Document:

EX-10.i.3

                                ESCROW AGREEMENT

      AGREEMENT   made  this                day of       , 2002,  by  and  among
American  Family Cookies,  Inc., a Delaware  corporation  (the "Issuer"),  whose
address  appears on the  Information  Sheet (as defined below)  attached to this
Agreement, and Continental Stock Transfer & Trust Company with a principal place
of business at 17 Battery Place, New York, New York 10004 (the "Escrow Agent").

                                   WITNESSETH:

      WHEREAS,  the Issuer has filed with the Securities and Exchange Commission
(the  "Commission")  a  registration  statement on Form SB-2 covering a proposed
public  offering of its  securities as described on the  Information  Sheet (the
"Registration Statement");

      WHEREAS,  the  Issuer  proposes  to offer the  Securities  for sale to the
public on a "best  efforts,  all or none"  basis  with  respect  to the  Minimum
Securities Amount and Minimum Dollar Amount and at the price per share set forth
on the Information Sheet;

      WHEREAS,  the Issuer  proposes to establish an escrow account (the "Escrow
Account")  to which  subscription  monies which are received by the Escrow Agent
from the Issuer in  connection  with such  offering are to be credited,  and the
Escrow Agent is willing to establish the Escrow Account on the terms AND subject
to the conditions hereinafter set forth; and

      WHEREAS,  the Escrow Agent has an agreement  with J.P.  Morgan Chase Bank,
N.A.  ("Chase  Bank") to establish a special  bank account (the "Bank  Account")
into which the  subscription  monies  received  by the Escrow  Account  from the
Issuer and credited to the Escrow Account, are to be deposited;

      NOW,  THEREFORE,  in  consideration  of the premises and mutual  covenants
herein contained, the parties agree as follows:

      1. INFORMATION  SHEET. Each capitalized term not otherwise defined in this
Agreement  shall  have the  meaning  set forth for such term on the  information
sheet attached to this Agreement and incorporated by reference herein and made a
part hereof (the "Information Sheet").

      2. ESTABLISHMENT OF THE BANK ACCOUNT.

      2.1. The Escrow Agent shall establish a non-interest-bearing  bank account
at the branch of J.P.Morgan  Chase Bank, N.A.  selected by the Escrow Agent, and
bearing the designation set forth on the Information Sheet (the "Bank Account").
The  purpose of the Bank  Account is for:  (a) the  deposit of all  subscription
monies (checks,  cash or wire transfers) which are received by the Issuer and/or
a participating  broker-dealer from prospective purchasers of the Securities and
arc delivered by the Issuer and/or a participating  broker-dealer  to the Escrow
Agent; (b) the holding of of subscription  monies collected  through the banking
system; and (c) the disbursement of collected funds, all as described herein.

<PAGE>

      2.2.  On or before the date of the  initial  deposit  in the Bank  Account
pursuant to this Agreement,  the Issuer shall notify the Escrow Agent in writing
of the date the  Registration  Statement is declared  effective (the  "Effective
Date"),  and the Escrow  Agent  shall not accept any  amounts  for credit to the
Escrow  Account or for deposit in the Bank Account  prior to its receipt of such
notification.

      2.3.  The  offering  period,  which  shall be  deemed to  commence  on the
Effective  Date,  shall  consist of the number of calendar days or business days
set forth on the Information  Sheet. The offering period shall be extended by an
extension  period only if the Escrow Agent shall have  received  written  notice
thereof at least five (5) business days prior to the  expiration of the offering
period,  The  extension  period,  which  shall be deemed to commence on the next
calendar day following the expiration of the offering  period,  shall consist of
the number of calendar days or business days set forth on the Information Sheet.
The last day of the offering period, or the last day of the extension period (if
the Escrow Agent has received  written notice thereof as herein above  provided)
is referred to herein as the  "Termination  Date." Except as provided in Section
4.3 hereof,  after the Termination  Date the, Issuer shall not deposit,  and the
Escrow Agent shall not accept, any additional amounts  representing  payments by
the prospective purchasers.

      3.  DEPOSITS TO THE BANK ACCOUNT.

      3.1.  The  Issuer  and/or a  participating  broker-dealer  shall  promptly
deliver  to the Escrow  Agent all  monies  which it  receives  from  prospective
purchasers of the Securities, which monies shall be in the form of checks, cash,
or wire transfers. Upon the Escrow Agent's receipt of such monies, they shall be
credited to the Escrow Account.  All checks  delivered to the Escrow Agent shall
be made  payable  to  "CONTINENTAL  STOCK  TRANSFER  & TRUST  COMPANY  AS ESCROW
AGENT-AMERICAN FAMILY COOKIES,  INC." Any check payable other than to the Escrow
Agent as required hereby shall be returned to the prospective  purchaser,  or if
the Escrow  Agent has  insufficient  information  to do so,  then to the Issuers
(together with any Subscription Information, as defined below or other documents
delivered  therewith) by noon of the next business day following receipt of such
check by the  Escrow  Agent,  and such  check  shall be deemed  not to have been
delivered to the Escrow Agent pursuant to the terms of this Agreement.

      3.2. Promptly after receiving  subscription monies as described in Section
3.1, the Escrow Agent shall deposit the same into the Bank  Account.  Amounts of
monies so deposited are hereinafter  referred to as "Escrow Amounts." The Escrow
Agent  shall cause Chase  Bank.  to process  all Escrow  Amounts for  collection
through  the  banking  system.  Simultaneously  with each  deposit to the Escrow
Account,  the Issuer  shall  inform the Escrow  Agent in writing of the name and
address of the prospective purchaser, the amount of Securities subscribed for by
such  purchaser,   and  the  aggregate   dollar  amount  of  such   subscription
(collectively, the "Subscription Information"),

      3.3.  The Escrow  Agent  shall not be required to accept for credit to the
Escrow  Account  or for  deposit  into the Bank  Account  checks  which  are not
accompanied by the appropriate Subscription Information.  Wire transfer and cash
representing payments by

                                       2
<PAGE>

prospective purchasers shall not be deemed deposited in the Escrow Account until
the Escrow Agent has received in writing the Subscription  Information  required
with respect to such payments,

      3.4.  The  Escrow  Agent  shall not be  required  to accept in the  Escrow
Account any amounts representing payments by prospective purchasers,  whether by
check, cash or wire, except during the Escrow Agent's regular business hours.

      3.5.  Only those  Escrow  Amounts,  which have been  deposited in the Bank
Account and which have cleared the banking system and have been collected by the
Escrow Agent, are herein referred to as the "Fund."

      3.6. If the proposed  offering is terminated  before the Termination Date,
the Escrow Agent shall refund any portion off the Fund prior to  disbursement of
the Fund in  accordance  with  Article 4 hereof,  upon  instructions  in writing
signed by the Issuer.

      4.    DISBURSEMENT FROM THE BANK ACCOUNT.

      4.1.  Subject to Section  4.3  below,  if by the close of regular  banking
hours on the  Termination  Date, the Escrow Agent  determines that the amount in
the Fund is less  than the  Minimum  Dollar  Amount  or the  Minimum  Securities
Amount,  as indicated by the  Subscription  Information  submitted to the Escrow
Agent,  then in either such case, the Escrow Agent shall promptly refund to each
prospective  purchaser the amount of payment  received from such purchaser which
is then held in the Fund or which thereafter clears the banking system,  without
interest thereon or deduction  therefrom,  by drawing checks on the Bank Account
for the amounts of such payments and  transmitting  them to the  purchasers.  In
such  event,  the  Escrow  Agent  shall  promptly  notify  the  Issuer  of  such
distribution from the Fund.

      4.2.  Subject  to  Section  4.3  below,  if at any time up to the close of
regular banking hours on the Termination  Date, the Escrow Agent determines that
the  amount  in the Fund is at least  equal to the  Minimum  Dollar  Amount  and
represents the sale of not less than the Minimum  Securities  Amount, the Escrow
Agent shall promptly notify the Issuer of such fact in writing. The Escrow Agent
shall promptly after it receives such instructions, disburse the Fund by drawing
checks on the Bank  Account in  accordance  with written  instructions  from the
Issuer.

