Document:

<PAGE>

                                                                    EXHIBIT 4(z)

                  FORM OF DEFINITIVE FLOATING RATE BEARER NOTE

BEARER                                                                BEARER
No. DBFL                                                            [     ]/1/
                                                                    [     ]/2/

[THIS NOTE CONSTITUTES [COMMERCIAL PAPER/[A SHORTER/LONGER] TERM DEBT SECURITY]3
ISSUED IN ACCORDANCE  WITH  REGULATIONS  MADE UNDER SECTION 4 OF THE BANKING ACT
1987.  GENERAL  ELECTRIC  CAPITAL  CORPORATION IS NOT AN AUTHORIZED  INSTITUTION
UNDER THE BANKING ACT 1987.  REPAYMENT OF THE  PRINCIPAL  AND THE PAYMENT OF ANY
INTEREST OR PREMIUM IN CONNECTION WITH THIS NOTE HAS NOT BEEN GUARANTEED.]4

ANY UNITED STATES PERSON WHO HOLDS THIS OBLIGATION WILL BE SUBJECT TO
LIMITATIONS UNDER THE UNITED STATES INCOME TAX LAWS, INCLUDING THE LIMITATIONS
PROVIDED IN SECTIONS 165(j) AND 1287(a) OF THE INTERNAL REVENUE CODE.

________________________________________
/1/  Insert Principal Amount.

/2/  Insert Optional Payment Amount if the Note has dual-currency feature.

/3/  Please delete as appropriate. Include "commercial paper" if Notes must be
     redeemed before the first anniversary. Include "shorter" if Notes may not
     be redeemed before their first anniversary but must be redeemed before
     their third anniversary. Include "longer" if Notes may not be redeemed
     before their third anniversary.

/4/  This legend to appear on all Notes (whether denominated in Sterling or
     otherwise) in respect of which the issue proceeds are accepted by the
     Issuer in the United Kingdom.
<PAGE>

                      GENERAL ELECTRIC CAPITAL CORPORATION
                              EURO MEDIUM-TERM NOTE
                                 (Floating Rate)

                                     SERIES:

<TABLE>
<S>                            <C>                          <C>                         <C>
COMMON CODE:                   MINIMUM INTEREST RATE:       INTEREST RESET PERIOD:      INITIAL REDEMPTION DATE:

ISIN:                          INDEX MATURITY:              INTEREST RESET DATES:       INITIAL REDEMPTION
                                                                                        PERCENTAGE:

ORIGINAL ISSUE DATE:           OPTION ELECTION DATES:       APPLICABILITY OF MODIFIED
                                                            PAYMENT UPON ACCELERATION   APPLICABILITY OF ANNUAL
                                                            OR REDEMPTION:              REDEMPTION PERCENTAGE
MATURITY DATE:                 OPTIONAL PAYMENT CURRENCY:                               REDUCTION:
                                                            If yes, state Issue Price
                                                            and each redemption date    If yes, state Annual
SPECIFIED (FACE AMOUNT)        DESIGNATED EXCHANGE RATE:    and redemption price:       Percentage Reduction:
CURRENCY:

                               OPTION VALUE CALCULATION     INDEXED CURRENCY:           OPTIONAL REPAYMENT DATE(S):
INTEREST PAYMENT DATE(S):      AGENT:

                                                            CURRENCY BASE RATE:         DENOMINATIONS (if not as
INTEREST RATE BASIS:           SPREAD (PLUS OR MINUS):                                  set forth herein):

                                                            DETERMINATION AGENT:
INITIAL INTEREST RATE:         ALTERNATE RATE EVENT                                     TAX REDEMPTION DATE:
                               SPREAD:
                                 AVAILABILITY OF
INTEREST ACCRUAL DATE:                                      REGISTERED NOTES:
                               SPREAD MULTIPLIER:

MAXIMUM INTEREST RATE:
                               INTEREST PAYMENT PERIOD:

CALCULATION AGENT:                                   IF INTEREST RATE BASIS IS LIBOR:
                                                     INDEX CURRENCY:_________________
                                                     DESIGNATED LIBOR PAGE:
                                                     [ ] Reuters Page: ____________
                                                     [ ] Telerate Page: __________

INTEREST CALCULATION:                                DAY COUNT CONVENTION
[  ]  Regular Floating Rate Note                     [  ] Actual/360 for the period
[  ]  Floating Rate/Fixed Rate                               from          to
        Fixed Rate Commencement Date:                [  ] Actual/Actual to the period
        Fixed Interest Rate:                                 from          to
[  ]  Inverse Floating Rate Note
        Fixed Interest Rate:

ADDENDUM ATTACHED:                                   OTHER PROVISIONS:
[  ]  Yes
[  ]  No
</TABLE>

         General Electric Capital Corporation (together with its successors and
assigns, the "Company"), for value received, hereby promises to pay to the
holder hereof upon surrender hereof, the principal sum (or Face Amount, if the
Note has a dual-currency or index feature) specified above on the Maturity Date
specified above (except to the extent redeemed or repaid prior to the Maturity
Date) and to pay interest thereon to the bearer of the coupons, if any, attached
hereto (the "Coupons") at the interest rate per annum calculated in accordance
with the terms hereof from the

                                       2
<PAGE>

last date on which interest was paid on the predecessor global Note, or if no
such interest was paid, then from the Original Issue Date of the predecessor
global Note, until the principal hereof is paid or duly made available for
payment (except as provided below), in arrears monthly, quarterly, semiannually
or annually as specified above as the Interest Payment Period on each Interest
Payment Date (as specified above), commencing with the first Interest Payment
Date next succeeding the Original Issue Date specified above, and on the
Maturity Date (or any redemption or repayment date).

         Payment of the principal of this Note and any premium due at the
Maturity Date (or any redemption or repayment date) will be made in immediately
available funds upon surrender of this Note at the office or agency of the
Fiscal and Paying Agent or at the office or agency of such other paying agents
outside the United States (this and certain other capitalized terms used herein
are defined on the reverse of this Note) as the Company may determine maintained
for that purpose (a "Paying Agent").

         Interest on this Note will accrue from the most recent Interest Payment
Date to which interest hereon or on the predecessor global Note has been paid or
duly provided for, or, if no interest has been paid or duly provided for, from
the Original Issue Date of the predecessor global Note, until the principal
hereof has been paid or duly made available for payment (except as provided
below). The interest so payable, and punctually paid or duly provided for, on
any Interest Payment Date, will, subject to certain exceptions described herein,
be paid to the holder of the appropriate Coupon upon presentment and surrender
thereof at the office or agency of the Fiscal and Paying Agent or at the office
of any Paying Agent.

         If the Specified Currency is other than U.S. dollars, then, except as
provided on the reverse hereof, payment of the principal of and premium, if any,
and interest on this Note will be made in such Specified Currency either by a
check drawn on a bank in London, Luxembourg or a city in the country of such
Specified Currency or by wire transfer of immediately available funds if
appropriate wire transfer instructions in writing have been received by the
Fiscal and Paying Agent or any Paying Agent not less than 10 days prior to the
applicable Interest Payment Date.

         If the Specified Currency indicated on the face hereof is U.S. dollars,
any payment of the principal of and premium, if any, and interest on this Note
will be made, subject to applicable laws and regulations, 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 either by a check drawn on a bank
in The City of New York mailed to an address outside the United States furnished
by the holder or by wire transfer of immediately available funds to an account
maintained by the holder of this Note with a bank located outside the United
States if appropriate wire transfer instructions have been received by the
Fiscal and Paying Agent or any Paying Agent not less than 10 days prior to the
applicable payment date. Notwithstanding the foregoing, in the event that
payment in U.S. dollars of the full amount payable on this Note at the offices
of all Paying Agents would be illegal or effectively precluded as a result of
exchange controls or similar restrictions, payment on this Note will be made by
a paying agency in the United States, if such paying agency, under applicable
law and regulations, would be able to make such payment.

         This Note is issued in the principal amount set forth on the face
hereof, but the total aggregate principal amount of the Series to which this
Note belongs is unlimited. The Company has the right, without the consent of the
holder of any Note or coupon appertaining thereto, to issue additional Notes
which form part of the Series to which this Note belongs.

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

         Unless the certificate of authentication hereon has been executed by
the Fiscal and Paying Agent by manual signature, this Note shall not be entitled
to any benefit under the Fiscal Agency Agreement, as defined on the reverse
hereof, or be valid or obligatory for any purpose.

                                       3
<PAGE>

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

DATED:                                      GENERAL ELECTRIC CAPITAL
                                              CORPORATION

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

Attest:

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

CERTIFICATE OF AUTHENTICATION

         This is one of the Notes referred to in the within-mentioned Fiscal
Agency Agreement.

THE CHASE MANHATTAN BANK,
         as Fiscal and Paying Agent

By:
   ----------------------------------
         Authorized Officer

                                       4
<PAGE>

                            [Form of Reverse of Note]

         This Note is one of a duly authorized issue of [Euro Medium-Term
Notes]1 [Debt Securities]2 of the Series specified on the face hereof, having
maturities of nine months or more from the date of issue (the "Notes") of the
Company. The Notes are issuable under a second amended and restated fiscal and
paying agency agreement, dated as of March 31, 1999, among the Company, GE
Capital Australia, GE Capital Australia Funding Pty. Ltd., GE Capital Finance
Australia, General Electric Capital Canada Inc., GE Capital Canada Funding
Company, GE Card Services Canada Inc. (formerly GE Capital Canada Retailer
Financial Services Company), and The Chase Manhattan Bank, as fiscal agent and
as principal paying agent (in such capacities, the "Fiscal and Paying Agent")
(as amended and supplemented from time to time, the "Fiscal Agency Agreement"),
to which Fiscal Agency Agreement reference is hereby made for a statement of the
respective rights, limitations of rights, duties and immunities of the Company
and holders of the Notes and the terms upon which the Notes are, and are to be,
authenticated and delivered. The Chase Manhattan Bank at its office in London
has been appointed the Exchange Rate Agent (the "Exchange Rate Agent", which
terms include any successor exchange rate agent) with respect to the Notes. The
terms of individual Notes may vary with respect to interest rates, interest rate
formulas, issue dates, maturity dates, or otherwise, all as provided in the
Fiscal Agency Agreement. To the extent not inconsistent herewith, the terms of
the Fiscal Agency Agreement are hereby incorporated by reference herein.

         This Note will not be subject to any sinking fund and will not be
redeemable or subject to repayment at the option of the holder prior to
maturity, except as provided below.

         Unless otherwise indicated on the face of this Note, this Note shall
not be subject to repayment at the option of the holder prior to the Maturity
Date. If so indicated on the face of this Note, this Note may be subject to
repayment at the option of the holder on the Optional Repayment Date or Dates
specified on the face hereof on the terms set forth herein. On any Optional
Repayment Date, this Note will be repayable in whole or in part in increments of
1,000 units of the Specified Currency indicated on the face hereof (provided
that any remaining principal amount hereof shall not be less than the minimum
authorized denomination hereof) at the option of the holder hereof at a price
equal to 100% of the principal amount to be repaid, together with interest
hereon payable to the date of repayment. For this Note to be repaid in whole or
in part at the option of the holder hereof, the Company must receive at the
corporate trust office of the Fiscal and Paying Agent in the City of London, at
least 30 days but not more than 60 days prior to the repayment, (i) this Note
with the form entitled "Option to Elect Repayment" on the reverse hereof duly
completed or (ii) a telegram, facsimile transmission or a letter from a
commercial bank or trust company in Western Europe which must set forth the
principal amount of this Note, the principal amount of this Note to be repaid,
the certificate number or a description of the tenor and terms of this Note, a
statement that the option to elect repayment is being exercised thereby and a
guarantee that this Note to be repaid, together with the duly completed form
entitled "Option to Elect Repayment" on the reverse hereof, will be received by
the Fiscal and Paying Agent not later than the fifth Business Day after the date
of such telegram, facsimile transmission or letter; provided, however, that such
telegram, facsimile transmission or letter from a commercial bank or trust
company in Western Europe shall only be effective if in such case, this Note and
form duly completed are received by the Fiscal and Paying Agent by such fifth
Business Day. 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 cancellation hereof, but only in an authorized
denomination.

         This Note will bear interest at the rate determined as follows:

                  1. If this Note is designated as a Regular Floating Rate Note
         on the face hereof, then, except as described below, this Note shall
         bear interest at the rate determined by reference to the applicable
         Interest Rate Basis shown on the face hereof (i) plus or minus the
         applicable Spread, if any, and/or (ii) multiplied by the applicable
         Spread Multiplier, if any, specified and applied in the manner
         described on the face hereof. Commencing on the first Interest Reset
         Date following the Original Issue Date of the predecessor global Note
         (the "Initial Interest Reset Date"), the rate at which interest on this
         Note is payable shall be reset as of each Interest Reset Date specified
         on the face hereof; provided, however, that (i) the interest rate in
         effect for the period from the Original

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<PAGE>

          Issue Date of the predecessor global Note to the Initial Interest
          Reset Date will be the Initial Interest Rate, and (ii) unless
          otherwise specified on the face hereof, the interest rate in effect
          hereon for the ten calendar days immediately prior to a Maturity Date
          shall be that in effect on the tenth calendar day preceding such
          Maturity Date.

               2. If this Note is designated as a Floating Rate/Fixed Rate Note
          on the face hereof, then, except as described below, this Note shall
          initially bear interest at the rate determined by reference to the
          applicable Interest Rate Basis shown on the face hereof (i) plus or
          minus the applicable Spread, if any, and/or (ii) multiplied by the
          applicable Spread Multiplier, if any, specified and applied in the
          manner described on the face hereof. Commencing on the Initial
          Interest Reset Date, the rate at which interest on this Note is
          payable shall be reset as of each Interest Reset Date specified on the
          face hereof; provided, however, that (i) the interest rate in effect
          for the period from the Original Issue Date of the predecessor global
          Note to the Initial Interest Reset Date will be the Initial Interest
          Rate; (ii) unless otherwise specified on the face hereof, the interest
          rate in effect hereon for the ten calendar days immediately prior to
          the Fixed Rate Commencement Date shall be that in effect on the tenth
          calendar day preceding the Fixed Rate Commencement Date; and (iii) the
          interest rate in effect commencing on, and including, the Fixed Rate
          Commencement Date to the Maturity Date shall be the Fixed Interest
          Rate, if such a rate is specified on the face hereof, or if no such
          Fixed Interest Rate is so specified, the interest rate in effect
          hereon on the day immediately preceding the Fixed Rate Commencement
          Date.

               3. If this Note is designated as an Inverse Floating Rate Note on
          the face hereof, then, except as described below, this Note will bear
          interest equal to the Fixed Interest Rate indicated on the face hereof
          minus the rate determined by reference to the applicable Interest Rate
          Basis shown on the face hereof (i) plus or minus the applicable
          Spread, if any, and/or (ii) multiplied by the applicable Spread
          Multiplier, if any, specified and applied in the manner described on
          the face hereof; provided, however, that the interest rate hereon will
          not be less than zero. Commencing on the Initial Interest Reset Date,
          the rate at which interest on this Note is payable shall be reset as
          of each Interest Reset Date specified on the face hereof; provided,
          however, that (i) the interest rate in effect for the period from the
          Original Issue Date of the predecessor global Note to the Initial
          Interest Reset Date will be the Initial Interest Rate, and (ii) unless
          otherwise specified on the face hereof, the interest rate in effect
          hereon for the ten calendar days immediately prior to a Maturity Date
          shall be that in effect on the tenth calendar day preceding such
          Maturity Date.

               4. Notwithstanding the foregoing, if this Note is designated
          above as having an Addendum attached, the Note shall bear interest in
          accordance with the terms described in such Addendum.

     Except as provided above, the interest rate in effect on each day shall be
(a) if such day is an Interest Reset Date, the interest rate determined on the
Interest Determination Date (as defined below) immediately preceding such
Interest Reset Date or (b) if such day is not an Interest Reset Date, the
interest rate determined on the Interest Determination Date immediately
preceding the next preceding Interest Reset Date. Each Interest Rate Basis shall
be the rate determined in accordance with the applicable provision below. If any
Interest Reset Date (which term includes the term Initial Interest Reset Date
unless the context otherwise requires) would otherwise be a day that is not a
Business Day, such Interest Reset Date shall be postponed to the next succeeding
day that is a Business Day, except that if an Interest Rate Basis specified on
the face hereof is LIBOR and such next Business Day falls in the next succeeding
calendar month, such Interest Reset Date shall be the next preceding Business
Day.

