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                                                                     EXHIBIT 4.2

                              AMENDED AND RESTATED

                                     BYLAWS

                                       OF

                       ALTERNATE MARKETING NETWORKS, INC.

                                    ARTICLE I
                               OFFICE(S) AND AGENT

        1.1 Registered Office and Agent. Alternate Marketing Networks, Inc., a
Delaware corporation (the "CORPORATION") shall have and maintain in the State of
Delaware (a) a registered office which may, but need not be, the same as the
place of business of the Corporation, and (b) a registered agent. The
Corporation may, by resolution of the board of directors of the Corporation (the
"BOARD OF DIRECTORS"), change (a) the location of the registered office of the
Corporation in the State of Delaware to any place in the State of Delaware and
(b) the registered agent of the Corporation to any other person or corporation,
including, without limitation, the Corporation.

        1.2 Other Office(s). Except as otherwise required by law, the
Corporation may have also have an office or offices, and keep the books and
records of the Corporation, at such other place or places, either within or
without the State of Delaware, as the Board of Directors may, from time to time,
determine or as the business of the Corporation may, from time to time, require.

                                   ARTICLE II
                            MEETINGS OF STOCKHOLDERS

        2.1 Place of Meetings. Meetings of stockholders of the Corporation may
be held at such place, either within or without the State of Delaware, as
determined by the Board of Directors. The Board of Directors may, in its sole
discretion, determine that any meeting of stockholders of the Corporation shall
not be held at any place, but may instead be held solely by means of remote
communication pursuant to Section 211(a)(2) of the General Corporation Law of
the State of Delaware (the "DGCL").

        2.2 Annual Meetings. Unless directors are elected by written consent in
lieu of an annual meeting of stockholders of the Corporation as permitted by
these bylaws of the Corporation (as adopted and including, without limitation,
any and all subsequent amendment(s) or successor(s) thereto, these "BYLAWS"),
annual meetings of stockholders of the Corporation shall be held for the
election of directors and for the transaction of such other business as may
properly come before such meetings on such date and at such time as the Board of
Directors shall, from time to time, determine. Any previously scheduled annual
meeting of stockholders of the Corporation may be postponed by the Board of
Directors prior to the time previously scheduled for such meeting.

        2.3 Special Meetings. Except as otherwise required by applicable law or
the certificate of incorporation of the Corporation (as filed with the Secretary
of State of the State of Delaware and including, without limitation, any and all
subsequent amendment(s) or successor(s) thereto, the "CERTIFICATE OF
INCORPORATION") and subject to the rights of the holders of any preferred stock
of the Corporation ("PREFERRED STOCK") or series of Preferred Stock then
outstanding, special meetings of stockholders of the Corporation may be called
only by the chairman of the Board of Directors (the "CHAIRMAN"), if any, the
president of the Corporation (the "PRESIDENT"), if any, the Board of Directors
pursuant to a resolution adopted by a majority of

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the whole (as defined below) Board of Directors, or holders of at least
twenty-five percent (25%) of the voting power of the Voting Stock (as defined
below), voting together as a single class. Only such business as is specified in
the notice of any special meeting of stockholders of the Corporation shall come
before such meeting.

        For purposes of these Bylaws, "WHOLE" shall mean the total number of
authorized directors, whether or not there exist any vacancies on the Board of
Directors or unfilled previously authorized directorships, at the time such
resolution is presented to the Board of Directors for adoption. For purposes of
these Bylaws, the term "VOTING STOCK" shall mean all issued and outstanding
shares of stock of the Corporation entitled to vote generally in the election of
directors or that otherwise are entitled to vote with such stock on the specific
matter in question.

        2.4 Notice of Meetings. Except as otherwise provided by law, notice of
each meeting of stockholders of the Corporation, whether annual or special,
shall be given not less than ten (10) days nor more than sixty (60) days before
the date of the meeting to each stockholder of record entitled to notice of the
meeting. If mailed, such notice shall be deemed given when deposited in the
United States mail, postage prepaid, directed to the stockholder at such
stockholder's address as it appears on the records of the Corporation. Each such
notice shall state the place, date, and hour of the meeting, and, in the case of
any special meeting, the purpose(s) for which the meeting is called; provided
further, that, if the Corporation shall maintain the list of stockholders
entitled to vote at the meeting at a place other than where the meeting shall
take place, such notice shall specify where the Corporation shall maintain the
list. Notice of any meeting of stockholders of the Corporation shall not be
required to be given to any stockholder who shall attend such meeting in person
or by proxy without protesting, prior to or at the commencement of the meeting,
the lack of proper notice to such stockholder, or who shall waive notice thereof
as provided in Section 9.2 of these Bylaws. Notice of adjournment of a meeting
of stockholders need not be given if the time and place to which it is adjourned
are announced at such meeting, unless the adjournment is for more than thirty
(30) days or, after adjournment, a new record date is fixed for the adjourned
meeting.

        2.5 Quorum. Except as otherwise provided by law or by the Certificate of
Incorporation, the holders of a majority of the votes entitled to be cast by the
stockholders entitled to vote generally, present in person or by proxy, shall
constitute a quorum at any meeting of the stockholders; provided, however, that
in the case of any vote to be taken by classes or series, the holders of a
majority of the votes entitled to be cast by the stockholders of a particular
class or series, present in person or by proxy, shall constitute a quorum of
such class or series.

        2.6 Adjournment of Meetings. The chairman of the meeting or the holders
of a majority of the votes entitled to be cast by the stockholders who are
present in person or by proxy may adjourn the meeting from time to time whether
or not a quorum is present. In the event that a quorum does not exist with
respect to any vote to be taken by a particular class or series, the chairman of
the meeting or the holders of a majority of the votes entitled to be cast by the
stockholders of such class or series who are present in person or by proxy may
adjourn the meeting with respect to the votes to be taken by such class or
series. At any such adjourned meeting at which a quorum may be present, any
business may be transacted which may have been transacted at the meeting as
originally called.

        2.7 Order of Business. The chairman of any meeting of stockholders of
the Corporation shall determine the order of business and the procedure at the
meeting, including, without limitation, such regulations of the manner of voting
and the conduct of discussion as he or she deems in order.

        At each meeting of stockholders of the Corporation, the Chairman or, in
the absence of the Chairman, the Chief Executive Officer or, in the absence of
the Chairman and the Chief Executive Officer, such person as shall be selected
by the Board of Directors shall act as chairman of the meeting. The order of
business at each such meeting shall be as determined by the chairman of the
meeting. The chairman of the meeting shall have the

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right and authority to prescribe such rules, regulations, and procedures and to
do all such acts and things as are necessary or desirable for the proper conduct
of the meeting, including, without limitation, the establishment of procedures
for the maintenance of order and safety, limitations on the time allotted to
questions or comments on the affairs of the Corporation, restrictions on entry
to such meeting after the time prescribed for the commencement thereof, and the
opening and closing of the voting polls.

        At any annual meeting of stockholders of the Corporation, only such
business shall be conducted as shall have been brought before such annual
meeting (i) by or at the direction of the chairman of the meeting or (ii) by any
stockholder who is a holder of record at the time of the giving of the notice
provided for in this Section 2.7, who is entitled to vote at the meeting and who
complies with the procedures set forth in this Section 2.7.

        For business properly to be brought before an annual meeting by a
stockholder, the stockholder must have given timely notice thereof in proper
written form to the secretary of the Corporation (the "SECRETARY"). To be
timely, a stockholder's notice must be delivered to or mailed and received at
the principal executive offices of the Corporation not less than ninety (90)
days nor more than one hundred twenty (120) days prior to the first anniversary
of the date of the immediately preceding annual meeting; provided, however, that
in the event that the date of the annual meeting is more than thirty (30) days
earlier or more than sixty (60) days later than such anniversary date, notice by
the stockholder to be timely must be so delivered or received not earlier than
the one hundred twentieth (120th) day prior to such annual meeting and not later
than the close of business on the later of the ninetieth (90th) day prior to
such annual meeting or the tenth (l0th) day following the day on which public
announcement (as defined below) of the date of such meeting is first made. To be
in proper written form, a stockholder's notice to the Secretary shall set forth
in writing as to each matter the stockholder proposes to bring before the annual
meeting (i) a brief description of the business desired to be brought before the
annual meeting and the reasons for conducting such business at the annual
meeting, (ii) the name and address, as they appear on the Corporation's books,
of the stockholder proposing such business, (iii) the class and number of shares
of the Corporation which are beneficially owned by the stockholder, (iv) any
material interest of the stockholder in such business, and (v) if the
stockholder intends to solicit proxies in support of such stockholder's
proposal, a representation to that effect. The foregoing notice requirements
shall be deemed satisfied by a stockholder if the stockholder has notified the
Corporation of his, her, or its intention to present a proposal at an annual
meeting and such stockholder's proposal has been included in a proxy statement
that has been prepared by management of the Corporation to solicit proxies for
such annual meeting; provided, however, that if such stockholder does not appear
or send a qualified representative to present such proposal at such annual
meeting, the Corporation need not present such proposal for a vote at such
meeting, notwithstanding that proxies in respect of such vote may have been
received by the Corporation. Notwithstanding anything in these Bylaws to the
contrary, no business shall be conducted at any annual meeting except in
accordance with the procedures set forth in this Section 2.7. The chairman of an
annual meeting may refuse to permit any business to be brought before an annual
meeting which fails to comply with the foregoing procedures or, in the case of a
stockholder proposal, if the stockholder solicits proxies in support of such
stockholder's proposal without having made the representation required by clause
(v) of the third preceding sentence.

        2.8 List of Stockholders. It shall be the duty of the Secretary or other
officer who has charge of the stock ledger to prepare and make, at least ten
(10) days before each meeting of stockholders of the Corporation, a complete
list of the stockholders of the Corporation entitled to vote thereat, arranged
in alphabetical order, and showing the address of each such stockholder and the
number of shares registered in such stockholder's name. Such list shall be
produced and kept available at the times and places required by law. A
determination of stockholders entitled to vote at any meeting of stockholders of
the Corporation pursuant to this Section 2.8 shall apply to any adjournment
thereof.

        2.9 Fixing Date for Determination of Stockholders of Record. In order
that the Corporation may determine the stockholders of the Corporation entitled
to notice of or to vote at any meeting of stockholders of

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the Corporation or any adjournment thereof, or entitled to receive payment of
any dividend or other distribution or allotment or any rights, or entitled to
exercise any rights in respect of any change, conversion or exchange of stock,
or for the purpose of any other lawful action, the Board of Directors may fix,
in advance, a record date, which shall not be more than sixty (60) days nor less
than ten (10) days before the date of such meeting, nor more than sixty (60)
days prior to any other action. A determination of stockholders entitled to
notice of or to vote at a meeting of the stockholders of the Corporation shall
apply to any adjournment of the meeting; provided, however, that the Board of
Directors may fix a new record date for the adjourned meeting.

        2.10 Voting. Except as otherwise provided by law or by the Certificate
of Incorporation, each stockholder of record of any series of Preferred Stock
shall be entitled at each meeting of the stockholders to such number of votes,
if any, for each share of such stock as may be fixed in the Certificate of
Incorporation or in the resolution(s) adopted by the Board of Directors
providing for the issuance of such stock, and each stockholder of record of
common stock of the Corporation ("COMMON STOCK") shall be entitled at each
meeting of the stockholders to one (1) vote for each share of such stock, in
each case, registered in such stockholder's name on the books of the
Corporation:

                (a) on the date fixed pursuant to Section 2.9 of these Bylaws as
        the record date for the determination of stockholders of the Corporation
        entitled to notice of and to vote at such meeting; or

                (b) if no such record date shall have been so fixed, then at the
        close of business on the day next preceding the day on which notice of
        such meeting is given, or, if notice is waived, at the close of business
        on the day next preceding the day on which the meeting is held.

        Each stockholder of the Corporation entitled to vote at any meeting of
stockholders of the Corporation may authorize not in excess of three (3) persons
to act for such stockholder by proxy. Any such proxy shall be delivered to the
secretary of such meeting at or prior to the time designated for holding such
meeting, but in any event not later than the time designated in the order of
business for so delivering such proxies. No such proxy shall be voted or acted
upon after three (3) years from its date, unless the proxy provides for a longer
period.

        At each meeting of stockholders of the Corporation, all corporate
actions to be taken by vote of the stockholders of the Corporation (except as
otherwise required by law and except as otherwise provided in the Certificate of
Incorporation or these Bylaws) shall be authorized by a majority of the votes
cast by the stockholders entitled to vote thereon who are present in person or
represented by proxy, and where a separate vote by class or series is required,
a majority of the votes cast by the stockholders of such class or series who are
present in person or represented by proxy shall be the act of such class or
series.

        Unless required by law or determined by the chairman of the meeting to
be advisable, the vote on any matter, including the election of directors, need
not be by written ballot.