      4.3.  If the  Escrow  Agent  or the  Issuer  has on hand at the  close  of
business on the Termination  Date any uncollected  amounts which,  when added to
the Fund,  would raise the amount in the Fund to the Minimum Dollar Amount,  and
result in the Fund representing the sale of the Minimum  Securities  Amount, the
Collection  period  (consisting  of the number of business days set forth on the
Information Sheet) shall be utilized to allow such uncollected  amounts to clear
the banking system.  During the collection period, the Issuer shall not deposit,
and the  Escrow  Agent  shall not  accept,  any  additional  amounts;  provided,
however, that such amounts as were received by the Issuer and/or a participating
broker-dealer  by the close of business on the Termination Date may be deposited
with the Escrow Agent by noon of the next business day following the Termination
Date. If, at the close of business on the last day of the Collection  Period, an
amount  sufficient to raise the amount in the Fund to the Minimum  Dollar Amount
and  which  would  result  in the  Fund  representing  the  sale of the  Minimum
Securities

                                       3
<PAGE>

Amount  shall not have  cleared  the  banking  system,  the Escrow  Agent  shall
promptly  notify the Issuer of such fact and shall  promptly  return all amounts
then in the Fund, and any amounts which thereafter clear the banking system,  to
the prospective purchasers as provided in Section 4.2 hereof

      4.4. Upon  disbursement  of the Fund pursuant to the terms of this Article
4, the Escrow  Agent shall be relieved of all further  obligations  and released
from all liability under this Agreement.  It is expressly  agreed and understood
that in no event shall the aggregate amount of payments made by the Escrow Agent
exceed the amount of the Fund.

      5.   RIGHTS, DUTIES AND RESPONSIBILITIES OF ESCROW AGENT .

      It is understood and agreed that the duties of the Escrow Agent are purely
ministerial in nature, and that:

      5.1. The Escrow Agent shall  notify the Issuer,  on a daily basis,  of the
Escrow Amounts which have been deposited in the Bank Account and of the amounts,
constituting  the Fund,  which have  cleared  the  banking  system and have been
collected by the Escrow Agent

      5.2.  The Escrow Agent shall be  responsible  for the  performance  by the
Issuer of their respective obligations under this Agreement.

      5.3.  The Escrow Agent shall not be required to accept from the Issuer any
Subscription  Information  pertaining  to  prospective  purchasers  unless  such
Subscription  Information  is  accompanied  by  checks,  cash or wire  transfers
meeting the  requirements of Section 3.1, nor shall the Escrow Agent be required
to keep records of any  information  with  respect to payments  deposited by the
Issuer except as to the amount of such payments; however, the Escrow Agent shall
notify the Issuer within a reasonable time of any discrepancy between the amount
set forth in any Subscription Information and the amount delivered to the Escrow
Agent  therewith.  Such amount  need not be  accepted  for deposit in the Escrow
Account until such discrepancy has been resolved

      5.4. The Escrow Agent shall be under no duty or  responsibility to enforce
collection of any check  delivered to it hereunder.  The Escrow Agent,  within a
reasonable  time,  shall  return to the  Issuer any check  which is  dishonored,
together with the  Subscription  information,  if any,  which  accompanied  such
check.

      5.5. The Escrow Agent shall be, entitled to rely upon the accuracy, act in
reliance  upon  the  contents,   and  assume  the  genuineness  of  any  notice,
instruction, certificate, signature, instrument or other document which is given
to the Escrow  Agent  pursuant to this  Agreement  without the  necessity of the
Escrow Agent verifying the truth or accuracy thereof. The Escrow Agent shall not
be obligated  to make any inquiry as to the  authority,  capacity,  existence or
identity of any person  purporting to give any such notice or instructions or to
execute any such certificate, instrument or other document.

      5.6. If the Escrow Agent is uncertain as to its duties or rights hereunder
or shall  receive  instructions  with  respect to the Bank  Account,  the Escrow
Amounts or the Fund which,

                                       4
<PAGE>

in its sole  determination,  are in  conflict  either  with  other  instructions
received by it or with any provision of this Agreement,  it shall be entitled to
hold the Escrow  Amounts,  the Fund, or a portion  thereof,  in the Bank Account
pending  the  resolution  of  such   uncertainty  to  the  Escrow  Agent's  sole
satisfaction,  by final judgment of a court or courts of competent  jurisdiction
or otherwise; or the Escrow Agent, at its sole option, may deposit the Fund (and
any other Escrow Amounts that thereafter become part of the Fund) with the Clerk
of a court of competent  jurisdiction  in a  proceeding  to which all parties in
interest  are joined.  Upon the deposit by the Escrow Agent of the Fund with the
Clerk  of any  court,  the  Escrow  Agent  shall  be  relieved  of  all  further
obligations and released from all liability hereunder.

      5.7.  The Escrow Agent shall not be liable for any action taken or omitted
hereunder, or for the misconduct of any employee, agent or attorney appointed by
it,  except in the case of willful  misconduct or gross  negligence.  The Escrow
Agent shall be entitled to consult  with  counsel of its own  choosing and shall
not be liable for any action taken, suffered or omitted by it in accordance with
the advice of such counsel.

      5.8.  The  Escrow  Agent  shall  have  no  responsibility  at any  time to
ascertain whether or not any security interest exists in the Escrow Amounts, the
Fund or any part thereof or to file any  financing  statement  under the Uniform
Commercial Code with respect to the Fund or any part thereof.

      6.  AMENDMENT;  RESIGNATION  This Agreement may be altered or amended only
with the written  consent of the Issuer and the Escrow  Agent.  The Escrow Agent
may resign for any reason upon (3) business  days' written notice to the Issuer.
Should the Escrow  Agent  resign as herein  provided it shall not be required to
accept any deposit,  make any  disbursement  or otherwise  dispose of the Escrow
Amounts or the Fund but its only duty shall be to hold the Escrow  Amounts until
they  clear the  banking  system and Fund for a period of not more than five (5)
business days following the effective date of such  resignation,  at which time:
(a) if a successor  escrow agent shall have been  appointed  and written  notice
thereof  (including the name and address of such  successor  escrow agent) shall
have been given to the  resigning  Escrow  Agent by the  Issuer and a  successor
escrow agent,  then the  resigning  Escrow Agent shall pay over to the successor
escrow agent the Fund less any portion thereof previously paid out in accordance
with  this  Agreement;  or (b) if the  resigning  Escrow  Agent  shall  not have
received written notice signed by the Issuer and a successor escrow agent,  then
the resigning  Escrow Agent shall promptly refund the amount in the Fund to each
prospective purchaser,  without interest thereon or deduction therefrom, and the
resigning  Escrow  Agent  shall  promptly  notify  the  Issuer in writing of its
liquidation and distribution of the Fund; whereupon,  in either case, the Escrow
Agent  shall be  relieved  of all  further  obligations  and  released  from all
liability  under this  Agreement.  Without  limiting the provisions of Section 8
hereof,  the  resigning  Escrow Agent shall be entitled to be  reimbursed by the
Issuer for any expenses incurred in connection with its resignation, transfer of
the Fund to a successor  escrow agent or  distribution  of the Fund  pursuant to
this Section 6.

      7.  REPRESENTATIONS  AND  WARRANTIES.  The Issuer  hereby  represents  and
warrants to the Escrow Agent that:

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<PAGE>

      7.1.  No  Party  other  than  the  parties  hereto  and the  prospective
purchasers  have, or shall have, any lien,  claim or security  interest in the
Escrow Amounts or the Fund or any part thereof

      7.2. No financing  statement under the Uniform  Commercial Code is on file
in any  jurisdiction  claiming a security  interest  in or  describing  (whether
specifically or generally) the Escrow Amounts or the Fund or any part thereof.

      7.3. The  Subscription  Information  submitted with each deposit shall, at
the time of the submission and at the time of the  disbursement  of the Fund, be
deemed a  representation  and warranty that such deposit  represents a bona fide
payment by the  purchaser  described  therein for the amount of  Securities  set
forth in such Subscription Information.

