section 901 of the Original Indenture provides, among
other things, that the Company and the Trustee may enter into indentures
supplemental to the Original Indenture for, among other things, the purpose of
establishing the form or terms of the Securities of any series as permitted in
Sections 201 and 301 of the Original Indenture; and
                  WHEREAS, the Company desires to create a series of the
Securities in an aggregate principal amount of $250,000,000 to be designated the
"Senior Floating Rate Notes due 2002" (the "Senior Notes"), and all action on
the part of the Company necessary to authorize the issuance of the Senior Notes
under the Original Indenture and this Fourteenth Supplemental Indenture has been
duly taken; and

<PAGE>
                                      -2-

                  WHEREAS, all acts and things necessary to make the Senior
Notes when executed by the Company and completed, authenticated and delivered by
the Trustee as in the Original Indenture and this Fourteenth Supplemental
Indenture provided, the valid and binding obligations of the Company and to
constitute these presents a valid and binding supplemental indenture and
agreement according to its terms, have been done and performed; and
                  WHEREAS, Section 901 of the Original Indenture provides, among
other things, that the Company and the Trustee may enter into indentures
supplemental to the Original Indenture to, among other things, add to the
covenants of the Company for the benefit of the Holders of all or any series of
Securities; and
                  WHEREAS, the Company desires to limit the issuance of Mortgage
Bonds under its General Mortgage (as hereinafter defined) as set forth in
Section 204 of this Fourteenth Supplemental Indenture for the benefit of the
Holders of the Senior Notes;
                  NOW, THEREFORE, THIS FOURTEENTH SUPPLEMENTAL INDENTURE
WITNESSETH:
                  That in consideration of the premises, the Company covenants
and agrees with the Trustee, for the equal benefit of holders of the Senior
Notes, as follows:

                                   ARTICLE ONE

                                   DEFINITIONS

                  The use of the terms and expressions herein is in accordance
with the definitions, uses and constructions contained in the Original Indenture
and the form of Senior Note attached hereto as Exhibit A.

<PAGE>

                                      -3-

                                   ARTICLE TWO

                     TERMS AND ISSUANCE OF THE SENIOR NOTES

                  Section 201. ISSUE OF SENIOR NOTES. A series of Securities
which shall be designated the "Senior Floating Rate Notes due 2002" shall be
executed, authenticated and delivered in accordance with the provisions of, and
shall in all respects be subject to, the terms, conditions and covenants of the
Original Indenture and this Fourteenth Supplemental Indenture (including the
form of Senior Note set forth as Exhibit A hereto). The aggregate principal
amount of Senior Notes of the series created hereby which may be authenticated
and delivered under the Original Indenture shall not, except as permitted by the
provisions of the Original Indenture, exceed $250,000,000.
                  Section 202. FORM OF SENIOR NOTES; INCORPORATION OF TERMS. The
form of the Senior Notes shall be substantially in the form of Exhibit A
attached hereto. The terms of such Senior Notes are herein incorporated by
reference and are part of this Fourteenth Supplemental Indenture.
                  Section 203. PLACE OF PAYMENT. The Place of Payment will be
initially the corporate trust offices of the Trustee which, at the date hereof,
are located at Bank One Trust Company, NA, One Bank One Plaza, Suite 0126,
Chicago, Illinois 60670-0126.
                  Section 204. LIMITATION ON ISSUANCE OF MORTGAGE BONDS. The
Company will not (a) issue any Mortgage Bonds under its General Mortgage
Indenture and Deed of Trust, dated September 15, 1988, between the Company and
Commerce Bank of Kansas City, N.A., as Trustee (the "General Mortgage"); (b)
following the consummation of the Company's acquisition of St. Joseph Power &
Light Company, issue any debenture or other obligation or instrument under such
entity's Indenture of Mortgage and Deed of Trust, dated as of April 1, 1946, as

<PAGE>
                                      -4-

amended and supplemented; or (c) following the consummation of the Company's
acquisition of Empire District Electric Company, issue any debenture or other
obligation or instrument under such entity's Indenture of Mortgage and Deed of
Trust, dated as of September 1, 1944, as amended and supplemented; PROVIDED,
HOWEVER, that any such issuance of any debenture or other obligation or
instrument under any indenture referenced in (a), (b) or (c) shall be permitted
where the Company directly secures the Senior Notes issued pursuant to this
Fourteenth Supplemental Indenture equally and ratably with such debenture or
other obligation or instrument issued under such indenture.