        2.11 Inspectors. The chairman of the meeting shall appoint two (2) or
more inspectors to act at any meeting of stockholders of the Corporation. Such
inspectors shall perform such duties as shall be required by law or specified by
the chairman of the meeting. Inspectors need not be stockholders. No director or
nominee for the office of director shall be appointed such inspector.

        2.12 Public Announcements. For the purpose of Sections 2.7 and 3.3 of
these Bylaws, "PUBLIC ANNOUNCEMENT" shall mean disclosure (a) in a press release
reported by the Dow Jones News Service, Reuters Information Service, or any
similar or successor news wire service or (b) in a communication distributed
generally to stockholders and in a document publicly filed by the Corporation
with the Securities and Exchange

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Commission pursuant to Sections l3, 14, or 15(d) of the Securities Exchange Act
of 1934, as amended (the "EXCHANGE ACT"), or any successor provision(s) thereto.

        2.13 Consent of Stockholders in Lieu of Meeting. Subject to the rights
of the holders of any Preferred Stock or series of Preferred Stock then
outstanding, any action required or permitted to be taken by the stockholders of
the Corporation must be effected at a duly called annual or special meeting of
stockholders of the Corporation and may not be effected by any consent in
writing by such stockholders.

                                   ARTICLE III
                               BOARD OF DIRECTORS

        3.1 Powers. The business and affairs of the Corporation shall be managed
by or under the direction of the Board of Directors, except as otherwise
provided by applicable law or the Certificate of Incorporation, which may
exercise all powers of the Corporation and perform all such lawful acts and do
all such lawful things that are not, by applicable law or the Certificate of
Incorporation, directed or required to be exercised, performed, or done by the
stockholders of the Corporation.

        3.2 Number, Qualification, and Election. Except as otherwise provided by
or fixed pursuant to the provisions of the Certificate of Incorporation with
respect to the right(s) of holders of any Preferred Stock or series of Preferred
Stock to elect any additional director(s), the number of directors which shall
constitute the "whole" (as defined below) Board of Directors shall be not less
than five (5) and shall be fixed from time to time exclusively by the Board of
Directors pursuant to a resolution adopted by the Board of Directors.

        Except as otherwise fixed by or pursuant to the provisions of Section
4.3 (Description of Preferred Stock) of the Certificate of Incorporation
relating to the rights of the holders of any series of Preferred Stock, subject
to Section 3.15 of this Article III, the number of directors constituting the
whole Board of Directors shall be determined from time to time by the Board of
Directors and shall initially be five (5).

        The directors, other than those who may be elected by the holders of
shares of any series of Preferred Stock pursuant to the provisions of Section
4.3 (Description of Preferred Stock) of the Certificate of Incorporation or any
resolution(s) providing for the issuance of such stock adopted by the Board of
Directors, shall be elected by the stockholders of the Corporation entitled to
vote thereon at each annual meeting of stockholders of the Corporation, and
shall hold office until the next annual meeting of stockholders of the
Corporation and until each of their successors shall have been duly elected and
qualified.

        Each director shall be at least 21 years of age. Directors need not be
stockholders of the Corporation.

        In any election of directors, the persons receiving a plurality of the
votes cast, up to the number of directors to be elected in such election, shall
be deemed elected.

        3.3 Notification of Nominations. Subject to the rights of the holders of
any series of Preferred Stock, nominations for the election of directors may be
made by the Board of Directors or by any stockholder of the Corporation who is a
stockholder of record at the time of giving of the notice of nomination provided
for in this Section 3.3 and who is entitled to vote for the election of
directors. Any stockholder of record entitled to vote for the election of
directors at a meeting may nominate persons for election as directors only if
timely written notice of such stockholder's intent to make such nomination is
given, either by personal delivery or by United States mail, postage prepaid, to
the Secretary. To be timely, a stockholder's notice must be delivered to or
mailed and received at the principal executive offices of the Corporation (i)
with respect to an election to be held at an annual meeting of stockholders of
the Corporation, not less than ninety (90) days nor more than one hundred

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twenty (120) days prior to the first anniversary of the date of the immediately
preceding annual meeting; provided, however, that in the event that the date of
the annual meeting is more than thirty (30) days earlier or more than sixty (60)
days later than such anniversary date, notice by the stockholder to be timely
must be so delivered or received not earlier than the one hundred twentieth
(120th) day prior to such annual meeting and not later than the close of
business on the later of the ninetieth (90th) day prior to such annual meeting
or the tenth (10th) day following the day on which public announcement of the
date of such meeting is first made and (ii) with respect to an election to be
held at a special meeting of stockholders of the Corporation for the election of
directors, not earlier than the ninetieth (90th) day prior to such special
meeting and not later than the close of business on the later of the sixtieth
(60th) day prior to such special meeting or the tenth (10th) day following the
day on which public announcement is first made of the date of the special
meeting and of the nominees to be elected at such meeting. Each such notice
shall set forth (a) the name and address of the stockholder who intends to make
the nomination and of the person or persons to be nominated, (b) a
representation that the stockholder is a holder of record of stock of the
Corporation entitled to vote at such meeting and intends to appear in person or
by proxy at the meeting to nominate the person(s) specified in the notice, (c) a
description of all arrangements or understandings between the stockholder and
each nominee and any other person or persons (naming such person(s)) pursuant to
which the nomination or nominations are to be made by the stockholder, (d) such
other information regarding each nominee proposed by such stockholder as would
have been required to be included in a proxy statement filed pursuant to the
proxy rules of the Securities and Exchange Commission had each nominee been
nominated, or intended to be nominated, by the Board of Directors, (e) the
consent of each nominee to serve as a director of the Corporation if so elected,
and (f) if the stockholder intends to solicit proxies in support of such
stockholder's nominee(s), a representation to that effect. The chairman of the
meeting may refuse to acknowledge the nomination of any person not made in
compliance with the foregoing procedure or if the stockholder solicits proxies
in favor of such stockholder's nominees without having made the representation
required by the immediately preceding sentence. Only such persons who are
nominated in accordance with the procedures set forth in this Section 3.3 shall
be eligible to serve as directors of the Corporation.

        Notwithstanding anything in the immediately preceding paragraph of this
Section 3.3 to the contrary, in the event that the number of directors to be
elected to the Board of Directors at an annual meeting of stockholders of the
Corporation is increased and there is no public announcement naming all of the
nominees for directors or specifying the size of the increased Board of
Directors made by the Corporation at least ninety (90) days prior to the first
anniversary of the date of the immediately preceding annual meeting, a
stockholder's notice required by this Section 3.3 shall also be considered
timely, but only with respect to nominees for any new positions created by such
increase, if it shall be delivered to or mailed to and received by the Secretary
at the principal executive offices of the Corporation not later than the close
of business on the tenth (10th) day following the day on which such public
announcement is first made by the Corporation.

        3.4 Quorum and Manner of Acting. Except as otherwise provided by law,
the Certificate of Incorporation, or these Bylaws, a majority of the whole Board
of Directors shall constitute a quorum for the transaction of business at any
meeting of the Board of Directors, and, except as so provided, the vote of a
majority of the directors present at any meeting at which a quorum is present
shall be the act of the Board of Directors. The chairman of the meeting or a
majority of the directors present may adjourn the meeting to another time and
place whether or not a quorum is present. At any adjourned meeting at which a
quorum is present, any business may be transacted which might have been
transacted at the meeting as originally called.

        3.5 Place of Meeting. Subject to Sections 3.6 and 3.7 of these Bylaws,
the Board of Directors may hold its meetings at such place or places within or
without the State of Delaware as the Board of Directors may from time to time
determine or as shall be specified or fixed in the respective notices or waivers
of notice thereof.

        3.6 Regular Meetings. No fewer than four (4) regular meetings per year
of the Board of Directors shall be held at such times as the Board of Directors
shall from time to time by resolution determine. If any day

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fixed for a regular meeting shall be a legal holiday under the laws of the place
where the meeting is to be held, the meeting which would otherwise be held on
that day shall be held at the same hour on the next succeeding business day.

        3.7 Special Meetings. Special meetings of the Board of Directors shall
be held whenever called by the Chairman, the Chief Executive Officer, or by a
majority of the directors, and shall be held at such place, on such date and at
such time as he, she, or they, as applicable, shall fix.

        3.8 Notice of Meetings. Notice of regular meetings of the Board of
Directors or of any adjourned meeting thereof need not be given. Notice of each
special meeting of the Board of Directors shall be given by overnight delivery
service or mailed to each director, in either case addressed to such director at
such director's residence or usual place of business, at least two (2) days
before the day on which the meeting is to be held or shall be sent to such
director at such place by telecopy or by electronic transmission or be given
personally or by telephone, not later than the day before the meeting is to be
held, but notice need not be given to any director who shall, either before or
after the meeting, submit a waiver of such notice or who shall attend such
meeting without protesting, prior to or at its commencement, the lack of notice
to such director. Every such notice shall state the time and place but need not
state the purpose of the meeting.

        3.9 Rules and Regulations. The Board of Directors may adopt such rules
and regulations not inconsistent with the provisions of law, the Certificate of
Incorporation, or these Bylaws for the conduct of its meetings and management of
the affairs of the Corporation as the Board of Directors may deem proper.

        3.10 Participation in Meeting by Means of Communications Equipment. Any
one (1) or more members of the Board of Directors or any committee thereof may
participate in any meeting of the Board of Directors or of any such committee by
means of conference telephone or other communications equipment by means of
which all persons participating in the meeting can hear each other or as
otherwise permitted by law, and such participation in a meeting shall constitute
presence in person at such meeting.

        3.11 Action Without Meeting. Any action required or permitted to be
taken at any meeting of the Board of Directors or any committee thereof may be
taken without a meeting if all of the members of the Board of Directors or of
any such committee consent thereto in writing or as otherwise permitted by law
and, if required by law, the writing or writings are filed with the minutes or
proceedings of the Board of Directors or of such committee.

        3.12 Resignations. Any director of the Corporation may resign at any
time by giving written notice to the Board of Directors, the Chairman, the Chief
Executive Officer, or the secretary of the Corporation (the "SECRETARY"). Such
resignation shall take effect at the time specified therein or, if the time be
not specified therein, upon receipt thereof; and, unless otherwise specified
therein, the acceptance of such resignation shall not be necessary to make it
effective.

        3.13 Vacancies. Subject to the rights of the holders of any Preferred
Stock or series of Preferred Stock then outstanding, any newly-created
directorship(s) resulting from any increase(s) in the authorized number of
directors or any vacancy on the Board of Directors resulting from death,
resignation, retirement, disqualification, removal from office, or other reason,
shall only be filled by a majority vote of the directors then in office, even
though less than a quorum of the Board of Directors, or by a sole remaining
director, as applicable. Under no circumstances shall the stockholders of the
Corporation fill any such newly-created directorship(s) or vacancy on the Board
of Directors. Any director(s) chosen in accordance with Section 5.5 (Vacancies)
of the Certificate of Incorporation shall hold office (a) for a term expiring at
the annual meeting of stockholders at which the term of office of the class to
which they have been elected expires, upon election and qualification of their

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successors, (b) until the successor of such director shall have been otherwise
elected and qualified, (c) or until the earlier death, resignation, retirement,
disqualification, or removal from office of such director, as applicable. No
decrease in the number of authorized directors constituting the whole Board of
Directors shall shorten the term of any incumbent director(s).

        Subject to the rights of the holders of any series of Preferred Stock,
any vacancies on the Board of Directors resulting from death, resignation,
removal, or other cause shall only be filled by the Board of Directors, and not
by the stockholders of the Corporation, by the affirmative vote of a majority of
the remaining directors then in office, even though less than a quorum of the
Board of Directors, or by a sole remaining director, and newly created
directorships resulting from any increase in the number of directors. which
increase shall be subject to Section 3.l5 of these Bylaws, shall only be filled
by the Board of Directors, or if not so filled, by the stockholders of the
Corporation at the next annual meeting thereof or at a special meeting called
for that purpose in accordance with Section 2.3 of these Bylaws. Any director
elected in accordance with the preceding sentence of this Section 3.13 shall
hold office until the next annual meeting of the stockholders and until such
director's successor shall have been elected and qualified.

        3.14 Compensation. Each director, in consideration of such person
serving as a director. shall be entitled to receive from the Corporation such
amount per annum and such fees (payable in cash or stock) for attendance at
meetings of the Board of Directors or of committees of the Board of Directors,
or both, as the Board of Directors shall from time to time determine. In
addition, each director shall be entitled to receive from the Corporation
reimbursement for the reasonable expenses incurred by such person in connection
with the performance of such person's duties as a director. Nothing contained in
this Section 3.14 shall preclude any director from serving the Corporation or
any of its subsidiaries in any other capacity and receiving proper compensation
therefor.

        3.15 Certain Modifications. Notwithstanding anything to the contrary
contained in these Bylaws, the following actions taken either directly or
indirectly by the Board of Directors shall require the affirmative vote of not
less than seventy-five percent (75%) of the whole Board of Directors: (i) any
change in the size of the Board of Directors and (ii) any proposal to amend
these Bylaws to be submitted to the stockholders of the Corporation by the Board
of Directors.