     Unless otherwise specified on the face hereof, the Interest Determination
Date pertaining to an Interest Reset Date for Notes bearing interest calculated
by reference to the CD Rate, Commercial Paper Rate, Federal Funds Rate and Prime
Rate will be the second Business Day next preceding such Interest Reset Date.
The Interest Determination Date with respect to the Eleventh District Cost of
Funds Rate will be the last working day of the month immediately preceding each
Interest Reset Date on which the Federal Home Loan Bank of San Francisco (the
"FHLB of San Francisco") publishes the Index (as defined below). Unless
otherwise specified on the face hereof, the Interest

                                       6
<PAGE>

Determination Date pertaining to an Interest Reset Date for Notes bearing
interest calculated by reference to LIBOR shall be the second London Banking Day
(as defined below) preceding such Interest Reset Date, unless the Designated
LIBOR Currency (as defined herein) is (i) pounds sterling, in which case the
"Interest Determination Date" will be the applicable Interest Reset Date, or
(ii) euro, in which case the Interest Determination Date will be the second
TARGET Settlement Day (as defined herein) preceding such Interest Reset Date.
Unless otherwise specified on the face hereof, the Interest Determination Date
pertaining to an Interest Reset Date for Notes bearing interest calculated by
reference to EURIBOR shall be the second TARGET Settlement Day preceding each
Interest Reset Date for the related Notes. The Interest Determination Date
pertaining to an Interest Reset Date for Notes bearing interest calculated by
reference to the Treasury Rate shall be the day of the week in which such
Interest Reset Date falls on which Treasury bills normally would be auctioned;
provided, however, that if an auction is held on the Friday of the week
preceding such Interest Reset Date, the related Interest Determination Date
shall be such preceding Friday; and provided, further, that if an auction shall
fall on any Interest Reset Date, then the Interest Reset Date shall instead be
the first Business Day following the date of such auction. "London Banking Day"
means any day on which commercial banks are open for business (including
dealings in Designated LIBOR Currency) in London, England.

         The "Calculation Date" pertaining to any Interest Determination Date
will be the earlier of (i) the tenth calendar day after such Interest
Determination Date or, if such day is not a Business Day, the next succeeding
Business Day or (ii) the Business Day preceding the applicable Interest Payment
Date or Maturity Date, as the case may be.

         With respect to each Series of French Franc Notes listed on the Paris
Bourse, the Calculation Agent will notify The Paris Bourse of the interest rate,
the interest amount, the interest period and the Interest Payment Date related
to each Interest Reset Date as soon as such information is available.

         Determination of CD Rate. If the Interest Rate Basis specified on the
         ------------------------
face hereof is the CD Rate, the CD Rate with respect to this Note shall be
determined on each Interest Determination Date and shall be the rate on such
date for negotiable certificates of deposit having the Index Maturity specified
on the face hereof as published by the Board of Governors of the Federal Reserve
System in "Statistical Release H.15(519), Selected Interest Rates," or any
successor publication ("H.15(519)"), under the heading "CDs (Secondary Market)",
or, if not so published by 3:00 p.m., New York City time, on the Calculation
Date pertaining to such Interest Determination Date, the CD Rate will be the
rate on such Interest Determination Date for negotiable certificates of deposit
of the Index Maturity specified on the face hereof as published by the Federal
Reserve Bank of New York in H.15 Daily Update, or such other recognized
electronic source used for the purpose of displaying such rate, under the
caption "CDs (Secondary Market)". If such rate is not yet published in either
H.15(519), H.15 Daily Update, or such other recognized electronic source by 3:00
P.M., New York City time, on such Calculation Date pertaining to such Interest
Determination Date, then the CD Rate on such Interest Determination Date will be
calculated by the Calculation Agent referred to on the face hereof and will be
the arithmetic mean of the secondary market offered rates as of 10:00 a.m., New
York City time, on such Interest Determination Date, for negotiable certificates
of deposit of major United States money market banks with a remaining maturity
closest to the Index Maturity specified on the face hereof in a denomination of
$5,000,000 as quoted by three leading nonbank dealers in negotiable U.S. dollar
certificates of deposit in The City of New York selected by the Calculation
Agent; provided, however, that if the dealers selected as aforesaid by the
Calculation Agent are not quoting as mentioned in this sentence, the CD Rate
with respect to such Interest Determination Date shall be the CD Rate as in
effect on such Interest Determination Date. For the purposes hereof, "H.15 Daily
Update" means the daily update of H.15(519), available through the
world-wide-web site of the Board of Governors of the United States Federal
Reserve System at http://www.bog.frb.fed.us/releases/h15/update, or any
successor service.

         Determination of Commercial Paper Rate. If the Interest Rate Basis
         --------------------------------------
specified on the face hereof is the Commercial Paper Rate, the Commercial Paper
Rate with respect to this Note shall be determined on each Interest
Determination Date and shall be the Money Market Yield (as defined herein) of
the rate on such date for commercial paper having the Index Maturity specified
on the face hereof, as such rate shall be published in H.15(519) under the
heading "Commercial Paper Nonfinancial," or if not so published prior to 3:00
p.m., New York City time, on the Calculation Date pertaining to such Interest
Determination Date, the Commercial Paper Rate shall be the Money Market Yield of
the rate on such Interest Determination Date for commercial paper of the Index
Maturity specified on

                                       7
<PAGE>

the face hereof as published in H.15 Daily Update, or such other recognized
electronic source used for the purpose of displaying such rate, under the
caption "Commercial Paper Nonfinancial". If such rate is not yet available in
either H.15(519) , H.15 Daily Update, or such other recognized electronic source
by 3:00 p.m., New York City time, on such Calculation Date, then the Commercial
Paper Rate on such Interest Determination Date shall be calculated by the
Calculation Agent and shall be the Money Market Yield of the arithmetic mean of
the offered rates as of 11:00 a.m., New York City time, on such Interest
Determination Date for commercial paper of the Index Maturity specified on the
face hereof, placed for an industrial issuer whose bond rating is "AA," or the
equivalent, from a nationally recognized rating agency, as quoted by three
leading dealers in commercial paper in The City of New York selected by the
Calculation Agent; provided, however, that if the dealers selected as aforesaid
by the Calculation Agent are not quoting offered rates as set forth above, the
Commercial Paper Rate with respect to such Interest Determination Date shall be
the Commercial Paper Rate in effect on such Interest Determination Date.

         "Money Market Yield" shall be a yield (expressed as a percentage)
calculated in accordance with the following formula:

         Money Market Yield =          D x 360       x 100
                                    --------------
                                    360 - (D x M)

where "D" refers to the applicable per annum rate for commercial paper quoted on
a bank discount basis and expressed as a decimal and "M" refers to the actual
number of days in the period for which interest is being calculated.

         Determination of Eleventh District Cost of Funds Rate. If the Interest
         -----------------------------------------------------
Rate Basis for this Note is the Eleventh District Cost of Funds Rate, as
indicated above, the Eleventh District Cost of Funds Rate shall be determined on
each applicable Interest Determination Date and shall be the rate equal to the
monthly weighted average cost of funds for the calendar month preceding such
Interest Determination Date as set forth under the caption "11th District" on
Telerate Page 7058 as of 11:00 a.m., San Francisco time, on such Interest
Determination Date. If such rate does not appear on Telerate Page 7058 on any
such Interest Determination Date, the Eleventh District Cost of Funds Rate for
such Interest Determination Date shall be the monthly weighted average cost of
funds paid by member institutions of the Eleventh Federal Home Loan Bank
District that was most recently announced (the "Index") by the FHLB of San
Francisco as such cost of funds for the calendar month preceding the date of
such announcement. If the FHLB of San Francisco fails to announce such rate for
the calendar month next preceding such Interest Determination Date, then the
Eleventh District Cost of Funds Rate for such Interest Determination Date will
be the Eleventh District Cost of Funds Rate in effect on such Interest
Determination Date.

         Determination of Federal Funds Rate. If the Interest Rate Basis
         -----------------------------------
specified on the face hereof is the Federal Funds Rate, the Federal Funds Rate
with respect to this Note shall be determined on each Interest Determination
Date and shall be the rate on such date for Federal Funds as published in
H.15(519) under the heading "Federal Funds (Effective)" as such rate is
displayed on Telerate Page 120, or, if the rate does not appear on Telerate Page
120 or is not published in H.15(519) prior to 11:00 a.m., New York City time, on
the Calculation Date pertaining to such Interest Determination Date, the Federal
Funds Rate will be the rate on such Interest Determination Date as published in
H.15 Daily Update, or such other recognized electronic source used for the
purpose of displaying such rate, under the caption "Federal Funds (Effective)".
If such rate does not appear on Telerate Page 120 or is not published in
H.15(519), H.15 Daily Update or such other recognized electronic source by 3:00
p.m., New York City time, on such Calculation Date, the Federal Funds Rate for
such Interest Determination Date will be calculated by the Calculation Agent and
will be the arithmetic mean of the rates for the last transaction in overnight
United States dollar Federal funds as of 11:00 a.m., New York City time, on such
Interest Determination Date arranged by three leading brokers of Federal funds
transactions in The City of New York selected by the Calculation Agent;
provided, however, that if fewer than three brokers are providing the aforesaid
quotes, the Federal Funds Rate with respect to such Interest Determination Date
shall be the Federal Funds Rate in effect on such Interest Determination Date.

                  Determination of LIBOR. If the Interest Rate Basis specified
                  ----------------------
on the face hereof is LIBOR, LIBOR with respect to this Note shall be determined
on each Interest Determination Date as follows:

                                       8
<PAGE>

                  (i) LIBOR will be either (a) if "LIBOR Telerate" is specified
         on the face hereof or if the face hereof does not specify a source for
         LIBOR, the rate for deposits in the London interbank market in the
         Designated LIBOR Currency (as defined below) having the Index Maturity
         designated on the face hereof commencing on the second Business Day
         immediately following such Interest Determination Date (or, if pounds
         sterling is the Designated LIBOR Currency, beginning on such date or,
         if euro is the Designated LIBOR Currency, beginning on the second
         TARGET Settlement Day immediately after such date), that appears on the
         Designated LIBOR Page (as defined below) as of 11:00 a.m., London time,
         on that Interest Determination Date, or (b) if "LIBOR Reuters" is
         specified on the face hereof, the arithmetic mean of the offered rates
         for deposits in the London interbank market in the Designated LIBOR
         Currency having the Index Maturity designated on the face hereof and
         commencing on the second Business Day immediately following such
         Interest Determination Date, (or, if pounds sterling is the Designated
         LIBOR Currency, beginning on such date or, if euro is the Designated
         LIBOR Currency, beginning on the second TARGET Settlement Day
         immediately after such date), that appears on the Designated LIBOR Page
         (as defined below) that appear on the Designated LIBOR Page as of 11:00
         a.m., London time, on such Interest Determination Date, if at least two
         such offered rates on such Designated LIBOR Page. If fewer than two
         offered rates appear, or no rate appears, as applicable, LIBOR in
         respect of such Interest Determination Date will be determined as if
         the parties had specified the rate described in clause (ii) below.

                  (ii) If fewer than two offered rates appear, or no rate
         appears, as the case may be, on the applicable Designated LIBOR Page as
         specified in clause (i) above, the Calculation Agent will request the
         principal London offices of each of four major reference banks in the
         London interbank market, as selected by the Calculation Agent, to
         provide the Calculation Agent with its offered quotation for deposits
         in the Designated LIBOR Currency for the period of the Index Maturity
         designated on the face hereof, commencing on the second Business Day
         (or if pounds sterling is the Designated LIBOR Currency, commencing on
         such Interest Determination Date or, if euro is the Designated LIBOR
         Currency, beginning on the second TARGET Settlement Day immediately
         after such date) immediately following such Interest Determination
         Date, to prime banks in the London interbank market at approximately
         11:00 a.m., London time, on such Interest Determination Date and in a
         principal amount that is representative for a single transaction in
         such Designated LIBOR Currency in such market at such time. If at least
         two such quotations are provided, LIBOR determined on such Interest
         Determination Date will be the arithmetic mean of such quotations. If
         fewer than two quotations are provided, LIBOR determined on such
         Interest Determination Date will be the arithmetic mean of the rates
         quoted at approximately 11:00 a.m. (or such other time specified on the
         face hereof), New York City time, on such Interest Determination Date
         by three major banks (one of which may be an affiliate of the
         calculation agent) in the Principal Financial Center selected by the
         calculation agent. The rates will be for loans in the Designated LIBOR
         Currency to leading European banks having the Index Maturity designated
         in the applicable Pricing Supplement beginning on the second London
         Business Day after that date (or, if pounds sterling is the Designated
         LIBOR Currency, commencing on such date or, if euro is the Designated
         LIBOR Currency, beginning on the second TARGET Settlement Day
         immediately after such date) and in a Representative Amount; provided,
         however, that if the banks so selected by the Calculation Agent are not
         quoting as mentioned in this sentence, LIBOR with respect to such
         Interest Determination Date will be LIBOR in effect on such Interest
         Determination Date.

         "Designated LIBOR Currency" means the currency (including composite
          -------------------------
currencies and euro) specified on the face hereof as the currency with respect
to which LIBOR shall be calculated. If no such currency is specified on the face
hereof, the Designated LIBOR Currency shall be U.S. dollars.

         "Designated LIBOR Page" means either (a) if "LIBOR Reuters" is
          ---------------------
specified in on the face hereof, the display on the Reuters Monitor Money Rates
Service for the purpose of displaying the London interbank rates of major banks
for the applicable Designated LIBOR Currency, or (b) if "LIBOR Telerate" is
specified on the face hereof or neither "LIBOR Reuters" nor "LIBOR Telerate" is
specified as the manner of calculating LIBOR, the display on Telerate (or any
successor service) for the purpose of displaying the London interbank offered
rates of major banks for the applicable Designated LIBOR Currency.

                                       9
<PAGE>

         Determination of EURIBOR. If the Interest Rate Basis specified on the
         ------------------------
face hereof is EURIBOR, EURIBOR with respect to this Note shall be determined on
each Interest Determination Date and shall be the rate for deposits in euro
having the Index Maturity designated on the face hereof that appears on the
Designated EURIBOR Page as of 11:00 a.m., Brussels time, on that Interest
Determination Date. If such rate does not appear on the Designated EURIBOR Page
as of 11:00 a.m., Brussels time, on that Interest Determination Date, then the
Calculation Agent will request the principal offices of four major banks (one of
which may be an affiliate of the Calculation Agent) in the Euro-zone selected by
the Calculation Agent to provide such bank's offered quotation to prime banks in
the Euro-zone interbank market for deposits in euro having the Index Maturity
designated on the face hereof as of 11:00 a.m., Brussels time, on such Interest
Determination Date and in a Representative Amount. If at least two quotations
are provided, EURIBOR determined on such Interest Determination Date will be the
arithmetic mean of such quotations. If fewer than two quotations are provided,
EURIBOR determined on such Interest Determination Date will be the arithmetic
mean of the rates quoted by major banks (which may include an affiliate of the
Calculation Agent) in the Euro-zone, selected by the Calculation Agent, at
approximately 11:00 a.m., Brussels time, on the Interest Determination Date for
loans in euro to leading European banks for a period of time corresponding to
the Index Maturity designated on the face hereof and in a Representative Amount.
If no rates are quoted by major banks, EURIBOR for such Interest Determination
Date will be EURIBOR in effect for such Interest Determination Date. "Euro-zone"
means the area encompassed by member states in the European Union that are
participating in the third stage of European Economic and Monetary Union
pursuant to the Treaty establishing the European Communities, as amended by the
Treaty on European Union.

