Document:

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                                                                     EXHIBIT 4.4

                       ISSUING AND PAYING AGENT AGREEMENT

This Issuing and Paying Agency Agreement (the "Agreement"), dated as of November
2, 2000, between Allegheny Technologies Incorporated, a Delaware corporation
(the "Issuer") and Bank One, National Association, a national banking
association (the "IPA"), as issuing and paying agent, in connection with the
issuance and payment, in book entry only form, of certain commercial paper notes
(collectively the "Notes"). The Issuer hereby appoints the IPA its agent to
issue, deliver and pay such Notes as herein set forth. The Issuer hereby agrees
with the IPA as follows:

1.       Definitions.

         Terms capitalized shall have the meanings assigned them below.

         "Advance" means funds credited by the IPA to or on behalf of the Issuer
         for the purpose of either crediting Proceeds to the Note Account or
         remitting payment on Notes.

         "Agreement" means this Issuing and Paying Agency Agreement as defined
         in the preamble, and includes the terms of the Exhibits.

         "Business Day" means any day that both the IPA and DTC are open for
         business.

         "Certificate Agreement" means the Certificate Agreement dated May 17,
         1994, between DTC and the IPA (formerly known as The First National
         Bank of Chicago), a copy of which is attached hereto as Exhibit C.

         "Dealer" means any person other than an Issuer Agent, which has been
         authorized by the Issuer to deliver Issuance Instructions to the IPA
         and is listed on an Incumbency Certificate.

         "DTC" means The Depository Trust Company, a New York limited purpose
         trust company, and its successors and assigns.

         "GAITIR" means the Global Automated Issuance Trade Initiator and
         Reporter system.

         "Incumbency Certificate" means the certificate of the Issuer,
         substantially in the form of Exhibit A, executed by its Secretary or
         any of its Assistant Secretaries, which identifies Issuer Agents and
         Dealers from time to time.

         "Indemnified Persons" means the IPA and its officers, directors,
         employees, and agents.

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         "Issuance Instructions" means the instructions as to issuance of Notes
         delivered to the IPA by an Issuer Agent or Dealer pursuant to Section
         3.B. of the Agreement.

         "Issuer Agents" means those officers, employees, or agents of the
         Issuer identified on an Incumbency Certificate the Issuer has
         authorized to execute Notes, deliver Note Issuance Instructions, and
         deliver other notices hereunder to the IPA.

         "Manual" means the DTC Money Market Instrument Issuing/Paying Agent
         Manual, as modified from time to time, including the rules of the DTC
         Same Day Funds Settlement System, Money Market Instruments Program.

         "Maturity Date" means the date any Note is payable by its terms.

         "Note" or "Notes" means the commercial paper notes of the Issuer issued
         pursuant to the Agreement and identified on the records of the IPA as
         evidenced by the Issuer's Corporate Commercial Paper Master Note
         substantially in the form set forth in Exhibit B.

         "Note Account" means the Issuer's demand deposit account number
         10-51085 established at the IPA pursuant to Section 6.A.

         "Proceeds" means, with respect to any Note, funds representing the
         purchase price for its original issuance.

         "Representation Letter" means the agreement by and among the IPA, the
         Issuer and DTC with respect to the Notes substantially in the form set
         forth in Exhibit D.

2.       Authorization.

         The Issuer shall deliver to the IPA upon execution of this Agreement an
         Incumbency Certificate to designate the Issuer Agents and Dealers to
         the IPA. Until the IPA receives a subsequent Incumbency Certificate
         from the Issuer, it may rely on the last such Incumbency Certificate
         delivered to it. Any Note bearing the signature of an Issuer Agent on
         the date such signature is affixed thereto shall bind the Issuer after
         the authentication and delivery of such Note even if such person shall
         have ceased to hold his or her office on the date such Note is
         authenticated and delivered.

3.       Notes.

         A.       The Notes shall be issued to DTC or its nominee in book-entry
                  form only. In connection with the issuance of Notes, (i) the
                  IPA and DTC have previously entered into the Certificate
                  Agreement and (ii) the IPA, the Issuer and DTC shall jointly
                  execute the Representation Letter. The Issuer understands and
                  acknowledges that the execution of the Certificate

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                  Agreement and the Representation Letter by the IPA is a
                  necessary condition precedent to the acceptance of the Notes
                  by DTC and as such, the Issuer agrees, (x) to be bound by the
                  provisions of the Certificate Agreement and Representation
                  Letter and (y) that the Certificate Agreement and
                  Representation Letter shall supplement the provisions of this
                  Agreement.

B.                Prior to 12:00 noon (Chicago time) on each issuance date, an
                  Issuer Agent or Dealer shall provide the IPA with Issuance
                  Instructions specifying the issue date, interest rate (if
                  applicable), maturity date (which shall be no later than 364
                  days from the date of issuance thereof), proceeds amount,
                  maturity amount, CUSIP number, purchaser and purchaser's
                  settlement bank (which bank must be a participant in the DTC
                  Same Day Funds Settlement System).

         C.       Following receipt of Issuance Instructions, the IPA will
                  process such Issuance Instructions in accordance with and
                  subject to (i) this Agreement, (ii) the procedures set forth
                  in the Manual, (iii) the terms and conditions of the
                  Certificate Agreement and (iv) the terms and conditions of the
                  Representation Letter. Unless otherwise instructed by an
                  Issuer Agent or Dealer, Notes delivered under this Agreement
                  shall be made against payment as more fully set forth in
                  Section 4 below. In the event of a conflict between the terms
                  of this Agreement and the terms of the Manual, the Certificate
                  Agreement, or the Representation Letter, the provisions of
                  this Agreement shall control.

4.       Proceeds of Sale of Notes.

         A.       The Issuer understands that when the IPA is instructed to
                  deliver against payment, the processing of Issuance
                  Instructions may not be completed simultaneously against the
                  receipt of payment. Accordingly, the IPA is authorized to
                  initiate delivery and to receive payment from the purchaser in
                  accordance with the provisions of the Manual. All such
                  payments shall be credited upon receipt to the Note Account.
                  The Issuer hereby agrees to bear the risk that the IPA fails
                  to receive payment of the Proceeds of any Notes issued
                  pursuant to Issuance Instructions.

         B.       Funds received by the IPA as Proceeds will be credited to the
                  Note Account. Prior to receipt of such Proceeds, the IPA may,
                  but shall not be obligated to, credit such Proceeds to the
                  Issuer by making an Advance. Upon telephonic, written (which
                  may be in facsimile form), or electronic instructions received
                  by the IPA from an Issuer Agent, an Advance may be (i) used in
                  payment of Notes presented for payment upon maturity, (ii)
                  deposited to an account of the Issuer at the IPA, or (iii)
                  transferred to the account of the Issuer at another bank. If
                  the IPA, in its sole discretion, makes an Advance, the Issuer
                  agrees to apply the Proceeds to repay such

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                  Advance. If such Proceeds are insufficient to repay the
                  Advance in full, the Issuer agrees to repay such Advance
                  within 24 hours, or the next business day, from the time such
                  Advance was made. Interest on any Advance shall accrue from
                  the day such Advance is made, and shall bear interest (i) in
                  accordance with any separate agreement between the Issuer and
                  the IPA in effect at the time, or (ii) if no such separate
                  agreement is then in effect, then as described in the attached
                  letter (Exhibit G).

5.        Instructions

         A.       The Issuer hereby authorizes the IPA to act in accordance with
                  Issuance Instructions received electronically, in writing, by
                  facsimile or by telephone from an Issuer Agent or the Dealer.
                  The Issuer or the Dealer may initiate Issuance Instructions
                  electronically via GAITIR or otherwise in accordance with the
                  IPA's standard business practices. The IPA shall be entitled
                  to rely on the Issuance Instructions received electronically
                  hereunder and may assume conclusively that all such Issuance
                  Instructions are correct and complete and were transmitted by
                  the Issuer or on the Issuer's behalf.