        3.16 Removal. Subject to the right of the holders of any Preferred Stock
or series of Preferred Stock then outstanding, any director, or the entire Board
of Directors, may be removed from office at any time, but only for "cause" (as
defined below) and only by the affirmative vote of the holders of at least
sixty-six and two-thirds percent (66 2/3) of the voting power of the Voting
Stock, voting together as a single class. Except as may otherwise be provided by
law, "CAUSE" for removal shall exist only if any director whose removal has been
proposed:

                (a) has been convicted of a felony by a court of competent
        jurisdiction and such conviction is no longer subject to direct appeal,

                (b) has been adjudged by a court of competent jurisdiction to be
        liable for gross negligence or misconduct in the performance of the
        duties of such director to the Corporation in connection with a matter
        of substantial importance to the Corporation, and such adjudication has
        become final and non-appealable, or

                (c) has missed six (6) consecutive meetings of the Board of
        Directors.

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        3.17 Reliance upon Records. Every director, and every member of any
committee of the Board of Directors of Directors, shall, in the performance of
his or her duties, be fully protected in relying in good faith upon the records
of the Corporation and upon such information, opinions, reports, or statements
presented to the Corporation by any of its officers or employees, or committees
of the Board of Directors, or by any other person's professional or expert
competence and who has been selected with reasonable care by or on behalf of the
Corporation, including, without limitation, such records, information, opinions,
reports, or statements as to the value and amount of the assets, liabilities,
and/or net profits of the Corporation, or any other facts pertinent to the
existence and amount of surplus or other funds from which dividends might
properly be declared and paid, and with which the stock of the Corporation might
properly be purchased or redeemed.

        3.18 Interested Directors. A director who is directly or indirectly a
party to a contract or transaction with the Corporation, or is a director or
officer of or has a financial interest in any other corporation, partnership,
association, or other organization which is a party to a contact or transaction
with the Corporation, may be counted in determining whether a quorum is present
at any meeting of the Board of Directors or a committee thereof at which such
contract or transaction is considered or authorized, and such director may
participate in such meeting and vote on such authorization to the extent
permitted by Section 144 of the DGCL.

        3.19 Presumption of Assent. Unless otherwise provided by law, a director
who is present at a meeting of the Board of Directors or a committee thereof at
which action is taken on any matter shall be presumed to have assented to the
action taken unless his dissent shall be entered in the minutes of such meeting
or unless he or she shall file his or her written dissent to such action with
the person acting as secretary of such meeting before the adjournment thereof or
shall forward such dissent by registered mail to the Secretary immediately after
the adjournment of such meeting. Such right to dissent shall not apply to a
director who voted in favor of such action.

                                   ARTICLE IV
                      COMMITTEES OF THE BOARD OF DIRECTORS

        4.1 Establishment of Committees of the Board of Directors; Election of
Members of Committees of the Board of Directors; Functions of Committees of the
Board of Directors.

                (a) The Corporation shall have two (2) standing committees: the
        audit and finance committee and the compensation committee.

                (b) The audit and finance committee shall have the following
        powers and authority: (i) employing independent public accountants to
        audit the books of account, accounting procedures and financial
        statements of the Corporation and to perform such other duties from time
        to time as the audit committee may prescribe, (ii) receiving the reports
        and comments of the Corporation's internal auditors and of the
        independent public accountants employed by the committee and taking such
        action with respect thereto as it deems appropriate, (iii) requesting
        the Corporation's consolidated subsidiaries and affiliated companies to
        employ independent public accountants to audit their respective books of
        account, accounting procedures, and financial statements, (iv)
        requesting the independent public accountants to furnish to the
        compensation committee the certifications required under any present or
        future stock option, incentive compensation, or employee benefit plan of
        the Corporation, (v) reviewing the adequacy of internal financial
        controls, (vi) approving the accounting principles employed in financial
        reporting, (vii) approving the appointment or removal of the
        Corporation's general auditor, (viii) reviewing the accounting
        principles employed in financial reporting, (ix) reviewing and making
        recommendations to the Board of Directors concerning the financial
        structure and financial condition of the Corporation and its
        subsidiaries, including, without limitation, annual budgets, long-term
        financial plans, corporate borrowings, investments, capital
        expenditures, long-term commitments, and the issuance of stock, and

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<PAGE>

        (x) approving such matters that are consistent with the general
        financial policies and direction from time to time determined by the
        Board of Directors. None of the members of the audit and finance
        committee shall be an officer or full-time employee of the Corporation
        or of any subsidiary or affiliate of the Corporation.

                (c) The compensation committee shall have the following powers
        and authority: (i) determining and fixing the compensation for all
        senior officers of the Corporation and its subsidiaries and divisions
        that the compensation committee shall from time to time consider
        appropriate, as well as all employees of the Corporation compensated at
        a rate in excess of such amount per annum as may be fixed or determined
        from time to time by the Board of Directors, (ii) performing the duties
        of the committees of the Board of Directors provided for in any present
        or future stock option, incentive compensation, or employee benefit plan
        of the Corporation, and (iii) reviewing the operations of and policies
        pertaining to any present or future stock option, incentive
        compensation, or employee benefit plan of the Corporation that the
        compensation committee shall from time to time consider appropriate.
        None of the members of the compensation committee shall be an officer or
        full-time employee of the Corporation or of any subsidiary or affiliate
        of the Corporation.

                (d) Any modification to the power and authority of any committee
        shall require the affirmative vote of not less than seventy-five percent
        (75%) of the whole Board of Directors.

                (e) In addition, the Board of Directors may, with the
        affirmative vote of not less than seventy-five percent (75%) of the
        whole Board of Directors and in accordance with and subject to the DGCL,
        from time to time establish additional committees of the Board of
        Directors to exercise such powers and authorities of the Board of
        Directors, and to perform such other functions, as the Board of
        Directors may from time to time determine.

                (f) The Board of Directors may remove a director from a
        committee, change the size of any committee or terminate any committee
        or change the chairmanship of a committee only with the affirmative vote
        of not less than seventy-five percent (75%) of the whole Board of
        Directors.

                (g) The Board of Directors may designate one or more directors
        as new members of any committee to fill any vacancy on a committee and
        to fill a vacant chairmanship of a committee occurring as a result of a
        member or chairman leaving the committee, whether through death,
        resignation, removal, or otherwise; provided, however, that any such
        designation or any designation by the Board of Directors of a director
        as an alternate member of any committee in accordance with Section
        141(c)(2) of the DGCL may only be made with the affirmative vote of not
        less than seventy-five percent (75%) of the whole Board of Directors.

        4.2 Procedure; Meetings; Quorum. Regular meetings of committees of the
Board of Directors, of which no notice shall be necessary, may be held at such
times and places as shall be fixed by resolution adopted by a majority of the
authorized members thereof. Special meetings of any committee of the Board of
Directors shall be called at the request of any member thereof. Notice of each
special meeting of any committee of the Board of Directors shall be sent by
overnight delivery service, or mailed to each member thereof, in either case
addressed to such member at such member's residence or usual place of business,
at least two (2) days before the day on which the meeting is to be held or shall
be sent to such member at such place by telecopy or by electronic transmission
or be given personally or by telephone, not later than the day before the
meeting is to be held, but notice need not be given to any member who shall,
either before or after the meeting, submit a waiver of such notice or who shall
attend such meeting without protesting, prior to or at its commencement, the
lack of such notice to such member. Any special meeting of any committee of the
Board of Directors shall be a legal meeting without any notice thereof having
been given, if all the members thereof shall be present thereat and no member

                                       10
<PAGE>

shall protest the lack of notice to such member. Notice of any adjourned meeting
of any committee of the Board of Directors need not be given. Any committee of
the Board of Directors may adopt such rules and regulations not inconsistent
with the provisions of law, the Certificate of Incorporation, or these Bylaws
for the conduct of its meetings as such committee of the Board of Directors may
deem proper. A majority of the authorized members of any committee of the Board
of Directors shall constitute a quorum for the transaction of business at any
meeting, and the vote of a majority of the members thereof present at any
meeting at which a quorum is present shall be the act of such committee. Each
committee of the Board of Directors shall keep written minutes of its
proceedings and shall report on such proceedings to the Board of Directors.

                                    ARTICLE V
                                    OFFICERS

        5.1 Number; Term of Office. The officers of the Corporation shall be
elected by the Board of Directors and shall consist of a Chairman, a Chief
Executive Officer, a Chief Operating Officer, a Chief Financial Officer, a Vice
Chairman, and one (1) or more Vice President(s) (including, without limitation,
Assistant, Executive, Senior, and Group Vice Presidents) and a Treasurer,
Secretary and Controller and such other officers or agents with such titles and
such duties as the Board of Directors may from time to time determine, each to
have such authority, functions, or duties as in these Bylaws provided or as the
Board of Directors may from time to time determine, and each to hold office for
such term as may be prescribed by the Board of Directors and until such person's
successor shall have been chosen and shall qualify, or until such person's death
or resignation, or until such person's removal in the manner hereinafter
provided. The title of an office refers to the person or persons who at any
given time perform the duties of that particular office for the Corporation. The
Chairman, the Chief Executive Officer, and the Vice Chairmen shall be elected
from among the directors. One (1) person may hold the offices and perform the
duties of any two or more of said officers; provided, however, that no officer
shall execute, acknowledge, or verify any instrument in more than one (1)
capacity if such instrument is required by law, the Certificate of
Incorporation, or these Bylaws to be executed, acknowledged, or verified by two
(2) or more officers. The Board of Directors may require any officer, agent, or
employee of the Corporation to give security for the faithful performance of
such person's duties. The Board of Directors may also require any officer,
agent, or employee to comply with such other conditions as the Board of
Directors may require from time to time.

        5.2 Removal. Subject to any and all provisions of any written contract
approved by the Board of Directors, any officer may be removed, either with or
without cause, by the Board of Directors at any meeting thereof called for the
purpose or, except in the case of any officer elected by the Board of Directors,
by any superior officer upon whom such power may be conferred by the Board of
Directors.

        5.3 Resignation. Any officer may resign at any time by giving notice to
the Board of Directors, the Chief Executive Officer, or the Secretary. Any such
resignation shall take effect at the date of receipt of such notice or at any
later date specified therein; and, unless otherwise specified therein, the
acceptance of such resignation shall not be necessary to make it effective.

        5.4 Chairman. The Chairman shall be an officer of the Corporation,
subject to the control of the Board of Directors, and shall report directly to
the Board of Directors. The Chairman shall preside at all meetings of the Board
of Directors and shall perform such other duties as the Board of Directors may
direct.

        5.5 Chief Executive Officer. The Chief Executive Officer shall have
general supervision and direction of the business and affairs of the
Corporation, subject to the control of the Board of Directors, and shall report
directly to the Board of Directors. The Chief Executive Officer shall have
supervisory responsibility over all areas of the business of the Corporation,
including, without limitation, global public policy, strategy, technology
policy, future innovation, venture-type investments, and philanthropy, and shall
be the spokesman for the Corporation. The Chief Executive Officer shall, if
present and in the absence of the Chairman, preside

                                       11
<PAGE>

at meetings of stockholders of the Corporation and of the Board of Directors.

        5.6 Chief Operating Officer. The Chief Operating Officer shall perform
such senior duties in connection with the operations of the Corporation as the
Board of Directors or the Chief Executive Officer shall from time to time
determine, and shall report directly to the Chief Executive Officer. The Chief
Operating Officer, shall, when requested, counsel with and advise the other
officers of the Corporation and shall perform such other duties as may be agreed
with the Chief Executive Officer or as the Board of Directors may from time to
time determine.

        5.7 Vice Chairman. The Vice Chairman shall, when requested, counsel with
and advise the other officers of the Corporation and shall perform such other
duties as he or she may agree with the Chief Executive Officer or as the Board
of Directors may from time to time determine.

        5.8 Chief Financial Officer. The Chief Financial Officer shall perform
all the powers and duties of the office of the chief financial officer and in
general have overall supervision of the financial operations of the Corporation.
The Chief Financial Officer shall, when requested, counsel with and advise the
other officers of the Corporation and shall perform such other duties as he or
she may agree with the Chief Executive Officer or as the Board of Directors may
from time to time determine. The Chief Financial Officer shall report directly
to the Chief Executive Officer.

        5.9 Vice Presidents. Any Vice President shall have such powers and
duties as shall be prescribed by his or her superior officer or the Board of
Directors. A Vice President shall, when requested, counsel with and advise the
other officers of the Corporation and shall perform such other duties as he or
she may agree with the Chief Executive Officer or as the Board of Directors may
from time to time determine. A Vice President need not be an officer of the
Corporation.

