Document:

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                                                                     EXHIBIT 4.2

                            VINTAGE PETROLEUM, INC.

                   7.875% Senior Subordinated Notes Due 2011

                         REGISTRATION RIGHTS AGREEMENT

                                                              New York, New York
                                                                    May 22, 2001

Lehman Brothers Inc.
BMO Nesbitt Burns Corp.
As Representatives of the Initial Purchasers
c/o Lehman Brothers Inc.
3 World Financial Center
New York, New York 10285

Dear Sirs:

          Vintage Petroleum, Inc., a corporation organized under the laws of
Delaware (the "Company"), proposes to issue and sell to certain purchasers (the
"Initial Purchasers"), upon the terms set forth in a purchase agreement of even
date herewith (the "Purchase Agreement"), its 7.875% Senior Subordinated Notes
Due 2011 (the "Securities") relating to the initial placement of the Securities
(the "Initial Placement"). To induce the Initial Purchasers to enter into the
Purchase Agreement, the Company agrees with you for your benefit and the benefit
of the holders from time to time of the Securities (including the Initial
Purchasers) (each a "Holder" and, together, the "Holders"), as follows:

          1.  Definitions.  Capitalized terms used herein without definition
              -----------
shall have the respective meanings set forth in the Purchase Agreement.  As used
in this Agreement, the following capitalized defined terms shall have the
following meanings:

          "Act" shall mean the Securities Act of 1933, as amended, and the rules
and regulations of the Commission promulgated thereunder.

          "Affiliate" of any specified person shall mean any other person that,
directly or indirectly, is in control of, is controlled by, or is under common
control with, such specified person.  For purposes of this definition, control
of a person shall mean the power, direct or indirect, to direct or cause the
direction of the management and policies of such person whether by contract or
otherwise; and the terms "controlling" and "controlled" shall have meanings
correlative to the foregoing.
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          "Broker-Dealer" shall mean any broker or dealer registered as such
under the Exchange Act.

          "Business Day" shall mean any day other than a Saturday, a Sunday or a
legal holiday or a day on which banking institutions or trust companies are
authorized or obligated by law to close in New York City.

          "Commission" shall mean the Securities and Exchange Commission.

          "Exchange Act" shall mean the Securities Exchange Act of 1934, as
amended, and the rules and regulations of the Commission promulgated thereunder.

          "Exchange Offer Prospectus" shall mean the prospectus included in the
Exchange Offer Registration Statement, as amended or supplemented by any
prospectus supplement, with respect to the terms of the offering of any portion
of the New Securities covered by such Exchange Offer Registration Statement, and
all amendments and supplements thereto and all material incorporated by
reference therein.

          "Exchange Offer Registration Period" shall mean the 180-day period
following the consummation of the Registered Exchange Offer, exclusive of any
period during which any stop order shall be in effect suspending the
effectiveness of the Exchange Offer Registration Statement.

          "Exchange Offer Registration Statement" shall mean a registration
statement of the Company on an appropriate form under the Act with respect to
the Registered Exchange Offer, all amendments and supplements to such
registration statement, including post-effective amendments thereto, in each
case including the Exchange Offer Prospectus contained therein, all exhibits
thereto and all material incorporated by reference therein.

          "Exchanging Dealer" shall mean any Holder (which may include any
Initial Purchaser) that is a Broker-Dealer and elects to exchange for New
Securities any Securities that it acquired for its own account as a result of
market-making activities or other trading activities (but not directly from the
Company or any Affiliate of the Company).

          "Holder" shall have the meaning set forth in the preamble hereto.

          "Indenture" shall mean the Indenture relating to the Securities, dated
as of May 30, 2001 between the Company and The Chase Manhattan Bank, as trustee,
as the same may be amended from time to time in accordance with the terms
thereof.

          "Initial Placement" shall have the meaning set forth in the preamble
hereto.

          "Initial Purchaser" shall have the meaning set forth in the preamble
hereto.

          "Losses" shall have the meaning set forth in Section 6(d) hereof.

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          "Majority Holders" shall mean the Holders of a majority of the
aggregate principal amount of Securities registered under a Registration
Statement.

          "Managing Underwriters" shall mean the investment banker or investment
bankers and manager or managers that shall administer an underwritten offering.

          "New Securities" shall mean debt securities of the Company identical
in all material respects to the Securities (except that the interest rate step-
up provisions and the transfer restrictions shall be modified or eliminated, as
appropriate) and to be issued under the Indenture or the New Securities
Indenture.

          "New Securities Indenture" shall mean an indenture between the Company
and the New Securities Trustee, identical in all material respects to the
Indenture (except that the interest rate step-up provisions will be modified or
eliminated, as appropriate).

          "New Securities Trustee" shall mean a bank or trust company reasonably
satisfactory to the Initial Purchasers, as trustee with respect to the New
Securities under the New Securities Indenture.

          "Prospectus" shall mean the prospectus included in any Registration
Statement (including, without limitation, a prospectus that discloses
information previously omitted from a prospectus filed as part of an effective
registration statement in reliance upon Rule 430A under the Act), as amended or
supplemented by any prospectus supplement, with respect to the terms of the
offering of any portion of the Securities or the New Securities covered by such
Registration Statement, and all amendments and supplements thereto and all
material incorporated by reference therein.

          "Purchase Agreement" shall have the meaning set forth in the preamble
hereto.

