Document:

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                                                                     EXHIBIT 4.D

                               EL PASO CORPORATION

                              REMARKETING AGREEMENT

        REMARKETING AGREEMENT, dated as of June 26, 2002 (the "Agreement")
between El Paso Corporation, a Delaware corporation (the "Company"), and Credit
Suisse First Boston Corporation (the "Remarketing Agent"), and confirmed and
accepted by JPMorgan Chase Bank, not individually but solely as Purchase
Contract Agent (the "Purchase Contract Agent") and as attorney-in-fact of the
Holders of Purchase Contracts (as defined in the Purchase Contract Agreement (as
defined herein)).

                                    RECITALS

        WHEREAS, the Company issued 10,000,000 (up to 11,500,000 if the
over-allotment option of the Underwriters (as such term is defined in the
Underwriting Agreement) is exercised pursuant to the Underwriting Agreement)
Equity Security Units (the "Equity Security Units") under the Purchase Contract
Agreement, dated as of June 26, 2002, between the Purchase Contract Agent and
the Company (the "Purchase Contract Agreement");

        WHEREAS, the $500,000,000 (up to $575,000,000 if the Underwriters
over-allotment option is exercised) aggregate principal amount of Senior Notes
Due August 16, 2007 of the Company (the "Notes") initially forming a part of the
Equity Security Units have been issued under the Indenture, dated as of May 10,
1999, between the Company and JPMorgan Chase Bank, as Trustee (the "Trustee"),
as supplemented by the Eighth Supplemental Indenture, dated as of June 26, 2002,
between the Company and the Trustee, and pledged pursuant to the Pledge
Agreement (the "Pledge Agreement"), dated as of June 26, 2002, among the
Company, The Bank of New York, as collateral agent (the "Collateral Agent"),
custodial agent and securities intermediary and the Purchase Contract Agent, as
Purchase Contract Agent and attorney-in-fact of the Holders from time to time of
the Equity Security Units and Stripped Units to secure the obligations of
Holders of Equity Security Units under the related Purchase Contracts;

        WHEREAS, the Remarketing Agent will attempt on the Initial Remarketing
Date to remarket all of (i) the Notes of Holders of Equity Security Units and
(ii) the Separate Notes of Holders who elect to participate in the remarketing,
pursuant to the procedures set forth in Section 5.4(b) of the Purchase Contract
Agreement, Section 4.5(d) of the Pledge Agreement and Section 2.06 of the
Supplemental Indenture (each of which Sections is incorporated herein by
reference);

        WHEREAS, in the event the remarketing on the Initial Remarketing Date is
unsuccessful, the Remarketing Agent will remarket the Notes to be included in
the remarketing on each of the two Business Days next succeeding the Initial
Remarketing Date, and, if necessary, will attempt to remarket such Notes on each
of the three Business Days immediately preceding July 1, 2005 and, if necessary,
will further attempt to remarket such Notes on the seventh, sixth and fifth
Business Days immediately preceding the Stock Purchase Date;

        WHEREAS, in the event of a successful remarketing on the Initial
Remarketing Date or any Subsequent Remarketing Date, as the case may be, the
applicable interest rate on the Notes

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will be reset on the settlement date of such Initial Remarketing Date or
Subsequent Remarketing Date to the Reset Rate (as defined in clause (i) of the
definition of such term) determined in the remarketing;

        WHEREAS, the Company has requested Credit Suisse First Boston
Corporation to act as the Remarketing Agent, and as such to perform the services
described herein; and

        WHEREAS, Credit Suisse First Boston Corporation is willing to act as the
Remarketing Agent and as such to perform such duties on the terms and conditions
expressly set forth herein.

        NOW, THEREFORE, for and in consideration of the covenants herein made,
and subject to the conditions herein set forth, the parties hereto agree as
follows:

Section 1. Definitions.

        Capitalized terms used and not defined in this Agreement, in the
recitals hereto or in the paragraph preceding such recitals shall have the
meanings assigned to them in the Purchase Contract Agreement or, if not therein
defined, the Pledge Agreement or the Eighth Supplemental Indenture.

Section 2. Appointment and Obligations of Remarketing Agent.

        (a) The Company hereby appoints Credit Suisse First Boston Corporation,
and Credit Suisse First Boston Corporation hereby accepts such appointment, as
the Remarketing Agent to:

               (i) determine, in consultation with the Company, in the manner
        provided for herein, in the Purchase Contract Agreement and in the
        Eighth Supplemental Indenture, the Reset Rate as defined in clause (i)
        of the definition of such term, provided that the Remarketing Agent
        shall have no obligation to determine whether there is any limitation
        under applicable law on the Reset Rate or, if there is any such
        limitation, the maximum permissible Reset Rate on the Notes and it shall
        rely solely upon written notice from the Company (which the Company
        agrees to provide prior to the eighth Business Day immediately preceding
        the Initial Remarketing Date) as to whether or not there is any such
        limitation and, if so, the maximum permissible Reset Rate;

               (ii) remarket the Notes participating in the remarketing on the
        Initial Remarketing Date or during any subsequent Remarketing Period, as
        applicable, at a price equal to approximately, but not less than, 100.5%
        of the Remarketing Value; and

               (iii) in the event the Last Failed Remarketing shall have
        occurred or in the event there were no Equity Security Units outstanding
        on the Initial Remarketing Date or any Subsequent Remarketing Date and
        none of the Holders of Separate Notes elected during any Remarketing
        Period to have their Separate Notes participate in a remarketing, to
        determine, in consultation with the Company, as applicable, the Reset
        Rate as defined in clause (ii) of the definition of such term, provided
        that the Remarketing Agent shall have no obligation to determine whether
        there is any limitation under applicable law on the Reset Rate or, if
        there is any such limitation, the maximum permissible Reset Rate on the
        Notes and it shall rely solely upon written notice from the Company
        (which the Company agrees to provide prior to the eighth Business Day
        immediately preceding the

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        Initial Remarketing Date) as to whether or not there is any such
        limitation and, if so, the maximum permissible Reset Rate.

        The Remarketing Agent shall have the right, on 15 Business Days' notice
to the Company, to appoint one or more additional remarketing agents so long as
any such additional remarketing agents shall be reasonably acceptable to the
Company. Upon any such appointment, the parties shall enter into an appropriate
amendment to this Agreement to reflect the addition of any such additional
remarketing agent.