        5.10 Treasurer. The Treasurer, if one shall have been elected, shall
supervise and be responsible for all the funds and securities of the
Corporation, the deposit of all moneys and other valuables to the credit of the
Corporation in depositories of the Corporation, borrowings and compliance with
the provisions of all indentures, agreements and instruments governing such
borrowings to which the Corporation is a party, the disbursement of funds of the
Corporation and the investment of its funds, and in general shall perform all of
the duties incident to the office of the Treasurer. The Treasurer shall, when
requested, counsel with and advise the other officers of the Corporation and
shall perform such other duties as he or she may agree with the Chief Executive
Officer or as the Board of Directors may from time to time determine.

        5.11 Controller. The Controller shall be the chief accounting officer of
the Corporation. The Controller shall, when requested, counsel with and advise
the other officers of the Corporation and shall perform such other duties as he
or she may agree with the Chief Executive Officer or the Chief Financial Officer
or as the Board of Directors may from time to time determine.

        5.12 Secretary. It shall be the duty of the Secretary to act as
secretary at all meetings of the Board of Directors, of the committees of the
Board of Directors, and of the stockholders of the Corporation and to record the
proceedings of such meetings in a book or books to be kept for that purpose. The
Secretary shall see that all notices required to be given by the Corporation are
duly given and served. The Secretary shall be custodian of the seal of the
Corporation and shall affix the seal or cause it to be affixed to all
certificates of stock of the Corporation (unless the seal of the Corporation on
such certificates shall be a facsimile, as hereinafter provided) and to all
documents, the execution of which on behalf of the Corporation under its seal is
duly authorized in accordance with the provisions of these Bylaws. The Secretary
shall have charge of the books, records, and papers of the Corporation and shall
see that the reports, statements, and other documents required by law to be kept
and filed are properly kept and filed, and in general shall perform all of the
duties incident to the office of

                                       12
<PAGE>

Secretary. The Secretary shall, when requested, counsel with and advise the
other officers of the Corporation and shall perform such other duties as he or
she may agree with the Chief Executive Officer or as the Board of Directors may
from time to time determine.

        5.13 Assistant Treasurers and Assistant Secretaries. Any Assistant
Treasurers and Assistant Secretaries shall perform such duties as shall be
assigned to them by the Board of Directors. Any Assistant Treasurer or Assistant
Secretary shall perform such duties as shall be assigned to them by the
Treasurer or Secretary, respectively, or by the Chief Executive Officer.

        5.14 Compensation of Officers. The Board of Directors or any duly
empowered committee of the Board of Directors shall fix the compensation of all
officers of the Corporation. No officer shall serve the Corporation in any other
capacity and receive compensation, unless the Board of Directors authorizes the
additional compensation.

        5.15 Delegation of Authority. Notwithstanding any provision of these
Bylaws to the contrary, the Board of Directors may delegate the powers or duties
of any officer to any other officer or agent.

        5.16 Vacancies. The Board of Directors may fill any vacancy in any
office because of death, resignation, removal, disqualification, or any other
cause in the manner which these Bylaws prescribe for the regular appointment to
such office.

                                   ARTICLE VI
                                 INDEMNIFICATION

        6.1 Right to Indemnification. The Corporation, to the fullest extent
permitted or required by the DGCL or other applicable law, as the same exists or
may hereafter be amended (but, in the case of any such amendment and unless
applicable law otherwise requires, only to the extent that such amendment
permits the Corporation to provide broader indemnification rights than such law
permitted the Corporation to provide prior to such amendment), shall indemnify
and hold harmless any person who is or was a director or officer of the
Corporation and who is or was involved in any manner (including, without
limitation, as a party or a witness) or is threatened to be made so involved in
any threatened, pending, or completed investigation, claim, action, suit, or
proceeding, whether civil, criminal, administrative, or investigative
(including, without limitation, any action, suit, or proceedings by or in the
right of the Corporation to procure a judgment in its favor) (each, a
"PROCEEDING") by reason of the fact that such person is or was a director,
officer, employee, or agent of the Corporation, or is or was serving at the
request of the Corporation as a director, officer, employee, or agent of another
corporation, partnership, joint venture, trust, or other enterprise (including,
without limitation, any employee benefit plan) (each, a "COVERED ENTITY")
against all expenses (including, without limitation, attorneys' fees),
judgments, fines, and amounts paid in settlement actually and reasonably
incurred by such person in connection with such Proceeding; provided, however,
that the foregoing shall not apply to a director or officer of the Corporation
with respect to a Proceeding that was commenced by such director or officer
unless the proceeding was commenced after a Change in Control (as defined below)
(with any director or officer of the Corporation entitled to indemnification as
provided in this Section 6.1 being referred to hereinafter as an "INDEMNITEE").
Any right of an Indemnitee to indemnification shall be a contract right and
shall include the right to receive, prior to the conclusion of any Proceeding,
payment of any expenses incurred by the Indemnitee in connection with such
Proceeding, consistent with the provisions of applicable law as then in effect
and the other provisions of this Article VI.

        6.2 Insurance, Contracts, and Funding. The Corporation may purchase and
maintain insurance to protect itself and any director, officer, employee, or
agent of the Corporation or of any Covered Entity against

                                       13
<PAGE>

any expenses, judgments, fines, and amounts paid in settlement as specified in
Section 6.l of these Bylaws or incurred by any such director, officer, employee,
or agent in connection with any Proceeding referred to in Section 6.1 of these
Bylaws, whether or not the Corporation would have the power to indemnify such
person against such expense, liability, or loss under the DGCL. The Corporation
may enter into contracts with any director, officer, employee, or agent of the
Corporation or of any Covered Entity in furtherance of the provisions of this
Article VI and may create a trust fund, grant a security interest, or use other
means (including, without limitation, a letter of credit) to ensure the payment
of such amounts as may be necessary to effect indemnification as provided or
authorized in this Article VI.

        6.3 Indemnification Not Exclusive Right. The right of indemnification
provided in this Article VI shall not be exclusive of any other rights to which
an Indemnitee may otherwise be entitled, and the provisions of this Article VI
shall inure to the benefit of the heirs and legal representatives of any
Indemnitee under this Article VI and shall be applicable to Proceedings
commenced or continuing after the adoption of this Article VI, whether arising
from acts or omissions occurring before or after such adoption.

        6.4 Advancement of Expenses; Procedures; Presumptions and Effect of
Certain Proceedings; Remedies. In furtherance, but not in limitation of the
foregoing provisions, the following procedures, presumptions, and remedies shall
apply with respect to advancement of expenses and the right to indemnification
under this Article VI:

                (a) Advancement of Expenses. All reasonable expenses (including,
        without limitation, attorneys' fees) incurred by or on behalf of the
        Indemnitee in connection with any Proceeding shall be advanced to the
        Indemnitee by the Corporation within twenty (20) days after the receipt
        by the Corporation of a statement or statements from the Indemnitee
        requesting such advance or advances from time to time, whether prior to
        or after final disposition of such Proceeding. Such statement(s) shall
        reasonably evidence the expenses incurred by the Indemnitee and, if
        required by law at the time of such advance, shall include or be
        accompanied by an undertaking by or on behalf of the Indemnitee to repay
        the amounts advanced if ultimately it should be determined that the
        Indemnitee is not entitled to be indemnified against such expenses
        pursuant to this Article VI.

                (b) Procedure for Determination of Entitlement to
        Indemnification.

                        (i) To obtain indemnification under this Article VI, an
                Indemnitee shall submit to the Secretary a written request,
                including, without limitation, such documentation and
                information as is reasonably available to the Indemnitee and
                reasonably necessary to determine whether and to what extent the
                Indemnitee is entitled to indemnification (the "SUPPORTING
                DOCUMENTATION"). The determination of the Indemnitee's
                entitlement to indemnification shall be made not later than
                sixty (60) days after receipt by the Corporation of the written
                request for indemnification together with the Supporting
                Documentation. The Secretary shall, promptly upon receipt of
                such a request for indemnification, advise the Board of
                Directors in writing that the Indemnitee has requested
                indemnification.

                        (ii) The Indemnitee's entitlement to indemnification
                under this Article VI shall be determined in one of the
                following ways: (A) by a majority vote of the Disinterested
                Directors (as defined below), whether or not they constitute a
                quorum of the Board of Directors, or by a committee of
                Disinterested Directors designated by a majority vote of the
                Disinterested Directors, (B) by a written opinion of Independent
                Counsel (as defined below) if (x) a Change in Control shall have
                occurred and the Indemnitee so requests or (y) there are no
                Disinterested Directors or a majority of such Disinterested
                Directors so directs, (C) by the stockholders of the

                                       14
<PAGE>

                Corporation, or (D) as provided in Section 6.4(c) of these
                Bylaws.

                        (iii) In the event the determination of entitlement to
                indemnification is to be made by Independent Counsel pursuant to
                Section 6.4(b)(ii) of these Bylaws, a majority of the
                Disinterested Directors shall select the Independent Counsel,
                but only an Independent Counsel to which the Indemnitee does not
                reasonably object; provided, however, that if a Change in
                Control shall have occurred, the Indemnitee shall select such
                Independent Counsel, but only an Independent Counsel to which a
                majority of the Disinterested Directors does not reasonably
                object.

                (c) Presumptions and Effect of Certain Proceedings. Except as
        otherwise expressly provided in this Article VI, if a Change in Control
        shall have occurred, the Indemnitee shall be presumed to be entitled to
        indemnification under this Article VI (with respect to actions or
        omissions occurring prior to such Change in Control) upon submission of
        a request for indemnification together with the Supporting Documentation
        in accordance with Section 6.4(b)(i) of these Bylaws, and thereafter the
        Corporation shall have the burden of proof to overcome that presumption
        in reaching a contrary determination. In any event, if the person(s)
        empowered under Section 6.4(b) of these Bylaws to determine entitlement
        to indemnification shall not have been appointed or shall not have made
        a determination within sixty (60) days after receipt by the Corporation
        of the request therefor, together with the Supporting Documentation, the
        Indemnitee shall be deemed to be, and shall be, entitled to
        indemnification unless (i) the Indemnitee misrepresented or failed to
        disclose a material fact in making the request for indemnification or in
        the Supporting Documentation or (ii) such indemnification is prohibited
        by law. The termination of any Proceeding described in Section 6.l of
        these Bylaws or of any claim, issue, or matter therein, by judgment,
        order, settlement, or conviction, or upon a plea of nolo contendere or
        its equivalent, shall not, of itself, adversely affect the right of the
        Indemnitee to indemnification or create a presumption that the
        Indemnitee did not act in good faith and in a manner which the
        Indemnitee reasonably believed to be in or not opposed to the best
        interests of the Corporation or, with respect to any criminal
        proceeding, that the Indemnitee had reasonable cause to believe that
        such conduct was unlawful.

                (d) Remedies of Indemnitee.

                        (i) In the event that a determination is made pursuant
                to Section 6.4(b) of these Bylaws that the Indemnitee is not
                entitled to indemnification under this Article VI, (A) the
                Indemnitee shall be entitled to seek an adjudication of
                entitlement to such indemnification either, at the Indemnitee's
                sole option, in (x) an appropriate court of the State of
                Delaware or any other court of competent jurisdiction or (y) an
                arbitration to be conducted by a single arbitrator pursuant to
                the rules of the American Arbitration Association, (B) any such
                judicial proceeding or arbitration shall be de novo and the
                Indemnitee shall not be prejudiced by reason of such adverse
                determination, and (C) if a Change in Control shall have
                occurred, in any such judicial proceeding or arbitration, the
                Corporation shall have the burden of proving that the Indemnitee
                is not entitled to indemnification under this Article VI (with
                respect to actions or omissions occurring prior to such Change
                in Control).

                        (ii) If a determination shall have been made or deemed
                to have been made, pursuant to Sections 6.4(b) or (c) of these
                Bylaws, that the Indemnitee is entitled to indemnification, the
                Corporation shall be obligated to pay the amounts constituting
                such indemnification within five (5) days after such
                determination has been made or deemed to have been made and
                shall be conclusively bound by such determination unless (A) the
                Indemnitee misrepresented or failed to disclose a material fact
                in making the request for indemnification or

                                       15
<PAGE>

                in the Supporting Documentation or (B) such indemnification is
                prohibited by law. In the event that (X) advancement of expenses
                is not timely made pursuant to Section 6.4(a) of these Bylaws or
                (Y) payment of indemnification is not made within five (5) days
                after a determination of entitlement to indemnification has been
                made or deemed to have been made pursuant to Sections 6.4(b) or
                (c) of these Bylaws, the Indemnitee shall be entitled to seek
                judicial enforcement of the Corporation's obligation to pay to
                the Indemnitee such advancement of expenses or indemnification.
                Notwithstanding the foregoing, the Corporation may bring an
                action, in an appropriate court in the State of Delaware or any
                other court of competent jurisdiction, contesting the right of
                the Indemnitee to receive indemnification hereunder due to the
                occurrence of an event described in sub-clause (A) or (B) of
                this clause (ii) (a "DISQUALIFYING EVENT"); provided, however,
                that in any such action the Corporation shall have the burden of
                proving the occurrence of such Disqualifying Event.