      7.4. All of the information  contained in the  Information  Sheet is, as
of the date hereof,  and will be, at the time of any disbursement of the Fund,
true and correct,

      8. FEES AND  EXPENSE.  The Escrow  Agent  shall be  entitled to the Escrow
Agent  Fees set  forth on the  Information  Sheet,  payable  as and when  stated
therein.  In addition,  the Issuer  agrees to reimburse the Escrow Agent for any
reasonable expenses incurred in connection with this Agreement,  including,  but
not limited to,  reasonable  counsel  fees.  Upon receipt of the Minimum  Dollar
Amount,  the Escrow  Agent  shall have a lien upon the Fund to the extent of its
fees for services as Escrow Agent.

      9 .   INDEMNIFICATION AND CONTRIBUTION .

      9.1.  The Issuer  agrees to indemnify  the Escrow Agent and its  officers,
directors,  employees,  agents and shareholders (collectively referred to as the
"Indemnitees")  against,  and hold them  harmless  of and from any and all loss,
liability,  cost, damage and expense,  including without limitation,  reasonable
counsel fees, which the Indemnitees may suffer or incur by reason of any action,
claim or proceeding  brought against the Indemnitees  arising out of or relating
in any way to this Agreement or any transaction to which this Agreement relates,
unless such action,  claim or proceeding is the result of the willful misconduct
or gross negligence of the Indemnitees.

      9.2. If the indemnification provided for in Section 9.1 is applicable, but
for any reason is held to be  unavailable,  the  Issuer  shall  contribute  such
amounts as are just and equitable to pay, or to reimburse the  Indemnitees  for,
the aggregate of any and all losses,  liabilities,  costs, damages and expenses,
including  counsel fees,  actually incurred by the Indemnitees as a result of or
in connection  with, and any amount paid in settlement of, any action,  claim or
proceeding  arising out of or relating in any way to any actions or omissions of
the Indemnitors.

      9.3. The  provisions  of this Article 9 shall survive any  termination  of
this Agreement,  whether by disbursement of the Fund,  resignation of the Escrow
Agent or otherwise.

       10.  GOVERNING LAW AND  ASSIGNMENT.  This Agreement shall be construed in
accordance  with and  governed by the laws of the State of New York and shall be
binding upon the parties

                                       6
<PAGE>

hereto and their  respective  successors  and assigns,  provided,  however,  any
assignment  or transfer by any party of its rights under this  Agreement or with
respect  to the Escrow  Amounts or the Fund shall be void as against  the Escrow
Agent unless: (a) written notice thereof shall be given to the Escrow Agent; and
(b) the Escrow  Agent  shall have  consented  in writing to such  assignment  or
transfer.

       11.  NOTICES.  All notices  required to be given in connection  with this
Agreement  shall  be  sent by  registered  or  certified  mail,  return  receipt
requested, or by hand delivery with receipt acknowledged, or by the Express Mail
service offered by the United States Post Office or other  recognized  overnight
courier, and addressed,  if to the Issuer, at its respective addresses set forth
on the Information  Sheet,  and if to the Escrow Agent, at its address set forth
above, to the attention of the Trust Department.

       12.  SEVERABILITY.  If any provision of this Agreement or the application
thereof  to any  person or  circumstance  shall be  determined  to be invalid or
unenforceable,  the remaining provisions of this Agreement or the application of
such provision to persons or circumstances  other than those to which it is held
invalid or  unenforceable  shall not be effected  thereby and shall be valid and
enforceable to the fullest extent permitted by law.

       13. COUNTERPARTS.  This Agreement may be executed in several counterparts
or by separate  instruments,  and all of such counterparts and instruments shall
constitute one agreement, binding on all of the parties hereto.

       14. ENTIRE  AGREEMENT.  This Agreement  constitutes the entire  agreement
between  the  parties  hereto  with  respect to the  subject  matter  hereof and
supersedes  all prior  agreements  and  understandings  (written or oral) of the
parties in connection therewith,

       IN WITNESS  WHEREOF,  the undersigned  have executed this Agreement as of
the day and year first above written,

AMERICAN FAMILY COOKIES, INC.

By:
   -------------------------
   Robert Gregory, President

CONTINENTAL STOCK
TRANSFER & TRUST COMPANY

BY:
   -------------------------

                                       7
<PAGE>

                       ESCROW AGREEMENT INFORMATION SHEET

            1. THE ISSUER

            Name: American Family Cookies, Inc.
            Address: 112 Wheeler Street, LaVergne, TN 37080
            State of incorporation of organization: Delaware

            2. THE SECURITIES

            Description  of the  securities  to be  offered  : Common  Stock;  A
            minimum of 600,000 shares and a maximum of 750,000 shares, par value
            $.001 per share. 3

            3.  MINIMUM AMOUNTS REQUIRED FOR DISBURSEMENT OF THE ESCROW ACCOUNT

            Aggregate dollar amount which must be collected before the Escrow
            Account may be disbursed to the Issuer ( "Minimum Dollar
            Amount"): $1,200,000

            Total amount of securities  which must be subscribed  for before the
            Escrow  Account may be disbursed to the  Issuer("Minimum  Securities
            Amount") 600,000 shares

            4. PLAN OF DISTRIBUTION OF SECURITIES

                                Offering Period 90 days
                                Extension Period, if any:30 days
                                Collection Period, if any: 10 business days

            5.  TITLE OF ESCROW ACCOUNT:  Continental Stock Transfer & Trust
                Company, Escrow American Family Cookies, Inc.

            6.  ESCROW AGENT FEES

                Amount due on execution of the Escrow  Agreement:$1,000;
                Amount due upon upon  completion  of the escrow,  $1,000
                (Includes one closing);  $500 for each additional closing.
                Fee for each check disbursed pursuant to the terms of the Escrow
                Agreement $10;
                Feefor each  check  returned pursuant to the terms of the Escrow
                Agreement $10<PAGE>

                                                                     EXHIBIT 4.2

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

                               ALLTEL CORPORATION

                                       TO

                J. P. MORGAN TRUST COMPANY, NATIONAL ASSOCIATION,

                                   AS TRUSTEE

                         ELEVENTH SUPPLEMENTAL INDENTURE

                            DATED AS OF JUNE 19, 2002

                    PROVIDING FOR ISSUANCE INITIALLY OF UP TO

                        $800,000,000 PRINCIPAL AMOUNT OF

                        7% SENIOR NOTES DUE JULY 1, 2012

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

<PAGE>

                                Table of Contents
                                -----------------
<TABLE>
<CAPTION>

                                                                                        Page
                                                                                        ----
<S>                                                                                     <C>
ARTICLE ONE DEFINITIONS.................................................................   2

     Section 1.01 Definition of Terms...................................................   2

ARTICLE TWO GENERAL TERMS AND CONDITIONS OF THE NOTES...................................   3

     Section 2.01 Designation and Principal Amount......................................   3

     Section 2.02 Maturity..............................................................   4

     Section 2.03 Form, Payment and Appointment.........................................   4

     Section 2.04 Global Notes..........................................................   4

     Section 2.05 Interest..............................................................   5

ARTICLE THREE REDEMPTION OF THE NOTES...................................................   5

     Section 3.01 Optional Redemption by the Company....................................   5

     Section 3.02 Definitions...........................................................   6

     Section 3.03 No Sinking Fund.......................................................   7

ARTICLE FOUR REGISTERED GLOBAL SECURITIES...............................................   7

     Section 4.01 Definitions...........................................................   7

     Section 4.02 Execution and Authentication..........................................   7

     Section 4.03 Reserved..............................................................   8

     Section 4.04 Transfer..............................................................   8

ARTICLE FIVE NOTICE.....................................................................  10

     Section 5.01 Notice by the Company.................................................  10

ARTICLE SIX FORM OF NOTE................................................................  10

     Section 6.01 Form of Note..........................................................  10

ARTICLE SEVEN AMENDMENTS AND WAIVERS....................................................  18

     Section 7.01 Amendments and Waivers................................................  18

</TABLE>

                                       i

<PAGE>
<TABLE>
<S>                                                                                       <C>
 ARTICLE EIGHT MISCELLANEOUS............................................................  18