         B.       Telephonic Issuance Instructions shall be given to the IPA by
                  an Issuer Agent or the Dealer at the telephone number
                  specified by the IPA from time to time for such purpose, and
                  shall be expressed to be for the attention of any of its
                  officers or employees whose name has been specified for such
                  purpose. The telephone numbers initially authorized for such
                  purpose are set forth in Exhibit E, which may be modified by
                  notice to the Issuer and each Dealer. Telephonic Issuance
                  Instructions to the IPA by an Issuer Agent or Dealer shall be
                  confirmed in writing by an Issuer Agent or Dealer within 24
                  hours of the time such instruction is given; provided that, in
                  the event a discrepancy exists between the telephonic Issuance
                  Instructions and the subsequent confirmation, or in the
                  absence of receiving a written confirmation prior to the time
                  specified in Sections 3.B. above, the Telephonic Issuance
                  Instructions shall be deemed the proper and controlling
                  Issuance Instructions. A written confirmation may be effected
                  by any electronic means of communications, including
                  transmission by telecopier or computer.

6.       Note Account.

         A.       For purposes of the transactions contemplated herein, the
                  Issuer shall open and maintain the Note Account.

         B.       Deposits will be made to the Note Account from time to time by
                  or on behalf of the Issuer by delivery of funds to be
                  deposited therein. All

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                  Proceeds shall be credited to the Note Account. Withdrawals or
                  other uses of the funds from the Note Account shall be made in
                  accordance with instructions from an Issuer Agent or to repay
                  amounts payable under Sections 4.B. or 7.D. hereof.
                  Notwithstanding anything in this Agreement to the contrary,
                  the IPA shall not be obligated (i) to permit any withdrawal or
                  other use of funds from the Note Account, or (ii) to honor any
                  instructions to those effects, if the IPA, in its sole
                  discretion, shall determine that as a result there would be an
                  overdraft or negative balance in respect of final credits
                  (whether in the course of any day, overnight or otherwise) in
                  the Note Account. The Issuer shall deposit in the Note Account
                  on the Maturity Date an amount in immediately available funds
                  equal to the principal and interest payable on such Notes,
                  unless such funds represent Proceeds and are deposited to the
                  Note Account pursuant to Section 4.B.

7.       Payment of Notes.

         A.       The IPA hereby agrees to serve as paying agent of the Issuer
                  with respect to each of the Notes presented for payment
                  pursuant to this Agreement.

         B.       The IPA is hereby authorized and instructed by the Issuer, to
                  the extent that funds sufficient to effect such payment are
                  available in the Note Account, to pay, and shall pay, each of
                  the Notes upon presentation thereof. The IPA is further hereby
                  authorized and instructed by the Issuer to debit the Note
                  Account in the amount of each such payment.

         C.       If at any time funds in the Note Account are insufficient to
                  cover payment of any matured Notes presented prior to 2:00
                  p.m. (Chicago time) on the Maturity Date of such Notes, the
                  IPA may, but shall not be obligated to, pay the Notes thus
                  creating an overdraft for the account of the Issuer, which
                  overdraft shall be charged to the Note Account.

         D.       The amount of any resulting overdraft shall represent an
                  Advance by the IPA to the Issuer to be promptly repaid by the
                  Issuer together with any applicable overdraft charges and
                  interest on such advance for each day such Advance remains
                  outstanding in accordance with Section 4.B.

8.       Representations and Warranties.

         Each day on which an Issuance Instruction is given to the IPA, the
         Issuer shall be deemed to represent and warrant to the IPA that (a) the
         issuance and delivery of the designated Notes will not violate any
         state or federal securities law, (b) the Notes have been duly and
         validly authorized by the Issuer and (c) the Notes, when issued and
         delivered pursuant hereto, will constitute the legal, valid, and
         binding obligations of the Issuer.

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9.       Concerning the IPA.

         A.       In acting with respect to the Notes, and generally in acting
                  under the provisions hereof, the IPA acts only as agent of the
                  Issuer to perform only such duties as are specifically set
                  forth herein and this Agreement shall not be construed to
                  subject the IPA to any implied covenants or obligations. No
                  provision of this Agreement shall be construed to impose upon
                  the IPA any trust, agency of, or fiduciary duty to DTC or any
                  beneficial owner of the Notes. The IPA may execute any of the
                  powers hereunder or perform any duties hereunder either
                  directly or by or through agents or affiliates. The IPA may
                  consult with legal counsel regarding matters arising under
                  this Agreement and shall not be liable for any action taken in
                  good faith in reliance upon the advice of such counsel. The
                  IPA or its affiliates in their individual or any other
                  capacity may become the owner or pledgee of Notes and may
                  transact business with the Issuer or its affiliates with the
                  same rights they would have if the IPA were not acting
                  hereunder. The IPA shall be under no liability for interest on
                  any moneys received by it hereunder and need not segregate
                  such moneys except as may be required by law. Except in the
                  case of the IPA's gross negligence or willful misconduct, it
                  shall not be liable to the Issuer for any action taken or
                  omitted and reasonably believed by the IPA to be authorized or
                  within the powers conferred upon it hereby. In no event shall
                  the IPA be liable for consequential, indirect or special
                  damages, even if it has been advised of the possibility of
                  such damages. The IPA shall also not be liable for any action
                  taken, or any failure to take any action in connection with
                  this Agreement or the services provided hereunder or otherwise
                  to fulfill its obligations in connection with this Agreement,
                  in the event and to the extent that the taking of such action
                  or such failure arises out of or is caused by mechanical
                  breakdown, computer or system failure or other failure of
                  equipment, failure or malfunctioning of any communications
                  media for whatever reason, or any other cause outside of the
                  control of the IPA, provided that it undertakes to use
                  commercially reasonable efforts to cure any such failure or
                  breakdown of its equipment. It is understood by the Issuer
                  that provision of services under this Agreement is dependent
                  upon the availability to the IPA and the Issuer of
                  telecommunication facilities provided by third party vendors
                  and that the IPA does not warrant or guarantee such
                  availability.

         B.       The Issuer shall indemnify and hold the Indemnified Persons
                  harmless from and against any and all costs, expenses, claims
                  or liabilities (including, without limitation, reasonable
                  legal fees and expenses) arising out of or connected with the
                  performance of each Indemnified Person's duties hereunder,
                  except for costs, expenses, claims or liabilities arising out
                  of the gross negligence or willful misconduct of an
                  Indemnified Person. Each Indemnified Person may rely and shall
                  be protected in acting upon any resolution, certificate,
                  opinion, instructions (whether oral

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                  or otherwise), receipt, or other document reasonably believed
                  by such Indemnified Person to be (i) genuine and (ii) to have
                  been signed or given by the proper party or parties.

         C.       Fees for the IPA's services, and reimbursement of its expenses
                  hereunder shall be as mutually agreed upon in writing between
                  the IPA and the Issuer, which are initially set forth as
                  Exhibit F, and shall be payable by the Issuer in accordance
                  with such agreement.

         D.       Except as otherwise expressly provided herein, whenever, in
                  the administration of this Agreement, the IPA shall deem it
                  necessary that a matter be proved or established prior to
                  taking, suffering or omitting any action hereunder, such
                  matter (unless other evidence in respect thereof be herein
                  specifically prescribed) may be deemed to be conclusively
                  proved and established by a certificate or written
                  instructions of an Issuer Agent and such certificate or
                  written instructions shall be full warranty to the IPA for any
                  action taken, suffered, or omitted under the provisions of
                  this Agreement in reliance upon such certificate or written
                  instructions.

         E.       Any banking association or corporation into which the IPA may
                  be merged, converted or with which it may be consolidated, or
                  any corporation resulting from any merger, conversion or
                  consolidation to which it shall be a party, shall succeed to
                  all its rights, obligations and immunities hereunder without
                  the execution or filing of any paper or any further act on the
                  part of any of the parties hereto, anything herein to the
                  contrary notwithstanding.