                        (iii) The Corporation shall be precluded from asserting
                in any judicial proceeding or arbitration commenced pursuant to
                this Section 6.4(d) that the procedures and presumptions of this
                Article VI are not valid, binding, and enforceable and shall
                stipulate in any such court or before any such arbitrator that
                the Corporation is bound by all the provisions of this Article
                VI.

                        (iv) In the event that the Indemnitee, pursuant to this
                Section 6.4(d), seeks a judicial adjudication of or an award in
                arbitration to enforce rights under, or to recover damages for
                breach of, this Article VI, the Indemnitee shall be entitled to
                recover from the Corporation, and shall be indemnified by the
                Corporation against, any expenses actually and reasonably
                incurred by the Indemnitee if the Indemnitee prevails in such
                judicial adjudication or arbitration. If it shall be determined
                in such judicial adjudication or arbitration that the Indemnitee
                is entitled to receive part but not all of the indemnification
                or advancement of expenses sought, the expenses incurred by the
                Indemnitee in connection with such judicial adjudication or
                arbitration shall be prorated accordingly.

                (e) Definitions. For purposes of this Section 6.4:

                        (i) "AUTHORIZED OFFICER" shall mean any one (1) of the
                Chief Executive Officer, the Chief Operating Officer, the Chief
                Financial Officer, any Vice President, or the Secretary of the
                Corporation.

                        (ii) "CHANGE IN CONTROL" shall mean the occurrence of
                any of the following (A) any merger or consolidation of the
                Corporation in which the Corporation is not the continuing or
                surviving corporation or pursuant to which shares of the
                Corporation's Common Stock would be converted into cash,
                securities or other property, other than a merger of the
                Corporation in which the holders of Common Stock immediately
                prior to the merger have the same proportionate ownership of
                common stock of the surviving corporation immediately after the
                merger, (B) any sale, lease, exchange, or other transfer (in one
                (1) transaction or a series of related transactions) of all or
                substantially all, of the assets of the Corporation, or the
                liquidation or dissolution of the Corporation, or (C)
                individuals who would constitute a majority of the members of
                the Board of Directors elected at any meeting of stockholders of
                the Corporation [or by written consent] (without regard to any
                members of the Board of Directors elected pursuant to the terms
                of any series of Preferred Stock) shall be elected to the Board
                of Directors and the election or the nomination for election by
                the stockholders of the Corporation of such directors was not
                approved by a vote of at least two-thirds (2/3) of the directors
                in office

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<PAGE>

                immediately prior to such election.

                        (iii) "DISINTERESTED DIRECTOR" shall mean a director of
                the Corporation who is not or was not a party to the Proceeding
                in respect of which indemnification is sought by the Indemnitee.

                        (iv) "INDEPENDENT COUNSEL" shall mean a law firm or a
                member of a law firm that neither presently is, nor in the past
                five (5) years has been, retained to represent (A) the
                Corporation or the Indemnitee in any matter material to either
                such party or (B) any other party to the Proceeding giving rise
                to a claim for indemnification under this Article VI.
                Notwithstanding the foregoing, the term "INDEPENDENT COUNSEL"
                shall not include any person who, under the applicable standards
                of professional conduct then prevailing under the law of the
                State of Delaware, would have a conflict of interest in
                representing either the Corporation or the Indemnitee in an
                action to determine the Indemnitee's rights under this Article
                VI.

        6.5 Severability. If any provision or provisions of this Article VI
shall be held to be invalid, illegal, or unenforceable for any reason whatsoever
(a) the validity, legality, and enforceability of the remaining provisions of
this Article VI (including, without limitation, all portions of any paragraph of
this Article VI containing any such provision held to be invalid, illegal, or
unenforceable, that are not themselves invalid, illegal, or unenforceable) shall
not in any way be affected or impaired thereby and (b) to the fullest extent
possible, the provisions of this Article VI (including, without limitation, all
portions of any paragraph of this Article VI containing any such provision held
to be invalid, illegal, or unenforceable, that are not themselves invalid,
illegal, or enforceable) shall be construed so as to give effect to the intent
manifested by the provision held invalid, illegal, or unenforceable.

        6.6 Indemnification of Employees Serving as Directors. The Corporation,
to the fullest extent of the provisions of this Article VI with respect to the
indemnification of directors and officers of the Corporation, shall indemnify
any person who is or was an employee of the Corporation and who is or was
involved in any manner (including, without limitation, as a party or a witness)
or is threatened to be made so involved in any threatened, pending, or completed
Proceeding by reason of the fact that such employee is or was serving (a) as a
director of a corporation in which the Corporation had at the time of such
service, directly or indirectly, a fifty percent (50%) or greater equity
interest (a "SUBSIDIARY DIRECTOR") and (b) at the written request of an
Authorized Officer, as a director of another corporation in which the
Corporation had at the time of such service, directly or indirectly, a less than
fifty percent (50%) equity interest (or no equity interest at all) or in a
capacity equivalent to that of a director for any partnership, joint venture,
trust, or other enterprise (including, without limitation, any employee benefit
plan) in which the Corporation has an interest (a "REQUESTED EMPLOYEE"), against
all expenses (including, without limitation, attorneys' fees), judgments, fines,
and amounts paid in settlement actually and reasonably incurred by such
Subsidiary Director or Requested Employee in connection with such Proceeding.
The Corporation may also advance expenses incurred by any such Subsidiary
Director or Requested Employee in connection with any such Proceeding,
consistent with the provisions of this Article VI with respect to the
advancement of expenses of directors and officers of the Corporation.

        6.7 Indemnification of Employees and Agents. Notwithstanding any other
provision or provisions of this Article VI, the Corporation, to the fullest
extent of the provisions of this Article VI with respect to the indemnification
of directors and officers of the Corporation, may indemnify any person other
than a director or officer of the Corporation, a Subsidiary Director or a
Requested Employee, who is or was an employee or agent of the Corporation and
who is or was involved in any manner (including, without limitation, as a party
or a witness) or is threatened to be made so involved in any threatened,
pending, or completed Proceeding by reason of the fact that such person is or
was a director, officer, employee, or agent of the Corporation or of a Covered

                                       17
<PAGE>

Entity against all expenses (including, without limitation, attorneys' fees),
judgments, fines, and amounts paid in settlement actually and reasonably
incurred by such person in connection with such Proceeding. The Corporation may
also advance expenses incurred by such employee or agent in connection with any
such Proceeding, consistent with the provisions of this Article VI with respect
to the advancement of expenses of directors and officers of the Corporation.

                                   ARTICLE VII
                 CERTIFICATES FOR SHARES AND TRANSFER OF SHARES

        7.1 Certificates for Shares. The shares of stock of the Corporation
shall be represented by certificates, or shall be uncertificated shares that may
be evidenced by a book-entry system maintained by the registrar of such stock,
or a combination of both. To the extent that shares are represented by
certificates, such certificates whenever authorized by the Board of Directors,
shall be in such form as shall be approved by the Board of Directors. The
certificates representing shares of stock of each class shall be signed by, or
in the name of, the Corporation by the Chairman and the Chief Executive Officer,
or by any Vice President and by the Secretary or any Assistant Secretary or the
Treasurer or any Assistant Treasurer of the Corporation, and sealed with the
seal of the Corporation, which may be a facsimile thereof. Any or all such
signatures may be facsimiles if countersigned by a transfer agent or registrar.
Although any officer, transfer agent, or registrar whose manual or facsimile
signature is affixed to such a certificate ceases to be such officer, transfer
agent, or registrar before such certificate has been issued, it may nevertheless
be issued by the Corporation with the same effect as if such officer, transfer
agent, or registrar were still such at the date of its issue.

        The stock ledger and blank share certificates shall be kept by the
Secretary or by a transfer agent or by a registrar or by any other officer or
agent designated by the Board of Directors.

        7.2 Transfer of Shares. Transfers of shares of stock of each class of
the Corporation shall be made only on the books of the Corporation upon
authorization by the registered holder thereof, or by such holder's attorney
thereunto authorized by a power of attorney duly executed and filed with the
Secretary or a transfer agent for such stock, if any, and if such shares are
represented by a certificate, upon surrender of the certificate(s) for such
shares properly endorsed or accompanied by a duly executed stock transfer power
(or by proper evidence of succession, assignment, or authority to transfer) and
the payment of any taxes thereon; provided, however, that the Corporation shall
be entitled to recognize and enforce any lawful restriction on transfer. The
person or entity in whose name shares are registered on the books of the
Corporation shall be deemed the owner thereof for all purposes as regards the
Corporation; provided, however, that whenever any transfer of shares shall be
made for collateral security and not absolutely, and written notice thereof
shall be given to the Secretary or to such transfer agent, such fact shall be
stated in the entry of the transfer. No transfer of shares shall be valid as
against the Corporation, its stockholders, and creditors for any purpose, except
to render the transferee liable for the debts of the Corporation to the extent
provided by law, until it shall have been entered in the stock records of the
Corporation by an entry showing from and to whom transferred.

        7.3 Registered Stockholders and Addresses of Stockholders. The
Corporation shall be entitled to recognize the exclusive right of a person
registered on its records as the owner of shares of stock to receive dividends
and to vote as such owner, shall be entitled to hold liable for calls and
assessments a person registered on its records as the owner of shares of stock,
and shall not be bound to recognize any equitable or other claim to or interest
in such share or shares of stock on the part of any other person, whether or not
it shall have express or other notice thereof, except as otherwise provided by
the laws of the State of Delaware.

        Each stockholder shall designate to the Secretary or transfer agent of
the Corporation an address at which notices of meetings and all other corporate
notices may be given to such person, and, if any stockholder shall fail to
designate such address, corporate notices may be given to such person by mail
directed to such person at such

                                       18
<PAGE>

person's post office address, if any, as the same appears on the stock record
books of the Corporation or at such person's last known post office address.

        7.4 Lost, Stolen, Destroyed, and Mutilated Certificates. The holder of
any certificate representing any shares of stock of the Corporation shall
immediately notify the Corporation of any loss, theft, destruction, or
mutilation of such certificate. The Corporation may issue to such holder a new
certificate or certificates for shares, upon the surrender of the mutilated
certificate or, in the case of loss, theft, or destruction of the certificate,
upon satisfactory proof of such loss, theft, or destruction. The Board of
Directors, or a committee designated thereby, or the transfer agents and
registrars for the stock, may, in their discretion, require the owner of the
lost, stolen, or destroyed certificate, or such person's or entity's legal
representative, to give the Corporation a bond in such sum and with such surety
or sureties as they may direct to indemnify the Corporation and said transfer
agents and registrars against any claim that may be made on account of the
alleged loss, theft, or destruction of any such certificate or the issuance of
such new certificate.

        7.5 Regulations. The Board of Directors may make such additional rules
and regulations as it may deem expedient concerning the issue, transfer, and
registration of certificated or uncertificated shares of stock of each class and
series of the Corporation and may make such rules and take such action as it may
deem expedient concerning the issue of certificates in lieu of certificates
claimed to have been lost, destroyed, stolen, or mutilated.

        7.6 Fixing Date for Determination of Stockholders of Record. In order
that the Corporation may determine the stockholders entitled to notice of or to
vote at any meeting of stockholders of the Corporation or any adjournment
thereof, or entitled to receive payment of any dividend or other distribution or
allotment or any rights, or entitled to exercise any rights in respect of any
change, conversion or exchange of stock or for the purpose of any other lawful
action, the Board may fix, in advance, a record date, which shall not be more
than sixty (60) days nor less than ten (10) days before the date of such
meeting, nor more than sixty (60) days prior to any other action. A
determination of stockholders entitled to notice of or to vote at a meeting of
stockholders of the Corporation shall apply to any adjournment of the meeting;
provided, however, that the Board of Directors may fix a new record date for the
adjourned meeting.

        7.7 Transfer Agents and Registrars. The Board of Directors may appoint
or authorize any officer or officers to appoint, one (1) or more transfer agents
and one (1) or more registrars.

        7.8 Treasury Shares. Treasury shares of the Corporation shall consist of
shares which the Corporation has issued and thereafter acquired by not canceled.
Treasury shares shall not carry voting or dividend rights.

                                  ARTICLE VIII
                                   AMENDMENTS

        In furtherance, and not in limitation, of the powers conferred upon the
Corporation by applicable law, the Board of Directors is hereby expressly
authorized to adopt, amend, alter, or repeal these Bylaws or adopt new Bylaws,
without any action on the part of the stockholders of the Corporation, by the
vote of a majority of the whole Board of Directors.