          "Registered Exchange Offer" shall mean the proposed offer of the
Company to issue and deliver to the Holders of the Securities that are not
prohibited by any law or policy of the Commission from participating in such
offer, in exchange for the Securities, a like aggregate principal amount of the
New Securities.

          "Registration Statement" shall mean any Exchange Offer Registration
Statement or Shelf Registration Statement that covers any of the Securities or
the New Securities pursuant to the provisions of this Agreement, any amendments
and supplements to such registration statement, including post-effective
amendments (in each case including the Prospectus contained therein), all
exhibits thereto and all material incorporated by reference therein.

          "Securities" shall have the meaning set forth in the preamble hereto.

          "Shelf Registration" shall mean a registration effected pursuant to
Section 3 hereof.

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          "Shelf Registration Period" has the meaning set forth in Section 3(b)
hereof.

          "Shelf Registration Statement" shall mean a "shelf" registration
statement of the Company pursuant to the provisions of Section 3 hereof which
covers some or all of the Securities or New Securities, as applicable, on an
appropriate form under Rule 415 under the Act, or any similar rule that may be
adopted by the Commission, amendments and supplements to such registration
statement, including post-effective amendments, in each case including the
Prospectus contained therein, all exhibits thereto and all material incorporated
by reference therein.

          "Trustee" shall mean the trustee with respect to the Securities under
the Indenture.

          "underwriter" shall mean any underwriter of Securities in connection
with an offering thereof under a Shelf Registration Statement.

          2.  Registered Exchange Offer.  (a)  The Company shall prepare and,
              -------------------------
not later than 75 days following the date of the original issuance of the
Securities, shall file with the Commission the Exchange Offer Registration
Statement with respect to the Registered Exchange Offer.  The Company shall
cause the Exchange Offer Registration Statement to become effective under the
Act within 150 days of the date of the original issuance of the Securities.

          (b)  Upon the effectiveness of the Exchange Offer Registration
Statement, the Company shall promptly commence the Registered Exchange Offer, it
being the objective of such Registered Exchange Offer to enable each Holder
electing to exchange Securities for New Securities (assuming that such Holder is
not an Affiliate of the Company, acquires the New Securities in the ordinary
course of such Holder's business, has no arrangements with any person to
participate in the distribution of the New Securities and is not prohibited by
any law or policy of the Commission from participating in the Registered
Exchange Offer) to trade such New Securities from and after their receipt
without any limitations or restrictions under the Act and without material
restrictions under the securities laws of a substantial proportion of the
several states of the United States.

          (c)  In connection with the Registered Exchange Offer, the Company
shall:

          (i)  mail to each Holder a copy of the Prospectus forming part of the
     Exchange Offer Registration Statement, together with an appropriate letter
     of transmittal and related documents;

          (ii)  keep the Registered Exchange Offer open for not less than 20
     Business Days and not more than 30 Business Days after the date notice
     thereof is mailed to the Holders (or, in each case, longer if required by
     applicable law);

          (iii)  use its best efforts to keep the Exchange Offer Registration
     Statement continuously effective, supplemented and amended as required,
     under the Act to ensure

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     that it is available for sales of New Securities by Exchanging Dealers
     during the Exchange Offer Registration Period;

          (iv)  utilize the services of a depositary for the Registered Exchange
     Offer with an address in the Borough of Manhattan in New York City, which
     may be the Trustee, the New Securities Trustee or an Affiliate of either of
     them;

          (v)  permit Holders to withdraw tendered Securities at any time prior
     to the close of business, New York time, on the last Business Day on which
     the Registered Exchange Offer is open;

          (vi)  prior to effectiveness of the Exchange Offer Registration
     Statement, if requested or required by the Commission, provide a
     supplemental letter to the Commission (A) stating that the Company is
     conducting the Registered Exchange Offer in reliance on the position of the
     Commission in Exxon Capital Holdings Corporation (pub. avail. May 13, 1988)
                   ----------------------------------
     and Morgan Stanley and Co., Inc. (pub. avail. June 5, 1991); and (B)
         ---------------------------
     including a representation that the Company has not entered into any
     arrangement or understanding with any person to distribute the New
     Securities to be received in the Registered Exchange Offer and that, to the
     best of the Company's information and belief, each Holder participating in
     the Registered Exchange Offer is acquiring the New Securities in the
     ordinary course of business and has no arrangement or understanding with
     any person to participate in the distribution of the New Securities; and

          (vii)  comply in all material respects with all applicable laws.

          (d)  As soon as practicable after the close of the Registered Exchange
Offer, the Company shall:

          (i)  accept for exchange all Securities tendered and not validly
     withdrawn pursuant to the Registered Exchange Offer;

          (ii)  deliver to the Trustee for cancellation in accordance with
     Section 4(s) all Securities so accepted for exchange; and

          (iii)  promptly cause the New Securities Trustee to authenticate and
     deliver to each Holder of Securities a principal amount of New Securities
     equal to the principal amount of the Securities of such Holder so accepted
     for exchange.