      Section 8.01 Ratification of Indenture............................................  18

      Section 8.02 Provisions of Base Indenture Incorporated............................  18

      Section 8.03 Trustee Not Responsible for Recitals.................................  18

      Section 8.04 New York Law to Govern...............................................  18

      Section 8.05 Separability.........................................................  18

      Section 8.06 Counterparts.........................................................  19

      Section 8.07 Provisions of the Indenture and Notes for the Sole Benefit of the
                   Parties and the Holders of the Notes.................................  19

      Section 8.08 Provisions Required by Trust Indenture Act of 1939 to Control........  19

      Section 8.09 Ranking..............................................................  19
</TABLE>

                                       ii

<PAGE>

          THIS ELEVENTH SUPPLEMENTAL INDENTURE (the "Eleventh Supplemental
Indenture"), dated as of June 19, 2002, made and entered into by and between
ALLTEL CORPORATION, a corporation duly organized and existing under the laws of
the State of Delaware, with its principal offices located at One Allied Drive,
Little Rock, Arkansas (hereinafter referred to as the "Company"), and J. P.
MORGAN TRUST COMPANY, NATIONAL ASSOCIATION, as successor trustee (hereinafter
referred to as the "Trustee").

          WHEREAS, the Company has duly executed and delivered to the Trustee an
Indenture dated as of January 1, 1987 (hereinafter referred to as the "Base
Indenture"), as supplemented by a First Supplemental Indenture dated as of March
1, 1987, a Second Supplemental Indenture dated as of April 1, 1989, a Third
Supplemental Indenture dated as of May 8, 1990, a Fourth Supplemental Indenture
dated as of March 1, 1991, a Fifth Supplemental Indenture dated as of October 1,
1993, a Sixth Supplemental Indenture dated as of April 1, 1994, a Seventh
Supplemental Indenture dated as of September 1, 1995, an Eighth Supplemental
Indenture dated as of March 1, 1996, a Ninth Supplemental Indenture dated as of
April 1, 1999 and a Tenth Supplemental Indenture dated as of May 6, 2002 (the
Base Indenture and all supplemental indentures thereto being hereinafter
collectively referred to as the "Indenture"), providing for the periodic
issuance of debt securities in series; and

          WHEREAS, Section 2.02(a) of the Base Indenture provides for the
issuance of any Series (as defined in the Base Indenture) of Securities (as
defined in the Base Indenture) pursuant to a Board Resolution (as defined in the
Base Indenture) or by the execution and delivery to the Trustee of an indenture
supplemental to the Indenture authorized and approved by the Board of Directors
of the Company; and

          WHEREAS, Section 2.01 of the Base Indenture provides that (i) all
Securities of a Series shall be identical in all respects, with certain
exceptions and (ii) all Series of Securities shall be equally and ratably
entitled to the benefits of the Indenture; and

          WHEREAS, the Company desires in and by this Eleventh Supplemental
Indenture to provide for the creation and issuance of an unlimited principal
amount of 7% Senior Notes due July 1, 2012 (hereinafter referred to as the
"Notes") in accordance with and under the terms and provisions of the Indenture,
provided however, that no Notes in excess of $800,000,000 aggregate principal
amount may be issued on the date hereof; and

          WHEREAS, the Board of Directors of the Company has duly authorized the
execution and delivery of this Eleventh Supplemental Indenture providing for the
issuance of the Notes as herein provided; and

          WHEREAS, the Company has requested that the Trustee execute and
deliver this Eleventh Supplemental Indenture and all requirements necessary to
make this Eleventh Supplemental Indenture a valid, binding and enforceable
instrument in accordance with its terms, and to make the Notes, when executed by
the Company and authenticated and delivered by the Trustee, the valid, binding
and enforceable obligations of the Company, and all acts and things necessary
have been done and performed to make this Eleventh Supplemental Indenture
enforceable in accordance with its terms, and the execution and delivery of this
Eleventh Supplemental Indenture has been duly authorized in all respects.

<PAGE>

     NOW THEREFORE, in consideration of the purchase and acceptance of the Notes
by the Holders thereof, and for the purpose of setting forth, as provided in the
Base Indenture, the form and substance of the Notes and the terms, provisions
and conditions thereof, the Company covenants and agrees with the Trustee as
follows:

                                  ARTICLE ONE

                                  DEFINITIONS

          Section 1.01  Definition of Terms.
                        -------------------

          Unless the context otherwise requires:

          (a) a term defined in the Base Indenture has the same meaning when
     used in this Eleventh Supplemental Indenture;

          (b) a term defined anywhere in this Eleventh Supplemental Indenture
     has the same meaning throughout;

          (c) the singular includes the plural and vice versa;

          (d) headings are for convenience of reference only and do not affect
     interpretation;

          (e) the following terms have the meanings given to them in this
     Section 1.01(e):

               "Business Day" means, with respect to the Notes, any day other
          than a day on which federal or state banking institutions in the
          Borough of Manhattan, The City of New York, or Cleveland, Ohio, are
          authorized or obligated by law, executive order or regulation to
          close.

               "Comparable Treasury Issue" shall have the meaning specified in
          Section 3.02.

               "Comparable Treasury Price" shall have the meaning specified in
          Section 3.02.

               "Coupon Rate" shall have the meaning specified in Section 2.05.

               "Depositary" shall have the meaning set fort in Section 4.01.

               "Exchange Act" means the Securities Exchange Act of 1934 and any
          statute successor thereto, in each case as amended from time to time.

               "Global Notes" shall have the meaning specified in Section 2.04.

                                       2

<PAGE>

               "Independent Investment Banker" shall have the meaning specified
          in Section 3.02.

               "Interest Payment Date" shall have the meaning specified in
          Section 2.05.

               "Maturity Date" shall have the meaning specified in Section 2.02.

               "Notes" shall have the meaning specified in Section 2.01.

               "Place of Payment" shall have the meaning specified in Section
          2.03.

               "Primary Treasury Dealer" shall have the meaning specified in
          Section 3.02.

               "Reference Treasury Dealer" shall have the meaning specified in
          Section 3.02.

               "Reference Treasury Dealer Quotations" shall have the meaning
          specified in Section 3.02.

               "Registered Global Security" shall have the meaning specified in
          Section 4.01

               "Regular Record Date" means, with respect to any Interest Payment
          Date for the Notes, the close of business on December 15 or June 15,
          as the case may be (whether or not a Business Day), immediately
          preceding such Interest Payment Date.

          The terms "Base Indenture" and "Indenture" shall have the respective
meanings set forth in the recitals to this Eleventh Supplemental Indenture and
the paragraph preceding such recitals.

                                  ARTICLE TWO

                    GENERAL TERMS AND CONDITIONS OF THE NOTES

          Section 2.01  Designation and Principal Amount.
                        --------------------------------

     There is hereby authorized a series of Securities designated the "7% Senior
Notes due July 1, 2012" (the "Notes"), in unlimited aggregate principal amount
(except as otherwise provided in Article Two of the Base Indenture); provided
however, that no Notes in excess of $800,000,000 aggregate principal amount may
be issued on the date hereof. The Company may at any time, without consent of
the Holders, create and issue additional Notes having the same ranking and the
same interest rate, maturity and other terms as the Notes issued on the date
hereof. The Notes may be issued from time to time upon written order of the
Company for the authentication and delivery of Notes pursuant to Section 2.03 of
the Base Indenture.

                                       3

<PAGE>

          Section 2.02  Maturity.
                        --------

          The date upon which the Notes shall become due and payable at final
maturity, together with any accrued and unpaid interest, is July 1, 2012 (the
"Maturity Date").

          Section 2.03  Form, Payment and Appointment.
                        -----------------------------

          (a) Except as provided in Section 2.04, the Notes shall be issued in
fully registered, certificated form, bearing identical terms. Principal of and
premium, if any, and interest on the Notes will be payable, the transfer of such
Notes will be registrable and such Notes will be exchangeable for Notes bearing
identical terms and provisions at the office or agency of the Company maintained
for such purpose as described below; provided, however, that payment of interest
may be made at the option of the Company by check mailed to the Holder at such
address as shall appear in the register or by wire transfer to an account
appropriately designated by the Holder entitled to payment.