        In addition to any provisions of applicable law, any provisions of the
Certificate of Incorporation, and any resolution(s) of the Board of Directors
adopted pursuant to Article IV (Authorization and Description of Stock) of the
Certificate of Incorporation (and notwithstanding the fact that a lesser vote or
no vote may be permitted by applicable law), the affirmative vote of the holders
of at least sixty-six and two-thirds percent (66 2/3%) of the voting power of
the Voting Stock, voting together as a single class, shall be required to adopt,

                                       19
<PAGE>

amend, alter, or repeal any term or provision of these Bylaws that would make
these Bylaws inconsistent or conflict with Section 4.3 (Description of Preferred
Stock), Article V (Board of Directors), Article VI (Amendment of Certificate of
Incorporation), this Article VII (Amendment of Bylaws), Article IX (Meetings of
Stockholders), or Article X (Indemnification) of the Certificate of
Incorporation.

                                   ARTICLE IX
                                     NOTICES

        9.1 General. Whenever these Bylaws require notice to any Stockholder,
director, officer or agent, such notice does not mean personal notice. A person
may give effective notice under these Bylaws in every case by depositing a
writing in a post office or letter box in a postpaid, sealed wrapper, or by
dispatching a prepaid telegram addressed to such Stockholder, director, officer
or agent at his address on the books of the Corporation. Unless these Bylaws
expressly provide to the contrary, the time when the person sends notice shall
constitute the time of the giving of notice.

        9.2 Waiver of Notice. Whenever any notice whatsoever is required to be
given by these Bylaws, the Certificate of Incorporation, or law, the person
entitled thereto may, either before or after the meeting or other matter in
respect of which such notice is to be given, waive such notice in writing or as
otherwise permitted by law, which shall be filed with or entered upon the
records of the meeting or the records kept with respect to such other matter, as
the case may be, and in such event such notice need not be given to such person
and such waiver shall be deemed equivalent to such notice. Attendance of a
person at any meeting shall constitute a waiver of notice of such meeting,
except when the person attends the meeting for the express purpose of objecting,
at the beginning of the meeting, to the transaction of any business because the
meeting is not lawfully called or convened.

                                    ARTICLE X
                                  MISCELLANEOUS

        10.1 Fiscal Year. The Board of Directors shall have the authority to fix
and change the fiscal year of the Corporation.

        10.2 Execution of Documents. The Board of Directors or any committee
thereof shall designate the officers, employees, and agents of the Corporation
who shall have power to execute and deliver deeds, contracts, mortgages, bonds,
debentures, notes, checks, drags, and other orders for the payment of money, and
other documents for and in the name of the Corporation and may authorize
(including, without limitation, authority to redelegate) by written instrument
to other officers, employees, or agents of the Corporation. Such delegation may
be by resolution or otherwise and the authority granted shall be general or
confined to specific matters, all as the Board of Directors or any such
committee may determine. In the absence of such designation referred to in the
first sentence of this Section, the officers of the Corporation shall have such
power so referred to, to the extent incident to the normal performance of their
duties; provided, however, that no loans shall be contracts on behalf of the
Corporation and no evidences of indebtedness shall be issued in the corporate
name unless authorized by a resolution of the Board of Directors.

        10.3 Deposits. All funds of the Corporation not otherwise employed shall
be deposited from time to time to the credit of the Corporation or otherwise as
the Board of Directors or any committee thereof or any officer of the
Corporation to whom power in respect of financial operations shall have been
delegated by the Board of Directors or any such committee or in these Bylaws
shall select.

        10.4 Checks. All checks, drafts, and other orders for the payment of
money out of the funds of the Corporation, and all notes or other evidences of
indebtedness of the Corporation, shall be signed on behalf of the

                                       20
<PAGE>

Corporation in such manner as shall from time to time be determined by
resolution of the Board of Directors or of any committee thereof or by any
officer of the Corporation to whom power in respect of financial operations
shall have been delegated by the Board or any such committee thereof or as set
forth in these Bylaws.

        10.5 Proxies in Respect of Stock or Other Securities of Other Entities.
The Board of Directors or any committee thereof shall designate the officers of
the Corporation who shall have authority from time to time to appoint an agent
or agents of the Corporation to exercise in the name and on behalf of the
Corporation the powers and rights which the Corporation may have as the holder
of stock or other securities in any other corporation or other entity, and to
vote or consent in respect of such stock or securities. Such designated officers
may instruct the person(s) so appointed as to the manner of exercising such
powers and rights and such designated officers may execute or cause to be
executed in the name and on behalf of the Corporation and under its corporate
seal, or otherwise, such written proxies, powers of attorney or other
instruments as they may deem necessary or proper in order that the Corporation
may exercise its said powers and rights.

        10.6 Facsimile Signatures. In addition to the use of facsimile
signatures which these Bylaws specifically authorize, the Corporation may use
such facsimile signatures of any officer(s) or agent(s) of the Corporation as
the Board of Directors may authorize.

        10.7 Subject to Law and Certificate of Incorporation. All powers,
duties, and responsibilities provided for in these Bylaws, whether or not
explicitly so qualified, are qualified by applicable law and the provisions of
the Certificate of Incorporation.

                   REMAINDER OF PAGE INTENTIONALLY LEFT BLANK.
                            SIGNATURE PAGE TO FOLLOW.

                                       21
<PAGE>

        IN WITNESS WHEREOF, the undersigned director hereby certifies that the
foregoing constitutes a true and correct copy of the Amended and Restated Bylaws
of Alternate Marketing Networks, Inc., a Delaware corporation, as adopted by the
board of directors of the corporation on the 26th day of July, 2002.

        Executed as of this 26th day of July, 2002.

                                        By:   /s/ PHILLIP D. MILLER
                                           -------------------------------------
                                           Name:  Phillip D. Miller
                                           Title: Director

                                       22<PAGE>
                                                                   EXHIBIT 10.21

                           AMENDMENT NO. 1 AND WAIVER
                          Dated as of December 12, 2001

                                       to

                                CREDIT AGREEMENT
                            Dated as of May 24, 2000

     REINSURANCE GROUP OF AMERICA, INCORPORATED, as Borrower, the BANKS party
hereto and THE BANK OF NEW YORK, as Administrative Agent, agree as follows:

     1. Credit Agreement. Reference is made to the Credit Agreement, dated as
of May 24, 2000 among Reinsurance Group of America, Incorporated, as Borrower,
The Bank of New York, as Administrative Agent, Bank of America, N.A., as
Syndication Agent, Fleet National Bank, as Documentation Agent, and Royal Bank
of Canada, as Co-Agent (as amended prior to the date hereof, the "Credit
Agreement"). Terms used but not defined in this Amendment (this Amendment") are
used herein with the meaning ascribed to them in the Credit Agreement.

     2. Amendments. On and after the Effective Date (as defined below), the
Credit Agreement shall be amended as follows:

     (a) Section 4.19 to the Credit Agreement shall be amended and restated in
its entirety to read as follows:

          "Issue any of its Capital Securities or sell, transfer or otherwise
          dispose of any Capital Securities of any Subsidiary, except that this
          Section 4.19 shall not apply to (a) any issuance by the Borrower of
          any of its Capital Securities, (b) any issuance by a Subsidiary of any
          of its Capital Securities to the Borrower or a Wholly Owned
          Subsidiary, (c) any issuance by a Subsidiary of any of its Capital
          Securities to the holders of the common stock of such Subsidiary made
          pro rata to the relative amounts of such common stock held by such
          holders, (d) any disposition by the Borrower or any Subsidiary of any
          Capital Securities of a Subsidiary to the Borrower or a Wholly Owned
          Subsidiary, (e) any issuance by a Subsidiary that is not a Material
          Subsidiary of less than 50% of its Capital Securities, and (f) any
          issuance by an RGA Trust of Trust Preferred Securities."

     (b) The following new definitions shall be added in the correct
alphabetical order to Section 10.01 of the Credit Agreement:

     (i)  "Amendment No. 1 and Waiver" means this Amendment No. 1 and Waiver
          dated as of December 12, 2001 to the Credit Agreement dated as of May
          24, 2000, among Reinsurance Group of America, Incorporated, as
          Borrower, The Bank of New York, as Administrative Agent, Bank of

<PAGE>

          America, N.A., as Syndication Agent, Fleet National Bank, as
          Documentation Agent, and Royal Bank of Canada, as Co-Agent.

     (ii) "RGA Trust" means either of RGA Capital Trust I or RGA Capital Trust
          II, in each case a Wholly Owned Subsidiary of the Borrower formed
          solely for the purpose of issuing Trust Preferred Securities.

    (iii) "TPS Exclusion Amount" means, on the date of determination, an
          amount equal to 15% of the sum of (i) the accreted value of the Trust
          Preferred Securities outstanding on such date, (ii) Consolidated
          Indebtedness as of such date (excluding, to the extent otherwise
          included, the Trust Preferred Securities) and (iii) the Consolidated
          Net Worth as of such date (excluding, to the extent otherwise
          included, the Trust Preferred Securities).

     (iv) "Trust Guaranty" means the guarantee issued by the Borrower in
          connection with the Trust Preferred Securities Transaction
          substantially as described on Annex A hereto.

     (v)  "Trust Preferred Securities" means the Trust Preferred Securities
          referred to and substantially as described in Annex A to this
          Amendment No. 1 and Waiver.

     (vi) "Trust Preferred Securities Documentation" means the agreements,
          instruments and other documents pursuant to which the RGA Trust is
          established and funded and the Trust Preferred Securities are issued,
          in each case substantially in the form and substance as described in
          Annex A to Amendment No. 1 and Waiver, as reasonably determined by the
          Administrative Agent, as such documentation may be waived, amended or
          otherwise modified from time to time with the consent of the
          Administrative Agent, which consent will not be unreasonably withheld.

    (vii) "Trust Preferred Securities Transaction" means the transactions
          leading to the issuance of the Trust Preferred Securities, including
          the formation of the Trust, the issuance of the Trust Guaranty and the
          issuance of the Trust Preferred Securities.

     (c) The following definitions in Section 10.10 of the Credit Agreement
shall be amended and restated in their entirety to read as follows:

          "Permitted Guaranty" means any Guaranty that (a) is an endorsement of
          a check for collection in the ordinary course of business, (b) is a
          Guaranty of and only of the obligations of the Borrower under the
          Loan Documents, (c) constitutes Indebtedness for purposes of
          calculating the covenant in Section 4.21, (d) is a Trust Guaranty or
          (e) is a Guaranty, not otherwise specifically covered in this
          definition, of Liabilities of a Subsidiary in an aggregate amount at
          any time outstanding not exceeding $15,000,000.

                                       2

<PAGE>
          "Permitted Restrictive Covenant" means (a) any covenant or restriction
          contained in any Loan Document, (b) any covenant or restriction
          binding upon any Person at the time such Person becomes a Subsidiary
          of the Borrower if the same is not created in contemplation thereof,
          (c) any covenant or restriction of the type contained in Section 4.11
          that is contained in any Contract evidencing or providing for the
          creation of or concerning Purchase Money Indebtedness so long as such
          covenant or restriction is limited to the property purchased
          therewith, (d) any covenant or restriction described in Schedule 4.18,
          but only to the extent such covenant or restriction is there
          identified by specific reference to the provision of the Contract in
          which such covenant or restriction is contained, (e) any covenant or
          restriction requiring the approval of the Applicable Insurance
          Regulatory Authority prior to the making of payments by RGA Re under
          (i) the 7.35% surplus note dated December 15, 1997 made by RGA Re or
          (ii) the 7.08% surplus note dated December 11, 1998 made by RGA Re,
          (f) any covenant or restriction of the type contained in Section 4.11
          that is contained in (i) the documents governing the senior notes
          issued by the Borrower on or about March 22, 1996, or (ii) the
          indenture governing the senior notes issued by the Borrower on or
          about December 18, 2001, in each case to the extent such covenant or
          restriction limits the ability of any Subsidiary to create any Lien on
          the Capital Securities of any other Subsidiary held by such
          Subsidiary, or (g) any covenant or restriction that (i) is not more
          burdensome than an existing Permitted Restrictive Covenant that is
          such by virtue of clause (b), (c), (d), (e) or (g), (ii) is contained
          in a Contract constituting a renewal, extension or replacement of the
          Contract in which such existing Permitted Restrictive Covenant is
          contained and (iii) is binding only on the Person or Persons bound by
          such existing Permitted Restrictive Covenant.

     (d) The definition of "Consolidated Indebtedness" shall be amended and
restated in its entirety to read as follows:

          "Consolidated Indebtedness" means, at any time, the consolidated
          Indebtedness of the Borrower and the Consolidated Subsidiaries as of
          such time; provided, however, for purposes of calculating the covenant
          contained in Section 4.21, Consolidated Indebtedness shall not include
          (i) the obligation of the Borrower or any Subsidiary that is an
          Insurance Company under letters of credit, to the extent undrawn,
          supporting the liability of such Subsidiary in respect of any
          reinsurance underwritten by such Subsidiary and (ii) the aggregate
          outstanding Indebtedness evidenced by the Trust Preferred Securities
          to the extent the accreted value of such Indebtedness does not exceed
          the TPS Exclusion Amount.