                                  ARTICLE THREE

                                  MISCELLANEOUS

                  Section 301. EXECUTION OF SUPPLEMENTAL INDENTURE. This
Fourteenth Supplemental Indenture is executed and shall be construed as an
indenture supplemental to the Original Indenture and, as provided in the
Original Indenture, this Fourteenth Supplemental Indenture forms a part thereof.
                  Section 302. CONFLICT WITH TRUST INDENTURE ACT. If any
provision hereof limits, qualifies or conflicts with another provision hereof
which is required to be included in this Fourteenth Supplemental Indenture by
any of the provisions of the Trust Indenture Act, such required provision shall
control.
                  Section 303.  EFFECT OF HEADINGS.  The Article and Section
headings herein are for convenience only and shall not affect the construction
hereof.
                  Section 304. SUCCESSORS AND ASSIGNS. All covenants and
agreements in this Fourteenth Supplemental Indenture by the Company shall bind
its successors and assigns, whether so expressed or not.

<PAGE>

                                      -5-

                  Section 305. SEPARABILITY CLAUSE. In case any provision in
this Fourteenth Supplemental Indenture or in the Senior Notes shall be invalid,
illegal or unenforceable, the validity, legality and enforceability of the
remaining provisions shall not in any way be affected or impaired thereby.
                  Section 306. BENEFITS OF FOURTEENTH SUPPLEMENTAL INDENTURE.
Nothing in this Fourteenth Supplemental Indenture or in the Senior Notes,
express or implied, shall give to any person, other than the parties hereto and
their successors hereunder and the holders, any benefit or any legal or
equitable right, remedy or claim under this Fourteenth Supplemental Indenture.
                  Section 307. GOVERNING LAW. This Fourteenth Supplemental
Indenture and each Senior Note shall be deemed to be a contract made under the
laws of the State of New York, and for all purposes shall be governed by and
construed in accordance with the laws of said State.
                  Section 308. EXECUTION AND COUNTERPARTS. This Fourteenth
Supplemental Indenture may be executed in any number of counterparts, each of
which shall be deemed to be an original, but all such counterparts shall
together constitute but one and the same instrument.

<PAGE>

                                      -6-

                  IN WITNESS WHEREOF, the parties hereto have caused this
Fourteenth Supplemental Indenture to be duly executed, and their respective
corporate seals to be hereunto affixed and attested, all as of the day and year
first above written.
                                      UTILICORP UNITED INC.

[Seal]                                By:   /s/ Dale J. Wolf
                                         ---------------------------------------
                                         Name:  Dale J. Wolf
                                         Title: Vice President, Finance,
                                                Treasurer and Secretary

Attest:

By:   /s/ Douglas P. Evanson
   ---------------------------------
   Name:  Douglas P. Evanson
   Title: Assistant Treasurer

                                      BANK ONE TRUST COMPANY, NA,
                                       as Trustee

[Seal]                                By:   /s/ Leland Hansen
                                         ---------------------------------------
                                         Name:  Leland Hansen
                                         Title: Asst. Vice President

Attest:

By:   /s/ Joan Blume
   -----------------------------------------
   Name:  Joan Blume
   Title: Trust Officer

<PAGE>

STATE OF Missouri    )
                     )  ss.:
COUNTY OF Jackson    )

                  On the 20th day of November, 2000, before me personally
came Dale J. Wolf, to me known, who, being by me duly sworn, did depose and
say that he/she is Vice President of UtiliCorp United Inc., the corporation
described in and which executed the foregoing instrument; that he/she knows
the seal of said corporation; that the seal affixed to said instrument is
such corporate seal; that it was so affixed by authority of the Board of
Directors of said corporation, and that he/she signed his/her name thereto by
like authority.

                                      /s/ Lewisann Rosenberger
                                      Notary Public,
                                      State of Missouri

STATE OF Illinois   )
                    ) ss.:
COUNTY OF Cook      )

                  On the 20th day of November, 2000, before me personally
came Leland Hansen, to me known, who, being by me duly sworn, did depose and
say that he/she is Asst Vice President of Bank One Trust Company, NA, the
national banking association described in and which executed the foregoing
instrument; that he/she knows the seal of said association; that the seal
affixed to said instrument is such association seal; that it was so affixed
by authority of the Board of Directors of said association, and that he/she
signed his/her name thereto by like authority.