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          (e)  Each Holder hereby acknowledges and agrees that any such Holder
using the Registered Exchange Offer to participate in a distribution of the New
Securities (x) could not under Commission policy as in effect on the date of
this Agreement rely on the position of the Commission in Morgan Stanley and Co.,
                                                         -----------------------
Inc. (pub. avail. June 5, 1991) and Exxon Capital Holdings Corporation (pub.
----                                ----------------------------------
avail. May 13, 1988), as interpreted in the Commission's letter to Shearman &
Sterling dated July 2, 1993 and similar no-action letters; and (y) must comply
with the registration and prospectus delivery requirements of the Act in
connection with any secondary resale transaction which must be covered by an
effective registration statement containing the selling security holder
information required by Item 507 or 508, as applicable, of Regulation S-K under
the Act if the resales are of New Securities obtained by such Holder in exchange
for Securities acquired by such Holder directly from the Company or one of its
Affiliates.  Accordingly, each Holder participating in the Registered Exchange
Offer shall be required to represent to the Company that, at the time of the
consummation of the Registered Exchange Offer:

          (i)  any New Securities received by such Holder will be acquired in
     the ordinary course of business;

          (ii)  such Holder will have no arrangement or understanding with any
     person to participate in the distribution of the Securities or the New
     Securities within the meaning of the Act; and

          (iii)  such Holder is not an Affiliate of the Company.

          (f)  If any Initial Purchaser determines that it is not eligible to
participate in the Registered Exchange Offer with respect to the exchange of
Securities constituting any portion of an unsold allotment, at the request of
such Initial Purchaser, the Company shall issue and deliver to such Initial
Purchaser or the person purchasing New Securities registered under a Shelf
Registration Statement as contemplated by Section 3 hereof from such Initial
Purchaser, in exchange for such Securities, a like principal amount of New
Securities.  The Company shall use its best efforts to cause the CUSIP Service
Bureau to issue the same CUSIP number for such New Securities as for New
Securities issued pursuant to the Registered Exchange Offer.

          3.  Shelf Registration.  (a)  If (i) due to any change in law or
              -------------------
applicable interpretations thereof by the Commission's staff, the Company
determines upon advice of its outside counsel that it is not permitted to effect
the Registered Exchange Offer as contemplated by Section 2 hereof;  (ii) for any
other reason the Exchange Offer Registration Statement is not declared effective
within 150 days of the date of original issuance of the Securities or the
Registered Exchange Offer is not consummated within 45 days after the date the
Exchange Offer Registration Statement is declared effective under the Act; (iii)
any Initial Purchaser so requests with respect to Securities that are not
eligible to be exchanged for New Securities in the Registered Exchange Offer and
that are held by it following consummation of the Registered Exchange Offer;
(iv) any Holder (other than an Initial Purchaser) is not eligible to participate
in the Registered Exchange Offer or does not receive freely tradeable New
Securities in the Registered Exchange Offer other than by reason of such Holder
being an Affiliate of the

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Company; or (v) in the case of any Initial Purchaser that participates in the
Registered Exchange Offer or acquires New Securities pursuant to Section 2(f)
hereof, such Initial Purchaser does not receive freely tradeable New Securities
in exchange for Securities constituting any portion of an unsold allotment (it
being understood that (x) the requirement that an Initial Purchaser deliver a
Prospectus containing the information required by Item 507 or 508 of Regulation
S-K under the Act in connection with sales of New Securities acquired in
exchange for such Securities shall result in such New Securities being not
"freely tradeable"; and (y) the requirement that an Exchanging Dealer deliver an
Exchange Offer Prospectus in connection with sales of New Securities acquired in
the Registered Exchange Offer in exchange for Securities acquired as a result of
market-making activities or other trading activities shall not result in such
New Securities being not "freely tradeable"), the Company shall effect a Shelf
Registration Statement in accordance with subsection (b) below.

          (b) (i)  The Company shall as promptly as practicable (but in no event
more than 30 days after so required or requested pursuant to this Section 3),
file with the Commission and thereafter shall cause to be declared effective
under the Act a Shelf Registration Statement relating to the offer and sale of
the Securities or the New Securities, as applicable, by the Holders thereof from
time to time in accordance with the methods of distribution elected by such
Holders and set forth in such Shelf Registration Statement; provided, however,
                                                            --------  -------
that no Holder (other than an Initial Purchaser) shall be entitled to have the
Securities held by it covered by such Shelf Registration Statement unless such
Holder agrees in writing to be bound by all of the provisions of this Agreement
applicable to such Holder; and provided further, that with respect to New
                               -------- -------
Securities received by an Initial Purchaser in exchange for Securities
constituting any portion of an unsold allotment, the Company may, if permitted
by current interpretations by the Commission's staff, file a post-effective
amendment to the Exchange Offer Registration Statement containing the
information required by Item 507 or 508 of Regulation S-K, as applicable, in
satisfaction of its obligations under this subsection with respect thereto, and
any such Exchange Offer Registration Statement, as so amended, shall be referred
to herein as, and governed by the provisions herein applicable to, a Shelf
Registration Statement.

          (ii)  The Company shall use its best efforts to keep the Shelf
Registration Statement continuously effective, supplemented and amended as
required by the Act, in order to permit the Prospectus forming part thereof to
be usable by Holders for a period of two years from the date the Shelf
Registration Statement is declared effective by the Commission or such shorter
period that will terminate when all the Securities or New Securities, as
applicable, covered by the Shelf Registration Statement have been sold pursuant
to the Shelf Registration Statement (in any such case, such period being called
the "Shelf Registration Period").  The Company shall be deemed not to have used
its best efforts to keep the Shelf Registration Statement effective during the
requisite period if it voluntarily takes any action that would result in Holders
of Securities covered thereby not being able to offer and sell such Securities
during that period, unless (A) such action is required by applicable law; or (B)
such action is taken by the Company in good faith and for valid business reasons
(not including avoidance of the Company's obligations hereunder), including the
acquisition or divestiture of assets, so long as the Company promptly thereafter
complies with the requirements of Section 4(k) hereof, if applicable.