         F.       The IPA's countersignature of a Note shall be for
                  authentication purposes only. The IPA shall have no liability
                  on any Notes. Except with respect to the IPA's own actions in
                  issuing and delivering Notes pursuant to Issuance
                  Instructions, it shall not be liable for the authorization,
                  validity or legality of any Notes delivered by it in
                  accordance with Issuance Instructions.

         G.       Nothing in this Agreement constitutes a commitment or
                  obligation of the IPA or its affiliates to extend any credit
                  to the Issuer, nor shall any course of dealing between the
                  Issuer and the IPA be deemed to be, or constitute, any such
                  commitment or obligation.

10.      Miscellaneous.

         A.       The IPA or the Issuer may terminate this Agreement upon thirty
                  (30) days' prior written notice to the other party; provided,
                  however, that to the extent there are then outstanding any
                  Notes, notwithstanding such

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                  termination they shall remain valid obligations of the Issuer
                  and shall continue to be subject to the provisions of this
                  Agreement. No termination of this Agreement shall affect the
                  rights and obligations of the parties hereto with respect to
                  transactions initiated prior to such termination. In the event
                  that the IPA shall give the Issuer notice of termination, the
                  Issuer shall not issue on or after the date of such notice any
                  Notes having a maturity in excess of thirty (30) days.

         B.       No amendment or modification of this Agreement shall be
                  effective unless the same shall be in writing and signed by
                  both of the parties hereto. No waiver of, nor any consent to
                  any departure from, any provision of this Agreement shall be
                  effective unless signed by the party intended to be bound. No
                  such amendment, modification, waiver or consent shall
                  adversely affect the rights of any holder of Notes outstanding
                  at the time of such amendment, modification, waiver or
                  consent.

         C.       Any obligation under this Agreement or the Notes that falls on
                  a day that is not a Business Day shall be performed on the
                  next succeeding Business Day.

         D.       Neither party hereto may assign any of its rights or
                  obligations hereunder without the consent of the other party
                  hereto.

         E.       This Agreement may be executed in any number of counterparts
                  and by each party hereto on separate counterparts, each of
                  which counterparts, when so executed and delivered, shall be
                  deemed to be an original and all of which counterparts taken
                  together shall constitute one and the same Agreement.

11.      Notices.

         Any notices, demands, instructions and other communications required or
         permitted to be given or made upon either party shall be in writing and
         shall be personally delivered or sent by first class mail, postage
         prepaid (or telecopier, as permitted hereunder), and shall be effective
         for purposes of this Agreement upon receipt by the intended recipient
         thereof at the address designated by such recipient, or on the next
         succeeding Business Day if received on other than a Business Day.
         Unless otherwise specified in a notice sent or delivered in accordance
         with the foregoing provisions of this paragraph (or with respect to
         Issuance Instructions, as permitted hereunder), notices, demands,
         instructions and other communications in writing shall be addressed as
         indicated below:

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         If to the IPA              Bank One, National Association
                                    1 Bank One Plaza
                                    Suite IL1-0439, 1NS-9
                                    Chicago, Illinois 60670-0439
                                    Attn:  Commercial Paper Customer Service
                                    Telephone:        (312) 407-3358
                                    Telecopier:       (312) 407-4154

         If to the Issuer:          ALLEGHENY TECHNOLOGIES INCORPORATED
                                    1000 Six PPG Place
                                    Pittsburgh, PA  15222-5479
                                    Attn:  R.S. Park
                                    Telephone:        (412) 394-2822
                                    Telecopier:       (412) 394-3034

12.      GAITIR License

         A.       The IPA grants, if applicable, to the Issuer a personal,
                  non-transferable and non-exclusive license to use the
                  instruction and reporting communication software, GAITIR, to
                  transmit Issuance Instructions made pursuant to Section 3
                  hereof and to obtain reports with respect to the Notes. The
                  IPA warrants that for ninety (90) days from the date of
                  installation of each copy of GAITIR software, that copy will
                  perform substantially in accordance with user documentation
                  provided by IPA. The IPA warrants that the tape, diskettes, or
                  other media on which GAITIR software is delivered will be free
                  of defects in materials and workmanship during the same ninety
                  (90) days. The Issuer acknowledges that (a) GAITIR IS PROVIDED
                  TO THE ISSUER WITHOUT ADDITIONAL WARRANTIES OR
                  REPRESENTATIONS, EXPRESS OR IMPLIED OF ANY KIND WHATSOEVER BY
                  THE IPA OR ANY THIRD PARTY VENDOR, INCLUDING BUT NOT LIMITED,
                  TO THE IMPLIED WARRANTY OF MERCHANTABILITY AND FITNESS FOR A
                  PARTICULAR PURPOSE; (b) GAITIR is proprietary and confidential
                  property of IPA disclosed to the Issuer in confidence and only
                  on the terms and conditions and for purposes set forth in this
                  Agreement, and (c) GAITIR is a registered trademark of Bank
                  One Corporation. IPA represents that it has all power and
                  authority to grant the license herein.

         B.       By this Agreement, the Issuer acquires no title, ownership or
                  sublicensing rights whatsoever in GAITIR or in any trade
                  secret, trademark, copyright or patent of the IPA now or to
                  become applicable to GAITIR. The Issuer may not transfer,
                  sublicense, assign, rent, lease, convey, modify, translate,
                  convert to a programming language, decompile, disassemble,
                  recirculate,

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                  republish or redistribute GAITIR for any purpose without the
                  prior written consent of the IPA, provided; however, that the
                  Issuer may make two (2) additional copies of the software for
                  back-up purposes only without prior written consent of the
                  IPA. The Issuer shall take commercially reasonable efforts to
                  secure and protect GAITIR against any disclosure or transfer
                  of any part thereof to any third party with the same degree of
                  care it uses to protect its own confidential information of a
                  similar character.

         C.       In the event (a) any action is taken or threatened which may
                  result in a disclosure or transfer of GAITIR or any part
                  thereof, other than as authorized by this Agreement, or (b)
                  the use of any trademark, trade name, service mark, service
                  name, copyright or patent of the IPA by the Issuer amounts to
                  unfair competition, or otherwise constitutes a possible
                  violation of any kind, then the IPA shall have the right to
                  take any and all action deemed necessary to protect their
                  rights in GAITIR, and to avoid the substantial and irreparable
                  damage which would result from such disclosure, transfer or
                  use, including the immediate termination of the Issuer's right
                  to use GAITIR.

         D.       IPA shall defend and hold harmless including at its option,
                  settle any claim, action or proceeding related thereto brought
                  against Issuer that GAITIR infringes any patent, copyright, or
                  trade secret, and shall indemnify Issuer against all damages
                  and costs finally awarded in any action or proceedings. In the
                  event of such claims, IPA shall have the right, at its option
                  and expense, either (1) to obtain a license permitting
                  continued use at no additional expense to Issuer, (2) to
                  replace or modify as equivalent non-infringing software, or
                  (3) to terminate the license and refund the depreciated value
                  of the fee paid.

         E.       To permit the use of GAITIR to issue Instructions and/or
                  obtain reports with respect to the Notes, the IPA will supply
                  the Issuer with an identification number and initial
                  passwords. From time to time thereafter, the Issuer may change
                  its passwords directly through GAITIR. The Issuer will keep
                  all information relating to its identification number and
                  passwords strictly confidential and will be responsible for
                  the maintenance of adequate security over its customer
                  identification number and passwords.

13.      GOVERNING LAW.

         THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH
         THE INTERNAL LAW OF THE STATE OF NEW YORK (EXCLUDING ITS CONFLICTS OF
         LAWS RULES).

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14.      Entire Agreement.

         This Agreement together with the Exhibits, constitute the entire
         agreement between the IPA and the Issuer relating to the subject matter
         hereof, and supersedes all proposals and all other communications
         between the parties relating hereto.