        (b) Subject to the terms and conditions set forth herein and in the
Purchase Contract Agreement, the Remarketing Agent shall use its commercially
reasonable best efforts to remarket on the Initial Remarketing Date the Notes
that the Collateral Agent and the Custodial Agent shall have notified the
Remarketing Agent, not later than 10:00 a.m., New York City time, on the third
Business Day immediately preceding the Initial Remarketing Date, are to be
remarketed by establishing the Reset Rate (as defined in clause (i) of the
definition of such term) and remarketing the Notes participating in the
remarketing at a price equal to approximately, but not less than, 100.5% of the
Remarketing Value. If, despite using its commercially reasonable best efforts,
the Remarketing Agent cannot, on the Initial Remarketing Date, establish the
Reset Rate (as defined in clause (i) of the definition of such term) and
remarket the Notes participating in the remarketing at a price equal to
approximately, but not less than, 100.5% of the Remarketing Value, it will again
attempt to remarket on each of the two Business Days next succeeding the Initial
Remarketing Date and, if necessary, on each of the three Business Days
immediately preceding July 1, 2005 and, if necessary, on each of the seventh,
sixth and fifth Business Days immediately preceding the Stock Purchase Date, the
Notes that the Collateral Agent and the Custodial Agent shall have notified the
Remarketing Agent, not later than 10:00 a.m., New York City time, on the third
Business Day immediately preceding the first day of any subsequent Remarketing
Period, are to be remarketed, in each case by establishing the Reset Rate (as
defined in clause (i) of the definition of such term) and remarketing the Notes
participating in the remarketing at a price equal to approximately, but not less
than, 100.5% of the Remarketing Value.

        Upon the occurrence of a successful remarketing, by approximately 4:30
p.m., New York City time, on the date of the successful remarketing, the
Remarketing Agent shall advise, by telephone (promptly confirmed in writing in
the case of clause (i)):

                (i) the Company, the Purchase Contract Agent, the Collateral
        Agent, the Custodial Agent, the Securities Intermediary, DTC and the
        Trustee of the Reset Rate determined in the remarketing in accordance
        with clause (i) of the definition of Reset Rate;

                (ii) each purchaser (or the Clearing Agency Participant thereof)
        of Notes in the remarketing of the Reset Rate and the number of Notes
        such purchaser is to purchase; and

                (iii) each purchaser to give instructions to its Clearing Agency
        Participant to pay the purchase price on the date of settlement for such
        remarketing in same day funds against delivery of the remarketed Notes
        purchased through the facilities of DTC.

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The Remarketing Agent also shall, in accordance with the Purchase Contract
Agreement and the Remarketing Agreement use the proceeds from the successful
remarketing attributable to the Pledged Notes to purchase the Treasury
Consideration with the CUSIP numbers, if any, selected by the Remarketing Agent,
described in clauses (1) and (2) of the definition of Remarketing Value.

        On the date of settlement of the successful remarketing, which shall be
the third Business Day following the Initial Remarketing Date or such Subsequent
Remarketing Date, as the case may be, the Remarketing Agent shall deliver such
Treasury Consideration to the Purchase Contract Agent, which shall thereupon
deliver such Treasury Consideration to the Collateral Agent. The Collateral
Agent, for the benefit of the Company, shall thereupon apply such Treasury
Consideration, in accordance with the Pledge Agreement, to secure such Holders'
obligations under the Purchase Contracts related to Equity Security Units. On
the third Business Day following such Initial Remarketing Date or Subsequent
Remarketing Date, as the case may be, the Remarketing Agent also shall:

                (i) deduct and retain for itself the Remarketing Fee;

                (ii) remit the remaining portion of the proceeds from the
        successful remarketing attributable to the Separate Notes to the
        Custodial Agent for payment to the holders of Separate Notes that were
        remarketed; and

                (iii) remit the remaining portion, if any, of the proceeds to
        the Purchase Contract Agent for payment to the Holders of the Equity
        Security Units.

        Upon the occurrence of a Failed Remarketing, the Remarketing Agent
shall:

                (i) notify by telephone the Company, the Purchase Contract
        Agent, the Collateral Agent, the Custodial Agent and the Trustee that a
        Failed Remarketing has occurred, whereupon the Company shall notify DTC,
        by telephone, that a Failed Remarketing has occurred; and

                (ii) within three Business Days following the last day of such
        Remarketing Period, return the Pledged Notes that were to be remarketed
        to the Collateral Agent and the Separate Notes that were to be
        remarketed to the Custodial Agent for redelivery to such holders of such
        Separate Notes.

        Upon the occurrence of the Last Failed Remarketing, the Remarketing
Agent shall:

                (i) notify by telephone the Company, the Purchase Contract
        Agent, the Collateral Agent, the Custodial Agent and the Trustee that
        the Last Failed Remarketing has occurred, whereupon the Company shall
        notify DTC that the Last Failed Remarketing has occurred;

                (ii) within three Business Days following the fifth Business Day
        immediately preceding the Stock Purchase Date, return the Pledged Notes
        to the Collateral Agent and the Separate Notes that were to be
        remarketed to the Custodial Agent for redelivery to such holders of such
        Separate Notes; and

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                (iii) notify the Company, the Custodial Agent and the Trustee of
        the Reset Rate as determined in accordance with clause (ii) of the
        definition of Reset Rate and the Notes will begin bearing interest at
        such Reset Rate.

        The right of each Holder of Equity Security Units or Separate Notes to
have Notes participate in any remarketing shall be subject to the conditions
that:

                (i) the Remarketing Agent conducts a remarketing on such date
        pursuant to the terms of this Agreement;

                (ii) the Notes participating in a remarketing have not been
        called for redemption upon the occurrence of a Tax Event;

               (iii) the Remarketing Agent is able to find a purchaser or
        purchasers for all of the Notes participating in a remarketing at a
        Reset Rate such that the then current aggregate market value of such
        Notes is equal to approximately, but not less than, 100.5% of the
        Remarketing Value; and

               (iv) such purchaser or purchasers deliver the purchase price
        therefor to the Remarketing Agent as and when required.

        (c) It is understood and agreed that the Remarketing Agent shall not
have any obligation whatsoever to purchase any Notes, whether in a remarketing
held on the Initial Remarketing Date or on any Subsequent Remarketing Date or
otherwise, and shall in no way be obligated to provide funds to make payment
upon tender of Notes for remarketing or to otherwise expend or risk its own
funds or incur or be exposed to financial liability in the performance of its
duties under this Agreement. The Company shall not be obligated in any case to
provide funds to make payment upon delivery of Notes for remarketing.

Section 3. Fees.

        In the event of a successful remarketing, the Remarketing Agent shall
retain as a remarketing fee (the "Remarketing Fee") an amount not exceeding 25
basis points (0.25%) of the total proceeds received in connection with the
remarketing in accordance with Section 5.4(d) of the Purchase Contract Agreement
and Sections 2.05 and 2.06 of the Supplemental Indenture.

Section 4. Replacement and Resignation of Remarketing Agent.