         Determination of Prime Rate. If the Interest Rate Basis specified on
         ---------------------------
the face hereof is the Prime Rate, the Prime Rate with respect to this Note
shall be determined on each Interest Determination Date and shall be the rate on
such date as published in H.15(519) under the heading "Bank Prime Loan", or if
not so published by 3:00 p.m., New York City time, on the Calculation Date
pertaining to such Interest Determination Date, the Prime Rate will be the rate
as published on such Interest Determination Date in the H.15 Daily Update, or
such other recognized electronic source used for the purpose of displaying such
rate, under the caption "Bank Prime Loan". If such rate is not published in
H.15(519), H.15 Daily Update or such other recognized electronic source, then
the Prime Rate will be the arithmetic mean (rounded upwards, if necessary, to
the next higher one-hundred thousandth of a percentage point) of the rates of
interest publicly announced by each bank named on the Reuters Screen U.S. Prime
1 Page (as defined below) as such bank's prime rate or base lending rate as in
effect for such Interest Determination Date as quoted on the Reuters Screen U.S.
Prime 1 Page on such interest Determination Date, or, if fewer than four, but
more than one, such rates appear on the Reuters Screen U.S. Prime 1 Page for
such Interest Determination Date, the rate shall be the arithmetic mean of the
prime rates quoted on the basis of actual number of days in the year divided by
360 as of the close of business on such Interest Determination Date by four
major money center banks in The City of New York selected by the Calculation
Agent from which quotations are requested. For purposes of making the foregoing
determination, each change in the prime rate or base lending rate of any bank so
announced by such bank will be effective as of the effective date of the
announcement or, if no effective date is specified, as of the date of the
announcement. If fewer than two such quotations are provided, the Prime Rate
will be calculated by the Calculation Agent and will be determined as the
arithmetic mean on the basis of the prime rates or base lending rates quoted in
The City of New York by the appropriate number of substitute banks or trust
companies organized and doing business under the laws of the United States or
any state thereof, each having total equity capital of at least $500 million and
being subject to supervision or examination by a federal or state authority,
selected by the Calculation Agent to quote such rate or rates; provided,
however, that if the banks or trust companies so selected by the Calculation
Agent are not quoting as mentioned in this sentence, the Prime Rate with respect
to such Interest Determination Date will be the Prime Rate in effect on such
Interest Determination Date.

         Determination of Treasury Rate. If the Interest Rate Basis specified on
         ------------------------------
the face hereof is the Treasury Rate, the Treasury Rate with respect to this
Note shall be determined on each Interest Determination Date and shall be the
rate applicable to the most recent auction of direct obligations of the United
States ("Treasury Bills") having the Index Maturity specified on the face
hereof, as it appears under the caption "[HIGH RATE]" on page 56 or page 57 of
Telerate (or any other pages that may replace such pages on such service) or if
not so published by 3:00 p.m., New York City time, on the Calculation Date
pertaining to such Interest Determination Date, the auction average rate on such
Interest Determination Date (expressed as a bond equivalent, on the basis of a
year of 365 or 366 days, as applicable, and applied on a daily basis) as
otherwise announced by the United States

                                       10
<PAGE>

Department of the Treasury. In the event that the results of the auction of
Treasury Bills having the Index Maturity specified on the face hereof are not
published or reported as provided above by 3:00 p.m., New York City time, on
such Calculation Date, or if no such auction is held in the five Business Days
preceding such Interest Determination Date, then the Treasury Rate shall be
calculated by the Calculation Agent and shall be a yield to maturity (expressed
as a bond equivalent, on the basis of a year of 365 or 366 days, as applicable,
and applied on a daily basis) of such Treasury bills having the specified Index
Maturity as published in H.15(519) under the caption "U.S. Government Securities
Treasury Bills [Auction high]." If such rate is not so published in H.15(519) by
3:00 p.m., New York City time, on the related Calculation Date, the rate on such
Interest Determination Date of such Treasury bills will be as published in H.15
Daily Update, or such other recognized electronic source used for the purpose of
displaying such rate, under the caption "U.S. Government Securities/Treasury
Bills/[Auction high]" on such Interest Determination Date If such rate is not
yet published in H.15(519), H.15 Daily Update or another recognized electronic
source on such Interest Determination Date, then the Treasury Rate will be a
yield to maturity (expressed as a bond equivalent, on the basis of a year of 365
or 366 days, as applicable, and applied on a daily basis) of the arithmetic mean
of the secondary market bid rates, as of approximately 3:30 p.m., New York City
time, on such Interest Determination Date, of three leading primary United
States government securities dealers selected by the Calculation Agent for the
issue of Treasury Bills with a remaining maturity closest to the Index Maturity
specified on the face hereof; provided, however, that if the dealers selected as
aforesaid by the Calculation Agent are not quoting bid rates as mentioned in
this sentence, the Treasury Rate with respect to such Interest Determination
Date will be the Treasury Rate in effect on such Interest Determination Date.

         Notwithstanding the foregoing, the interest rate hereon shall not be
greater than the Maximum Interest Rate, if any, or less than the Minimum
Interest Rate, if any, specified on the face hereof. The Calculation Agent shall
calculate the interest rate hereon in accordance with the foregoing on or before
each Calculation Date. The interest rate on this Note will in no event be higher
than the maximum rate permitted by New York law, as the same may be modified by
United States Federal law of general application.

         At the request of the holder hereof, the Calculation Agent will provide
to the holder hereof the interest rate hereon then in effect and, if determined,
the interest rate that will become effective as of the next Interest Reset Date.

         Interest payments on this Note will equal the amount of interest
accrued from and including the next preceding Interest Payment Date in respect
of which interest has been paid (or from and including the date of issue of the
predecessor global Note, if no interest has been paid) to but excluding the
related Interest Payment Date; provided, however, that if the Interest Reset
Period with respect to this Note is daily or weekly, each interest payment will
include interest accrued from and including the date of issue of the predecessor
global Note or from but excluding the fifteenth calendar day preceding the next
preceding Interest Payment Date (whether or not such fifteenth calendar day is a
Business Day) to which interest has been paid, as the case may be, through and
including the fifteenth calendar day preceding the applicable Interest Payment
Date (whether or not such fifteenth calendar day is a Business Day), unless
otherwise specified on the face hereof; and provided, further, that the interest
payment with respect to this Note made on the Maturity Date will include
interest accrued to but excluding such Maturity Date.

         Unless otherwise specified on the face hereof, the day count fraction
in respect of the calculation of an amount of interest on this Note for any
period of time (the "Calculation Period") will be computed and paid on the basis
of the actual number of days in the Calculation Period divided by 360.

         Accrued interest on this Note will be calculated by multiplying the
principal amount of this Note (or, if this Note is designated as an Indexed Note
on the face hereof, the face amount of such Indexed Note) by an accrued interest
factor. The accrued interest factor will be computed by adding the interest
factors calculated for each day in the period for which accrued interest is
being calculated. The interest factor (expressed as a decimal calculated to
seven decimal places without rounding) for each day will be computed by dividing
the interest rate in effect on that day by 360, unless an alternative day-count
fraction is specified on the face hereof, in which case the corresponding
denominator of such alternative day count fraction will be used to compute the
interest factor. If the interest rate on this Note may be calculated with
reference to two or more Interest Rate Bases, the accrued interest factor will
be calculated in each period by selecting one such Interest Rate Basis for such
period. For these calculations, the interest rate in effect on any Interest
Reset Date will be the new reset rate.

                                       11
<PAGE>

         All percentages resulting from any calculation will be to the nearest
one hundred-thousandth of a percentage point, with five one millionths of a
percentage point rounded upwards (e.g., 9.9876545% (or .09876545) would be
rounded to 9.87655% (or.0987655), and all dollar amounts used in or resulting
from such calculation will be rounded to the nearest cent (with one-half cent
being rounded upward).

         If any Interest Payment Date other than the Maturity Date would
otherwise be a day that is not a Business Day, such Interest Payment Date will
be postponed to the next succeeding Business Day, except that in the case of a
Floating Rate Note as to which LIBOR is an applicable Interest Rate Basis and
such Business Day falls in the next succeeding calendar month, such Interest
Payment Date will be the immediately preceding Business Day. If the Maturity
Date falls on a day that is not a Business Day, the required payment of
principal, premium, if any, and interest will be made on the next succeeding
Business Day as if made on the date such payment was due, and no interest will
accrue on such payment for the period from and after the Maturity Date to the
date of such payment on the next succeeding Business Day.

         This Note is unsecured and ranks pari passu with all other unsecured
and unsubordinated indebtedness of the Company.

         This Note has been issued in bearer form (a "Bearer Note"), with
Coupons, if any, and any Note or Notes issued upon transfer or exchange hereof
is issuable as a Bearer Note, with Coupons, if any, attached, in the
denominations of 1,000 units, 10,000 units or 100,000 units of the Specified
Currency indicated on the face hereof (unless otherwise specified on the face
hereof) or (if so specified on the face hereof) as a Note in fully registered
form, without coupons (a "Registered Note"), in denominations of 100,000 units
of the Specified Currency indicated on the face hereof or any integral multiple
of 1,000 units of such Specified Currency in excess thereof (unless otherwise
specified on the face hereof).

         This Note may be transferred by delivery. If so specified on the face
hereof, then, at the option of the holder of this Note, and subject to the terms
of the Fiscal Agency Agreement, this Note (with all unmatured Coupons, and all
matured Coupons in default) will be exchangeable at the option of the holder
hereof into Registered Notes of any authorized denominations of like tenor and
in an equal aggregate principal amount, in accordance with the provisions of the
Fiscal Agency Agreement, at the corporate trust office of The Chase Manhattan
Bank, London Branch, which initially has been appointed registrar for the
Registered Notes or at the office of any transfer agent appointed by the Company
for such purpose. If this Note is surrendered in exchange for Registered Notes
after the close of business at any such office on (i) any record date for the
payment of interest (a "Regular Record Date") on a Registered Note on an
Interest Payment Date and before the opening of business at such office on the
relevant Interest Payment Date, or (ii) any record date to be established for
the payment of defaulted interest on a Registered Note (a "Special Record Date")
and before the opening of business at such office on the related proposed date
for payment of defaulted interest, this Note shall be surrendered without the
Coupon relating to such date for payment of interest. This Note may also be
exchanged for other definitive Bearer Notes with Coupons, if any, in other
authorized denominations, in an equal aggregate principal amount, in accordance
with the provisions of the Fiscal Agency Agreement, at the offices of the Fiscal
and Paying Agent or at the office of any transfer agent designated by the
Company for such purpose. All such exchanges of Notes and Coupons will be made
free of charge, but the Company may require payment of a sum sufficient to cover
any tax or other governmental charge in connection therewith. The date of
surrender of any Note or Coupon delivered upon any exchange or transfer of Notes
or Coupons shall be such that no gain or loss of interest results from such
exchange or transfer.

         If this Note is to be redeemed, the Company shall not be required to
issue or exchange this Note for a period of 15 days preceding the date fixed for
redemption.

         In case any Note shall at any time become mutilated, destroyed, lost or
stolen, or is apparently destroyed, lost or stolen, and such Note or evidence of
the loss, theft or destruction thereof (together with the indemnity hereinafter
referred to and such other documents or proof as may be required in the
premises) shall be delivered to the Fiscal and Paying Agent, a new Note of like
tenor will be issued by the Company in exchange for the Note so mutilated or
defaced, or in lieu of the Note so destroyed or lost or stolen, but, in the case
of any destroyed or lost or

                                       12
<PAGE>

stolen Note only upon receipt of evidence satisfactory to the Fiscal and Paying
Agent and the Company that such Note was destroyed or lost or stolen and, if
required, upon receipt also of an indemnity satisfactory to each of them. All
expenses and reasonable charges associated with procuring such indemnity and
with the preparation, authentication and delivery of a new Note shall be borne
by the owner of the Note mutilated, defaced, destroyed, lost or stolen.

         The Fiscal Agency Agreement provides that if an Event of Default (as
defined in the Fiscal Agency Agreement) with respect to the Series of which this
Note forms a part, shall have occurred and be continuing, the holder hereof, by
notice in writing to the Company and to the Fiscal and Paying Agent, may declare
the principal of this Note and the interest accrued hereon to be due and payable
immediately.

         If the face hereof indicates that this Note is subject to "Modified
Payment upon Acceleration or Redemption", then (i) if the principal hereof is
declared to be due and payable as described in the preceding paragraph, the
amount of principal due and payable with respect to this Note shall be limited
to the sum of the Issue Price specified on the face hereof plus the Amortized
Amount, (ii) for the purpose of any vote of noteholders taken pursuant to the
Fiscal Agency Agreement prior to the acceleration of payment of this Note, the
principal amount hereof shall equal the amount that would be due and payable
hereon, calculated as set forth in clause (i) above, if this Note were declared
to be due and payable on the date of any such vote and (iii) for the purpose of
any vote of noteholders taken pursuant to the Fiscal Agency Agreement following
the acceleration of payment of this Note, the principal amount hereof shall
equal the amount of principal due and payable with respect to this Note,
calculated as set forth in clause (i) above.

         Notes of the Series of which this Note forms a part may be redeemed, at
the option of the Company, as a whole but not in part, at any time prior to
maturity, upon the giving of a notice of redemption as described below, at a
redemption price equal to 100% of the principal amount thereof (except that if
this Note is subject to "Modified Payment upon Acceleration or Redemption", such
redemption price would be limited to the sum of the Issue Price plus the
Amortized Amount), together with accrued interest to the date fixed for
redemption, or, in the case of Original Issue Discount Notes, at 100% of the
portion of the face amount thereof that has accrued to the date of redemption,
if the Company determines that, as a result of any change in or amendment to the
laws (or any regulations or rulings promulgated thereunder) of the United States
or of any political subdivision or taxing authority thereof or therein affecting
taxation, or any change in official position regarding the application or
interpretation of such laws, regulations or rulings, which change or amendment
becomes effective on or after the Tax Redemption Date specified on the face
hereof, the Company has or will become obligated to pay Additional Amounts (as
defined below) with respect to the Notes as described below. Prior to the giving
of any notice of redemption pursuant to this paragraph, the Company shall
deliver to the Fiscal and Paying Agent (i) a certificate stating that the
Company is entitled to effect such redemption and setting forth a statement of
facts showing that the conditions precedent to the right of the Company to so
redeem have occurred, and (ii) an opinion of counsel satisfactory to the Fiscal
and Paying Agent to such effect based on such statement of facts; provided that
no such notice of redemption shall be given earlier than 90 days prior to the
earliest date on which the Company would be obligated to pay such Additional
Amounts if a payment in respect of the Notes were then due.

         Notice of redemption will be given not less than 30 nor more than 60
days prior to the date fixed for redemption, which date and the applicable
redemption price will be specified in the notice. Such notice will be given in
accordance with "Notices" as defined below.

         If the Company shall determine that any payment made outside the United
States by the Company or any Paying Agent of principal or interest[, including
original issue discount,]/5/ due in respect of any Bearer Notes of the Series of
which this Note forms a part would, under any present or future laws or
regulations of the United States, be subject to any certification,
identification or other information reporting requirement of any kind, the
effect of which requirement is the disclosure to the Company, any Paying Agent
or any governmental authority of the nationality, residence or identity of a
beneficial owner of such Bearer Note or interest coupon who is a United States
Alien (other than such a requirement (a) which would not be applicable to a
payment made by the Company or any one of its Paying Agents (i) directly to the
beneficial owner or (ii) to a custodian, nominee or other agent of the
beneficial

____________________________
/5/ Include if Notes are original issue discount Notes.

                                       13
<PAGE>

owner, or (b) which can be satisfied by such custodian, nominee or
other agent certifying to the effect that such beneficial owner is a United
States Alien, provided that in each case referred to in clauses (a)(ii) and (b)
payment by such custodian, nominee or agent to such beneficial owner is not
otherwise subject to any such requirement), the Company shall redeem the Bearer
Notes, in whole, at a redemption price equal to 100% of the principal amount
thereof (except that if this Note is subject to "Modified Payment upon
Acceleration or Redemption", such redemption price would be limited to the sum
of the Issue Price plus the Amortized Amount), together with accrued interest to
the date fixed for redemption (or, in the case of Original Issue Discount Notes,
at 100% of the portion of the face amount thereof that has accrued to the date
of redemption) or, at the election of the Company if the conditions of the next
succeeding paragraph are satisfied, pay the additional amounts specified in such
paragraph. The Company shall make such determination and election as soon as
practicable and publish prompt notice thereof (the "Determination Notice")
stating the effective date of such certification, identification or other
information reporting requirements, whether the Company will redeem the Bearer
Notes of such Series, or whether the Company has elected to pay the Additional
Amounts specified in the next succeeding paragraph, and (if applicable) the last
date by which the redemption of the Bearer Notes must take place, as provided in
the next succeeding sentence. If the Company redeems the Bearer Notes, such
redemption shall take place on such date, not later than one year after the
publication of the Determination Notice, as the Company shall elect by notice to
the Fiscal and Paying Agent at least 60 days prior to the date fixed for
redemption. Notice of such redemption of the Bearer Notes will be given to the
holders of the Bearer Notes not more than 60 nor less than 30 days prior to the
date fixed for redemption. Such redemption notice shall include a statement as
to the last date by which the Bearer Notes to be redeemed may be exchanged for
Registered Notes. Notwithstanding the foregoing, the Company shall not so redeem
the Bearer Notes if the Company shall subsequently determine, not less than 30
days prior to the date fixed for redemption, that subsequent payments would not
be subject to any such requirement, in which case the Company shall publish
prompt notice of such determination and any earlier redemption notice shall be
revoked and of no further effect. The right of any of the holders of Bearer
Notes called for redemption pursuant to this paragraph to exchange such Bearer
Notes for Registered Notes will terminate at the close of business of the Fiscal
and Paying Agent on the fifteenth day prior to the date fixed for redemption,
and no further exchanges of such Series of Bearer Notes for Registered Notes
shall be permitted.