                                     ALLEGHENY TECHNOLOGIES INCORPORATED

                                     By:    /s/R. S. Park
                                            --------------------------------
                                     Name:
                                            --------------------------------
                                     Title:
                                            --------------------------------

                                     BANK ONE, National Association,
                                              as Issuing and Paying Agent

                                     By:    /s/Maria G. Romero
                                            --------------------------------
                                     Name:  Maria G. Romero
                                            --------------------------------
                                     Title: Corporate Account Representative
                                            --------------------------------

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                                LIST OF EXHIBITS

Exhibit A                  Issuer of Incumbency Certificates

Exhibit B                  Form of Master Note

Exhibit C                  IPA/DTC Commercial Paper Certificate Agreement

Exhibit D                  Issuer/IPA/DTC Representation Letter

Exhibit E                  Telephone Numbers for Telephonic Issuance

                           Instructions to the IPA

Exhibit F                  IPA Fee Schedule<PAGE>   1

                                                                     EXHIBIT 4.5

                        COMMERCIAL PAPER DEALER AGREEMENT
                                  4(2) PROGRAM

                                     BETWEEN

                 ALLEGHENY TECHNOLOGIES INCORPORATED, AS ISSUER

                                       AND

                        CHASE SECURITIES INC., AS DEALER

                  CONCERNING NOTES TO BE ISSUED PURSUANT TO AN
                       ISSUING AND PAYING AGENCY AGREEMENT
              DATED AS OF NOVEMBER 2, 2000, BETWEEN THE ISSUER AND
           BANK ONE NATIONAL ASSOCIATION, AS ISSUING AND PAYING AGENT

                                   DATED AS OF

                                NOVEMBER 2, 2000

<PAGE>   2

                        COMMERCIAL PAPER DEALER AGREEMENT
                                  4(2) PROGRAM

         This agreement ("Agreement") sets forth the understandings between the
Issuer and the Dealer, each named on the cover page hereof, in connection with
the issuance and sale by the Issuer of its short-term promissory notes (the
"Notes") through the Dealer.

         Certain terms used in this Agreement are defined in Section 6 hereof.

         The Addendum to this Agreement, and any Annexes or Exhibits described
in this Agreement or such Addendum, are hereby incorporated into this Agreement
and made fully a part hereof.

Section 1. Offers, Sales and Resales of Notes.

         1.1 While (i) the Issuer has and shall have no obligation to sell the
Notes to the Dealer or to permit the Dealer to arrange any sale of the Notes for
the account of the Issuer, and (ii) the Dealer has and shall have no obligation
to purchase the Notes from the Issuer or to arrange any sale of the Notes for
the account of the Issuer, the parties hereto agree that in any case where the
Dealer purchases Notes from the Issuer, or arranges for the sale of Notes by the
Issuer, such Notes will be purchased or sold by the Dealer in reliance on the
representations, warranties, covenants and agreements of the Issuer contained
herein or made pursuant hereto and on the terms and conditions and in the manner
provided herein.

         1.2 So long as this Agreement shall remain in effect, and in addition
to the limitations contained in Section 1.7 hereof, the Issuer shall not,
without the consent of the Dealer, offer, solicit or accept offers to purchase,
or sell, any Notes except (a) in transactions with one or more dealers which may
from time to time after the date hereof become dealers with respect to the Notes
by executing with the Issuer one or more agreements which contain provisions
substantially identical to those contained in Section 1 of this Agreement, of
which the Issuer hereby undertakes to provide the Dealer prompt notice or (b) in
transactions with the other dealers listed on the Addendum hereto, which are
executing agreements with the Issuer which contain provisions substantially
identical to Section 1 of this Agreement contemporaneously herewith. In no event
shall the Issuer offer, solicit or accept offers to purchase, or sell, any Notes
directly on its own behalf in transactions with persons other than
broker-dealers as specifically permitted in this Section 1.2.

         1.3 The Notes shall be in a minimum denomination of $250,000 or
integral multiples of $1,000 in excess thereof, will bear such interest rates,
if interest bearing, or will be sold at such discount from their face amounts,
as shall be agreed upon by the Dealer and the Issuer, shall have a maturity not
exceeding 366 days from the date of issuance (exclusive of days of grace) and
shall not contain any provision for extension, renewal or automatic "rollover."

                                       2
<PAGE>   3

         1.4 The authentication and issuance of, and payment for, the Notes
shall be effected in accordance with the Issuing and Paying Agency Agreement,
and the Notes shall be either individual physical certificates or book-entry
notes evidenced by a Master Note registered in the name of DTC or its nominee,
in the form or forms annexed to the Issuing and Paying Agency Agreement.

         1.5 If the Issuer and the Dealer shall agree on the terms of the
purchase of any Note by the Dealer or the sale of any Note arranged by the
Dealer (including, but not limited to, agreement with respect to the date of
issue, purchase price, principal amount, maturity and interest rate (in the case
of interest-bearing Notes) or discount thereof (in the case of Notes issued on a
discount basis), and appropriate compensation for the Dealer's services
hereunder) pursuant to this Agreement, the Issuer shall cause such Note to be
issued and delivered in accordance with the terms of the Issuing and Paying
Agency Agreement and payment for such Note shall be made by the purchaser
thereof, either directly or through the Dealer, to the Issuing and Paying Agent,
for the account of the Issuer. Except as otherwise agreed, in the event that the
Dealer is acting as an agent and a purchaser shall either fail to accept
delivery of or make payment for a Note on the date fixed for settlement, the
Dealer shall promptly notify the Issuer, and if the Dealer has theretofore paid
the Issuer for the Note, the Issuer will promptly return such funds to the
Dealer against its return of the Note to the Issuer, in the case of a
certificated Note, and upon notice of such failure in the case of a book-entry
Note. If such failure occurred for any reason other than default by the Dealer,
the Issuer shall reimburse the Dealer on an equitable basis for the Dealer's
loss of the use of such funds for the period such funds were credited to the
Issuer's account.

         1.6 The Dealer and the Issuer hereby establish and agree to observe the
following procedures in connection with offers, sales and subsequent resales or
other transfers of the Notes:

                  (a) Offers and sales of the Notes by or through the Dealer
         shall be made only to: (i) investors reasonably believed by the Dealer
         to be Qualified Institutional Buyers ("QIB's"), Institutional
         Accredited Investors, or Sophisticated Individual Accredited Investors
         and (ii) non-bank fiduciaries or agents that will be purchasing Notes
         for one or more accounts, each of which is reasonably believed by the
         Dealer to be an Institutional Accredited Investor or Sophisticated
         Individual Accredited Investor.

                  (b) Resales and other transfers of the Notes by the holders
         thereof shall be made only in accordance with the restrictions in the
         legend described in clause (e) below.

                  (c) No general solicitation or general advertising shall be
         used in connection with the offering of the Notes. Without limiting the
         generality of the foregoing, without the prior written approval of the
         Dealer, the Issuer shall not issue any press release or place or
         publish any "tombstone" or other advertisement relating to the Notes.

                  (d) No sale of Notes to any one purchaser shall be for less
         than $250,000 principal or face amount, and no Note shall be issued in
         a smaller principal or face amount. If the purchaser is a non-bank
         fiduciary acting on behalf of others, each person

                                       3
<PAGE>   4

         for whom such purchaser is acting must purchase at least $250,000
         principal or face amount of Notes.

                  (e) Offers and sales of the Notes by the Issuer through the
         Dealer acting as agent for the Issuer shall be made in accordance with
         Rule 506 under the Securities Act, and shall be subject to the
         restrictions described in the legend appearing on Exhibit A hereto. A
         legend substantially to the effect of such Exhibit A shall appear as
         part of the Private Placement Memorandum used in connection with offers
         and sales of Notes hereunder, as well as on each individual certificate
         representing a Note and each Master Note representing book-entry Notes
         offered and sold pursuant to this Agreement.

                  (f) The Dealer shall furnish or shall have furnished to each
         purchaser of Notes for which it has acted as the Dealer a copy of the
         then-current Private Placement Memorandum unless such purchaser has
         previously received a copy of the Private Placement Memorandum as then
         in effect. The Private Placement Memorandum shall expressly state that
         any person to whom Notes are offered shall have an opportunity to ask
         questions of, and receive information from, the Issuer and the Dealer
         and shall provide the names, addresses and telephone numbers of the
         persons from whom information regarding the Issuer may be obtained.