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          4.   Additional Registration Procedures.  In connection with any Shelf
               ----------------------------------
Registration Statement and, to the extent applicable, any Exchange Offer
Registration Statement, the following provisions shall apply:

          (a)  The Company shall:

          (i)    furnish to you, not less than five Business Days prior to the
     filing thereof with the Commission, a copy of any Exchange Offer
     Registration Statement and any Shelf Registration Statement, and each
     amendment thereof and each amendment or supplement, if any, to the
     Prospectus included therein (including all documents incorporated by
     reference therein after the initial filing) and shall use its best efforts
     to reflect in each such document, when so filed with the Commission, such
     comments as you reasonably propose;

          (ii)   include the information set forth in Annex A hereto on the
     facing page of the Exchange Offer Registration Statement, in Annex B hereto
     in the forepart of the Exchange Offer Registration Statement in a section
     setting forth details of the Exchange Offer, in Annex C hereto in the
     underwriting or plan of distribution section of the Prospectus contained in
     the Exchange Offer Registration Statement, and in Annex D hereto in the
     letter of transmittal delivered pursuant to the Registered Exchange Offer;

          (iii)  if requested by an Initial Purchaser, include the information
     required by Item 507 or 508 of Regulation S-K, as applicable, in the
     Prospectus contained in the Exchange Offer Registration Statement; and

          (iv)   in the case of a Shelf Registration Statement, include the
     names of the Holders that propose to sell Securities pursuant to the Shelf
     Registration Statement as selling security holders.

          (b)  The Company shall ensure that:

          (i)    any Registration Statement and any amendment thereto and any
     Prospectus forming part thereof and any amendment or supplement thereto
     complies in all material respects with the Act and the rules and
     regulations thereunder;

          (ii)   any Registration Statement and any amendment thereto does not,
     when it becomes effective, contain an untrue statement of a material fact
     or omit to state a material fact required to be stated therein or necessary
     to make the statements therein not misleading; and

          (iii)  any Prospectus forming part of any Registration Statement, and
     any amendment or supplement to such Prospectus, does not include an untrue
     statement of a material fact or omit to state a material fact necessary in
     order to make the statements therein, in the light of the circumstances
     under which they were made, not misleading.

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          (c)  The Company shall advise you, the Holders of Securities covered
by any Shelf Registration Statement and any Exchanging Dealer under any Exchange
Offer Registration Statement that has provided in writing to the Company a
telephone or facsimile number and address for notices, and, if requested by you
or any such Holder or Exchanging Dealer, shall confirm such advice in writing
(which notice pursuant to clauses (ii) through (v) hereof shall be accompanied
by an instruction to suspend the use of the Prospectus until the Company shall
have remedied the basis for such suspension):

          (i)    when a Registration Statement and any amendment thereto has
     been filed with the Commission and when the Registration Statement or any
     post-effective amendment thereto has become effective;

          (ii)   of any request by the Commission for any amendment or
     supplement to the Registration Statement or the Prospectus or for
     additional information;

          (iii)  of the issuance by the Commission of any stop order suspending
     the effectiveness of the Registration Statement or the initiation of any
     proceedings for that purpose;

          (iv)   of the receipt by the Company of any notification with respect
     to the suspension of the qualification of the securities included therein
     for sale in any jurisdiction or the initiation of any proceeding for such
     purpose; and

          (v)    of the happening of any event that requires any change in the
     Registration Statement or the Prospectus so that, as of such date, the
     statements therein are not misleading and do not omit to state a material
     fact required to be stated therein or necessary to make the statements
     therein (in the case of the Prospectus, in the light of the circumstances
     under which they were made) not misleading.

          (d)  The Company shall use its best efforts to obtain the withdrawal
of any order suspending the effectiveness of any Registration Statement or the
qualification of the securities therein for sale in any jurisdiction at the
earliest possible time.

          (e)  The Company shall furnish to each Holder of Securities covered by
any Shelf Registration Statement, without charge, at least one copy of such
Shelf Registration Statement and any post-effective amendment thereto, including
all material incorporated therein by reference, and, if the Holder so requests
in writing, all exhibits thereto (including exhibits incorporated by reference
therein).

          (f)  The Company shall, during the Shelf Registration Period, deliver
to each Holder of Securities covered by any Shelf Registration Statement,
without charge, as many copies of the Prospectus (including each preliminary
Prospectus) included in such Shelf Registration Statement and any amendment or
supplement thereto as such Holder may reasonably request.  The Company consents
to the use of the Prospectus or any amendment or supplement thereto by each of
the selling Holders of Securities in connection with the offering

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and sale of the Securities covered by the Prospectus, or any amendment or
supplement thereto, included in the Shelf Registration Statement.

          (g)  The Company shall furnish to each Exchanging Dealer which so
requests, without charge, at least one copy of the Exchange Offer Registration
Statement and any post-effective amendment thereto, including all material
incorporated by reference therein, and, if the Exchanging Dealer so requests in
writing, all exhibits thereto (including exhibits incorporated by reference
therein).