        (a) The Company may in its absolute discretion replace Credit Suisse
First Boston Corporation as the Remarketing Agent by giving notice prior to 3:00
p.m., New York City time, on:

               (i) the eleventh Business Day immediately preceding the Initial
        Remarketing Date in the case of a remarketing to occur on the Initial
        Remarketing Date or either of the two Business Days next succeeding the
        Initial Remarketing Date;

               (ii) the seventh Business Day immediately preceding July 1, 2005
        in the case of a remarketing to occur on a Subsequent Remarketing Date
        immediately following a

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        Failed Remarketing on any of the two Business Days next succeeding the
        Initial Remarketing Date; or

               (iii) the fourteenth Business Day immediately preceding the Stock
        Purchase Date in the case of a remarketing to occur on any of the
        seventh, sixth or fifth Business Days immediately preceding the Stock
        Purchase Date.

Any such replacement shall become effective upon the Company's appointment of a
successor to perform the services that would otherwise be performed hereunder by
the Remarketing Agent. Upon providing such notice, the Company shall use all
reasonable efforts to appoint such a successor and to enter into a remarketing
agreement with such successor as soon as reasonably practicable.

        (b) Credit Suisse First Boston Corporation may resign at any time and be
discharged from its duties and obligations hereunder as the Remarketing Agent by
giving notice prior to 3:00 p.m., New York City time, on:

               (i) the eleventh Business Day immediately preceding the Initial
        Remarketing Date in the case of a remarketing to occur on the Initial
        Remarketing Date or either of the two Business Days next succeeding the
        Initial Remarketing Date;

               (ii) the seventh Business Day immediately preceding July 1, 2005
        in the case of a remarketing to occur on a Subsequent Remarketing Date
        immediately following a Failed Remarketing on any of the two Business
        Days next succeeding the Initial Remarketing Date; or

               (iii) the fourteenth Business Day immediately preceding the Stock
        Purchase Date in the case of a remarketing to occur on any of the
        seventh, sixth or fifth Business Days immediately preceding the Stock
        Purchase Date.

Any such resignation shall become effective upon the Company's appointment of a
successor to perform the services that would otherwise be performed hereunder by
the Remarketing Agent. Upon receiving notice from the Remarketing Agent that it
wishes to resign hereunder, the Company shall use all reasonable efforts to
appoint such a successor and enter into a remarketing agreement with it as soon
as reasonably practicable.

        (c) The Company shall give the Purchase Contract Agent, the Collateral
Agent, the Custodial Agent and the Trustee prompt written notice of any
replacement of the Remarketing Agent pursuant to this section.

Section 5. Dealing in the Securities.

        The Remarketing Agent, when acting hereunder or when acting in its
individual or any other capacity, may, to the extent permitted by law, buy,
sell, hold or deal in any of the Notes, Equity Security Units, Stripped Units or
any other securities of the Company; provided, however, that in buying, selling,
holding, or dealing in any of the Notes, Equity Security Units, Stripped Units
or any other securities of the Company, the Remarketing Agent may not violate
any of its duties under this Agreement. With respect to any Notes, Equity
Security Units, Stripped Units or any other securities of the Company owned by
it, the Remarketing Agent may

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exercise any vote or join in any action with like effect as if it did not act in
any capacity hereunder. The Remarketing Agent, in its individual capacity,
either as principal or agent, may also engage in or have an interest in any
financial or other transaction with the Company as freely as if it did not act
in any capacity hereunder.

        The Company or its affiliates may, to the extent permitted by law,
purchase any Notes that are remarketed by the Remarketing Agent.

Section 6. Registration Statement and Prospectus.

        (a) In connection with any remarketing to occur on the Initial
Remarketing Date or any Subsequent Remarketing Date, if and to the extent
required, in the view of counsel (which need not be an opinion) for each of the
Remarketing Agent and the Company, by applicable law, regulations or
interpretations in effect at the time of the Initial Remarketing Date or
Subsequent Remarketing Date, as the case may be, the Company:

               (i) shall use its reasonable efforts (A) to have a registration
        statement relating to the Notes effective under the Securities Act of
        1933, as amended (the "Securities Act") and (B) to furnish a current
        preliminary prospectus or, if applicable, a current preliminary
        prospectus supplement (in such quantities as the Remarketing Agent may
        reasonably request), to be used by the Remarketing Agent in a
        remarketing hereunder, in each case by a date that is no later than (x)
        seven Business Days immediately preceding the Initial Remarketing Date
        in the case of a remarketing to occur on the Initial Remarketing Date or
        on any of the two Business Days next succeeding the Initial Remarketing
        Date, (y) ten Business Days immediately preceding July 1, 2005 in the
        case of a remarketing to occur on any of the three Business Days
        immediately preceding July 1, 2005 or (z) fourteen Business Days
        immediately preceding the Stock Purchase Date in the case of a
        remarketing to occur on any of the seventh, sixth or fifth Business Days
        immediately preceding the Stock Purchase Date (or in each such case, at
        such earlier date as the Remarketing Agent may reasonably request); and

               (ii) if requested by the Remarketing Agent, shall furnish a
        current final prospectus or, if applicable, a final prospectus
        supplement, to be used by the Remarketing Agent in the remarketing
        hereunder, by a date that is no later than (x) five Business Days
        immediately preceding the Initial Remarketing Date in the case of a
        remarketing to occur on the Initial Remarketing Date or on any of the
        two Business Days next succeeding the Initial Remarketing Date, (y)
        eight Business Days immediately preceding July 1, 2005 in the case of a
        remarketing to occur on any of the three Business Days immediately
        preceding July 1, 2005 or (z) twelve Business Days immediately preceding
        the Stock Purchase Date in the case of a remarketing to occur on any of
        the seventh, sixth or fifth Business Days immediately preceding the
        Stock Purchase Date (or in each such case, at such earlier date as the
        Remarketing Agent may reasonably request).

        The Company shall pay all expenses relating thereto.

        (b) If in connection with any remarketing, it shall not be possible, in
the view of counsel (which need not be an opinion) for each of the Remarketing
Agent and the Company, under applicable law, regulations or interpretations in
effect as of the Initial Remarketing Date or

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subsequent Remarketing Period, as the case may be, to register the offer and
sale by the Remarketing Agent of the Notes under the Securities Act as otherwise
contemplated by this Section 6, the Company:

               (i) shall use its reasonable efforts to take, or cause to be
        taken, all action and to do, or cause to be done, all things necessary,
        proper and advisable to permit and effectuate the offer and sale of the
        Notes in connection with any remarketing hereunder without registration
        under the Securities Act pursuant to an exemption therefrom, if
        available, including the exemption afforded by Rule 144A promulgated
        under the Securities Act by the Securities and Exchange Commission, and

               (ii) if requested by the Remarketing Agent, shall furnish a
        current preliminary remarketing memorandum and a current final
        remarketing memorandum (in such quantities as the Remarketing Agent may
        reasonably request) to be used by the Remarketing Agent in any
        remarketing hereunder, in each case by a date that is not later than (A)
        seven Business Days immediately preceding the Initial Remarketing Date
        in the case of a remarketing to occur on the Initial Remarketing Date or
        on any of the two Business Days next succeeding the Initial Remarketing
        Date, and (B) ten Business Days immediately preceding July 1, 2005 in
        the case of a remarketing to occur on any of the three Business Days
        immediately preceding July 1, 2005 or (C) fourteen Business Days
        immediately preceding the Stock Purchase Date in the case of a
        remarketing to occur on any of the seventh, sixth or fifth Business Days
        immediately preceding the Stock Purchase Date (or in either case such
        earlier date as the Remarketing Agent may reasonably request). The
        Company shall pay all expenses relating thereto.