                  (g) The Issuer agrees, for the benefit of the Dealer and each
         of the holders and prospective purchasers from time to time of the
         Notes that, if at any time the Issuer shall not be subject to Section
         13 or 15(d) of the Exchange Act, the Issuer will furnish, upon request
         and at its expense, to the Dealer and to holders and prospective
         purchasers of Notes information required by Rule 144A(d)(4)(i) in
         compliance with Rule 144A(d).

                  (h) In the event that any Note offered or to be offered by the
         Dealer would be ineligible for resale under Rule 144A, the Issuer shall
         immediately notify the Dealer (by telephone, confirmed in writing) of
         such fact and shall promptly prepare and deliver to the Dealer an
         amendment or supplement to the Private Placement Memorandum describing
         the Notes that are ineligible, the reason for such ineligibility and
         any other relevant information relating thereto.

                  (i) The Issuer represents that it is not currently issuing
         commercial paper in the United States market in reliance upon, and in
         compliance with, the exemption provided by Section 3(a)(3) of the
         Securities Act. In that connection, the Issuer agrees that in the event
         that it shall, after the date hereof, issue commercial paper in the
         United States in reliance upon the exemption provided by Section
         3(a)(3) of the Securities Act, (a) the proceeds from the sale of the
         Notes will be segregated from the proceeds of the sale of any such
         commercial paper by being placed in a separate account; (b) the Issuer
         will institute appropriate corporate procedures to ensure that the
         offers and sales of notes issued by the Issuer pursuant to the Section
         3(a)(3) exemption are not integrated with offerings and sales of Notes
         hereunder; and (c) the Issuer will comply with each of the requirements
         of Section 3(a)(3) of the Act in selling commercial paper or other
         short-term debt securities other than the Notes in the United States.

                                       4
<PAGE>   5

                  (j) The Issuer hereby agrees that, not later than 15 days
         after the first sale of Notes as contemplated by this Agreement, it
         will file with the SEC a notice on Form D in accordance with Rule 503
         under the Securities Act and that it will thereafter file such
         amendments to such notice as Rule 503 may require.

         1.7 The Issuer hereby represents and warrants to the Dealer, in
connection with offers, sales and resales of Notes, as follows:

                  (a) Issuer hereby confirms to the Dealer that (except as
         permitted by Section 1.6(i)) within the preceding six months neither
         the Issuer nor any person other than the Dealer or the other dealers
         referred to in Section 1.2 hereof acting on behalf of the Issuer has
         offered or sold any Notes, or any substantially similar security of the
         Issuer (including, without limitation, medium-term notes issued by the
         Issuer), to, or solicited offers to buy any such security from, any
         person other than the Dealer or the other dealers referred to in
         Section 1.2 hereof. The Issuer also agrees that (except as permitted by
         Section 1.6(i)), as long as the Notes are being offered for sale by the
         Dealer and the other dealers referred to in Section 1.2 hereof as
         contemplated hereby and until at least six months after the offer of
         Notes hereunder has been terminated, neither the Issuer nor any person
         other than the Dealer or the other dealers referred to in Section 1.2
         hereof (except as contemplated by Section 1.2 hereof) will offer the
         Notes or any substantially similar security of the Issuer for sale to,
         or solicit offers to buy any such security from, any person other than
         the Dealer or the other dealers referred to in Section 1.2 hereof, it
         being understood that such agreement is made with a view to bringing
         the offer and sale of the Notes within the exemption provided by
         Section 4(2) of the Securities Act and Rule 506 thereunder and shall
         survive any termination of this Agreement. The Issuer hereby represents
         and warrants that it has not taken or omitted to take, and will not
         take or omit to take, any action that would cause the offering and sale
         of Notes hereunder to be integrated with any other offering of
         securities, whether such offering is made by the Issuer or some other
         party or parties.

                  (b) The Issuer represents that the proceeds of the sale of the
         Notes are contemplated to be used for the purpose of buying, carrying
         or trading securities within the meaning of Regulation T and the
         interpretations thereunder by the Board of Governors of the Federal
         Reserve System. In the event that the Dealer purchases Notes as
         principal and does not resell such Notes on the day of such purchase,
         to the extent necessary to comply with Regulation T and the
         interpretations thereunder, the Dealer will sell such Notes either (i)
         only to offerees it reasonably believes to be QIBs or to QIBs it
         reasonably believes are acting for other QIBs, in each case in
         accordance with Rule 144A or (ii) in a manner which would not cause a
         violation of Regulation T and the interpretations thereunder.

                                       5
<PAGE>   6

Section 2. Representations and Warranties of Issuer.

The Issuer represents and warrants that:

         2.1 The Issuer is a corporation duly organized, validly existing and in
good standing under the laws of the jurisdiction of its incorporation and has
all the requisite power and authority to execute, deliver and perform its
obligations under the Notes, this Agreement and the Issuing and Paying Agency
Agreement.

         2.2 This Agreement and the Issuing and Paying Agency Agreement have
been duly authorized, executed and delivered by the Issuer and constitute legal,
valid and binding obligations of the Issuer enforceable against the Issuer in
accordance with their terms, subject to applicable bankruptcy, insolvency and
similar laws affecting creditors' rights generally, and subject, as to
enforceability, to general principles of equity (regardless of whether
enforcement is sought in a proceeding in equity or at law).

         2.3 The Notes have been duly authorized, and when issued as provided in
the Issuing and Paying Agency Agreement, will be duly and validly issued and
will constitute legal, valid and binding obligations of the Issuer enforceable
against the Issuer in accordance with their terms, subject to applicable
bankruptcy, insolvency and similar laws affecting creditors' rights generally,
and subject, as to enforceability, to general principles of equity (regardless
of whether enforcement is sought in a proceeding in equity or at law).

         2.4 The offer and sale of Notes in the manner contemplated hereby do
not require registration of the Notes under the Securities Act, pursuant to the
exemption from registration contained in Section 4(2) thereof and Regulation D
thereunder, and no indenture in respect of the Notes is required to be qualified
under the Trust Indenture Act of 1939, as amended.

         2.5 The Notes will rank at least pari passu with all other unsecured
and unsubordinated indebtedness of the Issuer.

         2.6 No consent or action of, or filing or registration with, any
governmental or public regulatory body or authority, including the SEC, is
required to authorize, or is otherwise required in connection with the
execution, delivery or performance of, this Agreement, the Notes or the Issuing
and Paying Agency Agreement, except as may be required by the securities or Blue
Sky laws of the various states in connection with the offer and sale of the
Notes.

         2.7 Neither the execution and delivery of this Agreement and the
Issuing and Paying Agency Agreement, nor the issuance of the Notes in accordance
with the Issuing and Paying Agency Agreement, nor the fulfillment of or
compliance with the terms and provisions hereof or thereof by the Issuer, will
(i) result in the creation or imposition of any mortgage, lien, charge or
encumbrance of any nature whatsoever upon any of the properties or assets of the
Issuer, or (ii) violate or result in a breach or a default under any of the
terms of the Issuer's charter documents or by-laws, any contract or instrument
to which the Issuer is a party or by which it or its property is bound, or any
law or regulation, or any order, writ, injunction or decree of any court or

                                       6
<PAGE>   7

government instrumentality, to which the Issuer is subject or by which it or its
property is bound, which breach or default might have a material adverse effect
on the condition (financial or otherwise), operations or business prospects of
the Issuer, the validity of the Notes or the ability of the Issuer to perform
its obligations under this Agreement, the Notes or the Issuing and Paying Agency
Agreement.

         2.8 There is no litigation or governmental proceeding pending, or to
the knowledge of the Issuer threatened, against or affecting the Issuer or any
of its subsidiaries which might result in a material adverse change in the
condition (financial or otherwise), operations or business prospects of the
Issuer or the ability of the Issuer to perform its obligations under this
Agreement, the Notes or the Issuing and Paying Agency Agreement.