          (b) The Company hereby designates the Borough of Manhattan, The City
of New York as the place of payment ("Place of Payment") for the Notes, and the
office or agency maintained by the Company in such Place of Payment for the
purposes contemplated by this Section 2.03 shall initially be located at 15th
Floor, 450 West 33rd Street, New York, New York.

          (c) The Registrar, transfer agent and Paying Agent for the Notes shall
initially be the Trustee.

          (d) The Notes shall be issuable in denominations of $1,000 and
integral multiples of $1,000.

          (e) The Notes may be issued, in whole or in part, in permanent global
form and, if issued in permanent global form, the Depositary shall be The
Depository Trust Company or such other depositary as any officer of the Company
may from time to time designate.

          Section 2.04  Global Notes.
                        ------------

          (a) The Notes will be issued initially in the form of one or more
Registered Global Securities (the "Global Notes") registered in the name of the
Depositary or its nominee. Unless and until they are exchanged for the Notes in
registered form, such Global Notes may be transferred, in whole but not in part,
only to the Depositary or a nominee of the Depositary, or to a successor
Depositary selected or approved by the Company or to a nominee of such successor
Depositary.

          (b) If at any time (i) the Depositary notifies the Company that it is
unwilling or unable to continue as a Depositary for the Global Notes and no
successor Depositary shall have been appointed within 90 days after such
notification, (ii) the Depositary ceases to be a clearing agency registered
under the Exchange Act at any time the Depositary is required to be so
registered to act as such Depositary and no successor Depositary shall have been
appointed within 90 days after the Company becoming aware of the Depositary's
ceasing to be so registered, (iii) the Company, in its sole discretion,
determines that the Global Notes shall be so exchangeable or (iv) there shall
have occurred and be continuing an Event of Default, the

                                       4

<PAGE>

Company will execute, and subject to Article Two of the Base Indenture, the
Trustee, upon written notice from the Company, will authenticate and deliver the
Notes in definitive registered form without coupons, in authorized
denominations, and in an aggregate principal amount equal to the principal
amount of the Global Note in exchange for such Global Note.

          (c) Upon exchange of the Global Note for such Note in definitive
registered form without coupons, in authorized denominations, the Global Note
shall be cancelled by the Trustee. Such Notes in definitive registered form
issued in exchange for the Global Note shall be registered in such names and in
such authorized denominations as the Depositary or its custodian, pursuant to
instructions from its direct or indirect participants or otherwise, shall
instruct the Trustee. The Trustee shall deliver such Securities to the
Depositary for delivery to the Persons in whose names such Securities are so
registered.

          Section 2.05  Interest.
                        --------

          (a) The Notes will bear interest at the rate of 7% per year (the
"Coupon Rate") from June 19, 2002, through and including the day immediately
preceding the Maturity Date (or, in the event of an optional redemption, the day
immediately preceding the optional redemption date) and thereafter, to the
extent permitted by law, compounded semi-annually on any overdue principal and
premium, if any, and on any overdue installment of interest at the Coupon Rate.

          (b) Interest is payable semi-annually in arrears on January 1 and July
1 of each year (each, an "Interest Payment Date") commencing on January 1, 2003,
to the Person in whose name such Note, or any predecessor Note, is registered at
the close of business on the Regular Record Date for such interest installment.

          (c) The amount of interest payable for any period will be computed on
the basis of a 360-day year consisting of twelve 30-day months. Except as
provided in the following sentence, the amount of interest payable for any
period other than a full semi-annual period for which interest is computed will
be computed on the basis of the actual number of days elapsed in such a 180-day
period. In the event that any date on which interest is payable on the Notes is
not a Business Day, then payment of interest payable on such date will be made
on the next succeeding day which is a Business Day (and without any interest or
other payment in respect of any such delay), except that, if such Business Day
is in the next succeeding calendar year, such payment shall be made on the
immediately preceding Business Day, in each case with the same force and effect
as if made on such date.

                                 ARTICLE THREE

                             REDEMPTION OF THE NOTES

          Section 3.01  Optional Redemption by the Company.
                        ----------------------------------

          (a) The Notes will be redeemable as a whole or in part, at the option
of the Company at any time, at a redemption price equal to the greater of:

                                       5

<PAGE>
               (i) 100% of the principal amount of such Notes plus accrued and
          unpaid interest thereon to the date of redemption; and

               (ii) the sum of the remaining scheduled payments of principal and
          interest thereon (not including any portion of the payments of
          interest accrued as of the date of redemption) discounted to their
          present value on a semi-annual basis (assuming a 360-day year
          consisting of twelve 30-day months) at the Treasury Rate plus 25 basis
          points, plus accrued and unpaid interest thereon to the date of
          redemption.

          (b) The Trustee shall, in accordance with the Company's direction
given pursuant to Section 3.03 of the Base Indenture, mail notice of any
redemption, which shall set forth the proposed redemption date and the proposed
method to be used in determining the redemption price in accordance with Section
3.01(a), at least 30 days but not more than 60 days before the redemption date
to each Holder of the Notes to be redeemed.

          (c) Unless the Company defaults in payment of the redemption price, on
and after the redemption date interest will cease to accrue on the Notes or
portions thereof called for redemption and the Notes or portions thereof called
for redemption will cease to be outstanding and will only represent the right to
receive the redemption price.

          (d) If reasonably requested by the Trustee, the Company shall provide
to the Trustee such information as is required to prepare the notice referred to
in Section 3.01(b) and to enable a determination to be made of the redemption
price in accordance with Section 3.01(a). The Company shall provide notice of
the redemption price determined in accordance with Section 3.01(a) to the
Trustee and the Depositary no later than the business day immediately preceding
the redemption date.

          Section 3.02  Definitions.
                        -----------

          "Comparable Treasury Issue" means the United States Treasury security
selected by an Independent Investment Banker as having a maturity comparable to
the remaining term of the Notes to be redeemed that would be utilized, at the
time of selection and in accordance with customary financial practice, in
pricing new issues of corporate debt securities of comparable maturity to the
remaining term of such Notes.

          "Comparable Treasury Price" means, with respect to any redemption
date, (A) the average of three Reference Treasury Dealer Quotations for such
redemption date, after excluding the highest and lowest of five such Reference
Treasury Dealer Quotations, (B) if the Trustee obtains four such Reference
Treasury Dealer Quotations, the average of two Reference Treasury Dealer
Quotations for such redemption date, after excluding the highest and lowest of
four such Reference Treasury Dealer Quotations or (C) if the Trustee obtains
fewer than four such Reference Treasury Dealer Quotations, the average of all
such Reference Treasury Dealer Quotations.

          "Independent Investment Banker" means one of the Reference Treasury
Dealers appointed by the Trustee after consultation with, and upon direction
from, the Company.

                                       6

<PAGE>

          "Reference Treasury Dealer" means each of Banc of America Securities
LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, Morgan Stanley & Co.
Incorporated, Salomon Smith Barney Inc., and Goldman, Sachs & Co., or their
respective affiliates, which are primary U.S. Government securities dealers (a
"Primary Treasury Dealer"), and their respective successors; provided, however,
that if any of the foregoing shall cease to be a Primary Treasury Dealer, the
Company shall substitute therefor another Primary Treasury Dealer.

          "Reference Treasury Dealer Quotations" means, with respect to each
Reference Treasury Dealer and any redemption date, the average, as determined by
the Trustee, of the bid and asked prices for the Comparable Treasury Issue
(expressed in each case as a percentage of its principal amount) quoted in
writing to the Trustee by such Reference Treasury Dealer at 3:30 p.m. (New York
time) on the third business day preceding such redemption date.

          "Treasury Rate" means, with respect to any redemption date, the rate
per annum equal to the semi-annual equivalent yield to maturity of the
Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue
(expressed as a percentage of its principal amount) equal to the Comparable
Treasury Price for such redemption date.

          Section 3.03  No Sinking Fund.
                        ---------------

          The Notes are not entitled to the benefit of any sinking fund.