                                      /s/ Nelda Sierra
                                      Notary Public,
                                      State of Illinois

<PAGE>

                                                                       EXHIBIT A

                          [FORM OF FACE OF SENIOR NOTE]

                              UTILICORP UNITED INC.

                       SENIOR FLOATING RATE NOTE DUE 2002

Number R-1                                                          $250,000,000
                                                                CUSIP __________

                  UTILICORP UNITED INC., a corporation duly organized and
existing under the laws of Delaware (herein called the "Company", which term
includes any successor corporation under the Indenture hereinafter referred to),
for value received, hereby promises to pay to Cede & Co., or registered assigns,
the principal sum of TWO HUNDRED AND FIFTY MILLION DOLLARS ($250,000,000) on May
15, 2002, and to pay interest thereon from November 20, 2000, or from the most
recent Interest Payment Date to which interest has been paid or duly provided
for, quarterly in arrears on February 15, May 15, August 15 and November 15 in
each year, commencing February 15, 2001, at the rates determined quarterly
described on the reverse hereof, until the principal hereof is paid or made
available for payment, and, subject to the terms of the Indenture, at the rate
per annum on any overdue principal and premium, if any, and (to the extent that
the payment of such interest shall be legally enforceable) on any overdue
installment of interest. The interest so payable, and punctually paid or duly
provided for, on any Interest Payment Date will, as provided in such Indenture,
be paid to the Holder in whose name this Security (or one or more Predecessor
Securities) is registered at the close of business on the Regular Record Date
for such interest payment, which shall be the 15th calendar day next preceding
such Interest Payment Date. Any such interest not so punctually paid or duly
provided for shall forthwith cease to be payable to the Holder on such Regular
Record Date, and may either be paid to the Holder in whose name this Security
(or one or more Predecessor Securities) is registered at the close of business
on a Special Record Date for the payment of such Defaulted Interest to be fixed
by the Trustee, in which event notice whereof shall be given to Holders of
Securities of this series not less than 10 days prior to such Special Record
Date, or may be paid at any time in any other lawful manner not inconsistent
with the requirements of any securities exchange on which the Securities of this
series may be listed, and upon such notice as may be required by such exchange,
all as more fully provided in said Indenture.

                  Payment of the principal of and premium, if any, and interest
on this Security will be made at the office or agency of the Trustee maintained
for that purpose in the Borough of Manhattan, The City of New York, in such coin
or currency of the United States of America as at the time of payment is legal
tender for payment of public and private debts. The Company may pay principal by
check payable in such money or by wire transfer to a dollar account maintained
by the holder (if the holder of the Security holds an aggregate principal amount
of Securities in excess of $5,000,000). The Company may pay interest by mailing
a dollar check to a holder's registered address or, upon application by the
holder hereof to the Security Registrar, not later

                                       A-1

<PAGE>

than the applicable record date, by wire transfer to a dollar account maintained
by the holder (if the holder of the Security holds an aggregate principal amount
of Securities in excess of $5,000,000).

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

                  Unless the certificate of authentication hereon has been
executed by the Trustee referred to on the reverse hereof, or an Authenticating
Agent, by manual signature of one of its authorized officers, this Security
shall not be entitled to any benefit under the Indenture or be valid or
obligatory for any purpose.

                                    A-2

<PAGE>

                  IN WITNESS WHEREOF, the Company has caused this instrument to
be duly executed under its corporate seal.

                                    UTILICORP UNITED INC.

Dated:   November __, 2000          By: ________________________________________
                                        Name:
                                        Title:

                                    Attest:

                                    By: ________________________________________
                                        Name:
                                        Title:

TRUSTEE'S CERTIFICATE OF
   AUTHENTICATION

This is one of the Senior
Notes of the series designated
herein referred to in the
within-mentioned Indenture

BANK ONE TRUST COMPANY, NA,
   as Trustee

By: _________________________________

                                    A-3

<PAGE>

                        [FORM OF REVERSE OF SENIOR NOTE]

                              UTILICORP UNITED INC.