         If and so long as the certification, identification or other
information reporting requirements referred to in the preceding paragraph would
be fully satisfied by payment of a backup withholding tax or similar charge, the
Company may elect to pay as Additional Amounts such amounts as may be necessary
so that every net payment made outside the United States following the effective
date of such requirements by the Company or any Paying Agent of principal or
interest, [including original issue discount,]/6/ due in respect of any Bearer
Note or any interest coupon of which the beneficial owner is a United States
Alien (but without any requirement that the nationality, residence or identity
of such beneficial owner be disclosed to the Company, any Paying Agent or any
governmental authority, with respect to the payment of such additional amounts),
after deduction or withholding for or on account of such backup withholding tax
or similar charge (other than a backup withholding tax or similar charge which
(i) would not be applicable in the circumstances referred to in the second
parenthetical clause of the first sentence of the preceding paragraph, or (ii)
is imposed as a result of the presentation of such Bearer Note or interest
coupon for payment more than 15 calendar days after the date on which such
payment becomes due and payable or on which payment thereof is duly provided
for, whichever occurs later), will not be less than the amount provided for in
such Bearer Note or interest coupon to be then due and payable. In the event the
Company elects to pay Additional Amounts pursuant to

_______________________________
/6/ Include if Notes are original issue discount Notes.

                                       14
<PAGE>

this paragraph, the Company shall have the right to redeem the Bearer Notes of
such Series in whole at any time pursuant to the applicable provisions of the
immediately preceding paragraph and the redemption price of such Bearer Notes
shall not be reduced for applicable withholding taxes. If the Company elects to
pay Additional Amounts pursuant to this paragraph and the condition specified in
the first sentence of this paragraph should no longer be satisfied, then the
Company shall redeem the Bearer Notes of such Series in whole, pursuant to the
applicable provisions of the immediately preceding paragraph.

         The Company will, subject to certain exceptions and limitations set
forth below, pay such additional amounts (the "Additional Amounts") to the
holder of any Note or of any coupon, if any, who is a United States Alien as may
be necessary in order that every net payment of the principal of, premium and
interest, including original issue discount, on such Note and any other amounts
payable on such Note, after withholding for or on account of any present or
future tax, assessment or governmental charge imposed upon or as a result of
such payment by the United States (or any political subdivision or taxing
authority thereof or therein), will not be less than the amount provided for in
such Note or coupon, if any, to be then due and payable. However, the Company
will not be required to make any payment of Additional Amounts to any such
holder for or on account of:

          (a) any such tax, assessment or other governmental charge which would
     not have been so imposed but for (i) the existence of any present or former
     connection between such holder (or between a fiduciary, settlor,
     beneficiary, member or shareholder of such holder, if such holder is an
     estate, a trust, a partnership or a corporation) and the United States,
     including, without limitation, such holder (or such fiduciary, settlor,
     beneficiary, member or shareholder) being or having been a citizen or
     resident thereof or being or having been engaged in a trade or business or
     present therein or having, or having had, a permanent establishment therein
     or (ii) the presentation by the holder of any such Note or coupon, if any,
     for payment on a date more than 15 calendar days after the date on which
     such payment became due and payable or on the date on which payment thereof
     is duly provided for, whichever occurs later;

          (b) any estate, inheritance, gift, sales, transfer or personal
     property tax or any similar tax, assessment or governmental charge;

          (c) any tax, assessment or other governmental charge imposed by reason
     of such holder's past or present status as a personal holding company or
     foreign personal holding company or controlled foreign corporation or
     passive foreign investment company with respect to the United States or as
     a corporation which accumulates earnings to avoid United States federal
     income tax or as a private foundation or other tax-exempt organization;

          (d) any tax, assessment or other governmental charge which is payable
     otherwise than by withholding from payments on or in respect of any Note;

          (e) any tax, assessment or other governmental charge which would not
     have been imposed but for the failure to comply with certification,
     information or other reporting requirements concerning the nationality,
     residence or identity of the holder or beneficial owner of such Note, if
     such compliance is required by statute or by regulation of the United
     States or of any political subdivision or taxing authority thereof or
     therein as a precondition to relief or exemption from such tax, assessment
     or other governmental charge;

          (f) any tax, assessment or other governmental charge imposed by reason
     of such holder's past or present status as the actual or constructive owner
     of 10% or more of the total combined voting power of all classes of stock
     entitled to vote of the Company or as a direct or indirect subsidiary of
     the Company; or

          (g) any combination of items (a), (b), (c), (d), (e) and (f);

                                       15
<PAGE>

nor shall Additional Amounts be paid with respect to any payment on a Note to a
United States Alien who is a fiduciary or partnership or other than the sole
beneficial owner of such payment to the extent such payment would be required by
the laws of the United States (or any political subdivision thereof) to be
included in the income, for tax purposes, of a beneficiary or settlor with
respect to such fiduciary or a member of such partnership or a beneficial owner
who would not have been entitled to the Additional Amounts had such beneficiary,
settlor, member or beneficial owner been the holder of such Note.

The Company will not be required to make any payment of Additional Amounts to
any holder for or on the account of :

     (a)  any tax, assessment or other governmental charged required to be
          withheld by any Paying Agent from any payment of principal of, or
          interest on, any Note, if such payment can be made without such
          withholding by any other Paying Agent in a member state of the
          European Union; or

     (b)  any tax, assessment or other governmental charge required to be
          withheld or deducted where such withholding or deduction is imposed on
          a payment to an individual and is required to be made pursuant to any
          European Union Directive on the taxation of savings implementing the
          conclusions of the ECOFIN Council meeting of November 26-27, 2000 or
          any law implementing or complying with, or introduced in order to
          conform to, such Directive.

     The Fiscal Agency Agreement provides that the Company will not merge or
consolidate with any other corporation or sell, convey, transfer or otherwise
dispose of all or substantially all of its properties to any other corporation,
unless (i) either the Company shall be the continuing corporation or the
successor corporation (if other than the Company) (the "successor corporation")
shall be a corporation organized under the laws of the United States of America
or of a state thereof and such successor corporation shall expressly assume the
due and punctual payments of all amounts due under this Note and the due and
punctual performance of all of the covenants and obligations of the Company
under this Note by supplemental agreement satisfactory to the Fiscal and Paying
Agent executed and delivered to such Fiscal and Paying Agent by the successor
corporation and the Company and (ii) the Company or such successor corporation,
as the case may be, shall not, immediately after such merger or consolidation,
or such sale, conveyance, transfer or other disposition, be in default in the
performance of any such covenant or obligation. Upon any such merger or
consolidation, sale, conveyance, transfer or other disposition, such successor
corporation shall succeed to and be substituted for, and may exercise every
right and power of and shall be subject to all the obligations of, the Company
under this Note, with the same effect as if such successor corporation had been
named as the Company herein, and the Company shall be released from its
liability under this Note and under the Fiscal Agency Agreement.

     The Fiscal Agency Agreement permits the Company, when authorized by
resolution of the Board of Directors, and the Fiscal and Paying Agent, with the
consent of the holders of not less than a majority in aggregate principal amount
of the Notes of the Series of which this Note forms a part, to modify or amend
the Fiscal Agency Agreement or such Notes; provided, however, that no such
modification or amendment may, without the consent of the holders of each such
Note affected thereby, (i) change the stated maturity of the principal of any
such Note or extend the time for payment of interest thereon; (ii) change the
amount of the principal of an Original Issue Discount Note of such Series that
would be due and payable upon an acceleration of the maturity thereof; (iii)
reduce the amount of interest payable thereon or the amount payable thereon in
the event of redemption or acceleration; (iv) change the currency of payment of
principal of or any other amounts payable on any such Note; (v) impair the right
to institute suit for the enforcement of any such payment on or with respect to
any such Note; (vi) reduce the above-stated percentage of the principal amount
of Notes of such Series the consent of whose holders is necessary to modify or
amend the Fiscal Agency Agreement or the Notes of such Series or reduce the
percentage of the Notes of such Series required for the taking of action or the
quorum required at any such meeting of holders of Notes of such Series; or (vii)
modify the foregoing requirements to reduce the percentage of outstanding Notes
of such Series necessary to waive any future compliance or past default.

                                       16
<PAGE>

     Purchasers are required to pay for the Notes in the currency specified in
the applicable Pricing Supplement. Payment of principal, premium, if any, and
interest, if any, on each Note will be made in immediately available funds in
the Specified Currency unless otherwise specified in the applicable Pricing
Supplement and except as provided below.

     If specified in the applicable Pricing Supplement, the Company may, without
the consent of holders of Notes denominated in a Specified Currency of a member
state of the European Union, which on or after the issue date of such Notes
participates in European Economic and Monetary Union, on giving at least 30
days' prior notice (the "Redenomination Notice") to the holders of such Notes
and on prior notice to the Paying Agent and, if applicable, Euroclear Bank,
S.A./N.V. as operator of the Euroclear System, Clearstream Banking, societe
anonyme and/or any other relevant clearing system, elect that, with effect from
the date specified in the Redenomination Notice (the "Redenomination Date"),
such Notes shall be redenominated in euro. The election will have effect as
follows: (a) the Notes shall be deemed to be redenominated into euro in the
denomination of euro 0.01 with a nominal amount for each Note equal to the
nominal amount of that Note in the Specified Currency, converted into euro at
the Established Rate (defined below), provided that, if the Company determines
after consultation with the Paying Agent that the then market practice in
respect of the redenomination into euro of internationally offered securities is
different from the provisions specified above, such provisions shall be deemed
to be amended so as to comply with such market practice and the Company shall
promptly notify the holders of Notes, any stock exchange on which the Notes may
be listed and the Paying Agent of such deemed amendments; (b) save to the extent
that an Exchange Notice (defined below) has been given in accordance with
paragraph (d) below, the amount of interest due in respect of the Notes will be
calculated by reference to the aggregate nominal amount of Notes presented (or,
as the case may be, in respect of which coupons are presented) for payment by
the relevant holder and the amount of such payment shall be rounded down to the
nearest euro 0.01; (c) if definitive Notes are required to be issued after the
Redenomination Date, they shall be issued at the expense of the Company in the
denominations of euro 1,000, euro 10,000, euro 100,000 and (but only to the
extent of any remaining amounts less than euro 1,000 or such smaller
denominations as the Paying Agent may approve) euro 0.01 and such other
denominations as the Issuer shall determine and notify to the Noteholders; (d)
if issued prior to the Redenomination Date, all unmatured coupons denominated in
the Specified Currency (whether or not attached to the Notes) will become void
with effect from the date on which the Company gives notice (the "Exchange
Notice") that replacement euro-denominated Notes and coupons are available for
exchange (provided that such securities are so available) and no payments will
be made in respect of them. The payment obligations contained in any Notes so
issued will also become void on that date although such Notes will continue to
constitute valid exchange obligations of the Company. New euro-denominated Notes
and coupons, if any, will be issued in exchange for Notes and coupons, if any,
denominated in the Specified Currency in such manner as the Paying Agent may
specify and as shall be notified to the holders of Notes in the Exchange Notice.
No Exchange Notice may be given less than 15 days prior to any date for payment
of principal or interest on the Notes; (e) after the Redenomination Date, all
payments in respect of the Notes and the coupons, if any, including payments of
interest in respect of periods commencing before the Redenomination Date, will
be made solely in euro as though references in the Notes to the Specified
Currency were to euro. Payments will be made in euro by credit or transfer to a
euro account outside the United States (or any other account to which euro may
be credited or transferred) specified by the payee or, at the option of the
payee, by a euro cheque mailed to an address outside the United States; (f) the
applicable Pricing Supplement will specify any relevant changes to the
provisions relating to interest; and (g) such other changes shall be made as the
Company may decide, after consultation with the Paying Agent and the calculation
agent (if applicable), and as may be specified in the Redenomination Notice, to
conform them to conventions then applicable to instruments denominated in euro.
For the purposes hereof, "Established Rate" means the rate for the conversion of
the Specified Currency (including compliance with rules relating to roundings in
accordance with applicable European Union regulations) into euro established by
the Council of the European Union pursuant to Article 1091(4) of the treaty
establishing the European Communities, as amended by the Treaty on European
Union, and "sub-unit" means, with respect to any Specified Currency other than
euro, the lowest amount of such Specified Currency that is available as legal
tender in the country of such Specified Currency and, with respect to euro,
means one cent.

     Payments of principal, premium, if any, and interest, if any, on any Note
denominated in a Specified Currency other than U.S. dollars shall be made in
U.S. dollars if, on any payment date, such Specified Currency (a) is unavailable
due to imposition of exchange controls or other circumstances beyond the
Company's control or (b) is

                                       17
<PAGE>

no longer used by the government of the country issuing such currency or for the
settlement of transactions by public institutions in that country or within the
international banking community. Such payments shall be made in U.S. dollars on
such payment date and on all subsequent payment dates until such Specified
Currency is again available or so used as determined by the Company.

         Amounts so payable on any such date in such Specified Currency shall be
converted into U.S. dollars at a rate determined by the Exchange Rate Agent on
the basis of the most recently available Market Exchange Rate or as otherwise
indicated in the applicable Pricing Supplement. The Exchange Rate Agent at the
date of the Fiscal Agency Agreement is The Chase Manhattan Bank. Any payment
required to be made on Notes denominated in a Specified Currency other than U.S.
dollars that is instead made in U.S. dollars under the circumstances described
above will not constitute a default of any obligation of the relevant Issuer
under such Notes. The "Market Exchange Rate" with respect to any currency other
than U.S. dollars means, for any day, the noon dollar buying rate in The City of
New York on such day for cable transfers of such currency as published by the
Federal Reserve Bank of New York, or, if such rate is not published for such
day, the equivalent rate as determined by the Exchange Rate Agent.

         The provisions of the two preceding paragraphs shall not apply in the
event of the introduction in the country issuing any Specified Currency of the
euro pursuant to the entry of such country into European Economic and Monetary
Union. In this situation, payments of principal, premium, if any, and interest,
if any, on any Note denominated in any such Specified Currency shall be effected
in euro at such time as is required by, and otherwise in conformity with,
legally applicable measures adopted with reference to such country's entry into
European Economic and Monetary Union. All references herein or in any Pricing
Supplement to "euro" shall be to the lawful currency of the member states of the
European Union that adopt the single currency in accordance with the treaty
establishing the European Communities, as amended.

         All determinations made by the Company or its agent shall be at such
person's sole discretion and shall, in the absence of manifest error, be
conclusive for all purposes and binding on the Company and all holders of Notes.

         So long as this Note or the Coupons shall be outstanding, the Company
will cause to be maintained an office or agency for the payment of the principal
of and premium, if any, and interest on this Note as herein provided in London,
England, [and in Luxembourg]7 and an office or agency in London for the transfer
and exchange as aforesaid of the Notes. The Company may designate other agencies
for the payment of said principal, premium and interest at such place or places
outside the United States (subject to applicable laws and regulations) as the
Company may decide. So long as there shall be any such agency, the Company shall
keep the Fiscal and Paying Agent advised of the names and locations of such
agencies, if any are so designated.