          (h)  The Company shall promptly deliver to each Initial Purchaser,
each Exchanging Dealer and each other person required to deliver a Prospectus
during the Exchange Offer Registration Period, without charge, as many copies of
the Prospectus included in such Exchange Offer Registration Statement and any
amendment or supplement thereto as any such person may reasonably request.  The
Company consents to the use of the Prospectus or any amendment or supplement
thereto by any Initial Purchaser, any Exchanging Dealer and any such other
person that may be required to deliver a Prospectus following the Registered
Exchange Offer in connection with the offering and sale of the New Securities
covered by the Prospectus, or any amendment or supplement thereto, included in
the Exchange Offer Registration Statement.

          (i)  Prior to the Registered Exchange Offer or any other offering of
Securities pursuant to any Registration Statement, the Company shall arrange, if
necessary, for the qualification of the Securities or the New Securities for
sale under the laws of such jurisdictions as any Holder shall reasonably request
and will maintain such qualification in effect so long as required; provided
                                                                    --------
that in no event shall the Company be obligated to qualify to do business in any
jurisdiction where it is not then so qualified or to take any action that would
subject it to service of process in suits, other than those arising out of the
Initial Placement, the Registered Exchange Offer or any offering pursuant to a
Shelf Registration Statement, in any such jurisdiction where it is not then so
subject.

          (j)  The Company shall cooperate with the Holders of Securities to
facilitate the timely preparation and delivery of certificates representing New
Securities or Securities to be issued or sold pursuant to any Registration
Statement free of any restrictive legends and in such denominations and
registered in such names as Holders may request.

          (k)  Upon the occurrence of any event contemplated by subsections
(c)(ii) through (v) above, the Company shall promptly prepare a post-effective
amendment to the applicable Registration Statement or an amendment or supplement
to the related Prospectus or file any other required document so that, as
thereafter delivered to Initial Purchasers of the securities included therein,
the Prospectus will not include an untrue statement of a material fact or omit
to state any material fact necessary to make the statements therein, in the
light of the circumstances under which they were made, not misleading.  In such
circumstances, the period of effectiveness of the Exchange Offer Registration
Statement provided for in Section 2 and the Shelf Registration Statement
provided for in Section 3(b) shall each be extended by the number of days from
and including the date of the giving of a notice of suspension pursuant to
Section 4(c) to and

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<PAGE>

including the date when the Initial Purchasers, the Holders of the Securities
and any known Exchanging Dealer shall have received such amended or supplemented
Prospectus pursuant to this Section.

          (l)  Not later than the effective date of any Registration Statement,
the Company shall provide a CUSIP number for the Securities or the New
Securities, as the case may be, registered under such Registration Statement and
provide the Trustee with printed certificates for such Securities or New
Securities, in a form eligible for deposit with The Depository Trust Company.

          (m)  The Company shall comply with all applicable rules and
regulations of the Commission and shall make generally available to its security
holders as soon as practicable after the effective date of the applicable
Registration Statement an earnings statement satisfying the provisions of
Section 11(a) of the Act.

          (n)  The Company shall cause the Indenture or the New Securities
Indenture, as the case may be, to be qualified under the Trust Indenture Act in
a timely manner.

          (o)  The Company may require each Holder of Securities to be sold
pursuant to any Shelf Registration Statement to furnish to the Company such
information regarding the Holder and the distribution of such Securities as the
Company may from time to time reasonably require for inclusion in such
Registration Statement.  The Company may exclude from such Shelf Registration
Statement the Securities of any Holder that unreasonably fails to furnish such
information within a reasonable time after receiving such request.

          (p)  In the case of any Shelf Registration Statement, the Company
shall enter into such agreements (including if requested an underwriting
agreement in customary form) and take all other appropriate actions in order to
expedite or facilitate the registration or the disposition of the Securities,
and in connection therewith, if an underwriting agreement is entered into, cause
the same to contain indemnification provisions and procedures no less favorable
than those set forth in Section 6 (or such other provisions and procedures
acceptable to the Majority Holders and the Managing Underwriters, if any) with
respect to all parties to be indemnified pursuant to Section 6.

          (q)  In the case of any Shelf Registration Statement, the Company
shall:

          (i)   make reasonably available for inspection by the Holders of
     Securities to be registered thereunder, any underwriter participating in
     any disposition pursuant to such Registration Statement, and any attorney,
     accountant or other agent retained by the Holders or any such underwriter
     all relevant financial and other records, pertinent corporate documents and
     properties of the Company and its subsidiaries;

          (ii)  cause the Company's officers, directors and employees to supply
     all relevant information reasonably requested by the Holders or any such
     underwriter, attorney, accountant or agent in connection with any such
     Registration Statement as is customary

                                       11
<PAGE>

     for similar due diligence examinations; provided, however, that any
                                             --------  -------
     information that is designated in writing by the Company, in good faith, as
     confidential at the time of delivery of such information shall be kept
     confidential by the Holders or any such underwriter, attorney, accountant
     or agent, unless such disclosure is made in connection with a court
     proceeding or required by law, or such information becomes available to the
     public generally or through a third party without an accompanying
     obligation of confidentiality;

          (iii)  make such representations and warranties to the Holders of
     Securities registered thereunder and the underwriters, if any, in form,
     substance and scope as are customarily made by issuers to underwriters in
     primary underwritten offerings and covering matters including, but not
     limited to, those set forth in the Purchase Agreement;