        (c) The Company shall also take all reasonable actions as may (upon
advice of counsel to the Company or the Remarketing Agent) be necessary or
desirable under state securities or blue sky laws in connection with any
remarketing.

Section 7. Conditions to the Remarketing Agent's Obligations.

        (a) The obligations of the Remarketing Agent under this Agreement shall
be subject to the terms and conditions hereof, including, without limitation,
the following conditions:

                (i) the Notes to be included in any remarketing have not been
        called for redemption upon the occurrence of a Tax Event;

               (ii) the Remarketing Agent is able to find a purchaser or
        purchasers for all of the Notes participating in any remarketing at a
        price equal to approximately, but not less than, 100.5% of the
        Remarketing Value;

               (iii) the Purchase Contract Agent, the Collateral Agent, the
        Custodial Agent, the Securities Intermediary, the Company and the
        Trustee shall have performed their respective obligations in connection
        with any remarketing hereunder and pursuant to the Purchase Contract
        Agreement, the Pledge Agreement, the Supplemental Indenture and this
        Agreement (including, without limitation, the Collateral Agent's and the
        Custodial Agent's giving the Remarketing Agent notice of the aggregate
        number of Notes to be remarketed, not later than 10:00 a.m., New York
        City time, on the third Business Day

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       immediately preceding the Initial Remarketing Date or the first
       Business Day of any subsequent Remarketing Period, as applicable, and
       concurrently delivering the Notes to be remarketed to the Remarketing
       Agent);

                (iv) no Event of Default (as defined in the Indenture) shall
        have occurred and be continuing;

                (v) the performance by the Company of its covenants and other
        obligations included herein; and

                (vi) the satisfaction of the other conditions set forth in this
        Agreement.

        (b) If at any time during the term of this Agreement, any Event of
Default (as defined in the Indenture) or default that with the passage of time
or the giving of notice or both would become an Event of Default has occurred
and is continuing under the Indenture, then the obligations and duties of the
Remarketing Agent under this Agreement shall be suspended until such default or
Event of Default has been cured. The Company will promptly give the Remarketing
Agent notice of all such defaults and Events of Default of which the Company is
aware.

Section 8. Termination of Remarketing Agreement.

        This Agreement shall terminate as to any Remarketing Agent which is
replaced on the effective date of its replacement pursuant to Sections 4(a) or
4(b) hereof. Notwithstanding the foregoing, the obligations set forth in Section
3 hereof shall survive and remain in full force and effect until all amounts
payable under Section 3 shall have been paid in full; provided, however, that if
any Remarketing Agent resigns, then, with respect to such Remarketing Agent, the
obligations set forth in Section 3 hereof shall not survive the termination of
this Agreement and no fee shall be payable to such Remarketing Agent in such
capacity. In addition, each current and former Remarketing Agent shall be
entitled to the rights and benefits under Sections 9, 10 and 12(b) of this
Agreement notwithstanding the replacement or resignation of such Remarketing
Agent or termination of this Agreement.

Section 9. Remarketing Agent's Performance; Duty of Care.

        The duties and obligations of the Remarketing Agent shall be determined
solely by the express provisions hereof. No implied covenants or obligations of
or against the Remarketing Agent shall be read into this Agreement. In the
absence of a final judicial determination of willful misconduct, bad faith or
gross negligence on the part of the Remarketing Agent, the Remarketing Agent may
conclusively rely upon any document furnished to it which purports to conform to
the requirements hereunder as to the truth of the statements expressed therein.
The Remarketing Agent shall be protected in acting upon any document or
communication reasonably believed by it to be signed, presented or made by the
proper party or parties. The Remarketing Agent shall not have any obligation to
determine whether there is any limitation under applicable law on the Reset Rate
on the Notes or, if there is any such limitation, the maximum permissible Reset
Rate on the Notes, and it shall rely solely upon timely written notice from the
Company pursuant to Section 2(a) hereof as to whether there is any such
limitation and, if so, the maximum permissible Reset Rate. The Remarketing Agent
shall not incur any liability

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under this Agreement to any beneficial owner or holder of Notes, or other
securities, either in its individual capacity or as Remarketing Agent, as the
case may be, for any action or failure to act in connection with the remarketing
of the Notes or otherwise in connection with the transactions contemplated by
this Agreement, except to the extent that such liability has, by final judicial
determination, resulted from the willful misconduct, bad faith or gross
negligence of the Remarketing Agent or from its failure to fulfill its express
obligations hereunder. The provisions of this Section 9 shall survive any
termination of this Agreement and shall also continue to apply to every
Remarketing Agent notwithstanding its resignation or removal. The Remarketing
Agent will act as the agent of the Holders.

Section 10. Indemnification.

        The Company agrees to indemnify the Remarketing Agent and its directors,
officers, employees, agents, affiliates and each person, if any, who controls
the Remarketing Agent within the meaning of Section 15 of the Securities Act or
Section 20 of the Securities Exchange Act for, and to hold it harmless from and
against, any and all losses, claims, damages, liabilities or reasonable
out-of-pocket expenses incurred without gross negligence, willful misconduct or
bad faith on its part, arising out of or in connection with the acceptance or
administration of its powers and duties under this Agreement, including the
reasonable out-of-pocket costs and expenses (including reasonable fees and
expenses of counsel) of defending itself against any claim or liability in
connection with the exercise or performance of such powers and duties or
collecting such amounts. The Remarketing Agent shall promptly notify the Company
of any third party claim which may give rise to the indemnity hereunder and give
the Company the opportunity to participate in the defense of such claim with
counsel reasonably satisfactory to the indemnified party, and no such claim
shall be settled without the written consent of the Company, which consent shall
not be unreasonably withheld.

Section 11. Governing Law.

        This Agreement shall be governed by, and construed in accordance with,
the laws of the State of New York.

Section 12. Term of Agreement.

        (a) Unless otherwise terminated in accordance with the provisions hereof
and except as otherwise provided herein, this Agreement shall remain in full
force and effect from the date hereof until the third Business Day immediately
following the earlier of (i) a successful remarketing and (ii) the Stock
Purchase Date. Anything contained herein to the contrary notwithstanding, the
provisions of the second and third sentences of Section 8 hereof and the
provisions of Sections 3, 9, 10 and 12(b) hereof shall survive any termination
of this Agreement and remain in full force and effect; provided, however, that
if any Remarketing Agent resigns, then the obligations set forth in Section 3
hereof shall not survive the termination of this Agreement and no fee shall be
payable to such remarketing agent in such capacity.