     (e) The definition of "Consolidated Net Worth" shall be amended and
restated in its entirety to read as follows:

                                       3
<PAGE>
          "Consolidated Net Worth" means, at any time, without duplication, the
          consolidated stockholders' equity of the Borrower and the
          Consolidated Subsidiaries (without giving effect to any adjustment
          made pursuant to FASB 115 to the extent less than $50,000,000) less
          their consolidated Mandatorily Redeemable Stock (except to the extent
          deducted in determining such consolidated stockholders' equity) plus
          the aggregate outstanding amount of Trust Preferred Securities not in
          excess of the TPS Exclusion Amount, in each case, as of such time.

     3. Waiver. The Administrative Agent and the Banks party hereto hereby
waive:

         (a) any non-compliance by the Borrower with the provisions of Section
4.18 of the Credit Agreement prior to the date hereof to the extent the Borrower
would have otherwise been in compliance with Section 4.18 of the Credit
Agreement, as amended by this Amendment No. 1 and Waiver, at such time.

         (b) any Default or Event of Default that may exist under Section
6.01(c)(i) of the Credit Agreement solely as a result of any non-compliance by
the Borrower described in the preceding clause (a).

     4. Continuing Effect of Credit Agreement. The provisions of the Credit
Agreement are and shall remain in full force and effect and are hereby in all
respects confirmed, approved and ratified.

     5. Representations and Warranties. In order to induce the Administrative
Agent and the Banks to agree to this Amendment, the Borrower hereby represents
and warrants as follows:

     Each representation and warranty made by the Borrower in any Loan Document
is, both before and after giving effect to this Amendment, true and correct at
and as of the Effective Date, and, both before and after giving effect to this
Amendment, no Default or Event of Default is continuing at and as of the
Effective Date.

     6. Conditions to Effectiveness. This Amendment shall be effective as of the
date first written above, but shall not become effective as of such date until
the date (the "Effective Date") that each of the following conditions shall have
been satisfied in the sole determination of the Administrative Agent:

         (a) the Administrative Agent shall have received each of the following,
in form and substance satisfactory to the Administrative Agent:

               (i) this Amendment duly executed by the Borrower, the
          Administrative Agent and the Required Banks; and

               (ii) such other information, documents or materials as the
          Administrative Agent may have requested pursuant to the Loan
          Documents; and

         (b) the Administrative Agent shall have received all fees and expenses
payable pursuant to the Loan Documents and this Amendment including the fees and
disbursements of

                                       4
<PAGE>
legal counsel retained by the Agent (if an invoice for such fees and
disbursements of such counsel has been delivered to the Borrower).

     7. Governing Law. This Amendment shall, pursuant to New York General
Obligations Law 5-1401, be construed in accordance with and governed by the
laws of the State of New York.

     8. Counterparts. This Amendment may be signed in any number of
counterparts, each of which shall be an original, with the same effect as if
the  signatures thereon were upon the same instrument.

     9. Headings. Section headings in this Amendment are included herein for
convenience and reference only and shall not constitute a part of this
Amendment for any other purpose.

                                       5
<PAGE>
     IN WITNESS WHEREOF, the parties hereto have caused this Amendment No. 1 and
Waiver to be executed by their duly authorized officers all as of the date first
above written.

                                        REINSURANCE GROUP OF AMERICA,
                                        INCORPORATED, as Borrower

                                        By:  /s/ Todd Larson
                                            ------------------------------------
                                            Name: Todd Larson
                                            Title: Senior Vice President

                                        THE BANK OF NEW YORK, as Administrative
                                        Agent and as a Bank

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

                                        BANK OF AMERICA, N.A.
                                        as a Bank

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

                                        FLEET NATIONAL BANK
                                        as a Bank

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

                                        ROYAL BANK OF CANADA
                                        as a Bank

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

                          [Amendment No. 1 and Waiver]
<PAGE>
     IN WITNESS WHEREOF, the parties hereto have caused this Amendment No. 1 and
Waiver to be executed by their duly authorized officers all as of the date first
above witten.

                                        REINSURANCE GROUP OF AMERICA,
                                        INCORPORATED, as Borrower

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

                                        THE BANK OF NEW YORK, as Administrative
                                        Agent and as a Bank

                                        By: /s/ Benjamin L. Balkind
                                           -------------------------------------
                                           Name:  Benjamin L. Balkind
                                           Title: Vice President

                                        BANK OF AMERICA,N.A.
                                        as a Bank

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

                                        FLEET NATIONAL BANK
                                        as a Bank

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

                                        ROYAL, BANK OF CANADA
                                        as a Bank

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

                          [Amendment No. 1 and Waiver]
<PAGE>
     IN WITNESS WHEREOF, the parties hereto have caused this Amendment No. 1 and
Waiver to be executed by their duly authorized officers all as of the date first
above witten.

                                        REINSURANCE GROUP OF AMERICA,
                                        INCORPORATED, as Borrower

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

                                        THE BANK OF NEW YORK, as Administrative
                                        Agent and as a Bank

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

                                        BANK OF AMERICA, N.A.
                                        as a Bank

                                        By: /s/ Jim V. Miller
                                           -------------------------------------
                                           Name:  Jim V. Miller
                                           Title: Managing Director

                                        FLEET NATIONAL BANK
                                        as a Bank

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

                                        ROYAL BANK OF CANADA
                                        as a Bank

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

                          [Amendment No. 1 and Waiver]
<PAGE>
     IN WITNESS WHEREOF, the parties hereto have caused this amendment No. 1 and
Waiver to be executed by their duly authorized officers all as of the date first
above witten.

                                        REINSURANCE GROUP OF AMERICA,
                                        INCORPORATED, as Borrower

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

                                        THE BANK OF NEW YORK, as Administrative
                                        Agent and as a Bank

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

                                        BANK OF AMERICA, N.A.
                                        as a Bank

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

                                        FLEET NATIONAL BANK
                                        as a Bank

                                        By: /s/ David A. Bosselait
                                           -------------------------------------
                                           Name:  David A. Bosselait
                                           Title: Director

                                        ROYAL BANK OF CANADA
                                        as a Bank

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

                          [Amendment No. 1 and Waiver]

<PAGE>
     IN WITNESS WHEREOF, the parties hereto have caused this Amendment No. 1 and
Waiver to be executed by their duly authorized officers all as of the date first
above witten.

                                        REINSURANCE GROUP OF AMERICA,
                                        INCORPORATED, as Borrower

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

                                        THE BANK OF NEW YORK, as Administrative
                                        Agent and as a Bank

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

                                        BANK OF AMERICA, N.A.
                                        as a Bank

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

                                        FLEET NATIONAL BANK
                                        as a Bank

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

                                        ROYAL BANK OF CANADA
                                        as a Bank

                                        By: /s/ Alexander Birr
                                           -------------------------------------
                                           Name: Alexander Birr
                                           Title: Senior Manager

                          [Amendment No. 1 and Waiver]

<PAGE>
                                                                         ANNEX A
<PAGE>
                                  THE OFFERING

SECURITIES OFFERED.......        units, or up to       units if the underwriters
                           exercise their option to purchase additional units,
                           consisting of:

                           o    a preferred security having a stated
                                liquidation amount of $50; and

                           o    a warrant to purchase at any time prior to
                                       , 2050, shares, unless earlier redeemed,
                                subject to antidilution adjustments, of our
                                common stock.

                           The preferred securities represent an undivided
                           beneficial ownership interest in the assets of the
                           Trust, which will consist solely of the junior
                           subordinated debentures issued by us. Each debenture
                           will have a principal amount at maturity of $50. To
                           exercise a warrant, a holder must tender the warrant
                           together with its exercise price as described below
                           under "-- Warrant Exercise Price."

                           At any time after the issuance of the units, the
                           preferred security and the warrant components of each
                           unit may be separated by the holder and transferred
                           separately. Thereafter, a separated warrant and
                           preferred security may be recombined to form a unit.

PRICE....................  $50 per unit.

MATURITY OF DEBENTURES...            , 2050.

EXPIRATION OF WARRANTS...            , 2050.

DISTRIBUTION DATES.......           ,          , and           of each year,
                           beginning on         , 2002. Distribution on the
                           preferred securities will be made only to the extent
                           that we make corresponding interest payments on the
                           debentures.

DISTRIBUTION RATE........     % per year on the stated liquidation amount of
                           the preferred securities, subject to reset upon a
                           remarketing to the reset rate on the accreted value
                           as of the end of the day next preceding the
                           remarketing settlement date. The distribution rate on
                           the preferred securities will correspond to the
                           interest rate on the debentures.

ACCRETED VALUE...........  The "accreted value" of a preferred security is
                           equal to the accreted value of a debenture, which is
                           equal to the sum of the initial purchase price of the
                           preferred security component of each unit
                           (or $       ) plus accrual of discount (that is, the
                           difference between the principal amount of $50
                           payable in respect of a debenture on         2050 and
                           its initial purchase price) calculated from         ,
                           2001 to the date of calculation at the all-in yield
                           rate of    % per annum through         , 2050 minus
                           accrual of interest on the principal amount of the
                           debentures (or $50) at the rate of    % in each case,
                           on a quarterly bond equivalent yield basis using a
                           360-day year of twelve 30-day months until that sum
                           equals $50 on           2050.

                                      S-6

<PAGE>

DEFERRAL OF PAYMENTS.....  So long as we are not in default in the payment of
                           interest on the debentures and so long as a failed
                           remarketing has not occurred, we will have the right,
                           at any time, and from time to time during the term of
                           the debentures, to defer payments of interest by
                           extending the interest payment period for a period
                           not exceeding 20 consecutive quarters or extending
                           beyond the stated maturity of the debentures (the
                           "extension period"), during which extension period no
                           interest will be due and payable. Prior to the
                           termination of any such extension period, we may
                           further extend such extension period; provided that
                           such extension period, together with all such
                           previous and further extensions, may not exceed 20
                           consecutive quarters or extend beyond the stated
                           maturity of the debentures. During any extension
                           period, we will agree not to make certain restricted
                           payments.

WARRANT EXERCISE PRICE...  The warrant exercise price will be $50, unless RGA
                           chooses to redeem the warrants as described below,
                           in which case the exercise price of the warrants
                           instead of redemption will be an amount initially
                           equal to $     , which price will accrete on a daily
                           basis as described in this prospectus supplement to
                           a maximum of $50, on the expiration date. In such
                           circumstances, the warrant exercise price will
                           accrete on a daily basis such that on any given date
                           of calculation it will be equal to $         plus
                           accretion, calculated from         , 2001 to the
                           date of calculation, at the all-in yield of      %
                           per annum through         , 2050 minus accrual of an
                           amount equal to $50 multiplied by         %, in each
                           case, on a quarterly bond equivalent basis using a
                           360-day year of twelve 30-day months. In connection
                           with an exercise of the warrants instead of a
                           redemption, the exercise price of the warrants will
                           be calculated as of the business day next preceding
                           the redemption date. If the warrant holder exercises
                           the warrant other than instead of a redemption, the
                           warrant exercise price will be $50.

OPTIONAL REDEMPTION OF
WARRANTS AND REMARKETING
OF PREFERRED SECURITIES..  If on any date after         , 2004, the closing
                           price of our common stock exceeds and has exceeded a
                           price per share equal to $       , subject to
                           adjustment, for at least 20 trading days (as defined
                           below) within the immediately preceding 30
                           consecutive trading days, we may at our option, elect
                           to redeem the warrants, in whole but not in part, for
                           cash [or, if specified conditions are met, our common
                           stock or a combination of cash and our common stock,]
                           equal to the warrant redemption amount, which will be
                           equal to $50 minus the exercise price of the warrant
                           as of the end of the day next preceding the
                           redemption date instead of redemption as described
                           above. In addition, as described below, we may redeem
                           the warrants if certain other events occur.

                           The warrants will be redeemed on the redemption date
                           unless a warrant holder affirmatively elects to
                           exercise its warrants. We are is not required to give
                           the holders of the warrants more than six business
                           days notice of our election to redeem the warrants.
                           Because of the abbreviated notification period, a
                           warrant holder

                                      S-7
<PAGE>
                         who intends to exercise its warrant upon an optional
                         redemption of the warrants may want to provide standing
                         instructions [to its broker or the party which holds
                         the warrant for the holder for the exercise of the
                         warrants and the delivery of shares to the warrant
                         agent] in order to allow that party to act quickly if
                         it receives a notice of redemption from us. See "Risk
                         Factors -- You may be required to elect to exercise
                         your warrants within five business days of notification
                         of an election by RGA to optionally redeem the
                         warrants" beginning on page   in this prospectus
                         supplement.

                         In connection with a redemption or upon expiration of
                         the warrants, we will also be obligated to seek a
                         remarketing of all the preferred securities at a price
                         of no less than 100% of their accreted value. If the
                         warrant holder chooses to exercise the warrant and is a
                         unit holder that has not opted out of the remarketing,
                         the proceeds from a successful contemporaneous
                         remarketing of the related preferred security will be
                         applied to satisfy in full the exercise price of the
                         warrant. The remarketing settlement date and the
                         optional redemption date will be three business days
                         after the remarketing date.