          (iv)   obtain opinions of counsel to the Company and updates thereof
     (which counsel and opinions (in form, scope and substance) shall be
     reasonably satisfactory to the Managing Underwriters, if any) addressed to
     each selling Holder and the underwriters, if any, covering such matters as
     are customarily covered in opinions requested in underwritten offerings and
     such other matters as may be reasonably requested by such Holders and
     underwriters;

          (v)    to the extent permitted by the professional standards governing
     the accounting profession at the time, obtain "cold comfort" letters and
     updates thereof from the independent certified public accountants of the
     Company (and, if necessary, any other independent certified public
     accountants of any subsidiary of the Company or of any business acquired by
     the Company for which financial statements and financial data are, or are
     required to be, included in the Registration Statement), addressed to each
     selling Holder of Securities registered thereunder and the underwriters, if
     any, in customary form and covering matters of the type customarily covered
     in "cold comfort" letters in connection with primary underwritten
     offerings; and

          (vi)   deliver such documents and certificates as may be reasonably
     requested by the Majority Holders and the Managing Underwriters, if any,
     including those to evidence compliance with Section 4(k) and with any
     customary conditions contained in the underwriting agreement or other
     agreement entered into by the Company.

The actions set forth in clauses (iii), (iv), (v) and (vi) of this Section shall
be performed at (A) the effectiveness of such Registration Statement and each
post-effective amendment thereto; and (B) each closing under any underwriting or
similar agreement as and to the extent required thereunder.

          (r)  In the case of any Exchange Offer Registration Statement, the
Company shall:

          (i)    make reasonably available for inspection by such Initial
     Purchaser, and any attorney, accountant or other agent retained by such
     Initial Purchaser, all relevant financial and other records, pertinent
     corporate documents and properties of the Company and its subsidiaries;

                                       12
<PAGE>

          (ii)   cause the Company's officers, directors and employees to supply
     all relevant information reasonably requested by such Initial Purchaser or
     any such attorney, accountant or agent in connection with any such
     Registration Statement as is customary for similar due diligence
     examinations; provided, however, that any information that is designated in
                   --------  -------
     writing by the Company, in good faith, as confidential at the time of
     delivery of such information shall be kept confidential by such Initial
     Purchaser or any such attorney, accountant or agent, unless such disclosure
     is made in connection with a court proceeding or required by law, or such
     information becomes available to the public generally or through a third
     party without an accompanying obligation of confidentiality;

          (iii)  make such representations and warranties to such Initial
     Purchaser, in form, substance and scope as are customarily made by issuers
     to underwriters in primary underwritten offerings and covering matters
     including, but not limited to, those set forth in the Purchase Agreement;

          (iv)   obtain opinions of counsel to the Company and updates thereof
     (which counsel and opinions (in form, scope and substance) shall be
     reasonably satisfactory to such Initial Purchaser and its counsel)
     addressed to such Initial Purchaser, covering such matters as are
     customarily covered in opinions requested in underwritten offerings and
     such other matters as may be reasonably requested by such Initial Purchaser
     or its counsel;

          (v)    to the extent permitted by the professional standards governing
     the accounting profession at the time, obtain "cold comfort" letters and
     updates thereof from the independent certified public accountants of the
     Company (and, if necessary, any other independent certified public
     accountants of any subsidiary of the Company or of any business acquired by
     the Company for which financial statements and financial data are, or are
     required to be, included in the Registration Statement), addressed to such
     Initial Purchaser, in customary form and covering matters of the type
     customarily covered in "cold comfort" letters in connection with primary
     underwritten offerings, or if requested by such Initial Purchaser or its
     counsel in lieu of a "cold comfort" letter, an agreed-upon procedures
     letter under Statement on Auditing Standards No. 35, covering matters
     requested by such Initial Purchaser or its counsel; and

          (vi)   deliver such documents and certificates as may be reasonably
     requested by such Initial Purchaser or its counsel, including those to
     evidence compliance with Section 4(k) and with conditions customarily
     contained in underwriting agreements.

The foregoing actions set forth in clauses (iii), (iv), (v) and (vi) of this
Section shall be performed at the close of the Registered Exchange Offer and the
effective date of any post-effective amendment to the Exchange Offer
Registration Statement.

          (s)  If a Registered Exchange Offer is to be consummated, upon
delivery of the Securities by Holders to the Company (or to such other person as
directed by the Company) in

                                       13
<PAGE>

exchange for the New Securities, the Company shall mark, or cause to be marked,
on the Securities so exchanged that such Securities are being canceled in
exchange for the New Securities. In no event shall the Securities be marked as
paid or otherwise satisfied.

          (t)  The Company will use its best efforts (i) if the Securities have
been rated prior to the initial sale of such Securities, to confirm such ratings
will apply to the Securities or the New Securities, as the case may be, covered
by a Registration Statement; or (ii) if the Securities were not previously
rated, to cause the Securities covered by a Registration Statement to be rated
with at least one nationally recognized statistical rating agency, if so
requested by Majority Holders with respect to the related Registration Statement
or by any Managing Underwriters.