         2.9 The Issuer is not an "investment company" or an entity "controlled"
by an "investment company" within the meaning of the Investment Company Act of
1940, as amended.

         2.10 Neither the Private Placement Memorandum nor the Company
Information contains any untrue statement of a material fact or omits to state a
material fact required to be stated therein or necessary to make the statements
therein, in light of the circumstances under which they were made, not
misleading.

         2.11 Each (a) issuance of Notes by the Issuer hereunder and (b)
amendment or supplement of the Private Placement Memorandum shall be deemed a
representation and warranty by the Issuer to the Dealer, as of the date thereof,
that, both before and after giving effect to such issuance and after giving
effect to such amendment or supplement, (i) the representations and warranties
given by the Issuer set forth above in this Section 2 remain true and correct on
and as of such date as if made on and as of such date, (ii) in the case of an
issuance of Notes, the Notes being issued on such date have been duly and
validly issued and constitute legal, valid and binding obligations of the
Issuer, enforceable against the Issuer in accordance with their terms, subject
to applicable bankruptcy, insolvency and similar laws affecting creditors'
rights generally and subject, as to enforceability, to general principles of
equity (regardless of whether enforcement is sought in a proceeding in equity or
at law) and (iii) in the case of an issuance of Notes, since the date of the
most recent Private Placement Memorandum, there has been no material adverse
change in the condition (financial or otherwise), operations or business
prospects of the Issuer which has not been disclosed to the Dealer in writing.

Section 3. Covenants and Agreements of Issuer.

The Issuer covenants and agrees that:

         3.1 The Issuer will give the Dealer prompt notice (but in any event
prior to any subsequent issuance of Notes hereunder) of any amendment to,
modification of or waiver with respect to, the Notes or the Issuing and Paying
Agency Agreement, including a complete copy of any such amendment, modification
or waiver.

                                       7
<PAGE>   8

         3.2 The Issuer shall, whenever there shall occur any change in the
Issuer's condition (financial or otherwise), operations or business prospects or
any development or occurrence in relation to the Issuer that would be material
to holders of the Notes or potential holders of the Notes (including any
downgrading or receipt of any notice of intended or potential downgrading or any
review for potential change in the rating accorded any of the Issuer's
securities by any nationally recognized statistical rating organization which
has published a rating of the Notes), promptly, and in any event prior to any
subsequent issuance of Notes hereunder, notify the Dealer (by telephone,
confirmed in writing) of such change, development or occurrence.

         3.3 The Issuer shall from time to time furnish to the Dealer such
information as the Dealer may reasonably request, including, without limitation,
any press releases or material provided by the Issuer to any national securities
exchange or rating agency, regarding (i) the Issuer's operations and financial
condition, (ii) the due authorization and execution of the Notes and (iii) the
Issuer's ability to pay the Notes as they mature.

         3.4 The Issuer will take all such action as the Dealer may reasonably
request to ensure that each offer and each sale of the Notes will comply with
any applicable state Blue Sky laws; provided, however, that the Issuer shall not
be obligated to file any general consent to service of process or to qualify as
a foreign corporation in any jurisdiction in which it is not so qualified or
subject itself to taxation in respect of doing business in any jurisdiction in
which it is not otherwise so subject.

         3.5 The Issuer will not be in default of any of its obligations
hereunder, under the Notes or under the Issuing and Paying Agency Agreement, at
any time that any of the Notes are outstanding.

         3.6 The Issuer shall not issue Notes hereunder until the Dealer shall
have received (a) an opinion of counsel to the Issuer, addressed to the Dealer,
satisfactory in form and substance to the Dealer, (b) a copy of the executed
Issuing and Paying Agency Agreement as then in effect, (c) a copy of resolutions
adopted by the Board of Directors of the Issuer, satisfactory in form and
substance to the Dealer and certified by the Secretary or similar officer of the
Issuer, authorizing execution and delivery by the Issuer of this Agreement, the
Issuing and Paying Agency Agreement and the Notes and consummation by the Issuer
of the transactions contemplated hereby and thereby, (d) prior to the issuance
of any Notes represented by a book-entry note registered in the name of DTC or
its nominee, a copy of the executed Letter of Representations among the Issuer,
the Issuing and Paying Agent and DTC and (e) such other certificates, opinions,
letters and documents as the Dealer shall have reasonably requested.

         3.7 The Issuer shall reimburse the Dealer for all of the Dealer's
out-of-pocket expenses related to this Agreement, including expenses incurred in
connection with its preparation and negotiation, and the transactions
contemplated hereby (including, but not limited to, the printing and
distribution of the Private Placement Memorandum), and, if applicable, for the
reasonable fees and out-of-pocket expenses of the Dealer's counsel.

                                       8
<PAGE>   9

Section 4. Disclosure.

         4.1 The Private Placement Memorandum and its contents (other than the
Dealer Information) shall be the sole responsibility of the Issuer. The Private
Placement Memorandum shall contain a statement expressly offering an opportunity
for each prospective purchaser to ask questions of, and receive answers from,
the Issuer concerning the offering of Notes and to obtain relevant additional
information which the Issuer possesses or can acquire without unreasonable
effort or expense.

         4.2 The Issuer agrees to promptly furnish the Dealer the Company
Information as it becomes available.

         4.3 (a) The Issuer further agrees to notify the Dealer promptly upon
the occurrence of any event relating to or affecting the Issuer that would cause
the Company Information then in existence to include an untrue statement of a
material fact or to omit to state a material fact necessary in order to make the
statements contained therein, in light of the circumstances under which they are
made, not misleading.

                  (b) In the event that the Issuer gives the Dealer notice
pursuant to Section 4.3(a) and the Dealer notifies the Issuer that it then has
Notes it is holding in inventory, the Issuer agrees promptly to supplement or
amend the Private Placement Memorandum so that the Private Placement Memorandum,
as amended or supplemented, shall not contain an untrue statement of a material
fact or omit to state a material fact necessary in order to make the statements
therein, in light of the circumstances under which they were made, not
misleading, and the Issuer shall make such supplement or amendment available to
the Dealer.

                  (c) In the event that (i) the Issuer gives the Dealer notice
pursuant to Section 4.3(a), (ii) the Dealer does not notify the Issuer that it
is then holding Notes in inventory and (iii) the Issuer chooses not to promptly
amend or supplement the Private Placement Memorandum in the manner described in
clause (b) above, then all solicitations and sales of Notes shall be suspended
until such time as the Issuer has so amended or supplemented the Private
Placement Memorandum, and made such amendment or supplement available to the
Dealer.

Section 5. Indemnification and Contribution.

         5.1 The Issuer will indemnify and hold harmless the Dealer, each
individual, corporation, partnership, trust, association or other entity
controlling the Dealer, any affiliate of the Dealer or any such controlling
entity and their respective directors, officers, employees, partners,
incorporators, shareholders, servants, trustees and agents (hereinafter the
"Indemnitees") against any and all liabilities, penalties, suits, causes of
action, losses, damages, claims, costs and expenses (including, without
limitation, fees and disbursements of counsel) or judgments of whatever kind or
nature (each a "Claim"), imposed upon, incurred by or asserted against the
Indemnitees arising out of or based upon (i) any allegation that the Private
Placement Memorandum, the Company Information or any information provided by the
Issuer to the Dealer included (as of any relevant time) or includes an untrue
statement of a material fact or omitted (as

                                       9
<PAGE>   10

of any relevant time) or omits to state any material fact necessary to make the
statements therein, in light of the circumstances under which they were made,
not misleading or (ii) arising out of or based upon the breach by the Issuer of
any agreement, covenant or representation made in or pursuant to this Agreement.
This indemnification shall not apply to the extent that the Claim arises out of
or is based upon Dealer Information.

         5.2 Provisions relating to claims made for indemnification under this
Section 5 are set forth on Exhibit B to this Agreement.