                                  ARTICLE FOUR

                          REGISTERED GLOBAL SECURITIES

          Section 4.01  Definitions.
                        -----------

          "Depositary" means, with respect to the Notes, The Depositary Trust
Company, until a successor Depositary shall have become such pursuant to the
applicable provisions of this Eleventh Supplemental Indenture, and thereafter
"Depositary" shall mean or include each Person who is then a Depositary
hereunder, and if at any time there is more than one such Person, "Depositary"
as used with respect to the Securities of any such Series shall mean the
Depositary with respect to the Registered Global Securities of that Series.

          "Registered Global Security" means a Security evidencing all or a part
of a series of Registered Securities, issued to the Depositary for such Series
or its nominee in accordance with Section 4.02 of this Eleventh Supplemental
Indenture, and bearing the legend prescribed in Section 4.02 of this Eleventh
Supplemental Indenture.

          Section 4.02  Execution and Authentication.
                        ----------------------------

          (a) With respect to any Registered Global Security established
pursuant to Section 2.04, the Company shall execute and the Trustee shall
authenticate and deliver one or more Registered Global Securities that:

                                       7

<PAGE>
               (i) shall represent and shall be denominated in an amount equal
          to the aggregate principal amount of all of the Securities of such
          Series issued in such form and not yet canceled;

               (ii) shall be registered in the name of the Depositary for such
          Registered Global Security or Securities or the nominee of such
          Depositary;

               (iii) shall be delivered by the Trustee to such Depositary or
          pursuant to such Depositary's instructions; and

               (iv) shall bear a legend substantially to the following effect:

                    "Unless and until it is exchanged in whole or in part for
                    Securities in definitive registered form, this Security may
                    not be transferred except as a whole by the Depositary to
                    the nominee of the Depositary or by a nominee of the
                    Depositary to the Depositary or another nominee of the
                    Depositary or by the Depositary or any such nominee to a
                    successor Depositary or a nominee of such successor
                    Depositary."

          (b) Each Depositary designated pursuant to Section 4.03 of this
Eleventh Supplemental Indenture must, at the time of its designation and at all
times while it serves as Depositary, be a clearing agency registered under the
Exchange Act, and any other applicable statute or regulation.

          Section 4.03  Reserved.
                        --------

          Section 4.04  Transfer.
                        --------

          (a) Notwithstanding any provisions of Section 2.08 of the Base
Indenture, unless and until it is exchanged in whole or in part for Securities
in definitive registered form, a Registered Global Security representing all or
a portion of the Securities of a Series may not be transferred except as a whole
by the Depositary for such Series to a nominee of such Depositary or by a
nominee of such Depositary to such Depositary or another nominee of such
Depositary or by such Depositary or any such nominee to a successor Depositary
for such Series or a nominee of such successor Depositary.

          (b) If at any time the Depositary for any Registered Global Securities
of any Series notifies the Company that it is unwilling or unable to continue as
Depositary for such Registered Global Securities or if at any time the
Depositary for such Registered Global Securities shall no longer be eligible
under Section 4.02 of this Eleventh Supplemental Indenture, the Company shall
appoint a successor Depositary eligible under Section 4.02 of this Eleventh
Supplemental Indenture with respect to such Registered Global Securities. If a
successor Depositary eligible under Section 4.02 of this Eleventh Supplemental
Indenture for such Registered Global Securities is not appointed by the Company
within 90 days after the Company receives such notice or becomes aware of such
ineligibility, the Company will execute, and the Trustee, upon receipt of the
Company's order for the authentication and delivery of definitive Registered
Securities of such Series, will authenticate and deliver, Registered

                                       8

<PAGE>

Securities of such Series and tenor, in any authorized denominations, in an
aggregate principal amount equal to the principal amount of such Registered
Global Securities, in exchange for such Registered Global Securities.

          (c) The Company may at any time and in its sole discretion determine
that any Registered Global Securities of any Series shall no longer be
maintained in global form. In such event the Company will execute, and the
Trustee, upon receipt of the Company's order for the authentication and delivery
of definitive Securities of such Series, will authenticate and deliver,
Securities of such Series and tenor in definitive registered from without
coupons, in any authorized denominations, in an aggregate principal amount equal
to the principal amount of such Registered Global Securities, in exchange for
such Registered Global Securities.

          (d) Any time the Registered Securities of any Series are not in the
form of Registered Global Securities pursuant to the preceding two paragraphs,
the Company agrees to supply the Trustee with a reasonable supply of
certificated Registered Securities without the legend required by Section 4.02
of this Eleventh Supplemental Indenture and the Trustee agrees to hold such
Registered Securities in safekeeping until authenticated and delivered pursuant
to the terms of this Indenture.

          (e) If established by the Company pursuant to Section 4.03 of this
Eleventh Supplemental Indenture with respect to any Registered Global Security,
the Depositary for such Registered Global Security may surrender such Registered
Global Security in exchange in whole or in part for Registered Securities of the
same Series and tenor in definitive registered form on such terms as are
acceptable to the Company and such Depositary. Thereupon, the Company shall
execute, and the Trustee shall authenticate and deliver, without service charge,

               (i) to the Person specified by such Depositary new Registered
          Securities of the same Series and tenor, of any authorized
          denominations as requested by such Person, in an aggregate principal
          amount equal to and in exchange for such Person's beneficial interest
          in the Registered Global Security; and

               (ii) to such Depositary a new Registered Global Security in a
          denomination equal to the difference, if any, between the principal
          amount of the surrendered Registered Global Security and the aggregate
          principal amount of Registered Securities authenticated and delivered
          pursuant to clause (i) above.

          (f) Registered Securities issued in exchange for a Registered Global
Security pursuant to this Section 4.04 shall be registered in such names and in
such authorized denominations as the Depositary for such Registered Global
Security, pursuant to instructions from its direct or indirect participants or
otherwise, shall instruct the Trustee or an agent of the Company or the Trustee.
The Trustee or such agent shall deliver such Securities to or as directed by the
persons in whose names such Securities are so registered.

                                       9

<PAGE>

                                  ARTICLE FIVE

                                     NOTICE

          Section 5.01  Notice by the Company.
                        ---------------------

          The Company shall give prompt written notice to a Responsible Officer
of the Trustee of any fact known to the Company that would prohibit the making
of any payment of monies to or by the Trustee in respect of the Notes.
Notwithstanding any of the provisions of the Base Indenture and this Eleventh
Supplemental Indenture, the Trustee shall not be charged with knowledge of the
existence of any facts that would prohibit the making of any payment of monies
to or by the Trustee in respect of the Notes; provided, however, that if the
Trustee shall not have received the notice provided for in this Article Five at
least two Business Days prior to the date upon which by the terms hereof any
money may become payable for any purpose (including, without limitation, the
payment of the principal of (or premium, if any) or interest on any Note), then,
anything herein contained to the contrary notwithstanding, the Trustee shall
have full power and authority to receive such money and to apply the same to the
purposes for which they were received, and shall not be affected by any notice
to the contrary that may be received by it within two Business Days prior to
such date.

                                  ARTICLE SIX

                                  FORM OF NOTE

          Section 6.01  Form of Note.
                        ------------

          The Notes and the Trustee's Certificate of Authentication to be
endorsed thereon are to be substantially in the following forms, with such
changes therein as the officers of the Company executing the Notes (by manual or
facsimile signature) may approve, such approval to be conclusively evidenced by
their execution thereof:

                                       10

<PAGE>

                             (FORM OF FACE OF NOTE)

[If the note is to be a Global Note, insert - ] UNLESS AND UNTIL IT IS EXCHANGED
IN WHOLE OR IN PART FOR SECURITIES IN DEFINITIVE REGISTERED FORM, THIS SECURITY
MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO THE NOMINEE OF THE
DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER
NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A
SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.