                       SENIOR FLOATING RATE NOTE DUE 2002

                  This Senior Note is one of a duly authorized series of
securities of the Company (herein called the "Securities"), issued and to be
issued in one or more series under an Indenture, dated as of November 1, 1990,
as amended and supplemented by the Fourteenth Supplemental Indenture dated as of
November 20, 2000 (as amended and supplemented, the "Indenture"), between the
Company and Bank One Trust Company, NA (as successor in interest to The First
National Bank of Chicago), as Trustee (herein called the "Trustee", which term
includes any successor trustee under the Indenture), to which Indenture and all
indentures supplemental thereto reference is hereby made for a statement of the
respective rights, limitations of rights, duties and immunities thereunder of
the Company, the Trustee and the Holders of the Securities and the terms upon
which the Securities are, and are to be, authenticated and delivered. This
Security is one of the series designated on the face hereof, limited in
aggregate principal amount to $250,000,000.

                  1. INTEREST RATE. This Security will bear interest for each
Interest Period (as defined below) at a per annum rate determined by Bank One
Trust Company, NA, or its successor appointed by the Company acting as
Calculation Agent (the "Calculation Agent"). Such Interest Rate will be equal to
LIBOR (as defined below) on the second London business day (as defined below)
immediately preceding the first day of such Interest Period (an "Interest
Determination Date") PLUS the applicable Spread (as defined below); PROVIDED,
HOWEVER, that the Interest Rate may be determined without reference to LIBOR
pursuant to subsection (c), below.

                  The "Spread" shall be defined as (x) 0.875% PLUS (y) any
applicable Total Adjustment Amount (as defined below) pursuant to subsection (b)
below.

                  For purposes of the calculation of the Interest Rate, "London
business day" is defined as a day on which dealings in deposits in U.S. dollars
are transacted, or with respect to any future date, are expected to be
transacted, in the London interbank market.

                  "LIBOR" for any Interest Determination Date will be the
offered rate for deposits in U.S. dollars having an index maturity of three
months for a period commencing on the second London business day immediately
following the Interest Determination Date ("three month deposits") in amounts of
not less than $1,000,000, as such rate appears on Telerate Page 3750 (as defined
below), or a successor reporter of such rates selected by the Calculation Agent
and acceptable to the Company, at approximately 11:00 a.m., London time, on the
Interest Determination Date (the "reported rate").

                  "Telerate Page 3750" means the display designated on page
"3750" on Dow Jones Markets Limited (or such other page as may replace the 3750
page on that service or such other service or services as may be nominated by
the British Bankers' Association for the purpose of displaying London interbank
offered rates for U.S. dollar deposits).

                                    A-4

<PAGE>

                  The period commencing on an Interest Payment Date and ending
on the day preceding the next succeeding Interest Payment Date shall be an
"Interest Period," PROVIDED, HOWEVER, that the first Interest Period shall begin
on the date of the issuance of this Security and extend through February 14,
2001, the day preceding the first Interest Payment Date.

                  Promptly upon a determination that the Interest Rate is equal
to other than the sum of LIBOR plus 0.875%, the Calculation Agent shall notify
the Trustee of the Interest Rate for the applicable Interest Period. Upon the
request of a Holder of a Security, the Calculation Agent shall provide to such
Holder the Interest Rate in effect on the date of such request and, if
determined, the Interest Rate for the next Interest Period.

                  Interest on the Security will be calculated on the basis of
the actual number of days for which interest is payable in the relevant Interest
Period, divided by 360. All dollar amounts resulting from such calculation will
be rounded, if necessary, to the nearest cent with one-half cent rounded upward.

                  (a) In the event Moody's Investors Service, Inc. ("Moody's),
on the one hand, or Standard & Poor's Rating Service ("S&P") or Fitch IBCA
("Fitch"), on the other hand, have assigned to the Company's long-term unsecured
debt a rating (a "Rating") listed under their respective names in the table
immediately below as of an Interest Determination Date, the Calculation Agent
shall use the Adjustment Amount opposite such Rating (an "Adjustment Amount") to
determine the calculation of the Total Adjustment Amount. The "Total Adjustment
Amount" shall be the sum of (i) the applicable Moody Adjustment Amount (as
defined in the table below), if any, PLUS (ii) the higher of (A) the applicable
S&P Adjustment Amount (as defined in the table below), if any, and (B) the
applicable Fitch Adjustment Amount (as defined in the table below), if any.
Adjustment Amounts, if any, shall be determined by the Calculation Agent based
on the table immediately below and the respective Ratings of Moody's, S&P and
Fitch as of the Interest Determination Date. Neither this paragraph nor the
table below shall apply to the first Interest Period.