                         Also in connection with a remarketing:

                         -  the adjusted maturity of the debentures (and, as a
                            result, the redemption date of the preferred
                            securities) will become the date which is 93 days
                            following the remarketing settlement date;

                         -  the amount due at the adjusted maturity date of the
                            debentures will be the accreted value of the
                            debentures as of the end of the business day next
                            preceding the remarketing settlement date (and, as a
                            result, the amount due at the adjusted redemption
                            date of the preferred securities will be the
                            accreted value of the preferred securities as of
                            such date);

                         -  upon a remarketing of the preferred securities in
                            connection with an expiration of the warrants at
                            maturity, the preferred securities will be
                            remarketed at their stated liquidation amount; and

                         -  on the remarketing settlement date, the debentures
                            will have an interest rate on their accreted value
                            or stated liquidation amount if remarketed at
                            maturity (and, as a result, the preferred securities
                            will have a distribution rate on their accreted
                            value or stated liquidation amount if remarketed at
                            maturity) equal to the rate established in the
                            remarketing.

                         See "-- Failed Remarketing" below for a description of
                         the consequences of the failure to successfully
                         remarket the preferred securities in connection with a
                         redemption or expiration of the warrants.

REDEMPTION AND
REMARKETING UPON TAX
EVENT OR INVESTMENT
COMPANY EVENT........... If (1) certain tax events occur or (2) if there is a
                         more than an insubstantial risk that the Trust will be
                         considered an investment

                                      S-8
<PAGE>
                                   company under the Investment Company Act of
                                   1940 and certain requirements are satisfied,
                                   we may, at our option, elect to redeem the
                                   warrants at their warrant redemption amount
                                   and remarket the preferred securities.

CHANGE OF CONTROL...............   If a change of control occurs, as defined
                                   under "Description of the Warrants -- Change
                                   of Control" in this prospectus supplement,
                                   the holders of unit securities will have the
                                   right to:

                                   o    require RGA to redeem that holder's
                                        warrant on the date that is 45 days
                                        after the date RGA gives notice of the
                                        change of control event at a redemption
                                        price equal to 100% of the warrant
                                        redemption amount on the redemption date
                                        which may be paid in cash or, at our
                                        option if we satisfy specified
                                        conditions, our common stock or a
                                        combination of cash and our common
                                        stock; and

                                   o    exchange that holder's preferred
                                        security for a debenture having an
                                        accreted value equal to the accreted
                                        value of such preferred security and to
                                        require RGA to repurchase such debenture
                                        on the repurchase date at a repurchase
                                        price equal to 100% of the accreted
                                        value of the debenture on the repurchase
                                        date plus accrued and unpaid interest
                                        (including deferred interest) on the
                                        debentures to, but excluding, the
                                        repurchase date.

                                   See "Description of the Warrants -- Change of
                                   Control" and "Description of the Preferred
                                   Securities -- Change of Control" in this
                                   prospectus supplement.

REMARKETING AT EXPIRATION OF
WARRANTS........................   If not previously remarketed, the preferred
                                   securities will be remarketed on        ,
                                   2050. In addition, the warrants will expire
                                   on       , 2050, unless previously exercised.

EXERCISE OF WARRANTS............   A holder may exercise warrants at any time
                                   prior to the close of business on        ,
                                   2050 (the "expiration date"), unless earlier
                                   redeemed.

                                   The warrants will not be exercisable unless,
                                   at the time of the exercise:

                                   o    a registration statement is in
                                        effect under the Securities Act of 1933
                                        covering the issuance and sale (and
                                        resale) of the shares of common stock
                                        upon exercise of the warrants or the
                                        issuance and sale (and resale) of the
                                        shares upon exercise of the warrants is
                                        exempt from the registration
                                        requirements of the Securities Act of
                                        1933;

                                   o    the shares have been registered,
                                        qualified or are deemed to be exempt
                                        under the securities laws of the state
                                        of residence of the exercising holder of
                                        the warrants; and

                                   o    to the extent required by
                                        applicable law, a then current
                                        prospectus is delivered to the
                                        exercising holders of the warrants.

                                      S-9
<PAGE>
                                   Holders must pay the exercise price of their
                                   warrants in cash (including the automatic
                                   application of a portion of the proceeds of
                                   any remarketing of preferred securities).
                                   Accordingly, the holders of units may not
                                   tender their preferred securities directly
                                   toward payment of the exercise price of the
                                   warrants.

RIGHTS OF A UNIT HOLDER.........   Following an exercise of warrants by a unit
                                   holder other than in connection with a
                                   remarketing, the holder may require the Trust
                                   to exchange the holder's related preferred
                                   securities for debentures and require RGA to
                                   repurchase such debentures at $50 on a
                                   special distribution date which is no less
                                   than 93 days following the exercise of the
                                   warrants.

                                   If a unit holder exercises the warrant that
                                   is part of the unit in connection with an
                                   optional redemption of the warrants by RGA or
                                   expiration of the warrants, the holder will
                                   be able to satisfy in full the exercise price
                                   by applying the proceeds of a successful
                                   related remarketing of the related preferred
                                   securities. See "Description of the Preferred
                                   Securities -- Remarketing" in this prospectus
                                   supplement.

FAILED REMARKETING..............   If the remarketing agent is unable to
                                   remarket the preferred securities when
                                   required for any reason, a "failed
                                   remarketing" will have occurred. If a failed
                                   remarketing occurs:

                                   o    beginning on the third business day
                                        after such date, interest will accrue on
                                        the accreted value of the debentures,
                                        and distributions will accumulate on the
                                        accreted value of the preferred
                                        securities;

                                   o    the interest rate on the accreted
                                        value of debentures will be        % pre
                                        annum and, as a result, the distribution
                                        rate on the accreted value of the
                                        preferred securities will increase
                                        correspondingly;

                                   o    the stated maturity of the accreted
                                        value of the debentures (and, as a
                                        result, the final distribution date for
                                        the preferred securities) will become
                                        the date which is 93 days after the
                                        failed remarketing settlement date; and

                                   o    we will no longer have the option
                                        to defer interest payments on the
                                        debentures.

                                   Notwithstanding that a failed remarketing in
                                   connection with an optional redemption of the
                                   warrants may occur, the warrants would
                                   nevertheless be redeemed at the warrant
                                   redemption amount on the optional redemption
                                   date and a warrant holder who has elected to
                                   exercise its warrants will be obligated to
                                   exercise its warrants instead of such
                                   redemption by paying the exercise price in
                                   cash.

GUARANTEE.......................   The following payments or distributions with
                                   respect to the preferred securities and
                                   common securities on a pro rata basis, to
                                   the extent not paid by or on behalf of the
                                   Trust, will be guaranteed by us:

                                   o    any accumulated and unpaid
                                        distributions required to be paid on the
                                        preferred securities and common
                                        securities on a pro
<PAGE>

                           rata basis, to the extent that the Trust has
                           sufficient funds available therefor at the time;

                         - the redemption price with respect to any preferred
                           securities and common securities on a pro rata basis
                           called for redemption, to the extent that the Trust
                           has sufficient funds available therefor at such time;

                         - the repurchase of debentures, which are exchanged for
                           preferred securities if a change of control occurs,
                           at the accreted value equal to the accreted value of
                           the preferred securities, plus accrued and unpaid
                           interest on the debentures (including deferred
                           interest) to, but excluding, the repurchase date; and

                         - upon a voluntary or involuntary dissolution, winding
                           up or termination of the Trust (other than in
                           connection with the exchange of all of the preferred
                           securities for debentures and the distribution of the
                           debentures to the holders of the preferred securities
                           and common securities on a pro rata basis), the
                           lesser of

                           - the aggregate accreted value of the common and
                             preferred securities of the Trust and all
                             accumulated and unpaid distributions thereon to the
                             date of payment; and

                           - the amount of assets of the Trust remaining
                             available for distribution to the holders of
                             preferred securities and common securities on a
                             pro rata basis.

                         Our obligations under the guarantee will be
                         subordinated and junior in right of payment to all of
                         our existing and future senior indebtedness.

THE TRUST..............  The Trust is a Delaware statutory business trust. The
                         sole assets of the Trust will be the debentures. The
                         Trust will issue the preferred securities and the
                         common securities. All of the common securities will be
                         owned by us, in an aggregate liquidation amount of at
                         least 3% of the total capital of the Trust.

RANKING................  Payment of distributions on, and the redemption price
                         of, the preferred securities and the common securities,
                         will generally be made pro rata based on their
                         liquidation amounts. However, if on any payment date,
                         an indenture event of default has occurred and is
                         continuing, no payment on the common securities will be
                         made unless payment in full in cash of all accumulated
                         and unpaid distributions on all of the outstanding
                         preferred securities for all current and prior
                         distribution periods (or in the case of payment of the
                         redemption price, the full amount of such redemption
                         price on all of the outstanding preferred securities
                         then called for redemption), has been made or provided
                         for.

FORM AND DENOMINATION..  The Depository Trust Company, which we refer to as
                         "DTC," will act as securities depositary for the unit
                         securities, each of which will be issued only as fully
                         registered securities registered in the name of DTC or
                         its nominee for credit to an account of a

                                      S-11

<PAGE>
                         direct or indirect participant in DTC. One or more
                         fully registered certificates will be issued for each
                         of the unit securities, and will be deposited with the
                         property trustee as custodian for DTC. The preferred
                         securities will be issued in denominations of $50
                         stated liquidation amount and whole multiples of $50.
                         See "Book-Entry Issuance" in this prospectus
                         supplement.

USE OF PROCEEDS......... We will use the net proceeds from the offering of the
                         units (consisting of the portion of the net proceeds
                         from the sale of the units relating to the warrants,
                         and the net proceeds from the issuance of the
                         debentures to the Trust) for general corporate
                         purposes. The Trust will use the portion of the net
                         proceeds from the sale of the units relating to the
                         preferred securities to acquire the debentures from us.

MATERIAL UNITED STATES
FEDERAL INCOME TAX
CONSEQUENCES............ RGA intends to treat and you (by your acceptance of a
                         beneficial interest in the unit) agree to treat each
                         unit as an "investment unit" consisting of a preferred
                         security and a warrant. As such, the purchase price of
                         each unit will be allocated between the preferred
                         security and the warrant in proportion to their
                         respective fair market values at the time of purchase.

                         In the opinion of Bryan Cave LLP, counsel to RGA, for
                         United States federal income tax purposes (x) the
                         debentures will be treated as debt and (y) the Trust
                         will be treated as a grantor trust. As a result, each
                         holder of a preferred security generally will be
                         treated as owning an undivided beneficial ownership
                         interest in the debentures. As a consequence, if the
                         holder is a United States taxpayer, it will be required
                         to include as ordinary income amounts constituting
                         original issue discount. The amount of interest income,
                         including original issue discount, on which it will be
                         taxed will exceed its share of the cash interest
                         payments received from the Trust on the preferred
                         securities. See "Material United States Federal Income
                         Tax Consequences" in this prospectus supplement.

ERISA CONSIDERATIONS.... Each purchaser and subsequent transferee of the units,
                         including the underlying preferred securities,
                         warrants, debentures and any shares of our common stock
                         issued upon the exercise of the warrants will be deemed
                         to have represented and warranted that the acquisition
                         and holding of these securities by the purchaser or
                         transferee will not constitute a non-exempt prohibited
                         transaction under Section 406 of the Employee
                         Retirement Income Security Act of 1974 ("ERISA") or
                         Section 4975 of the Internal Revenue Code of 1986 or
                         similar violation under any applicable similar laws.
                         See "ERISA Considerations" in this prospectus
                         supplement.

ABSENCE OF A PUBLIC
MARKET FOR THE UNITS.... The units and their components will be new securities.
                         We cannot assure you that an active or liquid market
                         will develop for the units or their components.

                                      S-12
<PAGE>

NEW YORK STOCK EXCHANGE    Our common stock is traded on the New York Stock
SYMBOL FOR OUR COMMON      Exchange under the symbol "RGA". We have applied to
STOCK AND LISTING........  list the units on the NYSE under the symbol "      ."
                           We expect that trading of the units on the NYSE will
                           commence on the second trading day after the date of
                           this prospectus supplement. If either the preferred
                           securities or the warrants are traded at a volume
                           that satisfies applicable exchange listing
                           requirements, then we will use our reasonable best
                           efforts to list those securities on the national
                           securities exchange or quotation system on which the
                           units are then listed or quoted.

                           [PLANNED DEBT OFFERING

        Following this offering, we intend to sell $200. million aggregate
principal amount of our senior notes. This offering and the concurrent senior
notes offering are not conditioned on each other, which means that we may
complete either offering without completing the other.]

                                      S-13

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