         5.3 In order to provide for just and equitable contribution in
circumstances in which the indemnification provided for in this Section 5 is
held to be unavailable or insufficient to hold harmless the Indemnitees,
although applicable in accordance with the terms of this Section 5, the Issuer
shall contribute to the aggregate costs incurred by the Dealer in connection
with any Claim in the proportion of the respective economic interests of the
Issuer and the Dealer; provided, however, that such contribution by the Issuer
shall be in an amount such that the aggregate costs incurred by the Dealer do
not exceed the aggregate of the commissions and fees earned by the Dealer
hereunder with respect to the issue or issues of Notes to which such Claim
relates. The respective economic interests shall be calculated by reference to
the aggregate proceeds to the Issuer of the Notes issued hereunder and the
aggregate commissions and fees earned by the Dealer hereunder.

Section 6. Definitions.

         6.1 "Claim" shall have the meaning set forth in Section 5.1.

         6.2 "Company Information" at any given time shall mean the Private
Placement Memorandum together with, to the extent applicable, (i) the Issuer's
most recent report on Form 10-K filed with the SEC and each report on Form 10-Q
or 8-K filed by the Issuer with the SEC since the most recent Form 10-K, (ii)
the Issuer's most recent annual audited financial statements and each interim
financial statement or report prepared subsequent thereto, if not included in
item (i) above, (iii) the Issuer's and its affiliates' other publicly available
recent reports, including, but not limited to, any publicly available filings or
reports provided to their respective shareholders, (iv) any other information or
disclosure prepared pursuant to Section 4.3 hereof and (v) any information
prepared or approved by the Issuer for dissemination to investors or potential
investors in the Notes.

         6.3 "Dealer Information" shall mean material concerning the Dealer
provided by the Dealer in writing expressly for inclusion in the Private
Placement Memorandum.

         6.4 "DTC" shall mean The Depository Trust Company.

         6.5 "Exchange Act" shall mean the U.S. Securities Exchange Act of 1934,
as amended.

         6.6 "Indemnitee" shall have the meaning set forth in Section 5.1.

                                       10
<PAGE>   11

         6.7 "Institutional Accredited Investor" shall mean an institutional
investor that is an accredited investor within the meaning of Rule 501 under the
Securities Act and that has such knowledge and experience in financial and
business matters that it is capable of evaluating and bearing the economic risk
of an investment in the Notes, including, but not limited to, a bank, as defined
in Section 3(a)(2) of the Securities Act, or a savings and loan association or
other institution, as defined in Section 3(a)(5)(A) of the Securities Act,
whether acting in its individual or fiduciary capacity.

         6.8 "Issuing and Paying Agency Agreement" shall mean the issuing and
paying agency agreement described on the cover page of this Agreement, as such
agreement may be amended or supplemented from time to time.

         6.9 "Issuing and Paying Agent" shall mean the party designated as such
on the cover page of this Agreement, as issuing and paying agent under the
Issuing and Paying Agency Agreement, or any successor thereto in accordance with
the Issuing and Paying Agency Agreement.

         6.10 "Non-bank fiduciary or agent" shall mean a fiduciary or agent
other than (a) a bank, as defined in Section 3(a)(2) of the Securities Act, or
(b) a savings and loan association, as defined in Section 3(a)(5)(A) of the
Securities Act.

         6.11 "Private Placement Memorandum" shall mean offering materials
prepared in accordance with Section 4 (including materials referred to therein
or incorporated by reference therein) provided to purchasers and prospective
purchasers of the Notes, and shall include amendments and supplements thereto
which may be prepared from time to time in accordance with this Agreement (other
than any amendment or supplement that has been completely superseded by a later
amendment or supplement).

         6.12 "Qualified Institutional Buyer" shall have the meaning assigned to
that term in Rule 144A under the Securities Act.

         6.13 "Rule 144A" shall mean Rule 144A under the Securities Act.

         6.14 "SEC" shall mean the U.S. Securities and Exchange Commission.

         6.15 "Securities Act" shall mean the U.S. Securities Act of 1933, as
amended.

         6.16 "Sophisticated Individual Accredited Investor" shall mean an
individual who (a) is an accredited investor within the meaning of Regulation D
under the Securities Act and (b) based on his or her pre-existing relationship
with the Dealer, is reasonably believed by the Dealer to be a sophisticated
investor (i) possessing such knowledge and experience (or represented by a
fiduciary or agent possessing such knowledge and experience) in financial and
business matters that he or she is capable of evaluating and bearing the
economic risk of an investment in the Notes and (ii) having a net worth of at
least $5 million.

                                       11
<PAGE>   12

         6.17 "Regulation D" shall mean Regulation D (Rules 501 et seq.) under
the Securities Act.

Section 7. General

         7.1 Unless otherwise expressly provided herein, all notices under this
Agreement to parties hereto shall be in writing and shall be effective when
received at the address of the respective party set forth in the Addendum to
this Agreement.

         7.2 This Agreement shall be governed by and construed in accordance
with the laws of the State of New York, without regard to its conflict of laws
provisions.

         7.3 The Issuer agrees that any suit, action or proceeding brought by
the Issuer against the Dealer in connection with or arising out of this
Agreement or the Notes or the offer and sale of the Notes shall be brought
solely in the United States federal courts located in the Borough of Manhattan
or the courts of the State of New York located in the Borough of Manhattan. EACH
OF THE DEALER AND THE ISSUER WAIVES ITS RIGHT TO TRIAL BY JURY IN ANY SUIT,
ACTION OR PROCEEDING WITH RESPECT TO THIS AGREEMENT OR THE TRANSACTIONS
CONTEMPLATED HEREBY.

         7.4 This Agreement may be terminated, at any time, by the Issuer, upon
one business day's prior notice to such effect to the Dealer, or by the Dealer
upon one business day's prior notice to such effect to the Issuer. Any such
termination, however, shall not affect the obligations of the Issuer under
Sections 3.7, 5 and 7.3 hereof or the respective representations, warranties,
agreements, covenants, rights or responsibilities of the parties made or arising
prior to the termination of this Agreement.

         7.5 This Agreement is not assignable by either party hereto without the
written consent of the other party; provided, however, that the Dealer may
assign its rights and obligations under this Agreement to any affiliate of the
Dealer.

         7.6 This Agreement may be signed in any number of counterparts, each of
which shall be an original, with the same effect as if the signatures thereto
and hereto were upon the same instrument.

                                       12
<PAGE>   13

         7.7 This Agreement is for the exclusive benefit of the parties hereto,
and their respective permitted successors and assigns hereunder, and shall not
be deemed to give any legal or equitable right, remedy or claim to any other
person whatsoever.

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

                                ALLEGHENY TECHNOLOGIES INCORPORATED, AS ISSUER

                                By:  /s/ R. S. Park
                                     ----------------------------------
                                Name:
                                Title:

                                CHASE SECURITIES INC., AS DEALER

                                By:  /s/ Eugene Pickens
                                     ----------------------------------
                                Name:  Eugene Pickens
                                Title: Managing Director

                                       13
<PAGE>   14

                                    ADDENDUM

         The following additional clauses shall apply to the Agreement and be
deemed a part thereof when the respective parties have placed their initials in
the left margin beside the respective paragraph number.

1. The other dealers referred to in clause (b) of Section 1.2 of the Agreement
are Goldman, Sachs & Co.

2. The addresses of the respective parties for purposes of notices under Section
7.1 are as follows:

         For the Issuer:            Allegheny Technologies Incorporated

                  Address:          1000 Six PPG Place
                                    Pittsburgh, Pennsylvania
                  Attention:        R.S. Park, Vice President and Treasurer
                  Telephone number: (412) 394-2822
                  Fax number:       (412) 394-3034

         For the Dealer:            Chase Securities Inc.