         With respect to moneys paid by the Company and held by the Fiscal and
Paying Agent or any Paying Agent for the payment of the principal of or interest
or premium, if any, on any Note that remain unclaimed at the end of three years
after such principal, interest or premium shall have become due and payable
(whether at maturity or upon call for redemption or otherwise), (i) the Fiscal
and Paying Agent or such Paying Agent shall notify the holders of such Notes
that such moneys shall be repaid to the Company and any person claiming such
moneys shall thereafter look only to the Company for payment thereof and (ii)
such moneys shall be so repaid to the Company. Upon such repayment all liability
of the Fiscal and Paying Agent or such Paying Agent with respect to such moneys
shall thereupon cease, without, however, limiting in any way any obligation that
the Company may have to pay the principal of or interest or premium, if any, on
this Note as the same shall become due.

         No provision of this Note or of the Fiscal Agency Agreement shall alter
or impair the obligation of the Company, which is absolute and unconditional, to
pay the principal of, premium, if any, and interest on this Note at the time,
place, and rate, and in the coin or currency, herein and in the Fiscal Agency
Agreement prescribed unless otherwise agreed between the Company and the holder
of this Note.

_____________________
/7/  Include if Note is listed on Luxembourg Stock Exchange.

                                       18
<PAGE>

         No recourse shall be had for the payment of the principal of, or
premium, if any, or the interest on this Note, for any claim based hereon, or
otherwise in respect hereof, or based on or in respect of the Fiscal Agency
Agreement or any fiscal agency agreement supplemental thereto, against any
incorporator, shareholder, officer or director, as such, past, present or
future, of the Company or of any successor corporation, either directly or
through 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.

         This Note and the Coupons shall for all purposes be governed by, and
construed in accordance with, the laws of the State of New York.

         As used herein:

                  (a) the term "Amortized Amount" is the original issue discount
         amortized from the Original Issue Date of the predecessor global Note
         to the date of redemption or declaration, as the case may be, which
         amortization shall be calculated using the "constant yield method"
         (computed in accordance with the rules under the Internal Revenue Code
         of 1986, as amended, and the regulations thereunder, in effect on the
         date of redemption or declaration, as the case may be);

                  (b) the term "Business Day" means, unless otherwise specified
         in the applicable Pricing Supplement, any day other than a Saturday or
         Sunday or any other day on which banking institutions are generally
         authorized or obligated by law or regulation to close in (i) the
         Principal Financial Center of the country in which the Company is
         incorporated; (ii) the Principal Financial Center of the country of the
         currency in which the Notes are denominated (if the Note is denominated
         in a Specified Currency other than euro); (iii) the place at which
         payment on such Note or coupon is to be made and (iv) London, England;
         provided, however, that with respect to Notes denominated in euro, such
         day is also a TARGET Settlement Day. For purposes of this definition,
         the principal financial center of the United States is New York;

                  (c) the term "Designated EURIBOR Page" means Capital Markets
         Report Page 248 of Telerate, or any other page as may replace such page
         on such service;

                  (d)      the term "Notices" refers to:

                           (1) notices to holders of the Notes to be given by
                  publication in a daily newspaper in the English language of
                  general circulation in London and, if the Series of which this
                  Note forms a part is listed on the Luxembourg Stock Exchange
                  and such Exchange so requires, in a daily newspaper in
                  Luxembourg or, if publication in either London or Luxembourg
                  is not practical, elsewhere in Western Europe. Such
                  publication is expected to be made in the Financial Times and
                  (if such Series is listed on the Luxembourg Stock Exchange)
                  the Luxemburger Wort. Such notices will be deemed to have been
                  given on the date of such publication, or if published in such
                  newspapers on different dates, on the date of the first such
                  publication; and

                           (2) notices to holders of any Notes denominated in
                  Dutch guilder that are listed on Euronext Amsterdam to be
                  given by publication in a leading daily newspaper in the
                  English language of general circulation in Amsterdam and
                  London and if such Notes are listed on Euronext Amsterdam and
                  such Exchange so requires, also published in the Official
                  Price List ("Officiele Prijscourant"). If publication in
                  London or Amsterdam, as the case may be, is not practical,
                  such publication shall be made elsewhere in Western Europe.
                  Such publication is expected to be made in the Financial Times
                  in London and the Het Financieele Dagblad in Amsterdam. Such
                  notices will be deemed to have been given on the date of such
                  publication or if published in such newspapers on different
                  dates, on the date of the first such publication;

                                       19
<PAGE>

                  (e) the term "Principal Financial Center" means (i) the
         capital of the country issuing the currency in which the Notes are
         denominated or (ii) the capital city of the country to which the
         Designated LIBOR Currency relates, as applicable, except, in the case
         of (i) or (ii) above, that with respect to the following currencies,
         the "Principal Financial Center" will be as indicated below:

              Currency                              Principal Financial Center
              --------                              --------------------------

              United States dollars                 The City of New York
              Australian dollars                    Sydney and Melbourne
              Canadian dollars                      Toronto
              New Zealand dollars                   Auckland and Wellington
              South African rand                    Johannesburg
              Swiss francs                          Zurich

                  (f) the term "Representative Amount" means a principal amount
         of not less than $1,000,000 (or its foreign currency equivalent) that
         in the calculation agent's judgment is representative for a single
         transaction in the relevant currency in which related Notes are issued
         in such market at such time;

                  (g) the term "TARGET Settlement Day" means any day on which
         the Trans-European Automated Real-Time Gross Settlement Express
         Transfer (TARGET) System is open;

                  (h) the term "United States" means the United States of
         America (including the States and the District of Columbia), its
         territories, its possessions and other areas subject to its
         jurisdiction;

                  (i) the term "United States Alien" means a beneficial owner of
         a Note that is not, for United States federal income tax purposes, (i)
         a citizen or resident of the United States, (ii) a corporation,
         partnership (or any other entity treated as a corporation or
         partnership for U.S. federal income tax purposes) created or organized
         in or under the laws of the United States, any state thereof or the
         District of Columbia (unless, in the case of a partnership, Treasury
         regulations provide otherwise), (iii) an estate the income of which is
         subject to United States federal income taxation regardless of its
         source or (iv) a trust if a court in the United States is able to
         exercise primary supervision over the administration of the trust and
         one or more United States persons have the authority to control all
         substantial decisions of the trust, or if such trust has a valid
         election in effect under applicable U.S. Treasury regulations to be
         treated as a United States person;. Notwithstanding the preceding
         sentence, to the extent provided in Treasury regulations, certain
         trusts in existence on August 20, 1996, and treated as United States
         persons prior to such date, that elect to continue to be treated as
         United States persons, will also not be a United States Alien; and

                  (j) all other terms used in this Note which are defined in the
         Fiscal Agency Agreement and not otherwise defined herein shall have the
         meanings assigned to them in the Fiscal Agency Agreement.

                                       20
<PAGE>

                            OPTION TO ELECT REPAYMENT

The undersigned hereby irrevocably request(s) the Issuer to repay the within
Note (or portion thereof specified below) pursuant to its terms at a price equal
to the principal amount thereof, together with interest to the Optional
Repayment Date, to the undersigned, at (Please print or typewrite name and
address of the undersigned).

If less than the entire principal amount of the within Note is to be repaid,
specify the portion thereof (which shall be increments of 1,000 units of the
Specified Currency indicated on the face hereof) which the holder elects to have
repaid: ; and specify the denomination or denominations (which shall not be less
than the minimum authorized denomination) of the Notes to be issued to the
holder for the portion of the within Note not being repaid (in the absence of
any such specification, one such Note will be issued for the portion not being
repaid):

__________________________.

Date: ___________________________

                    NOTICE: The signature on this Option to Elect Repayment must
                    correspond with the name as written upon the face of the
                    within instrument in every particular without alteration or
                    enlargement.

                                       21
<PAGE>

                                                           EURO MEDIUM-TERM NOTE
                                                                      NO. ______

                                 FORM OF COUPON
                                 --------------

ANY UNITED STATES PERSON WHO HOLDS THIS OBLIGATION WILL BE SUBJECT TO
LIMITATIONS UNDER THE UNITED STATES INCOME TAX LAWS, INCLUDING THE LIMITATIONS
PROVIDED IN SECTIONS 165(j) AND 1287(a) OF THE INTERNAL REVENUE CODE.

                     GENERAL ELECTRIC CAPITAL CORPORATION

                             EURO MEDIUM-TERM NOTE

Principal Amount:                                        Coupon Number/8/ ______
                                                            [Specified Currency]
                                                         Due ___________________

         Unless the Note to which this Coupon appertains shall have been called
for previous redemption and payment thereof duly provided for, on the date set
forth hereon, GENERAL ELECTRIC CAPITAL CORPORATION (the "Company") will pay to
bearer, upon surrender hereof at such agencies in such places outside the United
States as the Company may determine from time to time (the "Paying Agents"),
interest on the principal amount of such Note, calculated in accordance with the
terms of such Note (together with any additional amounts in respect thereof
which the Company may be required to pay according to the terms of such Note),
in such coin or currency as specified above as at the time of payment shall be
legal tender for the payment of public and private debts. Payment on this Coupon
shall be made, at the option of the bearer hereof and subject to any applicable
laws and regulations, by a check mailed to an address outside the United States
furnished by such bearer or by wire transfer to an account maintained by the
payee with a bank located outside the United States.

                                        GENERAL ELECTRIC CAPITAL CORPORATION

[SEAL]

Attest:  By__________________________     By:_________________________________
                 Title                              Title

___________________________________
/8/  The Coupon number, the Specified Currency and due date should appear in the
     right-hand section of the face of the Coupon.

                                       22
<PAGE>

                           [Form of Reverse of Coupon]

                             Principal Paying Agent:
                             ----------------------

                            The Chase Manhattan Bank
                                  London Branch
                       Trinity Tower, 9 Thomas More Street
                             London E1W 1WT, England

                                 Paying Agents:
                                  -------------

                      Chase Manhattan Bank Luxembourg S.A.
                                  5 Rue Plaetis
                                L-2012 Luxembourg

                                       23<PAGE>

                                                                     Exhibit 4.1

                         REGISTRATION RIGHTS AGREEMENT
                         -----------------------------

     THIS REGISTRATION RIGHTS AGREEMENT (this "Agreement") is entered into as of
the 18th day of June, 2001, by and between PLANVISTA CORPORATION (f/k/a
HealthPlan Services Corporation), a Delaware corporation, as issuer (the
"Company"), and HEALTHPLAN HOLDINGS, INC., a Delaware corporation, as the
initial holder (the "Purchaser").

     WHEREAS, the Company and the Purchaser are parties to a Stock Purchase
Agreement dated as of April 1, 2001, as amended by that First Amendment to Stock
Purchase Agreement dated as of June 18, 2001 (the "Stock Purchase Agreement"),
pursuant to which, on the date hereof, the Company is issuing to the Purchaser,
a 6% Secured Convertible Promissory Note in the principal amount of $5,000,000
(the "Convertible Note"), all on the terms and subject to the conditions set
forth in the Convertible Note; and

     WHEREAS, the execution and delivery of this Agreement by the Company is a
condition precedent to the execution and delivery of the Convertible Note;

     NOW, THEREFORE, in consideration of the mutual covenants and agreements set
forth herein, and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto agree as
follows:

1. DEFINITIONS.  Unless otherwise indicated, all capitalized terms not
   -----------
otherwise defined herein have the respective meanings set forth in the
Convertible Note.  In addition, the following terms have the following meanings:

          "Closing" means the closing of the transactions contemplated by the
Stock Purchase Agreement.

          "Commission" means the Securities and Exchange Commission, or any
other federal agency then administering the Securities Act or the Exchange Act.

          "Common Stock" means the shares of common stock of the Company $.01
par value per share.

          "Company" is defined in the preamble to this Agreement.

  "Convertible Note" is defined in the preamble to this Agreement

          "Demanding Holders" is defined in Section 2.2(a).

          "Demand Registration" is defined in Section 2.2(a).
<PAGE>

          "Exchange Act" means the Securities Exchange Act of 1934, as amended,
and the rules and regulations of the Commission promulgated thereunder, all as
the same shall be in effect at the time.

     "Financing Transaction" means a financing transaction involving the sale of
securities  of the Company for a minimum of $17,500,000 through a private
placement which is to take place within 12 months of the Closing..

          "Indemnified Party" is defined in Section 4.3.

          "Indemnifying Party" is defined in Section 4.3.

          "Maximum Number of Shares" is defined in Section 2.2(d).

          "Purchased Shares " means the shares of Common Stock, which are to be
issued to the Purchaser at the Closing, the total number of which is to be
determined by adding 100,000 to the number obtained when dividing $5,000,000.00
into the weighted average daily closing price of the Common Stock on the New
York Stock Exchange (or if such shares are not traded on the New York Stock
Exchange such other exchange on which the Company's Common Stock is principally
traded ) during the ten trading days ending three trading days prior to the
Closing. As to any particular Purchased Shares, such securities shall cease to
be Purchased Shares when: (a) a Registration Statement with respect to the sale
of such securities shall have become effective under the Securities Act and such
securities shall have been sold, transferred, disposed of or exchanged in
accordance with such Registration Statement; or (b) such securities shall have
ceased to be outstanding.

          "Piggy-Back Registration" is defined in Section 2.3(a).

          "Purchaser" is defined in the preamble to this Agreement.

          "Purchaser Indemnified Party" is defined in Section 4.1.

          "Register," "registered" and "registration" mean a registration
effected by preparing and filing a registration statement or similar document in
compliance with the requirements of the Securities Act, and the applicable rules
and regulations promulgated thereunder, and such registration statement becoming
effective.

          "Registrable Securities" mean all of the shares of Common Stock issued
or issuable upon the conversion of the Convertible Note, in whole or in part,
pursuant to any provision of Section 10 of the Convertible Note or if and when
the Company exercises its right to pay interest on the Convertible Note by
issuing to the holder thereof shares of Common Stock in accordance with the
terms of the Convertible Note.  Registrable Securities include any warrants,
shares of capital stock or other securities of the Company issued as a dividend
or other distribution with respect to or in exchange for or in replacement of
such shares of Common Stock.  As to any particular Registrable Securities, such
securities shall cease to be Registrable Securities when:  (a) a Registration
Statement with respect to the sale of such securities shall

                                       2
<PAGE>

have become effective under the Securities Act and such securities shall have
been sold, transferred, disposed of or exchanged in accordance with such
Registration Statement; (b) such securities shall have become freely
transferable under Rule 144(k) (or any successor rule or regulation) promulgated
under the Securities Act; (c) such securities shall have been otherwise
transferred, new certificates for them not bearing a legend restricting further
transfer shall have been delivered by the Company and subsequent public
distribution of them shall not require registration under the Securities Act; or
(d) such securities shall have ceased to be outstanding.

          "Registration Statement" means a registration statement filed by the
Company with the Commission in compliance with the Securities Act and the rules
and regulations promulgated thereunder for a public offering and sale of Common
Stock (other than a registration statement on Form S-4 or Form S-8, or their
successors, or any registration statement covering only securities proposed to
be issued in exchange for securities or assets of another entity).

          "Restricted Period" means the period beginning on the date hereof and
ending on January 1, 2002 or until a Registration Statement covering the
Registrable Securities becomes effective with the Commission, whichever occurs
later.

          "Securities Act" means the Securities Act of 1933, as amended, and the
rules and regulations of the Commission promulgated thereunder, all as the same
shall be in effect at the time.

          "Stock Purchase Agreement" is defined in the recitals to this
Agreement.

          "Subordination Agreement" is that certain Subordination Agreement
between the Company and the Purchaser and delivered at the Closing.

          "Target Gross Proceeds" is defined in Section 2.2(g).

          "Underwriter" means a securities dealer who purchases any Registrable
Securities as principal in an underwritten offering and not as part of such
dealer's market-making activities.