          (u)  In the event that any Broker-Dealer shall underwrite any
Securities or participate as a member of an underwriting syndicate or selling
group or "assist in the distribution" (within the meaning of the Rules of Fair
Practice and the By-Laws of the National Association of Securities Dealers,
Inc.) thereof, whether as a Holder of such Securities or as an underwriter, a
placement or sales agent or a broker or dealer in respect thereof, or otherwise,
assist such Broker-Dealer in complying with the requirements of such Rules and
By-Laws, including, without limitation, by:

          (i)    if such Rules or By-Laws shall so require, engaging a
     "qualified independent underwriter" (as defined in such Rules) to
     participate in the preparation of the Registration Statement, to exercise
     usual standards of due diligence with respect thereto and, if any portion
     of the offering contemplated by such Registration Statement is an
     underwritten offering or is made through a placement or sales agent, to
     recommend the yield of such Securities;

          (ii)   indemnifying any such qualified independent underwriter to the
     extent of the indemnification of underwriters provided in Section 6 hereof;
     and

          (iii)  providing such information to such Broker-Dealer as may be
     required in order for such Broker-Dealer to comply with the requirements of
     such Rules.

          (v)    The Company shall use its best efforts to take all other steps
necessary to effect the registration of the Securities or the New Securities, as
the case may be, covered by a Registration Statement.

          5.   Registration Expenses.  The Company shall bear all expenses
               ---------------------
incurred in connection with the performance of its obligations under Sections 2,
3 and 4 hereof and, in the event of any Shelf Registration Statement, will
reimburse the Holders for the reasonable fees and disbursements of one firm or
counsel designated by the Majority Holders to act as counsel for the Holders in
connection therewith, and, in the case of any Exchange Offer Registration
Statement, will reimburse the Initial Purchasers for the reasonable fees and
disbursements of counsel acting in connection therewith.

                                       14
<PAGE>

          6.   Indemnification and Contribution.  (a)  The Company agrees to
               --------------------------------
indemnify and hold harmless each Holder of Securities or New Securities, as the
case may be, covered by any Registration Statement (including each Initial
Purchaser and, with respect to any Prospectus delivery as contemplated in
Section 4(h) hereof, each Exchanging Dealer), the directors, officers, employees
and agents of each such Holder and each person who controls any such Holder
within the meaning of either the Act or the Exchange Act against any and all
losses, claims, damages or liabilities, joint or several, to which they or any
of them may become subject under the Act, the Exchange Act or other Federal or
state statutory law or regulation, at common law or otherwise, insofar as such
losses, claims, damages or liabilities (or actions in respect thereof) arise out
of or are based upon any untrue statement or alleged untrue statement of a
material fact contained in the Registration Statement as originally filed or in
any amendment thereof, or in any preliminary Prospectus or the Prospectus, or in
any amendment thereof or supplement thereto, or arise out of or are based upon
the omission or alleged omission to state therein a material fact required to be
stated therein or necessary to make the statements therein not misleading, and
agrees to reimburse each such indemnified party, as incurred, for any legal or
other expenses reasonably incurred by them in connection with investigating or
defending any such loss, claim, damage, liability or action; provided, however,
                                                             --------  -------
that the Company will not be liable in any case to the extent that any such
loss, claim, damage or liability arises out of or is based upon any such untrue
statement or alleged untrue statement or omission or alleged omission made
therein in reliance upon and in conformity with written information furnished to
the Company by or on behalf of any such Holder specifically for inclusion
therein.  This indemnity agreement will be in addition to any liability which
the Company may otherwise have.

          The Company also agrees to indemnify or contribute as provided in
Section 6(d) to Losses of each underwriter, if any, of Securities or New
Securities, as the case may be, registered under a Shelf Registration Statement,
their directors, officers, employees or agents and each person who controls such
underwriter on substantially the same basis as that of the indemnification of
the Initial Purchasers and the selling Holders provided in this Section 6(a) and
shall, if requested by any Holder, enter into an underwriting agreement
reflecting such agreement, as provided in Section 4(p) hereof.

          (b)  Each Holder of securities covered by a Registration Statement
(including each Initial Purchaser and, with respect to any Prospectus delivery
as contemplated in Section 4(h) hereof, each Exchanging Dealer) severally and
not jointly agrees to indemnify and hold harmless the Company, each of its
directors, each of its officers who signs such Registration Statement and each
person who controls the Company within the meaning of either the Act or the
Exchange Act, to the same extent as the foregoing indemnity from the Company to
each such Holder, but only with reference to written information relating to
such Holder furnished to the Company by or on behalf of such Holder specifically
for inclusion in the documents referred to in the foregoing indemnity.  This
indemnity agreement will be in addition to any liability which any such Holder
may otherwise have.

          (c)  Promptly after receipt by an indemnified party under this Section
of notice of the commencement of any action, such indemnified party will, if a
claim in respect thereof is to be made against the indemnifying party under this
Section, notify the indemnifying party in