                            INTEREST RATE ADJUSTMENTS

<TABLE>
<CAPTION>

                           MOODY'S RATING        "MOODY ADJUSTMENT AMOUNT"
                           <S>                   <C>
                           Baa3                           0.000%
                           Ba1                            0.500%
                           Ba2                            1.000%
                           Ba3 or lower                   1.500%

                           S&P RATING            "S&P ADJUSTMENT AMOUNT"
                           BBB-                           0.300%
                           BB+                            0.800%
                           BB                             1.300%
                           BB- or lower                   1.800%
</TABLE>

                                    A-5

<PAGE>

<TABLE>
<CAPTION>
                           FITCH RATING          "FITCH ADJUSTMENT AMOUNT"
                           <S>                   <C>
                           BBB-                           0.300%
                           BB+                            0.800%
                           BB                             1.300%
                           BB- or lower                   1.800%
</TABLE>

                  (b) If the following circumstances exist on any Interest
Determination Date, the Calculation Agent shall determine the Interest Rate for
the Security as follows:

                  (i)  In the event the reported rate cannot be determined as of
                  approximately 11:00 a.m. London time on an Interest
                  Determination Date, the Calculation Agent shall request the
                  principal London offices of each of four major banks in the
                  London interbank market selected by the Calculation Agent
                  (after consultation with the Company) to provide a quotation
                  of the rate (a "rate quotation") at which three month deposits
                  in amounts of not less than $1,000,000 are offered by it to
                  prime banks in the London interbank market, as of
                  approximately 11:00 a.m. London time on such Interest
                  Determination Date, that is representative of single
                  transactions at such time ("representative amounts"). If at
                  least two rate quotations are provided, the Interest Rate will
                  be the arithmetic mean of the rate quotations obtained by the
                  Calculation agent, plus the applicable Spread.

                  (ii)  In the event the reported rate cannot be determined and
                  there are fewer than two rate quotations, the Interest Rate
                  will be the arithmetic mean of the rates quoted at
                  approximately 11:00 a.m. New York City time on such Interest
                  Determination Date, by three major banks in New York City,
                  selected by the Calculation Agent (after consultation with the
                  Company), for loans in representative amounts in U.S. dollars
                  to leading European banks, having an index maturity of three
                  months for a period commencing on the second London business
                  day immediately following such Interest Determination Date,
                  plus the applicable Spread; PROVIDED, HOWEVER, that if fewer
                  than three banks selected by the Calculation Agent are quoting
                  such rates, the Interest Rate for the applicable period will
                  be the same as the Interest Rate in effect for the immediately
                  preceding Interest Period.

                  2.    SINKING FUND.  This Security is not subject to any
sinking fund.

                  3.    REDEMPTION. This Security may be redeemed at the option
of the Company on any Interest Payment Date beginning May 15, 2001, in whole or
in part, at 100% of the principal amount then outstanding, plus accrued and
unpaid interest on such Interest Payment Date. Any redemption hereunder shall be
made following prior notice given to the relevant Holder(s) not more than 60 nor
less than 30 days prior to such redemption date. In the event of redemption of
this Security in part only, a new Security for the unredeemed portion hereof
shall be issued in the name of the relevant Holder(s) hereof upon surrender
hereof.

                                    A-6

<PAGE>

                  4.    DEFEASANCE.  The Indenture contains provisions for
defeasance of (a) the entire indebtedness of this Security and (b) certain
restrictive covenants upon compliance by the Company with certain conditions set
forth therein.

                  5.    EVENTS OF DEFAULT.  If an Event of Default with respect
to Securities of this series shall occur and be continuing, the principal of the
Securities of this series may be declared due and payable in the manner and with
the effect provided in the Indenture.