2.  REGISTRATION RIGHTS.
    -------------------

2.1  Registration of Purchased Shares.  As soon as practicable following the
     --------------------------------
closing of the transactions contemplated by the Stock Purchase Agreement (the
"Closing"), the Company shall file a Registration Statement with the Commission
to cover the sale of the Purchased Shares  by the Purchaser.  The Registration
Statement shall be on such form as shall then be available to the Company and
which the Company believes will be most expediently reviewed by the Commission
and achieve such registration.  The Company shall use its best efforts to
achieve the prompt effectiveness of the Registration Statement under this
Section 2.1 and to maintain it effective until the Purchased Shares covered
thereby have been sold.  The registration of the Purchased Shares pursuant to
this Section 2.1 shall not require any demand, written or oral, nor any other
form of notification from the Purchaser and shall not count as a "Demand
Registration" for purposes of Subsection 2.2(a).  The

                                       3
<PAGE>

Purchaser agrees that, during any day after Closing, and while the Registration
Statement covering the Purchased Shares is in effect, it shall not sell more
than 25% of the average daily trading volume of the Company's common stock
during the preceding 90 day period.

2.2 Demand Registration.
    -------------------

(a)  Request for Registration.  At any time following the earlier to occur of
     ------------------------
     (i) the closing of the Financing Transaction or (ii) November 30, 2002, the
     holders of a majority-in-interest of the Registrable Securities may make a
     written demand for registration under the Securities Act of all or part of
     their Registrable Securities (a "Demand Registration"), provided that in no
     event shall there be any sale of Registrable Securities for which a Demand
     Registration was requested prior to January 1, 2001.  Any demand for a
     Demand Registration shall specify the number of shares of Registrable
     Securities proposed to be sold and the intended method(s) of distribution
     thereof.  The Company will notify all holders of Registrable Securities of
     the demand, and each holder of Registrable Securities who wishes to include
     all or a portion of such holder's Registrable Securities in the Demand
     Registration (each holder including shares of Registrable Securities in
     such registration, a "Demanding Holder") shall so notify the Company within
     fifteen (15) days after the receipt by the holder of the notice from the
     Company.  Upon any such request, the Demanding Holders shall be entitled to
     have their Registrable Securities included in the Demand Registration,
     subject to Section 2.2(d) and the provisos set forth in Section 3.1(a).
     The Company shall not be obligated to effect more than two (2) Demand
     Registrations under this Section 2.2(a).

(b)  Effective Registration.  A registration will not count as a Demand
     ----------------------
     Registration until the Registration Statement filed with the Commission
     with respect to such Demand Registration has been declared effective and
     the Company has complied with all of its obligations under this Agreement
     with respect thereto; provided, however, that if, after such Registration
                           --------  -------
     Statement has been declared effective, the offering of Registrable
     Securities pursuant to a Demand Registration is interfered with by any stop
     order, injunction or other order or requirement of the Commission or any
     other governmental agency or court, the Registration Statement with respect
     to such Demand Registration will be deemed not to have been declared
     effective.

(c)  Underwritten Offering.  If a majority-in-interest of the Demanding Holders
     ---------------------
     so elect, the offering of such Registrable Securities pursuant to such
     Demand Registration shall be in the form of an underwritten offering.  A
     majority-in-interest of the Demanding Holders may select one or more firms
     of investment bankers to act as the managing Underwriter or Underwriters in
     connection with such offering and may select any additional managers to be
     used in connection with such offering.

(d)  Reduction of Offering.  If the managing Underwriter or Underwriters for a
     ---------------------
     Demand Registration that is to be an underwritten offering advises the
     Company and the Demanding Holders in writing that the dollar amount or
     number of shares of Registrable Securities which the Demanding Holders
     desire to sell, taken together with all other shares of Common Stock or
     other securities which the Company desires to sell and the

                                       4
<PAGE>

     shares of Common Stock, if any, as to which registration has been requested
     pursuant to written contractual piggy-back registration rights held by
     other shareholders of the Company who desire to sell, exceeds the maximum
     dollar amount or maximum number of shares that can be sold in such offering
     without adversely affecting the proposed offering price, the timing, the
     distribution method, or the probability of success of such offering (such
     maximum dollar amount or maximum number of shares, as applicable, the
     "Maximum Number of Shares"), then the Company shall include in such
     registration: (i) first, the Registrable Securities as to which Demand
     Registration has been requested by the Demanding Holders (pro rata in
                                                               --- ----
     accordance with the number of shares of Registrable Securities held by each
     Demanding Holder, regardless of the number of shares of Registrable
     Securities which such Demanding Holder has requested be included in such
     registration) that can be sold without exceeding the Maximum Number of
     Shares; (ii) second, to the extent that the Maximum Number of Shares has
     not been reached under the foregoing clause (i), the shares of Common Stock
     or other securities that the Company desires to sell that can be sold
     without exceeding the Maximum Number of Shares; (iii) third, to the extent
     that the Maximum Number of Shares has not been reached under the foregoing
     clauses (i) and (ii), the shares of Common Stock for the account of other
     persons that the Company is obligated to register pursuant to written
     contractual arrangements with such persons (to be allocated among the
     persons requesting inclusion in such registration pursuant to such
     contractual arrangements pro rata in accordance with the number of shares
                              --- ----
     of Common Stock with respect to which such persons have the right to
     request such inclusion under such contractual arrangements, regardless of
     the number of shares which each such person has actually requested to be
     included in such registration) and that can be sold without exceeding the
     Maximum Number of Shares; and (iv) fourth, to the extent that the Maximum
     Number of Shares have not been reached under the foregoing clauses (i),
     (ii) and (iii), the shares of Common Stock that other shareholders desire
     to sell that can be sold without exceeding the Maximum Number of Shares.

(e)  Withdrawal.  If a majority-in-interest of the Demanding Holders disapprove
     ----------
     of the terms of any underwriting or are not entitled to include all of
     their Registrable Securities in any offering, such majority-in-interest of
     the Demanding Holders may elect to withdraw from such offering by giving
     written notice to the Company and the Underwriter of their request to
     withdraw prior to the effectiveness of the Registration Statement filed
     with the Commission with respect to such Demand Registration.  If the
     majority-in-interest of the Demanding Holders withdraws from a proposed
     offering relating to a Demand Registration, then such registration shall
     not count as a Demand Registration provided for in Section 2.2(a).

(f)  Restricted Period.  Notwithstanding anything stated herein, no sales of the
     -----------------
     Registrable Securities shall be effected until the termination of the
     Restricted Period.

          (g) Registrable Securities to be Returned/Early Termination of
              ----------------------------------------------------------
Registration.  Notwithstanding anything stated herein, in the event that the
------------
Purchaser receives gross proceeds of Five Million Dollars ($5,000,000) plus the
amount of any accrued unpaid interest from the sale of Registrable Securities
or, if a lesser amount is then outstanding under the

                                       5
<PAGE>

Convertible Note, such amount as would in the aggregate represent $5,000,000
plus the amount of any accrued unpaid interest less any payments of principal
and interest on the Convertible Note received by the Purchaser (the "Target
Gross Proceeds") prior to the sale of all the Registrable Securities, the
Purchaser shall immediately cease any further sale of such Registrable
Securities and shall immediately notify the Company that the Target Gross
Proceeds have been reached, and upon receipt of such notice the Company shall be
free to terminate the effectiveness of the Registration Statement covering the
Registrable Securities. In such event, the Purchaser shall return any unsold
Registrable Securities to the Company pursuant to the terms of the Subordination
Agreement and the Convertible Subordinated Note. If (i) all of Purchaser's
Registrable Securities are sold and (ii) the Target Gross Proceeds have not been
reached, then the Company shall deliver to the Purchaser within ten (10)
business days the number of shares of Common Stock equal to the difference
between the Target Gross Proceeds and the gross proceeds actually received by
the Purchaser (prior to any commissions or other payments to registered brokers
or underwriters) from the sale of the Registrable Securities, divided by the
weighted average daily closing price of the Common Stock on the New York Stock
Exchange (or if such shares are not traded on the New York Stock Exchange such
other exchange on which the Company's Common Stock is principally traded )
during the ten preceding trading days, and shall take all steps necessary to
register such shares for sale. The provisions of this Subsection 2.2(g) shall
remain in effect until the end of any 12-month period commencing after the
effective date of a Registration Statement filed in respect of the Registrable
Securities and during which the closing price of the Common Stock on the New
York Stock Exchange (or if such shares are not traded on the New York Stock
Exchange such other exchange on which the Company's Common Stock is principally
traded ) was greater than $8.1967 per share during at least ninety (90) trading
days during such period. In such event, the parties will be deemed to have
waived their respective rights to enforce the terms of this Subsection 2.2(g)
and it shall be of no further force or effect.

2.3  Piggy-Back Registration.
     -----------------------

(a)  Piggy-Back Rights.  If at any time the Company proposes to file a
     -----------------
     Registration Statement under the Securities Act with respect to an offering
     of equity securities, or securities or other obligations exercisable or
     exchangeable for, or convertible into, equity securities, by the Company
     for its own account or by shareholders of the Company for their own account
     (or by the Company and by shareholders of the Company), other than a
     Registration Statement (i) filed in connection with any employee stock
     option or other benefit plan, (ii) for an exchange offer or offering of
     securities solely to the Company's existing shareholders or (iii) for a
     dividend reinvestment plan, then the Company shall (x) give written notice
     of such proposed filing to the holders of Registrable Securities as soon as
     practicable but in no event less than forty-five (45) days before the
     anticipated filing date, which notice shall describe the amount and type of
     securities to be included in such offering, the intended method(s) of
     distribution, and the name of the proposed managing Underwriter or
     Underwriters, if any, of the offering, and (y) offer to the holders of
     Registrable Securities in such notice the opportunity to register such
     number of shares of Registrable Securities as such holders may request in
     writing within fifteen (15) days following receipt of such notice (a
     "Piggy-Back Registration").  The Company shall cause such Registrable
     Securities to be included in such registration and shall use its best
     efforts to cause the managing Underwriter or Underwriters of a proposed
     underwritten

                                       6
<PAGE>

     offering to permit the Registrable Securities requested to be included in a
     Piggy-Back Registration to be included on the same terms and conditions as
     any similar securities of the Company and to permit the sale or other
     disposition of such Registrable Securities in accordance with the intended
     method(s) of distribution thereof.

(b)  Reduction of Offering.  If the managing Underwriter or Underwriters for a
     ---------------------
     Piggy-Back Registration that is to be an underwritten offering advises the
     Company and the holders of Registrable Securities in writing that the
     dollar amount or number of shares of Common Stock which the Company desires
     to sell, taken together with shares of Common Stock, if any, as to which
     registration has been demanded pursuant to written contractual arrangements
     with persons other than the holders of Registrable Securities hereunder,
     the Registrable Securities as to which registration has been requested
     under this Section 2.3, and the shares of Common Stock, if any, as to which
     registration has been requested pursuant to the written contractual piggy-
     back registration rights of other shareholders of the Company, exceeds the
     Maximum Number of Shares, then the Company shall include in such
     registration:  (i) first, the shares of Common Stock or other securities
     that the Company desires to sell that can be sold without exceeding the
     Maximum Number of Shares; (ii) second, if the registration is a "demand"
     registration undertaken at the demand of persons other than the holders of
     Registrable Securities pursuant to written contractual arrangements with
     such persons, then to the extent that the Maximum Number of Shares has not
     been reached under the foregoing clause (i), the shares of Common Stock for
     the account of demanding persons that can be sold without exceeding the
     Maximum Number of Shares; (iii) third, to the extent that the Maximum
     Number of Shares has not been reached under the foregoing clauses (i) and
     (ii), the Registrable Securities as to which registration has been
     requested under this Section 2.3; and (iv) fourth, to the extent that the
     Maximum Number of Shares has not been reached under the foregoing clauses
     (i), (ii) and (iii), the shares of Common Stock, if any, as to which
     registration has been requested pursuant to written contractual piggy-back
     registration rights which such other shareholders desire to sell that can
     be sold without exceeding the Maximum Number of Shares.

(c)  Withdrawal.  Any holder of Registrable Securities may elect to withdraw
     ----------
     such holder's request for inclusion of Registrable Securities in any Piggy-
     Back Registration by giving written notice to the Company of such request
     to withdraw prior to the effectiveness of the Registration Statement.  The
     Company may also elect to withdraw a registration statement at any time
     prior to the effectiveness of the Registration Statement.  Notwithstanding
     any such withdrawal, the Company shall pay all expenses incurred by the
     holders of Registrable Securities in connection with such Piggy-Back
     Registration as provided in Section 3.3.

2.4  Registrations on Form S-3.  Provided that no sale of Registrable Securities
                               -------------------------------------------------
     take place prior to January 1, 2002, the holders of Registrable Securities
     ------------------------------------
     may at any time and from time to time after the earlier to occur of (i) the
     closing of a Financing Transaction or (ii) November 30, 2001, request in
     writing that the Company register the resale of any or all of Registrable
     Securities on Form S-3 (or any similar short-form registration which may be
     available at such time). Upon receipt of such written request, the Company
     will promptly

                                       7
<PAGE>

     give written notice of the proposed registration to all other holders of
     Registrable Securities, and, as soon as practicable thereafter, effect the
     registration of all or such portion of such holder's or holders'
     Registrable Securities as are specified in such request, together with all
     or such portion of the Registrable Securities of any other holder or
     holders joining in such request as are specified in a written request given
     within fifteen (15) days after receipt of such written notice from the
     Company; provided, however, that the Company shall not be obligated to
              --------  -------
     effect any such registration pursuant to this Section 2.4 if Form S-3 is
     not available for such offering. The Company shall use its best efforts to
     maintain each Registration Statement under this Section 2.4 effective for
     sixty (60) days or until the Registrable Securities covered thereby have
     been sold, whichever shall first occur. Registrations effected pursuant to
     this Section 2.4 shall not be counted as Demand Registrations effected
     pursuant to Section 2.2.

          2.5  Restrictions on Arbitrage.  The Purchaser agrees that it will not
          ------------------------------
hedge, short, or otherwise arbitrage its position in the Company's common
stock at any time that it holds Purchased Shares or Registrable Securities.

3.  REGISTRATION PROCEDURES.
    -----------------------

3.1  Filings; Information.  Whenever the Company is required to effect the
     --------------------
     registration of any Purchased Shares or Registrable Securities pursuant to
     Section 2, the Company shall use its best efforts to effect the
     registration and sale of such Registrable Securities in accordance with the
     intended method(s) of distribution thereof as expeditiously as practicable,
     and in connection with any such request:

(a)   Filing Registration Statement.  The Company shall, as expeditiously as
      -----------------------------
      possible and in any event within sixty (60) days after receipt of a
      request for a Demand Registration pursuant to Section 2.2, prepare and
      file with the Commission a Registration Statement on any form for which
      the Company then qualifies or which counsel for the Company shall deem
      appropriate and which form shall be available for the sale of all
      Registrable Securities to be registered thereunder in accordance with the
      intended method(s) of distribution thereof, and shall use its best efforts
      to cause such Registration Statement to become and remain effective for
      the period required by Section 3.1(c); provided, however, that the Company
                                             --------  -------
      shall have the right to defer any Demand Registration for up to thirty
      (30) days, and any Piggy-Back Registration for up to the lesser of thirty
      (30) days or such lesser period as may be applicable to deferment of any
      demand registration to which such Piggy-Back Registration relates, in each
      case if the Company shall furnish to the holders a certificate signed by
      the Chief Executive Officer of the Company stating that, in the good faith
      judgment of the Board of Directors of the Company, it would be materially
      detrimental to the Company and its shareholders for such Registration
      Statement to be effected at such time; provided further, however, that the
                                             -------- -------  -------
      Company shall not have the right to exercise the right set forth in the
      immediately preceding proviso more than once in any 365-day period in
      respect of a Demand Registration hereunder.

(b)  Copies.  The Company shall, prior to filing a Registration Statement or
     ------
     prospectus, or any amendment or supplement thereto, furnish without charge
     to the holders of Registrable

                                       8
<PAGE>

     Securities included in such registration, and such holders' legal counsel,
     copies of such Registration Statement as proposed to be filed, each
     amendment and supplement to such Registration Statement (in each case
     including all exhibits thereto and documents incorporated by reference
     therein), the prospectus included in such Registration Statement (including
     each preliminary prospectus), and such other documents as the holders of
     Registrable Securities included in such registration or legal counsel for
     any such holders may request in order to facilitate the disposition of the
     Registrable Securities owned by such holders.