CUSIP No. 020039DB6
$__________________

                               ALLTEL CORPORATION
                                 7% SENIOR NOTE
                                    DUE 2012

          ALLTEL CORPORATION, a Delaware corporation (the "Company", which term
includes any successor corporation under the Indenture hereinafter referred to),
for value received, hereby promises to pay to Cede & Co., or registered assigns,
the principal sum of _____________________ Dollars ($_____________) on July 1,
2012 (such date is hereinafter referred to as the "Maturity Date"), and to pay
interest on said principal sum from June 19, 2002 or from the next recent date
to which interest has been paid or duly provided for, semi-annually in arrears
on January 1 and July 1 of each year (each such date, an "Interest Payment
Date"), commencing on January 1, 2003, at the rate of 7% per year through and
including the day immediately preceding the Maturity Date (or, in the event of
an optional redemption, the day immediately preceding the optional redemption
date) and thereafter, to the extent permitted by law, to pay interest,
compounded semi-annually, on any overdue principal and premium, if any, and on
any overdue installment of interest at the rate per year of 7%. The Company may
at any time, without consent of the Holder hereof, create and issue additional
Notes having the same ranking and the same interest rate, maturity and other
terms as this Note.

          The amount of interest payable on any Interest Payment Date shall be
computed on the basis of a 360-day year consisting of twelve 30-day months and,
except as provided in the Indenture (as defined below), the amount of interest
payable for any period shorter than a full semi-annual period for which interest
is computed will be computed on the basis of the actual number of days elapsed
in such 180-day period. In the event that any date on which interest is payable
on this Note is not a Business Day, then payment of interest payable on such
date will be made on the next succeeding day that is a Business Day (and without
any interest or other payment in respect of any such delay), except that, if
such Business Day is in the next succeeding calendar year, such payment shall be
made on the immediately preceding Business Day, in each case with the same force
and effect as if made on such Interest Payment Date.

          The interest installment so payable, and punctually paid or duly
provided for, on any Interest Payment Date will, as provided in the Indenture,
be paid to the Person in whose name this Note (or one or more predecessor
Securities) is registered at the close of business on

                                       11

<PAGE>

December 15 or June 15, as the case may be (whether or not a Business Day),
immediately preceding such Interest Payment Date (the "Regular Record Date").
Any such interest installment not punctually paid or duly provided for on any
Interest Payment Date shall forthwith cease to be payable to the registered
Holders at the close of business on such Regular Record Date and may be paid to
the Person in whose name this Note (or one or more predecessor Securities) is
registered at the close of business on a special record date to be fixed by the
Company, pursuant to Section 2.14 of the Base Indenture (as defined below), for
the payment of such defaulted interest, notice whereof shall be given to the
registered Holders of the Notes not less than 15 days prior to such special
record date, or may be paid at any time in any other lawful manner not
inconsistent with the requirements of any securities exchange, if any, on which
the Notes may be listed, and upon such notice as may be required by such
exchange, all as more fully provided in the Indenture.

          The principal of (and premium, if any) and the interest on this Note
shall be payable at the office or agency of the Company maintained for that
purpose in the Borough of Manhattan, The City of New York in any coin or
currency of the United States of America that at the time of payment is legal
tender for payment of public and private debts; provided, however, that payment
of interest may be made at the option of the Company by check mailed to the
registered Holder at such address as shall appear in the register or by wire
transfer to an account appropriately designated by the Holder entitled thereto.

          The indebtedness evidenced by this Note is, to the extent provided in
the Indenture, senior and unsecured and will rank equal in right of payment to
all other senior unsecured obligations of the Company.

          This Note shall not be entitled to any benefit under the Indenture
hereinafter referred to or be valid or obligatory for any purpose until the
Certificate of Authentication shall have been signed by or on behalf of the
Trustee.

          The provisions of this Note are continued on the reverse side hereof
and such continued provisions shall for all purposes have the same effect as
though fully set forth at this place.

                            [SIGNATURE PAGE FOLLOWS]

                                       12

<PAGE>

          IN WITNESS WHEREOF, the Company has caused this instrument to be
executed.

Dated:  June 19, 2002

                                        ALLTEL CORPORATION,
                                        as Issuer

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

[CORPORATE SEAL]

Attest:

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

                                       13

<PAGE>

                          CERTIFICATE OF AUTHENTICATION

          This is one of the Notes of the series designated therein referred to
in the within mentioned Indenture.

Dated: June 19, 2002

J. P. MORGAN TRUST COMPANY, NATIONAL ASSOCIATION,
as Trustee

By
  -------------------------------------------------
                Authorized Signatory

                                       14

<PAGE>

                            (FORM OF REVERSE OF NOTE)

     This Note is one of a duly authorized series of Securities of the Company
(herein sometimes referred to as the "Notes"), issued and to be issued in one or
more series under and pursuant to an Indenture dated as of January 1, 1987 (the
"Base Indenture") duly executed and delivered between the Company and J. P.
Morgan Trust Company, National Association, as successor trustee (the "Trustee",
which term includes any successor trustee under the Indenture), as supplemented
by a First Supplemental Indenture dated as of March 1, 1987, a Second
Supplemental Indenture dated as of April 1, 1989, a Third Supplemental Indenture
dated as of May 8, 1990, a Fourth Supplemental Indenture dated as of March 1,
1991, a Fifth Supplemental Indenture dated as of October 1, 1993, a Sixth
Supplemental Indenture dated as of April 1, 1994, a Seventh Supplemental
Indenture dated as of September 1, 1995, an Eighth Supplemental Indenture dated
as of March 1, 1996, a Ninth Supplemental Indenture dated as of April 1, 1999, a
Tenth Supplemental Indenture dated as of May 6, 2002 and an Eleventh
Supplemental Indenture dated as of June 19, 2002 (the "Eleventh Supplemental
Indenture") between the Company and the Trustee (the Base Indenture as
supplemented by the supplemental indentures being collectively referred to as
the "Indenture"), to which Indenture reference is hereby made for a description
of the rights, limitations of rights, obligations, duties and immunities
thereunder of the Trustee, the Company and the Holders of the Notes.

     By the terms of the Indenture, the Securities are issuable in series that
may vary as to amount, date of maturity, rate of interest and in other respects
as provided in the Indenture. This series of Securities is limited in aggregate
principal amount as specified in the Eleventh Supplemental Indenture dated as of
June 19, 2002 between the Company and the Trustee.

     The Notes will be redeemable as a whole or in part, at the option of the
Company at any time, at a redemption price equal to the greater of (i) 100% of
the principal amount of such Notes plus accrued interest thereon to the date of
redemption and (ii) the sum of the remaining scheduled payments of principal and
interest thereon (not including any portion of the payments of interest accrued
as of the date of redemption) discounted to their present value on a semi-annual
basis (assuming a 360-day year consisting of twelve 30-day months) at the
Treasury Rate plus 25 basis points, plus accrued and unpaid interest thereon to
the date of redemption. Notice of any redemption will be mailed at least 30 days
but not more than 60 days before the redemption date to each holder of Notes to
be redeemed.

     The Notes are not entitled to the benefit of any sinking fund.

     In case an Event of Default, as defined in the Indenture, shall have
occurred and be continuing, the principal of all of the Notes may be declared,
and upon such declaration shall become, due and payable (or, in certain
circumstances shall ipso facto become due and payable), in the manner, with the
effect and subject to the conditions provided in the Indenture.

     The Indenture contains provisions permitting, with certain exceptions
therein provided, the Company and the Trustee, with the consent of the Holders
of a majority in aggregate principal amount of the outstanding Securities of
each series affected (with each series voting as a class) to execute
supplemental indentures for the purpose of, among other things,

                                       15

<PAGE>

adding any provisions to or changing or eliminating any of the provisions of the
Indenture or of any supplemental indenture or of modifying the rights of the
Holders of the Securities.

     The Indenture also contains provisions permitting the Holders of a majority
in aggregate principal amount of the outstanding Securities of each series
affected (with each series voting as a class), on behalf of all of the Holders
of all Securities of such series, to waive a Default or Event of Default with
respect to such series and its consequences, except a Default or Event of
Default in the payment of the principal of or premium, if any, or interest on
any of the Securities of such series or in respect of a covenant or other
provision which, under the terms of the Indenture, cannot be modified or amended
without the consent of the Holder of each outstanding Security of such series
affected. Any such consent or waiver by the registered Holder of this Note
(unless revoked as provided in the Indenture) shall be conclusive and binding
upon such Holder and upon all future Holders of this Note and of any Note issued
in exchange for or in place hereof (whether by registration of transfer or
otherwise), irrespective of whether or not any notation of such consent or
waiver is made upon this Note.