        (b) All representations and warranties included in this Agreement or
contained in certificates of officers of the Company submitted pursuant hereto
shall remain operative and in full force and effect, regardless of any
investigation made by or on behalf of the Remarketing

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Agent or any of its controlling persons, or by or on behalf of the Company or
the Purchase Contract Agent, and shall survive the termination of this
Agreement.

Section 13. Successors and Assigns.

        The rights and obligations of the Company and the Purchase Contract
Agent (both in its capacity as Purchase Contract Agent and as attorney-in-fact
for the Holders) hereunder may not be assigned or delegated to any other person
(except pursuant to Sections 7.9, 7.10 and 7.11 and Article IX of the Purchase
Contract Agreement) without the prior written consent of the Remarketing Agent,
which consent shall not be unreasonably withheld.

        The rights and obligations of the Remarketing Agent hereunder may not be
assigned or delegated to any other person without the prior written consent of
the Company, except that the Remarketing Agent shall have the right to appoint
additional remarketing agents as provided herein. This Agreement shall inure to
the benefit of and be binding upon the Company, the Purchase Contract Agent and
the Remarketing Agent and their respective successors and permitted assigns. The
terms "successors" and "assigns" shall not include any purchaser of Notes merely
because of such purchase.

Section 14. Headings.

        Section headings have been inserted in this Agreement as a matter of
convenience of reference only, and such section headings are not a part of this
Agreement and will not be used in the interpretation of any provision of this
Agreement.

Section 15. Severability.

        If any provision of this Agreement is invalid, inoperative or
unenforceable as applied in any particular case in any or all jurisdictions
because it conflicts with any provisions of any constitution, statute, rule or
public policy or for any other reason, then, to the extent permitted by law,
such circumstances shall not have the effect of rendering the provision in
question invalid, inoperative or unenforceable in any other case, circumstances
or jurisdiction, or of rendering any other provision or provisions of this
Agreement, as the case may be, invalid, inoperative or unenforceable to any
extent whatsoever.

Section 16. Counterparts.

        This Agreement may be executed in counterparts, each of which shall be
regarded as an original and all of which shall constitute one and the same
document.

Section 17. Amendments.

        This Agreement may be amended only by an instrument in writing signed by
the parties hereto.

Section 18. Notices.

        Unless otherwise specified, any notices, requests, consents or other
communications given or made hereunder shall be made in writing or transmitted
by any standard form of telecommunication, including telephone or telecopy, and
confirmed in writing. All written

                                      -11-
<PAGE>

notices and confirmations of notices by telecommunication shall be deemed to
have been validly given or made when delivered or mailed, registered or
certified mail, return receipt requested and postage prepaid. All such notices,
requests, consents or other communications shall be addressed as follows:

                (i) if to the Company, to El Paso Corporation, 1001 Louisiana
        Street, Houston, Texas 77002; Attention: Legal Department (telefax:
        713-420-4099);

                (ii) if to the Remarketing Agent, to Credit Suisse First Boston
        Corporation, Eleven Madison Avenue, New York, New York 10010, fax number
        (212) 325-4296, Attention: Transactions Advisory Group; and

                (iii) if to the Purchase Contract Agent, to JPMorgan Chase Bank,
        450 West 33rd Street, New York, New York 10001, fax number: (212)
        946-8159, Attention: Institutional Trust Services,

or to such other address as any of the above shall specify to the others in
writing.

Section 19. Information.

        The Company agrees to furnish the Remarketing Agent with such
information and documents as the Remarketing Agent may reasonably request in
connection with the transactions contemplated by this Remarketing Agreement, and
if the remarketing is effected pursuant to a registration statement in
accordance with Section 6 hereof, make reasonably available to the Remarketing
Agent and any accountant, attorney or other advisor retained by the Remarketing
Agent such information that parties would customarily require in connection with
a due diligence investigation conducted in accordance with applicable securities
laws and cause the Company's officers, directors, employees and accountants to
participate in such discussions and to supply all such information reasonably
requested by the Remarketing Agent and its advisors in connection with such
investigation.

                                      -12-
<PAGE>

        IN WITNESS WHEREOF, each of the Company, the Purchase Contract Agent and
the Remarketing Agent has caused this Agreement to be executed in its name and
on its behalf by one of its duly authorized signatories as of the date first
above written.

                                        EL PASO CORPORATION

                                        By: /s/ John J. Hopper
                                            -----------------------------------
                                            Name: John J. Hopper
                                            Title: Vice President and Treasurer

                                        CREDIT SUISSE FIRST BOSTON CORPORATION,
                                        as Remarketing Agent

                                        By: /s/ Paul A. Davis
                                            -----------------------------------
                                            Name: Paul A. Davis
                                            Title: Director

CONFIRMED AND ACCEPTED:

JPMORGAN CHASE BANK
not individually but solely as Purchase Contract Agent
and as attorney-in-fact for the Holders of the Purchase Contracts

By: /s/ R. Lorenzen
    -------------------------------
    Name: R. Lorenzen
    Title: Assistant Vice President

                                      -13-<PAGE>

                                                                     EXHIBIT 4.1

THIS NOTE IS NOT A SAVINGS ACCOUNT, DEPOSIT OR OTHER OBLIGATION OF ANY BANK OR
NONBANK SUBSIDIARY OF THE COMPANY AND IS NOT INSURED BY THE FEDERAL DEPOSIT
INSURANCE CORPORATION, THE BANK INSURANCE FUND OR ANY OTHER GOVERNMENTAL AGENCY.

IF THIS NOTE IS REGISTERED IN THE NAME OF CEDE & CO. AS NOMINEE FOR THE
DEPOSITORY TRUST COMPANY, THEN THE FOLLOWING LEGEND SHALL APPLY:

UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN CERTIFICATED
FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A
NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR
ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A
SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH DEPOSITARY. UNLESS THIS CERTIFICATE IS
PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55
WATER STREET, NEW YORK, NEW YORK) TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF
TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY AND ANY PAYMENT IS MADE TO CEDE &
CO., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO
ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN
INTEREST HEREIN.

IF APPLICABLE, THE "TOTAL AMOUNT OF OID", "ORIGINAL YIELD TO MATURITY" AND
"INITIAL SHORT ACCRUAL PERIOD OID" (COMPUTED UNDER THE EXACT METHOD) SET FORTH
BELOW HAVE BEEN COMPLETED SOLELY FOR THE PURPOSES OF APPLYING THE FEDERAL INCOME
TAX ORIGINAL ISSUE DISCOUNT RULES.