                  6.    AMENDMENT, SUPPLEMENT AND WAIVER. The Indenture permits,
with certain exceptions as therein provided, the amendment thereof and the
modification of the rights and obligations of the Company and the rights of the
Holders of the Securities of each series to be affected under the Indenture at
any time by the Company and the Trustee with the consent of the Holders of not
less than 66 2/3% in principal amount of the Securities at the time Outstanding
of all series to be affected (voting as a class). The Indenture also contains
provisions permitting the Holders of specified percentages in principal amount
of the Securities of each series at the time Outstanding, on behalf of the
Holders of all Securities of such series, to waive compliance by the Company
with certain provisions of the Indenture and certain past defaults under the
Indenture and their consequences. Any such consent or waiver by the Holder of
this Security shall be conclusive and binding upon such Holder and upon all
future Holders of this Security and of any Security issued upon the registration
of transfer hereof or in exchange hereof or in lieu hereof, whether or not
notation of such consent or waiver is made upon this Security.

                  7.    OBLIGATION OF THE COMPANY. No reference herein to the
Indenture and no provision of this Security or of the Indenture shall alter or
impair the obligation of the Company, which is absolute and unconditional, to
pay the principal of and premium, if any, and interest, if any, on this Security
at the times, place and rate, and in the coin or currency, herein prescribed.

                  8.    EXCHANGE OF SECURITY. This Security shall be
exchangeable for Securities registered in the names of Persons other than the
Depositary with respect to such series or its nominee only as provided in this
paragraph. This Security shall be so exchangeable if (x) the Depositary notifies
the Company that it is unwilling or unable to continue as Depositary for such
series or at any time ceases to be a clearing agency registered as such under
the Securities Exchange Act of 1934, (y) the Company executes and delivers to
the Trustee an Officers' Certificate providing that this Security shall be so
exchangeable or (z) there shall have occurred and be continuing an Event of
Default with respect to the Securities of such series. Securities so issued in
exchange for this Security shall be of the same series, having the same interest
rate, if any, and maturity and having the same terms as this Security, in
authorized denominations and in the aggregate having the same principal amount
as this Security and registered in such names as the Depositary for such Global
Security shall direct.

                  9.    TRANSFERS OF SECURITY. As provided in the Indenture and
subject to certain limitations therein set forth, the transfer of a Security of
the series of which this Security is a part is registrable in the Security
Register, upon surrender of this Security for registration of transfer at the
office or agency of the Company in any place where the principal of and premium,
if any, and interest, if any, on this Security are payable, duly endorsed by, or
accompanied by a written instrument of transfer in form satisfactory to the
Company and the Security Registrar duly executed by, the Holder hereof or his
attorney duly authorized in writing, and thereupon one or

                                    A-7

<PAGE>

more new Securities of this series, of authorized denominations and for the same
aggregate principal amount, will be issued to the designated transferee or
transferees.

                  10.   DENOMINATIONS OF SECURITY. The Securities of the series
of which this Security is a part are issuable only in registered form without
coupons in denominations of $1,000 and in integral multiples thereof. As
provided in the Indenture and subject to certain limitations therein set forth,
Securities of this series are exchangeable for a like aggregate principal amount
of Securities of this series and of like tenor of a different authorized
denomination, as requested by the Holder surrendering the same.

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

                  12.   PERSONS DEEMED OWNERS. Prior to due presentment of this
Security for registration of transfer, the Company, the Trustee and any agent of
the Company or the Trustee may treat the Holder in whose name this Security is
registered as the owner hereof for all purposes, whether or not this Security be
overdue, and neither the Company, the Trustee nor any such agent shall be
affected by notice to the contrary.

                  13.   GOVERNING LAW. This Security shall be governed by and
construed in accordance with the laws of the State of New York.

                  14.   TERMS.  All terms used in this Security which are
defined in the Indenture shall have the meanings assigned to them in the
Indenture.

                  15.   CUSIP NUMBER. Pursuant to a recommendation promulgated
by the Committee on Uniform Security Administration Procedures, the Company has
caused a CUSIP number to be printed on this Security and the Trustee may use
such CUSIP number in notices as a convenience to Holders. No representation is
made as to the accuracy of the CUSIP number either printed on this Security or
as contained in any notice and reliance may be placed only on other
identification numbers placed thereon.

                                    A-8

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00022-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00022-of-00352.parquet"}]]