                  Address:          270 Park Avenue, 9th Floor
                                    New York, New York 10017
                  Attention:        Money Markets Division
                  Telephone number: (212) 834-5070
                  Fax number:       (212) 834-6560

<PAGE>   15

                                                                       EXHIBIT A

                               FORM OF LEGEND FOR
                     PRIVATE PLACEMENT MEMORANDUM AND NOTES

THE NOTES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE "ACT"), OR ANY OTHER APPLICABLE SECURITIES LAW, AND OFFERS AND SALES
THEREOF MAY BE MADE ONLY IN COMPLIANCE WITH AN APPLICABLE EXEMPTION FROM THE
REGISTRATION REQUIREMENTS OF THE ACT AND ANY APPLICABLE STATE SECURITIES LAWS.
BY ITS ACCEPTANCE OF A NOTE, THE PURCHASER WILL BE DEEMED TO REPRESENT THAT IT
HAS BEEN AFFORDED AN OPPORTUNITY TO INVESTIGATE MATTERS RELATING TO THE ISSUER
AND THE NOTES, THAT IT IS NOT ACQUIRING SUCH NOTE WITH A VIEW TO ANY
DISTRIBUTION THEREOF AND THAT IT IS EITHER (A) AN INSTITUTIONAL INVESTOR OR
HIGHLY SOPHISTICATED INDIVIDUAL INVESTOR THAT IS AN ACCREDITED INVESTOR WITHIN
THE MEANING OF RULE 501(a) UNDER THE ACT AND WHICH, IN THE CASE OF AN
INDIVIDUAL, (i) POSSESSES SUCH KNOWLEDGE AND EXPERIENCE IN FINANCIAL AND
BUSINESS MATTERS THAT HE OR SHE IS CAPABLE OF EVALUATING AND BEARING THE
ECONOMIC RISK OF AN INVESTMENT IN THE NOTES AND (ii) HAS A NET WORTH OF AT LEAST
$5 MILLION (AN "INSTITUTIONAL ACCREDITED INVESTOR" OR "SOPHISTICATED INDIVIDUAL
ACCREDITED INVESTOR", RESPECTIVELY) AND THAT EITHER IS PURCHASING NOTES FOR ITS
OWN ACCOUNT, IS A U.S. BANK (AS DEFINED IN SECTION 3(a)(2) OF THE ACT) OR A
SAVINGS AND LOAN ASSOCIATION OR OTHER INSTITUTION (AS DEFINED IN SECTION
3(a)(5)(A) OF THE ACT) ACTING IN ITS INDIVIDUAL OR FIDUCIARY CAPACITY OR IS A
FIDUCIARY OR AGENT (OTHER THAN A U.S. BANK OR SAVINGS AND LOAN) PURCHASING NOTES
FOR ONE OR MORE ACCOUNTS EACH OF WHICH IS SUCH AN INSTITUTIONAL ACCREDITED
INVESTOR OR SOPHISTICATED INDIVIDUAL ACCREDITED INVESTOR (i) WHICH ITSELF
POSSESSES SUCH KNOWLEDGE AND EXPERIENCE OR (ii) WITH RESPECT TO WHICH SUCH
PURCHASER HAS SOLE INVESTMENT DISCRETION; OR (B) A QUALIFIED INSTITUTIONAL BUYER
("QIB") WITHIN THE MEANING OF RULE 144A UNDER THE ACT WHICH IS ACQUIRING NOTES
FOR ITS OWN ACCOUNT OR FOR ONE OR MORE ACCOUNTS, EACH OF WHICH IS A QIB AND WITH
RESPECT TO EACH OF WHICH THE PURCHASER HAS SOLE INVESTMENT DISCRETION; AND THE
PURCHASER ACKNOWLEDGES THAT IT IS AWARE THAT THE SELLER MAY RELY UPON THE
EXEMPTION FROM THE REGISTRATION PROVISIONS OF SECTION 5 OF THE ACT PROVIDED BY
RULE 144A. BY ITS ACCEPTANCE OF A NOTE, THE PURCHASER THEREOF SHALL ALSO BE
DEEMED TO AGREE THAT ANY RESALE OR OTHER TRANSFER THEREOF WILL BE MADE ONLY (A)
IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER THE ACT, EITHER (1) TO THE
ISSUER OR TO CHASE SECURITIES INC. OR ANOTHER PERSON DESIGNATED BY THE ISSUER AS
A PLACEMENT AGENT FOR THE NOTES (COLLECTIVELY, THE "PLACEMENT AGENTS"), NONE OF
WHICH SHALL HAVE ANY OBLIGATION TO ACQUIRE SUCH NOTE, (2) THROUGH A PLACEMENT
AGENT TO AN INSTITUTIONAL ACCREDITED INVESTOR, SOPHISTICATED INDIVIDUAL
ACCREDITED INVESTOR OR A QIB, OR (3) TO A QIB IN A TRANSACTION THAT MEETS THE
REQUIREMENTS OF RULE 144A AND (B) IN MINIMUM AMOUNTS OF $250,000.

                                       2
<PAGE>   16

                                                                       EXHIBIT B

                           FURTHER PROVISIONS RELATING
                               TO INDEMNIFICATION

         (a) The Issuer agrees to reimburse each Indemnitee for all expenses
(including reasonable fees and disbursements of internal and external counsel)
as they are incurred by it in connection with investigating or defending any
loss, claim, damage, liability or action in respect of which indemnification may
be sought under Section 5 of the Agreement (whether or not it is a party to any
such proceedings).

         (b) Promptly after receipt by an Indemnitee of notice of the existence
of a Claim, such Indemnitee will, if a claim in respect thereof is to be made
against the Issuer, notify the Issuer in writing of the existence thereof;
provided that (i) the omission so to notify the Issuer will not relieve the
Issuer from any liability which it may have hereunder unless and except to the
extent it did not otherwise learn of such Claim and such failure results in the
forfeiture by the Issuer of substantial rights and defenses, and (ii) the
omission so to notify the Issuer will not relieve it from liability which it may
have to an Indemnitee otherwise than on account of this indemnity agreement. In
case any such Claim is made against any Indemnitee and it notifies the Issuer of
the existence thereof, the Issuer will be entitled to participate therein, and
to the extent that it may elect by written notice delivered to the Indemnitee,
to assume the defense thereof, with counsel reasonably satisfactory to such
Indemnitee; provided that if the defendants in any such Claim include both the
Indemnitee and the Issuer, and the Indemnitee shall have concluded that there
may be legal defenses available to it which are different from or additional to
those available to the Issuer, the Issuer shall not have the right to direct the
defense of such Claim on behalf of such Indemnitee, and the Indemnitee shall
have the right to select separate counsel to assert such legal defenses on
behalf of such Indemnitee. Upon receipt of notice from the Issuer to such
Indemnitee of the Issuer's election so to assume the defense of such Claim and
approval by the Indemnitee of counsel, the Issuer will not be liable to such
Indemnitee for expenses incurred thereafter by the Indemnitee in connection with
the defense thereof (other than reasonable costs of investigation) unless (i)
the Indemnitee shall have employed separate counsel in connection with the
assertion of legal defenses in accordance with the proviso to the next preceding
sentence (it being understood, however, that the Issuer shall not be liable for
the expenses of more than one separate counsel (in addition to any local counsel
in the jurisdiction in which any Claim is brought), approved by the Dealer,
representing the Indemnitee who is party to such Claim), (ii) the Issuer shall
not have employed counsel reasonably satisfactory to the Indemnitee to represent
the Indemnitee within a reasonable time after notice of existence of the Claim
or (iii) the Issuer has authorized in writing the employment of counsel for the
Indemnitee. The indemnity, reimbursement and contribution obligations of the
Issuer hereunder shall be in addition to any other liability the Issuer may
otherwise have to an Indemnitee and shall be binding upon and inure to the
benefit of any successors, assigns, heirs and personal representatives of the
Issuer and any Indemnitee. The Issuer agrees that without the Dealer's prior
written consent, it will not settle, compromise or consent to the entry of any
judgment in any Claim in respect of which indemnification may be sought under
the indemnification provision of the Agreement (whether or not the Dealer or any
other Indemnitee is an actual or potential party to such Claim).

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