(c)  Amendments and Supplements.  The Company shall prepare and file with the
     --------------------------
     Commission such amendments, including post-effective amendments, and
     supplements to each such Registration Statement and the prospectus used in
     connection therewith as may be necessary to keep such Registration
     Statement effective and in compliance with the provisions of the Securities
     Act until, as applicable: (i) in the case of the Purchased Shares, all
     Purchased Shares have been sold or (ii) in the case of Registrable
     Securities, the earlier to occur of the sale of all Registrable Securities
     covered by such Registration Statement in accordance with the intended
     method(s) of distribution set forth in such Registration Statement or the
     Purchaser's receipt of the Target Gross Proceeds in respect of the sale of
     Registrable Securities.

(d)  Notification.  After the filing of a Registration Statement, the Company
     ------------
     shall promptly, and in no event more than two (2) Business Days after such
     filing, notify the holders of Purchased Shares or Registrable Securities,
     as the case may be,  included in such Registration Statement of such
     filing, and shall further notify such holders promptly and confirm such
     advice in writing in all events within two (2) Business Days of the
     occurrence of any of the following:  (i) when such Registration Statement
     becomes effective; (ii) when any post-effective amendment to such
     Registration Statement becomes effective; (iii) of any stop order issued or
     threatened by the Commission (and the Company shall take all actions
     required to prevent the entry of such stop order or to remove it if
     entered); and (iv) of any request by the Commission for any amendment or
     supplement to such Registration Statement or any prospectus relating
     thereto or for additional information or of the occurrence of an event
     requiring the preparation of a supplement or amendment to such prospectus
     so that, as thereafter delivered to the purchasers of the securities
     covered by such Registration Statement, such prospectus will not contain an
     untrue statement of a material fact or omit to state any material fact
     required to be stated therein or necessary to make the statements therein
     not misleading, and promptly make available to the holders of Purchased
     Shares or Registrable Securities, as the case may be, included in such
     Registration Statement any such supplement or amendment; except that before
     filing with the Commission a Registration Statement or prospectus or any
     amendment or supplement thereto, including documents incorporated by
     reference, the Company shall furnish to the holders of the Purchased Shares
     or Registrable Securities, as the case may be, included in such
     Registration Statement and to the legal counsel for any such holders,
     copies of all such documents proposed to be filed sufficiently in advance
     of filing to provide such holders and legal counsel with a reasonable
     opportunity to review such documents and comment thereon.

                                       9
<PAGE>

(e)  State Securities Laws Compliance. The Company shall use its best efforts to
     --------------------------------
     (i) register or qualify the Purchased Shares or Registrable Securities, as
     the case may be, covered by any Registration Statement under such
     securities or "blue sky" laws of such jurisdictions in the United States as
     the holders of the Purchased Shares or Registrable Securities included in
     such Registration Statement (in light of their intended plan of
     distribution) may request and (ii) cause such Purchased Shares or
     Registrable Securities covered by the Registration Statement to be
     registered with or approved by such other governmental authorities as may
     be necessary by virtue of the business and operations of the Company and do
     any and all other acts and things that may be necessary or advisable to
     enable the holders of the Purchased Shares or Registrable Securities
     included in such Registration Statement to consummate the disposition of
     such Purchased Shares or Registrable Securities, as the case may be, in
     such jurisdictions; provided, however, that the Company shall not be
                         --------  -------
     required to qualify generally to do business in any jurisdiction where it
     would not otherwise be required to qualify but for this paragraph (e), or
     subject itself to taxation in any such jurisdiction.

(f)  Agreements for Disposition. The Company shall enter into customary
     --------------------------
     agreements (including, if applicable, an underwriting agreement in
     customary form) and take such other actions as are reasonably required in
     order to expedite or facilitate the disposition of such Purchased Shares
     and/or Registrable Securities. The representations, warranties and
     covenants of the Company in any underwriting agreement which are made to or
     for the benefit of any Underwriters shall also be made to and for the
     benefit of the holders of Purchased Shares and/or Registrable Securities
     included in such registration statement. No holder of Purchased Shares or
     Registrable Securities included in such registration statement shall be
     required to make any representations or warranties in the underwriting
     agreement except, if applicable, with respect to such holder's
     organization, good standing, authority, title to the Purchased Shares or
     Registrable Securities, lack of conflict of such sale with such holder's
     material agreements and organizational documents, and with respect to
     written information relating to such holder that such holder has furnished
     in writing expressly for inclusion in such Registration Statement.

(g)  Cooperation. The principal executive officer of the Company, the principal
     -----------
     financial officer of the Company, the principal accounting officer of the
     Company and all other officers and members of the management of the Company
     shall cooperate fully in any offering of Purchased Shares and/or
     Registrable Securities hereunder, which cooperation shall include, without
     limitation, the preparation of the Registration Statement with respect to
     such offering and all other offering materials and related documents, and
     participation in meetings with Underwriters, attorneys, accountants and
     potential investors.

(h)  Records. The Company shall make available for inspection by the holders of
     -------
     Registrable Securities included in such Registration Statement, any
     Underwriter participating in any disposition pursuant to such registration
     statement and any attorney, accountant or other professional retained by
     any holder of Purchased Shares or Registrable Securities included in such
     Registration Statement or any Underwriter, all financial and other records,
     pertinent corporate documents and properties of the Company, as shall be

                                       10
<PAGE>

     necessary to enable them to exercise their due diligence responsibility,
     and cause the Company's officers, directors and employees to supply all
     information requested by any of them in connection with such Registration
     Statement.

(i)  Opinions and Comfort Letters. The Company shall furnish to each holder of
     ----------------------------
     Purchased Shares or Registrable Securities included in any Registration
     Statement a signed counterpart, addressed to such holder, of (i) any
     opinion of counsel to the Company delivered to any Underwriter and (ii) any
     comfort letter from the Company's independent public accountants delivered
     to any Underwriter. In the event no legal opinion is delivered to any
     Underwriter, the Company shall furnish to each holder of Purchased Shares
     or Registrable Securities included in such Registration Statement, at any
     time that such holder elects to use a prospectus, an opinion of counsel to
     the Company to the effect that the Registration Statement containing such
     prospectus has been declared effective and that no stop order is in effect.

(j)  Earnings Statement. The Company shall comply with all applicable rules and
     ------------------
     regulations of the Commission and the Securities Act, and make available to
     its shareholders, as soon as practicable, an earnings statement covering a
     period of twelve (12) months, beginning within three (3) months after the
     effective date of the registration statement, which earnings statement
     shall satisfy the provisions of Section 11(a) of the Securities Act and
     Rule 158 thereunder.

(k)  Listing. The Company shall use its best efforts to cause all Purchased
     -------
     Shares or Registrable Securities, as the case may be, included in any
     registration to be listed on such exchanges or otherwise designated for
     trading in the same manner as similar securities issued by the Company are
     then listed or designated or, if no such similar securities are then listed
     or designated, in a manner satisfactory to the holders of a majority of the
     Purchased Shares or Registrable Securities included in such registration.

3.2  Obligation to Suspend Distribution. Upon receipt of any notice from the
     ----------------------------------
     Company of the happening of any event of the kind described in Section
     3.1(d)(iv), or in the case of a resale registration on Form S-3 pursuant to
     Section 2.4 hereof, upon any suspension by the Company, pursuant to a
     written insider trading compliance program adopted by the Company's Board
     of Directors, of the ability of all "insiders" covered by such program to
     transact in the Company's securities because of the existence of material
     non-public information, each holder of Purchased Shares or Registrable
     Securities included in any registration shall immediately discontinue
     disposition of such Purchased Shares or Registrable Securities pursuant to
     the Registration Statement covering such Purchased Shares or Registrable
     Securities until such holder receives the supplemented or amended
     prospectus contemplated by Section 3.1(d)(iv) or the restriction on the
     ability of "insiders" to transact in the Company's securities is removed,
     as applicable, and, if so directed by the Company, each such holder will
     deliver to the Company all copies, other than permanent file copies then in
     such holder's possession, of the most recent prospectus covering such
     Purchased Shares or Registrable Securities at the time of receipt of such
     notice.

                                       11
<PAGE>

3.3  Registration Expenses. The Company shall bear all costs and expenses
     ---------------------
     incurred in connection with any Demand Registration pursuant to Section
     2.2, and any Piggy-Back Registration pursuant to Section 2.3, and any
     registration on Form S-3 effected pursuant to Section 2.4, and all expenses
     incurred in performing or complying with its other obligations under this
     Agreement, whether or not the Registration Statement becomes effective,
     including, without limitation: (i) all registration and filing fees; (ii)
     fees and expenses of compliance with securities or "blue sky" laws
     (including fees and disbursements of counsel in connection with blue sky
     qualifications of the Purchased Shares or Registrable Securities); (iii)
     printing expenses; (iv) the Company's internal expenses (including, without
     limitation, all salaries and expenses of its officers and employees); (v)
     the fees and expenses incurred in connection with the listing of the
     Purchased Shares or Registrable Securities as required by Section 3.1(k);
     (vi) National Association of Securities Dealers, Inc. fees; (vii) fees and
     disbursements of counsel for the Company and fees and expenses for
     independent certified public accountants retained by the Company (including
     the expenses or costs associated with the delivery of any opinions or
     comfort letters requested pursuant to Section 3.1(i)); (viii) the fees and
     expenses of any special experts retained by the Company in connection with
     such registration; (ix) the purchase of selling stockholder errors and
     omissions insurance for the benefit of the Purchaser in any amount
     equivalent to the gross proceeds to be received by the Purchaser in
     connection with any registration under this Agreement, on terms and
     conditions satisfactory to the Purchaser; and (x) all fees and expenses
     incurred by the holders of Purchased Shares or Registrable Securities in
     connection with their participation in such registration, including,
     without limitation, the fees and expenses of one legal counsel selected by
     the holders of a majority-in-interest of the Purchased Shares or the
     Registrable Securities included in such registration, as well as
     accountants and other experts selected by the Purchaser. The Company shall
     have no obligation to pay any underwriting discounts or selling commissions
     attributable to the Purchased Shares or the Registrable Securities being
     sold by the holders thereof, which underwriting discounts or selling
     commissions shall be borne by such holders.

3.4  Information. The holders of Purchased Shares and/or Registrable Securities
     -----------
     shall provide such information as may reasonably be requested by the
     Company in connection with the preparation of any Registration Statement,
     including amendments and supplements thereto, in order to effect the
     registration of any Purchased Shares or Registrable Securities under the
     Securities Act pursuant to Section 2.

4. INDEMNIFICATION AND CONTRIBUTION.
   --------------------------------

4.1  Indemnification by the Company. The Company agrees to indemnify and hold
     ------------------------------
     harmless the Purchaser and each other holder of Purchased Shares or
     Registrable Securities, as the case may be, and each of their respective
     officers, employees, affiliates, directors, partners, members, attorneys
     and agents, and each person, if any, who controls the Purchaser and each
     other holder of Registrable Securities (within the meaning of Section 15 of
     the Securities Act or Section 20 of the Exchange Act) (each, a "Purchaser
     Indemnified Party"), from and against any expenses, losses, judgments,
     claims, damages or liabilities, whether joint or several, arising out of or
     based upon any untrue statement (or alleged untrue

                                       12
<PAGE>

     statement) of a material fact contained in any Registration Statement under
     which such Purchased Shares or Registrable Securities were registered under
     the Securities Act, any preliminary prospectus, final prospectus or summary
     prospectus contained in the Registration Statement, or any amendment or
     supplement to such Registration Statement, or arising out of or based upon
     any omission (or alleged omission) to state a material fact required to be
     stated therein or necessary to make the statements therein not misleading,
     or any violation by the Company of the Securities Act or any rule or
     regulation promulgated thereunder applicable to the Company and relating to
     action or inaction required of the Company in connection with any such
     registration; and the Company shall promptly, but in no event more than
     five (5) Business Days after request for payment, pay directly or reimburse
     each Purchaser Indemnified Party for any legal and any other expenses
     reasonably incurred by such Purchaser Indemnified Party in connection with
     investigating and defending any such expense, loss, judgment, claim,
     damage, liability or action; provided, however, that the Company will not
                                  --------  -------
     be liable in any such case to the extent that any such expense, loss,
     claim, damage or liability arises out of or is based upon any untrue
     statement or omission made in such Registration Statement, preliminary
     prospectus, final prospectus, or summary prospectus, or any such amendment
     or supplement, in reliance upon and in conformity with information
     furnished to the Company, in writing, by such selling Holder and stated to
     be specifically for use therein. The Company also shall indemnify any
     Underwriter of the Purchased Shares or Registrable Securities, their
     officers, affiliates, directors, partners, members and agents and each
     person who controls such Underwriter on substantially the same basis as
     that of the indemnification provided above in this Section 4.1.

4.2  Indemnification by Holders of Registrable Securities. Each selling holder
     ----------------------------------------------------
     of Purchased Shares or Registrable Securities will, in the event that any
     registration is being effected under the Securities Act pursuant to this
     Agreement of any Purchased Shares or Registrable Securities held by such
     selling holder, indemnify and hold harmless the Company, each of its
     directors and officers and each underwriter (if any), and each other
     person, if any, who controls such selling holder or such underwriter within
     the meaning of the Securities Act, against any losses, claims, judgments,
     damages or liabilities, whether joint or several, insofar as such losses,
     claims, judgments, damages or liabilities (or actions in respect thereof)
     arise out of or are based upon any untrue statement of a material fact
     contained in any Registration Statement under which such Purchased Shares
     or Registrable Securities were registered under the Securities Act, any
     preliminary prospectus, final prospectus or summary prospectus contained in
     the Registration Statement, or any amendment or supplement to the
     Registration Statement, or arise out of or are based upon any omission to
     state a material fact required to be stated therein or necessary to make
     the statement therein not misleading, if the statement or omission was made
     in reliance upon and in conformity with information furnished in writing to
     the Company by such selling holder and stated to be specifically for use
     therein, and shall reimburse the Company, its directors and officers, and
     each such controlling person for any legal or other expenses reasonably
     incurred by any of them in connection with investigating or defending any
     such loss, claim, damage, liability or action. Each selling holder's
     indemnification obligations hereunder shall be several and not joint and
     shall be limited to the amount of any net proceeds actually received by
     such selling holder.

                                       13
<PAGE>

4.3  Conduct of Indemnification Proceedings. Promptly after receipt by any
     --------------------------------------
     person of any notice of any expense, loss, judgment, claim, damage,
     liability or any action in respect of which indemnity may be sought
     pursuant to Section 4.1 or 4.2, such person (the "Indemnified Party")
     shall, if a claim in respect thereof is to be made against any other person
     for indemnification hereunder, notify such other person (the "Indemnifying
     Party") in writing of the expense, loss, claim, judgment, damage, liability
     or action; provided, however, that the failure by the Indemnified Party to
                --------  -------
     notify the Indemnifying Party shall not relieve the Indemnifying Party from
     any liability which the Indemnifying Party may have to such Indemnified
     Party hereunder, except and solely to the extent the Indemnifying Party is
     actually prejudiced by such failure. If the Indemnified Party is seeking
     indemnification with respect to any claim or action brought against the
     Indemnified Party, then the Indemnifying Party shall be entitled to
     participate in such claim or action, and, to the extent that it wishes,
     jointly with all other Indemnifying Parties, to assume the defense thereof
     with counsel satisfactory to the Indemnified Party. After notice from the
     Indemnifying Party to the Indemnified Party of its election to assume the
     defense of such claim or action, the Indemnifying Party shall not be liable
     to the Indemnified Party for any legal or other expenses subsequently
     incurred by the Indemnified Party in connection with the defense thereof
     other than reasonable costs of investigation; provided, however, that in
                                                   --------  -------
     any action in which both the Indemnified Party and the Indemnifying Party
     are named as defendants, the Indemnified Party shall have the right to
     employ separate counsel (but no more than one such separate counsel) to
     represent the Indemnified Party and its controlling persons who may be
     subject to liability arising out of any claim in respect of which indemnity
     may be sought by the Indemnified Party against the Indemnifying Party, with
     the fees and expenses of such counsel to be paid by such Indemnifying Party
     if, based upon the written opinion of counsel of such Indemnified Party,
     representation of both parties by the same counsel would be inappropriate
     due to actual or potential differing interests between them. No
     Indemnifying Party shall, without the prior written consent of the
     Indemnified Party, consent to entry of judgment or effect any settlement of
     any claim or pending or threatened proceeding in respect of which the
     Indemnified Party is or could have been a party and indemnity could have
     been sought hereunder by such Indemnified Party, unless such judgment or
     settlement includes an unconditional release of such Indemnified Party from
     all liability arising out of such claim or proceeding.