                                                               CUSIP:
REGISTERED                                                     REGISTERED
No. FXR                                                        $

                       THE BANK OF NEW YORK COMPANY, INC.
                       [SENIOR MEDIUM-TERM NOTE SERIES E]
                 [SENIOR SUBORDINATED MEDIUM-TERM NOTE SERIES F]
                                  (Fixed Rate)

ORIGINAL ISSUE DATE:       INTEREST RATE:              STATED MATURITY DATE:

REDEMPTION COMMENCEMENT    INITIAL REDEMPTION          ANNUAL REDEMPTION
DATE:                      PERCENTAGE:                 PERCENTAGE REDUCTION:

<PAGE>

HOLDER'S OPTIONAL
REPAYMENT DATE(S):         TOTAL AMOUNT OF OID:        ORIGINAL YIELD TO
                                                       MATURITY:

INITIAL SHORT ACCRUAL      ISSUE PRICE:                OTHER PROVISIONS:
PERIOD OID:

     [_] IF BOX IS CHECKED, THE NOTE IS AN AMORTIZING NOTE AND INFORMATION
REGARDING AMORTIZING PAYMENT DATES AND AMORTIZING PAYMENT AMOUNTS IS PROVIDED IN
AN ADDENDUM.

     [_] IF BOX IS CHECKED, THE NOTE IS A RENEWABLE NOTE OR AN EXTENDIBLE NOTE
AND INFORMATION REGARDING RENEWAL DATE, NEW MATURITY DATE, FINAL MATURITY DATE
OR EXTENSION PERIOD, AS APPLICABLE, AND ANY OTHER APPROPRIATE INFORMATION IS
PROVIDED IN AN ADDENDUM.

     The Bank of New York Company, Inc., a New York corporation (the "Company",
which term includes any successor corporation under the Indenture hereinafter
referred to), for value received, hereby promises to pay to Cede & Co., or
registered assigns, the principal sum of _____________________________________
on the Stated Maturity Date specified above (except to the extent redeemed or
repaid prior to the Stated Maturity Date), and to pay interest thereon at the
Interest Rate per annum specified above, until the principal hereof is paid or
duly made available for payment, on the _____________ day of each __________ and
__________ (each an "Interest Payment Date") in each year commencing on the
first Interest Payment Date next succeeding the Original Issue Date specified
above, unless the Original Issue Date occurs between a Regular Record Date, as
defined below, and the next succeeding Interest Payment Date or on an Interest
Payment Date, in which case commencing on the second Interest Payment Date
succeeding the Original Issue Date, to the registered holder of this Note on the
Regular Record Date with respect to such second Interest Payment Date, and on
the Stated Maturity Date (or any Redemption Date as defined below or any
Holder's Optional Repayment Date with respect to which such option has been
exercised, each such Stated Maturity Date, Redemption Date and Holder's Optional
Repayment Date being herein referred to as a "Maturity Date" with respect to the
principal payable on such date). Interest on this Note will accrue from the most
recent Interest Payment Date to which interest has been paid or duly provided
for or, if no interest has been paid or duly provided for, from the Original
Issue Date specified above until the principal hereof has been paid or duly made
available for payment. If the Maturity Date or an Interest Payment Date falls on
a day which is not a Business Day as defined below, principal, premium, if any,
or interest payable with respect to such Maturity Date or Interest Payment Date
will be paid on the next succeeding Business Day with the same force and effect
as if made on such Maturity Date or Interest Payment Date, as the case may be,
and no interest on such

<PAGE>

payment shall accrue for the period from and after such Maturity Date or
Interest Payment Date, as the case may be. The interest so payable, and
punctually paid or duly provided for, on any Interest Payment Date will, subject
to certain exceptions, be paid to the Person in whose name this Note (or one or
more predecessor Notes) is registered at the close of business on the Regular
Record Date for such interest, which shall be the fifteenth calendar day
(whether or not a Business Day) next preceding such Interest Payment Date;
provided, however, that interest payable at Maturity will be payable to the
Person to whom the principal hereof shall be payable. Any such interest not so
punctually paid or duly provided for will forthwith cease to be payable to the
Holder on such Regular Record Date and may either be paid to the Person in whose
name this Note (or one or more Predecessor Securities) is registered at the
close of business on a Special Record Date for the payment of such Defaulted
Interest to be fixed by the Trustee (referred to below), notice whereof shall be
given to the Holder of this Note not less than 10 days prior to such Special
Record Date, or may be paid at any time in any other lawful manner, all as more
fully provided in the Indenture.

     As used herein, "Business Day" means any day other than a Saturday, Sunday,
legal holiday or other day on which banking institutions in The City of New York
are authorized or required by law, regulation or executive order to close.

     Payment of the principal of, premium, if any, and interest due on this Note
will be made in immediately available funds at the office or agency of the
Company maintained for that purpose in the Borough of Manhattan, The City of New
York in such coin or currency of the United States of America as at the time of
payment is legal tender for payment of public and private debts; provided,
however, that payment of interest on any Interest Payment Date other than the
Maturity Date may be made at the option of the Company by check mailed to the
address of the Person entitled thereto as such address shall appear in the
Security Register. A Holder of not less than $10,000,000 aggregate principal
amount of the Notes having the same Interest Payment Dates may by written notice
to the Paying and Authenticating Agent (referred to below) at its principal
corporate trust office in The City of New York (or at such other address as the
Company shall give notice in writing) on or before the Regular Record Date
preceding an Interest Payment Date, arrange to have the interest payable on all
Notes held by such Holder on such Interest Payment Date, and all subsequent
Interest Payment Dates until written notice to the contrary is given to the
Paying and Authenticating Agent, made by wire transfer of immediately available
funds to a designated account maintained at a bank in The City of New York (or
other bank consented to by the Company) as the holder of such Notes shall have
designated; provided that such bank has appropriate facilities therefor.

     [Insert for Senior Subordinated Medium-Term Note] This Note is one of a
duly authorized series of securities of the Company (hereinafter called the
"Securities") issued and to be issued in one or more series under an Indenture
dated as of October 1, 1993

<PAGE>

(herein called the "Indenture") between the Company and J.P. Morgan Trust
Company, as successor Trustee (herein called the "Trustee", which term includes
any successor trustee under the Indenture), to which Indenture and all
indentures supplemental thereto reference is hereby made for a statement of the
respective rights, duties and immunities thereunder of the Company, the Trustee
and the Holders of the Senior Subordinated Medium-Term Notes Series F (the
"Notes") and of the terms upon which the Notes are, and are to be, authenticated
and delivered. The Notes are limited in aggregate principal amount of
$1,000,000,000. The Bank of New York, acting through its corporate trust offices
in The City of New York is the initial paying agent for the payment of interest
and principal of the Notes (the "Paying Agent"); and The Bank of New York acting
through its corporate trust offices in The City of New York is the
authenticating agent for the Notes (the "Paying and Authenticating Agent"). The
Notes may bear different Original Issue Dates, mature at different times, bear
interest at different rates and vary in such other ways as are provided in the
Indenture.