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

     As provided in the Indenture and subject to certain limitations therein set
forth, this Note is transferable by the registered Holder hereof on the register
of the Company, upon surrender of this Note for registration of transfer at the
office or agency of the Company maintained for such purpose in the Borough of
Manhattan, The City of New York, accompanied by a written instrument or
instruments of transfer in form satisfactory to the Company or the Trustee duly
executed by the registered Holder hereof or his attorney duly authorized in
writing, and thereupon one or more new Notes of authorized denominations and for
the same aggregate principal amount will be issued to the designated transferee
or transferees. No service charge will be made for any such transfer, but the
Company may require payment of a sum sufficient to cover any transfer tax or
similar governmental charge payable in relation thereto.

     Prior to due presentment for registration of transfer of this Note, the
Company, the Trustee, any Paying Agent and the Registrar may deem and treat the
registered Holder hereof as the absolute owner hereof (whether or not this Note
shall be overdue and notwithstanding any notice of ownership or writing hereon
made by anyone other than the Registrar) for the purpose of receiving payment of
or on account of the principal hereof and premium, if any, and interest due
hereon and for all other purposes, and neither the Company nor the Trustee nor
any Paying Agent nor any Registrar shall be affected by any notice to the
contrary.

     No recourse shall be had for the payment of the principal of or the
interest on this Note, or for any claim based hereon, or otherwise in respect
hereof, or based on or in respect of the Indenture, against any incorporator,
shareholder, officer or director, past, present or future, as such, of the
Company or of any predecessor or 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 issuance hereof, expressly waived and
released.

                                       16

<PAGE>

     The Indenture imposes certain limitations on the ability of the Company to,
among other things, merge or consolidate with any other Person, and requires
that the Company comply with certain further covenants. All such covenants and
limitations are subject to a number of important qualifications and exceptions.
The Company must report periodically to the Trustee on compliance with the
covenants in the Indenture.

     The Notes shall be issuable in denominations of $1,000 and integral
multiples of $1,000. As provided in the Indenture and subject to certain
limitations therein set forth, Notes are exchangeable for a like aggregate
principal amount of Notes of a different authorized denomination, as requested
by the Holder surrendering the same.

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

     If any provision of the Eleventh Supplemental Indenture, including any
definitions contained therein, is inconsistent with any other provision or
definition contained in the Indenture, the provisions of the Eleventh
Supplemental Indenture shall be controlling for the purposes of this Note.

     The Notes are subject to the covenants set forth in the Indenture.

     This Note shall be governed by and construed in accordance with the law of
the State of New York.

     This Note shall not be valid or become obligatory for any purpose until the
certificate of authentication hereon shall have been executed by the Trustee
referred to on the reverse hereof.

                                       17

<PAGE>

                                 ARTICLE SEVEN

                             AMENDMENTS AND WAIVERS

     Section 7.01 Amendments and Waivers.
                  ----------------------

     Without the consent of each Holder of Notes affected, no amendment to or
waiver of a right under, the Base Indenture or this Eleventh Supplemental
Indenture shall change or alter the right of the Holders of Notes set out in
Section 9.02(a) of the Base Indenture.

                                  ARTICLE EIGHT

                                  MISCELLANEOUS

     Section 8.01 Ratification of Indenture.
                  -------------------------

     The Indenture as supplemented by this Eleventh Supplemental Indenture, is
in all respects ratified and confirmed, and this Eleventh Supplemental Indenture
shall be deemed part of the Indenture in the manner and to the extent herein and
therein provided.

     Section 8.02 Provisions of Base Indenture Incorporated.
                  -----------------------------------------

     Except insofar as herein otherwise expressly provided, all of the
provisions, terms and conditions of the Indenture shall be deemed to be
incorporated in, and made a part of, this Eleventh Supplemental Indenture.

     Section 8.03 Trustee Not Responsible for Recitals.
                  ------------------------------------

     The recitals herein contained are made by the Company and not by the
Trustee, and the Trustee assumes no responsibility for the correctness thereof.
The Trustee makes no representation as to the validity or sufficiency of this
Eleventh Supplemental Indenture.

     Section 8.04 New York Law to Govern.
                  ----------------------

     THIS ELEVENTH SUPPLEMENTAL INDENTURE AND THE PROVISIONS OF THE BASE
INDENTURE TO THE EXTENT THEY APPLY TO EACH NOTE ISSUED PURSUANT TO THIS ELEVENTH
SUPPLEMENTAL INDENTURE, EACH NOTE AND EACH COUPON SHALL BE DEEMED TO BE NEW YORK
CONTRACTS, AND FOR ALL PURPOSES SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS
OF SAID STATE (WITHOUT REFERENCE TO PRINCIPLES OF CONFLICTS OF LAW).

     Section 8.05 Separability.
                  ------------

     In case any one or more of the provisions contained in this Eleventh
Supplemental Indenture or in the Notes shall for any reason be held to be
invalid, illegal or unenforceable in

                                       18

<PAGE>
any respect, then, to the extent permitted by law, such invalidity, illegality
or unenforceability shall not affect any other provisions of this Eleventh
Supplemental Indenture or of the Notes, but this Eleventh Supplemental Indenture
and the Notes shall be construed as if such invalid or illegal or unenforceable
provision had never been contained herein or therein.

     Section 8.06 Counterparts.
                  ------------

     This Eleventh Supplemental Indenture may be executed in any number of
counterparts each of which shall be an original, but such counterparts shall
together constitute but one and the same instrument.

     Section 8.07 Provisions of the Indenture and Notes for the Sole Benefit of
                  -------------------------------------------------------------
the Parties and the Holders of the Notes.
----------------------------------------

     Nothing in this Eleventh Supplemental Indenture is intended, or shall be
construed, to give to any person or corporation, other than the parties hereto
and the Holders of the Notes issued under the Indenture and this Eleventh
Supplemental Indenture, any legal or equitable right, remedy or claim under or
in respect of this Eleventh Supplemental Indenture, or under any covenant,
condition or provision herein contained, all the covenants, conditions and
provisions of this Eleventh Supplemental Indenture being intended to be, and
being, for the sole and exclusive benefit of the parties hereto and of the
Holders of the Notes issued and to be issued under the Indenture and this
Eleventh Supplemental Indenture, and secured thereby. All covenants, promises
and agreements in this Eleventh Supplemental Indenture contained by or on behalf
of the Company shall bind its successors and assigns, whether so expressed or
not.

     Section 8.08 Provisions Required by Trust Indenture Act of 1939 to Control.
                  -------------------------------------------------------------

     If any provision of this Eleventh Supplemental Indenture limits, qualifies
or conflicts with a provision which is required to be included in this Eleventh
Supplemental Indenture by the Trust Indenture Act of 1939, the required
provision shall control.

     Section 8.09 Ranking.
                  -------

     The Notes constitute senior indebtedness of the Company superior in right
of payment to the Company's subordinated indebtedness.

                                       19

<PAGE>

     IN WITNESS WHEREOF, the parties hereto have caused this Eleventh
Supplemental Indenture to be duly executed by their respective officers
thereunto duly authorized, on the date or dates indicated in the acknowledgments
and as of the day and year first above written.

                                    ALLTEL CORPORATION,
                                    as Issuer

                                    By:  /s/ Scott T. Ford
                                        ----------------------------------------
                                        Name: Scott T. Ford
                                        Title: President and Chief Operating
                                                Officer

Attest:

By:  /s/ Francis X. Frantz
    -----------------------------
    Name: Francis X. Frantz
    Title: Secretary

                                   J. P. MORGAN TRUST COMPANY,
                                   NATIONAL ASSOCIATION,
                                   as Trustee

                                   By:  /s/ R. Barker
                                       -----------------------------------------
                                       Name: R. Barker
                                       Title: Vice President

ALLTEL - Eleventh Supplemental Indenture

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