4.4  Contribution.
     ------------

(a)  If the indemnification provided for in the foregoing Sections 4.1, 4.2 and
     4.3 is unavailable to any Indemnified Party in respect of any expense,
     loss, judgment, claim, damage, liability or action referred to herein, then
     each such Indemnifying Party, in lieu of indemnifying such Indemnified
     Party, shall contribute to the amount paid or payable by such Indemnified
     Party as a result of such expense, loss, judgment, claim, damage, liability
     or action in such proportion as is appropriate to reflect the relative
     fault of the Indemnified Parties and the Indemnifying Parties in connection
     with the actions or omissions which resulted in such expense, loss,
     judgment, claim, damage, liability or action, as well as any other relevant
     equitable considerations. The relative fault of any Indemnified Party and
     any Indemnifying Party shall be determined by reference to, among other
     things, whether the untrue or alleged untrue statement of a material fact
     or

                                       14
<PAGE>

     the omission or alleged omission to state a material fact relates to
     information supplied by such Indemnified Party or such Indemnifying Party
     and the parties' relative intent, knowledge, access to information and
     opportunity to correct or prevent such statement or omission.

(b)  The parties hereto agree that it would not be just and equitable if
     contribution pursuant to this Section 4.4 were determined by pro rata
                                                                  --- ----
     allocation or by any other method of allocation which does not take account
     of the equitable considerations referred to in the immediately preceding
     Section 4.4(a). The amount paid or payable by an Indemnified Party as a
     result of any expense, loss, judgment, claim, damage, liability or action
     referred to in the immediately preceding paragraph shall be deemed to
     include, subject to the limitations set forth above, any legal or other
     expenses incurred by such Indemnified Party in connection with
     investigating or defending any such action or claim. Notwithstanding the
     provisions of this Section 4.4, no holder of Purchased Shares or
     Registrable Securities shall be required to contribute any amount in excess
     of the dollar amount of the net proceeds (after payment of any underwriting
     fees, discounts, commissions or taxes) actually received by such holder
     from the sale of Purchased Shares or Registrable Securities which gave rise
     to such contribution obligation. No person guilty of fraudulent
     misrepresentation (within the meaning of Section 11(f) of the Securities
     Act) shall be entitled to contribution from any person who was not guilty
     of such fraudulent misrepresentation.

5. UNDERWRITING AND DISTRIBUTION.
   -----------------------------

5.1  Rule 144. The Company covenants that it shall file any reports required to
     --------
     be filed by it under the Securities Act and the Exchange Act and shall take
     such further action as the holders of Registrable Securities may reasonably
     request, all to the extent required from time to time to enable such
     holders to sell Registrable Securities without registration under the
     Securities Act within the limitation of the exemptions provided by Rule 144
     under the Securities Act, as such Rules may be amended from time to time,
     or any similar Rule or regulation hereafter adopted by the Commission.

5.2  Restrictions on Sale by the Company and Others. The Company agrees: (i) not
     ----------------------------------------------
     to effect any sale or distribution of any securities similar to those being
     registered in accordance with Section 2.2, or any securities convertible
     into or exchangeable or exercisable for such securities, during the ninety
     (90) days prior to, and during the one hundred twenty (120)-day period
     beginning on, the effective date of any Demand Registration (except as part
     of such Demand Registration to the extent permitted by Section 2.2(d)); and
     (ii) that any agreement entered into after the date hereof pursuant to
     which the Company issues or agrees to issue any privately placed securities
     shall contain a provision under which holders of such securities agree not
     to effect any sale or distribution of any such securities during the
     periods described in (i) above, in each case including a sale pursuant to
     Rule 144 under the Securities Act (except as part of any such registration,
     if permitted); provided, however, that the provisions of this Section 5.2
                    --------  -------
     shall not prevent the conversion or exchange of any securities pursuant to
     their terms into or for other securities and shall

                                       15
<PAGE>

     not prevent the issuance of securities by the Company under any employee
     benefit, stock option or stock subscription plans.

     6.   MISCELLANEOUS.
          -------------

          6.1  Other Registration Rights. The Company represents and warrants
               -------------------------
that as of the date of this Agreement no person has any right to require the
Company to register any shares of the Company's capital stock for sale or to
include shares of the Company's capital stock in any registration filed by the
Company for the sale of shares of capital stock for its own account or for the
account of any other person. From and after the date of this Agreement, the
Company shall not, without the prior written consent of the Purchaser, (i) enter
into any agreement granting any demand registration right (i.e., the right to
require the Company to register the sale of any shares of the Company's capital
stock), or (ii) enter into any agreement granting any piggy-back registration
right (i.e., the right to require the Company to register the sale of any shares
of the Company's capital stock in any registration filed by the Company for the
sale of shares of capital stock for its own account or for the account of any
other person) which would restrict in any way the rights granted herein or
require the Purchaser to suspend sale of any Purchased Shares or any Registrable
Securities in order to allow sale of securities by any other party holding
registration rights. At all times when this Registration Rights Agreement is in
effect, and irrespective of any Financing Transaction, the Company agrees that
(i) with respect to Purchased Shares registered pursuant to a Registration
Statement filed under the terms hereof, such Purchased Shares shall not be
subject to any suspension, withdrawal, cut-back or other reduction in the number
of shares to be sold, (unless required by the Commission), (ii) with respect to
Registrable Securities requested by the Purchaser to be registered under the
terms of this Agreement, such shares shall not be subject to any greater
suspension, withdrawal, cut-back or other reduction in the number of shares to
be sold, than as would apply to any other party whose shares are included in
such registration; and (iii) with respect to any shares (whether Purchased
Shares or Registrable Securities) to be registered under the terms of this
Agreement, shares held by any of the Company's directors and officers shall be
first subject to any applicable suspension, withdrawal, cut-back or other
reduction in the number of shares to be sold prior to such suspension,
withdrawal, cut-back or reduction applying to any of the Purchaser's shares.

              6.2  Redemption of Purchased Shares and Registrable Shares In
                   --------------------------------------------------------
Certain Circumstances. If the Company is unable to file a registration statement
---------------------
covering the Purchased Shares within forty five (45) days of the date of this
Agreement or covering the Registrable Securities within forty five (45) days of
receipt of a demand hereunder or if the Company is unable to get a registration
statement covering such shares effective within one hundred five (105) days of
the Date of this Agreement in the case of the Purchased Shares and within 105
days of the Demand for Registration in the case of Registrable Securities (in
each case a "Timing Benchmark Failure"), the Company agrees upon the occurrence
of each such Timing Benchmark Failure and each fifteenth day thereafter until
(i) in the case of a Failure to File within the required time such registration
statement covering the Purchased Shares or the Registrable Securities, is filed
with the Securities and Exchange Commission and (ii) in the case of a Failure to
have the registration statement declared effective in the required time such
shares become

                                       16
<PAGE>

registered pursuant to an effective registration statement, as the case may be,
to redeem for cash a number of the shares covered or to be covered by such
registration statement as the case may be equal to one hundred thousand dollars
($100,000.00) divided by (i) in the case of the Purchased Shares the average
closing price of the Company's Common Stock on the New York Stock Exchange (or
if such shares are not traded on the New York Stock Exchange such other exchange
on which the Company's Common Stock is principally traded ) over the ten (10)
trading days preceding the last trading day (the "Average Ten Day Trading
Price")prior to the occurrence of the Timing Benchmark Failure and (ii) in the
case of the Registrable Shares the per share amount at which the Convertible
Note was originally converted into such Registrable Shares. In order to exercise
its right hereunder the Purchaser must make demand of the Company in writing
with certificates representing the shares to be redeemed with duly executed
stock powers attached within thirty days of the occurrence of the Timing
Benchmark Failure to which the demand relates and upon timely receipt of such
written demand with certificates and powers attached the Company will make
payment to the Purchaser in cash by wire transfer of immediately available funds
within two business days. If Stockholder is not permitted to redeem shares
because an event of default has occurred under the Stockholder's credit
agreement with its lenders then in lieu of making such redemptions the
Stockholder shall issue a number of additional shares of its Common Stock to the
Purchaser equal to one hundred thousand dollars ($100,000) divided by the
Average Ten Day Trading Price for each Timing Benchmark Failure that has
occurred provided that the total shares of Common Stock so issued as a result of
all such Timing Benchmark Failures shall not exceed 100,000 Shares of the
Stockholder's Common Stock (the "Redemption Default Cap").In addition to the
foregoing, if with regard to the Purchased Shares such shares are not registered
pursuant to an effective registration statement by December 31, 2001 and with
regard to the Registrable Securities, such shares are not registered pursuant to
an effective registration statement by the end of seven months from the date of
the initial request for registration (in each case a "Registration Default
Event") then upon the occurrence of such a Registration Default Event and each
fifteenth day thereafter until such shares become registered pursuant to an
effective registration statement, the Company shall deliver to the Purchaser ten
thousand shares of its Common Stock ("Late Registration Securities") which shall
be considered as additional Registrable Securities under the provisions of this
Agreement provided that the total Late Registration Securities issuable
hereunder shall not exceed 100,000 (the "Late Registration Cap"). The Late
Registration Cap is separate and apart from the Redemption Default Cap. The
Company and the Purchaser hereby acknowledge and agree that nothing set forth in
this Section 6.2 or any other provision of this Agreement shall modify, amend,
alter or otherwise change in any respect Section 10.4 of the Convertible Note

          6.3   Assignment; No Third Party Beneficiaries. This Agreement and the
                ----------------------------------------
rights, duties and obligations of the Company hereunder may not be assigned or
delegated by the Company in whole or in part. This Agreement and the rights,
duties and obligations of the Purchaser hereunder may be not be assigned or
delegated by the Purchaser in whole or in part except to a person that directly,
or indirectly through one or more intermediaries, controls, or is controlled by,
or is or under common control with, the Purchaser, or to Purchaser's lenders in
connection with providing Collateral Security as that term is defined under the
Convertible Note. This Agreement and the provisions hereof shall be binding upon
and shall inure to the benefit of each of the parties and their respective
successors and permitted assigns. This Agreement is not

                                       17
<PAGE>

intended to confer any rights or benefits on any persons that are not party
hereto other than as expressly set forth in Article 4 and this Section 6.2.

          6.4   Notices. All notices, demands, requests, consents, approvals or
                -------
other communications (collectively, "Notices") required or permitted to be given
hereunder or which are given with respect to this Agreement shall be in writing
and shall be personally served, delivered by reputable air courier service with
charges prepaid, or transmitted by hand delivery, telegram, telex or facsimile,
addressed as set forth below, or to such other address as such party shall have
specified most recently by written notice. Notice shall be deemed given on the
date of service or transmission if personally served or transmitted by telegram,
telex or facsimile. Notice otherwise sent as provided herein shall be deemed
given on the next Business Day following timely delivery of such notice to a
reputable air courier service.

                To the Company:

                PlanVista Corporation
                3501 Frontage Road
                Tampa, FL 33607
                Attention: Phillip S. Dingle
                Fax: (813) 282-0490

                with a copy to:

                Fowler, White, Gillen, Boggs, Villareal & Banker, P.A.
                501 East Kennedy Boulevard
                Suite 1700
                Tampa, Florida 33602
                Attention: David C. Shobe, Esq.
                Fax: (813) 228-9401

                To the Purchaser:

                HealthPlan Holdings, Inc.
                c/o Sun Capital Advisors II, L.P.
                5200 Town Center Circle
                Suite 470
                Boca Raton, Florida 33486
                Attention: Marc J. Leder, Rodger R. Krouse
                           and C. Deryl Couch, Esq.
                Fax: (561) 394-0540

          6.5   Severability. This Agreement shall be deemed severable, and the
                ------------
invalidity or unenforceability of any term or provision hereof shall not affect
the validity or enforceability of this Agreement or of any other term or
provision hereof. Furthermore, in lieu

                                       18
<PAGE>

of any such invalid or unenforceable term or provision, the parties hereto
intend that there shall be added as a part of this Agreement a provision as
similar in terms to such invalid or unenforceable provision as may be possible
and be valid and enforceable.

          6.6   Counterparts. This Agreement may be executed in multiple
                ------------
counterparts, each of which shall be deemed an original, and all of which taken
together shall constitute one and the same instrument.

          6.7   Entire Agreement. This Agreement, the Stock Purchase Agreement,
                ----------------
the Convertible Note and the other documents contemplated thereby (including all
agreements entered into pursuant hereto and thereto and all certificates and
instruments delivered pursuant hereto and thereto) constitute the entire
agreement of the parties with respect to the subject matter hereof and supersede
all prior and contemporaneous agreements, representations, understandings,
negotiations and discussions between the parties, whether oral or written.

          6.8   Modifications and Amendments. No amendment, modification or
                ----------------------------
termination of this Agreement shall be binding upon any other party unless
executed in writing by the parties hereto intending to be bound thereby.

          6.9   Titles and Headings. Titles and headings of sections of this
                -------------------
Agreement are for convenience only and shall not affect the construction of any
provision of this Agreement.

          6.10  Waivers and Extensions. Any party to this Agreement may waive
                ----------------------
any right, breach or default which such party has the right to waive, provided
                                                                      --------
that such waiver will not be effective against the waiving party unless it is in
writing, is signed by such party, and specifically refers to this Agreement.
Waivers may be made in advance or after the right waived has arisen or the
breach or default waived has occurred. Any waiver may be conditional. No waiver
of any breach of any agreement or provision herein contained shall be deemed a
waiver of any preceding or succeeding breach thereof nor of any other agreement
or provision herein contained. No waiver or extension of time for performance of
any obligations or acts shall be deemed a waiver or extension of the time for
performance of any other obligations or acts.

          6.11  Remedies Cumulative. In the event that the Company fails to
                -------------------
observe or perform any covenant or agreement to be observed or performed under
this Agreement, the Purchaser or any other holder of Purchased Shares or
Registrable Securities may proceed to protect and enforce its rights by suit in
equity or action at law, whether for specific performance of any term contained
in this Agreement or for an injunction against the breach of any such term or in
aid of the exercise of any power granted in this Agreement or to enforce any
other legal or equitable right, or to take any one or more of such actions,
without being required to post a bond. The Company agrees to pay all fees,
costs, and expenses, including, without limitation, fees and expenses of
attorneys, accountants and other experts, and all fees, costs and expenses of
appeals, incurred by the Purchaser or any other holder of Purchased Shares or
Registrable Securities in connection with the enforcement of this Agreement or
the collection of any sums due hereunder, whether or not suit is commenced. None
of the rights, powers or remedies conferred under this Agreement shall be
mutually exclusive, and each such right, power or remedy shall be

                                       19
<PAGE>

cumulative and in addition to any other right, power or remedy, whether
conferred by this Agreement or now or hereafter available at law, in equity, by
statute or otherwise.

          6.12  Governing Law. This Agreement shall be governed by, interpreted
                -------------
under, and construed in accordance with the internal laws of the State of
Delaware applicable to agreements made and to be performed within the State of
Delaware, without giving effect to any choice-of-law provisions thereof that
would compel the application of the substantive laws of any other jurisdiction.

     7.   Waiver of Trial by Jury. Each party hereby irrevocably and
          -----------------------
unconditionally waives the right to a trial by jury in any action, suit,
counterclaim or other proceeding (whether based on contract, tort or otherwise)
arising out of, connected with or relating to this Agreement, or the actions of
Purchaser in the negotiation, administration, performance or enforcement hereof.

                 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

                                       20
<PAGE>

     IN WITNESS WHEREOF, the parties have caused this Registration Rights
Agreement to be executed and delivered by their duly authorized representatives
as of the date first written above.

COMPANY                       PLANVISTA CORPORATION (f/k/a HealthPlan
                              Services Corporation)

                              By: /s/ Phillip S. Dingle                        .
                                 -----------------------------------------------
                                 Name:  Phillip S. Dingle
                                 Title:

PURCHASER                     HEALTHPLAN HOLDINGS, INC.

                              By: /s/ M. Steven Liff                           .
                                 -----------------------------------------------
                                 Name:  M. Steven Liff
                                 Title:

                                       21

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