     [Insert for Senior Medium-Term Notes] This Note is one of a duly authorized
series of securities of the Company (hereinafter called the "Securities") issued
and to be issued in one or more series under an Indenture dated as of July 18,
1991 (herein called the "Indenture") between the Company and Deutsche Bank Trust
Company Americas, as Trustee (herein called the "Trustee", which term includes
any successor trustee under the Indenture), to which Indenture and all
indentures supplemental thereto reference is hereby made for a statement of the
respective rights, duties and immunities thereunder of the Company, the Trustee
and the Holders of the Senior Medium-Term Notes Series E (the "Notes") and of
the terms upon which the Notes are, and are to be, authenticated and delivered.
The Notes are limited in aggregate principal amount of $1,000,000,000. The Bank
of New York, acting through its corporate trust offices in The City of New York
is the initial paying agent for the payment of interest and principal of the
Notes (the "Paying Agent"); and The Bank of New York acting through its
corporate trust offices in The City of New York is the authenticating agent for
the Notes (the "Paying and Authenticating Agent"). The Notes may bear different
Original Issue Dates, mature at different times, bear interest at different
rates and vary in such other ways as are provided in the Indenture.

     This Note is not subject to any sinking fund.

     This Note may be subject to repayment at the option of the Holder on any
Holder's Optional Repayment Date(s), if any, indicated above. If no Holder's
Optional Repayment Dates are set forth above, this Note may not be so repaid at
the option of the Holder hereof prior to the Stated Maturity Date. On any
Holder's Optional Repayment Date this Note shall be repayable in whole or in
part in increments of [$1,000] [Insert other minimum denomination] (provided
that any remaining principal hereof shall be at least [$1,000] [Insert such
other minimum denomination]) at the option of the Holder hereof at a repayment
price equal to 100% of the principal amount to be repaid, together with interest
thereon

<PAGE>

payable to the date of repayment. For this Note to be repaid in whole or in part
at the option of the Holder hereof, this Note must be received, with the form
entitled "Option to Elect Repayment" below duly completed, by the Paying and
Authenticating Agent at the principal corporate trust office of The Bank of New
York in The City of New York, or such other address which the Company shall from
time to time notify the Holders of the Notes, not less than 30 nor more than 60
days prior to the Holders Optional Repayment Date. Exercise of such repayment
option by the Holder hereof shall be irrevocable.

     This Note may be redeemed at the option of the Company on any date on and
after the Redemption Commencement Date, if any, specified above (the "Redemption
Date"). If no Initial Redemption Date is set forth above, this Note may not be
redeemed at the option of the Company prior to the Stated Maturity Date. On and
after the Initial Redemption Date, if any, this Note may be redeemed at any time
in whole or from time to time in part in increments of [$1,000] [Insert other
minimum denomination] (provided that any remaining principal hereof shall be at
least [$1,000] [Insert other minimum denomination]) at the option of the Company
at the applicable Redemption Price (as defined below) together with interest
thereon payable to the Redemption Date, on notice given to the Holder not less
than 30 nor more than 60 days prior to the Redemption Date. In the event of
redemption of this Note in part only, a new Note for the unredeemed portion
hereof shall be issued in the name of the Holder hereof upon the surrender
hereof.

     Notices to the Holders of the Notes with respect to redemption as provided
above will be mailed first class mail, postage prepaid, to the Holders'
addresses listed in the Security Register maintained by the security registrar
not less than 30 nor more than 60 days prior to the Redemption Date.

     If this Note is redeemable at the option of the Company, the "Redemption
Price" shall initially be the Initial Redemption Percentage specified above, of
the principal amount of this Note to be redeemed and shall decline at each
anniversary of the Redemption Commencement Date by the Annual Redemption
Percentage Reduction, if any, specified above, of the principal amount to be
redeemed until the Redemption Price is 100% of such principal amount.

     The "Amortized Face Amount" of an Original Issue Discount Note shall be the
amount equal to (i) the Issue Price set forth above plus (ii) that portion of
the difference between the Issue Price and the principal amount of such Note
that has accrued at the Original Yield to Maturity (computed in accordance with
generally accepted United States bond yield computation principles) by the date
of redemption or repayment, as calculated by the Calculation Agent, but in no
event shall the Amortized Face Amount of an Original Issue Discount Note exceed
its principal amount.

     Interest payments on this Note will include interest accrued to but
excluding the Interest Payment Date or the date of Maturity, as the case may be.
Interest payments for this Note will be computed and paid on the basis of a
360-day year of twelve 30-day months.

<PAGE>

     If an Event of Default with respect to the Notes shall occur and be
continuing, the principal of the Notes may be declared due and payable in the
manner and with the effect provided in the Indenture. [Insert if this Note is a
Senior Subordinated Medium-Term Note -- Payment of the principal of the Notes
may be accelerated only in the case of certain events involving the bankruptcy,
insolvency or reorganization of the Company. There is no right of acceleration
of payment of the Senior Subordinated Medium-Term Notes in the case of a default
in the performance of any covenant of the Company, including payment of
principal or interest.]

     [Insert if this Note is a Senior Subordinated Medium-Term Note -- The
indebtedness evidenced by the Notes is, to the extent provided in the Indenture,
subordinated and subject in right of the payment in full of the principal of
(and premium, if any) and the interest on all Senior Indebtedness, as defined in
the Indenture, and this security is issued subject to the provisions of the
Indenture with respect thereto. Each Holder of this Note, by accepting the same,
agrees that each holder of Senior Indebtedness, whether created or acquired
before or after the issuance of the Notes, shall be deemed conclusively to have
relied on such provisions in acquiring and continuing to hold, or in continuing
to hold, such Senior Indebtedness. The Indenture also provides that if, upon the
occurrence of certain events of bankruptcy or insolvency relating to the
Company, there remains, after giving effect to such subordination provisions,
any amount of cash, property or securities available for payment or distribution
in respect of Securities of this series (as defined in the Indenture, "Excess
Proceeds"), and if, at such time, any Entitled Person (as defined in the
Indenture) has not received payment in full of all amounts due or to become due
on or in respect of Other Financial Obligations (as defined in the Indenture),
then such Excess Proceeds shall first be applied to pay or provide for the
payment in full of such Other Financial Obligations before any payment or
distribution may be made in respect of Notes. This Note is also issued subject
to the provisions of the Indenture regarding payments to Entitled Persons in
respect of Other Financial Obligations. Each Holder of this Note, by accepting
the same, agrees to be bound by the provisions of the Indenture described herein
and authorizes and directs the Trustee to take such action on his behalf as may
be necessary or appropriate to acknowledge or effectuate the subordination of
this Note and payment of Excess Proceeds as provided in the Indenture and
appoints the Trustee his attorney-in-fact for any and all such purposes.]

     The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the
Company and the rights of the Holders of the Securities of each series to be
affected under the Indenture at any time by the Company and the Trustee with the
consent of the Holders of not less than a majority in principal amount of the
Securities at the time Outstanding of each series to be affected. The Indenture
also contains provisions permitting the Holders of specified

<PAGE>

percentages in principal amount of the Securities of each series at the time
Outstanding, on behalf of the Holders of all Securities of each series, to waive
compliance by the Company with certain provisions of the Indenture and certain
past defaults under the Indenture and their consequences. Any such consent or
waiver by the Holder of this Note shall be conclusive and binding upon such
Holder and upon all future Holders of this Note and of any Note issued upon the
registration of transfer hereof or in exchange herefor or in lieu hereof,
whether or not notation of such consent or waiver is made upon this Note.

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

     As provided in the Indenture, and subject to certain limitations therein
set forth, the transfer of this Note may be registered on the Security Register
of the Company upon surrender of this Note for registration of transfer at the
office or agency of the Company in any place where the principal of and any
premium and interest on this Note are payable, duly endorsed by, or accompanied
by a written instrument of transfer in form satisfactory to the Company and the
Security Registrar, duly executed by the Holder hereof or by such Holder's
attorney duly authorized in writing and thereupon one or more new Notes and of
like tenor, of authorized denominations and for the same aggregate principal
amount, will be issued to the designated transferee or transferees.

     The Notes are issuable only in registered form without coupons in minimum
denominations of [$1,000] [Insert other minimum denomination] or any amount in
excess thereof which is an integral multiple of [$1,000] [Insert other minimum
denomination] and, unless otherwise specified on the face hereof, shall be
denominated in U.S. dollars. As provided in the Indenture, and subject to
certain limitations therein set forth, the Notes are exchangeable for a like
aggregate principal amount of Notes and of like tenor of a different authorized
denomination, as requested by the Holder surrendering the same.

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

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

     No recourse shall be had for the payment of the principal of (and premium,
if any) or the interest on this Note, or for any claim

<PAGE>

based hereon, or otherwise in respect hereof, or based on or in respect of the
Indenture or any indenture supplemental thereto, against any incorporator,
shareholder, officer or director, as such, past, present or future, of the
Company or any successor corporation, whether by virtue of any constitution,
statute or rule of law, or by the enforcement of any assessment or penalty or
otherwise, all such liability being, by the acceptance hereof and as part of the
consideration for the issue hereof, expressly waived and released.

     The Indenture and the Notes shall be governed by and construed in
accordance with the laws of the State of New York applicable to agreements made
and to be performed in such State.

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

     Unless the Certificate of Authentication hereon has been executed by or on
behalf of the Trustee under the Indenture by the manual signature of one of its
authorized officers, this Note shall not be entitled to any benefit under the
Indenture or be valid or obligatory for any purpose.

                      [This space left blank intentionally]

<PAGE>

     IN WITNESS WHEREOF, the Company has caused this instrument to be duly
executed, manually or in facsimile, and its corporate seal to be imprinted
hereon.

                                   Dated:

                                   THE BANK OF NEW YORK COMPANY, INC.

                                   By:  _____________________________
          [SEAL]

Attest:

____________________________

CERTIFICATE OF AUTHENTICATION:
This is one of the Securities of the series
designated therein referred to in the within-
mentioned Indenture.

[Insert for Senior Medium-Term Notes] Deutsche Bank Trust Company
Americas, Trustee
[Insert for Senior Subordinated Medium-Term Notes] J.P. Morgan Trust
Company, as Trustee

By: The Bank of New York
As Authenticating Agent

By:________________________
   Authorized Officer

<PAGE>

                            OPTION TO ELECT REPAYMENT

     The undersigned hereby irrevocably request(s) and instruct(s) the Company
to repay this Note (or portion hereof specified below) pursuant to its terms at
a price equal to the principal amount hereof together with interest to the
repayment date, to the undersigned, at _________________________________________
________________________________________________________________________________
(Please print or typewrite name and address of the undersigned)

     For this Note to be repaid, this Note must be received at the corporate
trust office of The Bank of New York, in The City of New York, or at such other
place or places which the Company shall from time to time notify the Holder of
this Note, not less than 30 nor more than 60 days prior to the Holder's Optional
Repayment Date, if any, specified above, with this "Option to Elect Repayment"
form duly completed. Exercise of such repayment option by the holder hereof
shall be irrevocable. In the event of repayment of this Note in part only, a new
Note or Notes for the amount of the unpaid portion hereof shall be issued in the
name of the Holder hereof upon the cancellation hereof.

     If less than the entire principal amount of this Note is to be repaid,
specify the portion hereof (which shall be in increments of [$1,000][Insert
other minimum denomination]) which the Holder elects to have repaid and specify
the denomination or denominations (each of which shall be [$1,000] [Insert such
other minimum denomination] or an integral multiple of [$1,000] [Insert such
other minimum denomination] in excess of [$1,000] [Insert such other minimum
denomination]) of the Notes to be issued to the Holder for the portion of this
Note not being repaid (in the absence of any such specification, one such Note
will be issued for the portion not being repaid).

$ ___________________               __________________________________
                                    NOTICE:  The signature on this
Date ________________               Option to Elect Repayment must
                                    correspond with the name as written
                                    upon the face of this Note in every
                                    particular, without alteration or
                                    enlargement or any change whatever.

<PAGE>

                                  ABBREVIATIONS

     The following abbreviations, when used in the inscription on this
instrument, shall be construed as though they were written out in full according
to applicable laws or regulations.

          TEN COM--as tenants in common

          UNIF GIFT MIN ACT--.............Custodian.....................
                                                         (Minor)

                        Under Uniform Gifts to Minors Act

                        .................................
                                     (State)

          TEN ENT--as tenants by the entireties
          JT TEN-- as joint tenants with right of survivorship
                   and not as tenants in common

     Additional abbreviations may also be used though not in the above list.

<PAGE>

                          _____________________________

     FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto

Please Insert Social Security or Other
     Identifying Number of Assignee:

_____________________________

________________________________________________________________________________

                   PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS
                         INCLUDING ZIP CODE OF ASSIGNEE:

________________________________________________________________________________

________________________________________________________________________________

________________________________________________________________________________

the within Note and all rights thereunder, and does hereby irrevocably
constitute and appoint _________________________________________________________
___________________________________________________________________ attorney to
transfer said Note on the books of the Company, with full power of substitution
in the premises.

Dated:  ___________________                 _________________________
                                            Signature Guaranteed:

                                            _________________________

                                            _________________________
NOTICE: The signature(s) to this assignment must correspond with the name as
written upon the within instrument in every particular, without alteration or
enlargement, or any change whatever.

SIGNATURE GUARANTEED:______________________________
NOTICE: The signature(s) must be guaranteed by an eligible guarantor institution
(e.g., banks, securities brokers or dealers, credit unions, national securities
exchanges and savings associations) which is a member of or participant in a
signature guarantee program recognized by the Securities registrar pursuant to
Rule 17Ad-15 under the Securities Exchange Act of 1934.

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