                                       15
<PAGE>

writing of the commencement thereof; but the failure so to notify the
indemnifying party (i) will not relieve it from liability under paragraph (a) or
(b) above unless and to the extent it did not otherwise learn of such action and
such failure results in the forfeiture by the indemnifying party of substantial
rights and defenses; and (ii) will not, in any event, relieve the indemnifying
party from any obligations to any indemnified party other than the
indemnification obligation provided in paragraph (a) or (b) above. The
indemnifying party shall be entitled to appoint counsel of the indemnifying
party's choice at the indemnifying party's expense to represent the indemnified
party in any action for which indemnification is sought (in which case the
indemnifying party shall not thereafter be responsible for the fees and expenses
of any separate counsel retained by the indemnified party or parties except as
set forth below); provided, however, that such counsel shall be satisfactory to
                  --------  -------
the indemnified party. Notwithstanding the indemnifying party's election to
appoint counsel to represent the indemnified party in an action, the indemnified
party shall have the right to employ separate counsel (including local counsel),
and the indemnifying party shall bear the reasonable fees, costs and expenses of
such separate counsel if (i) the use of counsel chosen by the indemnifying party
to represent the indemnified party would present such counsel with a conflict of
interest; (ii) the actual or potential defendants in, or targets of, any such
action include both the indemnified party and the indemnifying party and the
indemnified party shall have reasonably concluded that there may be legal
defenses available to it and/or other indemnified parties which are different
from or additional to those available to the indemnifying party; (iii) the
indemnifying party shall not have employed counsel satisfactory to the
indemnified party to represent the indemnified party within a reasonable time
after notice of the institution of such action; or (iv) the indemnifying party
shall authorize the indemnified party to employ separate counsel at the expense
of the indemnifying party. An indemnifying party will not, without the prior
written consent of the indemnified parties, settle or compromise or consent to
the entry of any judgment with respect to any pending or threatened claim,
action, suit or proceeding in respect of which indemnification or contribution
may be sought hereunder (whether or not the indemnified parties are actual or
potential parties to such claim or action) unless such settlement, compromise or
consent includes an unconditional release of each indemnified party from all
liability arising out of such claim, action, suit or proceeding.

          (d)  In the event that the indemnity provided in paragraph (a) or (b)
of this Section is unavailable to or insufficient to hold harmless an
indemnified party for any reason, then each applicable indemnifying party shall
have a joint and several obligation to contribute to the aggregate losses,
claims, damages and liabilities (including legal or other expenses reasonably
incurred in connection with investigating or defending same) (collectively
"Losses") to which such indemnified party may be subject in such proportion as
is appropriate to reflect the relative benefits received by such indemnifying
party, on the one hand, and such indemnified party, on the other hand, from the
Initial Placement and the Registration Statement which resulted in such Losses;
provided, however, that in no case shall any Initial Purchaser or any subsequent
--------  -------
Holder of any Security or New Security be responsible, in the aggregate, for any
amount in excess of the purchase discount or commission applicable to such
Security, or in the case of a New Security, applicable to the Security that was
exchangeable into such New Security, as set forth on the cover page of the Final
Memorandum, nor shall any underwriter be responsible for any amount in excess of
the underwriting discount or commission applicable to the securities purchased
by such underwriter under the Registration Statement which resulted in such
Losses.  If the allocation

                                       16
<PAGE>

provided by the immediately preceding sentence is unavailable for any reason,
the indemnifying party and the indemnified party shall contribute in such
proportion as is appropriate to reflect not only such relative benefits but also
the relative fault of such indemnifying party, on the one hand, and such
indemnified party, on the other hand, in connection with the statements or
omissions which resulted in such Losses as well as any other relevant equitable
considerations. Benefits received by the Company shall be deemed to be equal to
the sum of (x) the total net proceeds from the Initial Placement (before
deducting expenses) as set forth on the cover page of the Final Memorandum and
(y) the total amount of additional interest which the Company was not required
to pay as a result of registering the securities covered by the Registration
Statement which resulted in such Losses. Benefits received by the Initial
Purchasers shall be deemed to be equal to the total purchase discounts and
commissions as set forth on the cover page of the Final Memorandum, and benefits
received by any other Holders shall be deemed to be equal to the value of
receiving Securities or New Securities, as applicable, registered under the Act.
Benefits received by any underwriter shall be deemed to be equal to the total
underwriting discounts and commissions, as set forth on the cover page of the
Prospectus forming a part of the Registration Statement which resulted in such
Losses. Relative fault shall be determined by reference to, among other things,
whether any alleged untrue statement or omission relates to information provided
by the indemnifying party, on the one hand, or by the indemnified party, on the
other hand, the intent of the parties and their relative knowledge, access to
information and opportunity to correct or prevent such untrue statement or
omission. The parties agree that it would not be just and equitable if
contribution were determined by pro rata allocation (even if the Holders were
treated as one entity for such purpose) or any other method of allocation which
does not take account of the equitable considerations referred to above.
Notwithstanding the provisions of this paragraph (d), no person guilty of
fraudulent misrepresentation (within the meaning of Section 11(f) of the Act)
shall be entitled to contribution from any person who was not guilty of such
fraudulent misrepresentation. For purposes of this Section, each person who
controls a Holder within the meaning of either the Act or the Exchange Act and
each director, officer, employee and agent of such Holder shall have the same
rights to contribution as such Holder, and each person who controls the Company
within the meaning of either the Act or the Exchange Act, each officer of the
Company who shall have signed the Registration Statement and each director of
the Company shall have the same rights to contribution as the Company, subject
in each case to the applicable terms and conditions of this paragraph (d).

          (e)  The provisions of this Section will remain in full force and
effect, regardless of any investigation made by or on behalf of any Holder or
the Company or any of the directors, officers, employees, agents or controlling
persons referred to in this Section hereof, and will survive the sale by a
Holder of securities covered by a Registration Statement.

          7.   Underwritten Registrations.  (a)  If any of the Securities or New
               --------------------------
Securities, as the case may be, covered by any Shelf Registration Statement are
to be sold in an underwritten offering, the Managing Underwriters shall be
selected by the Majority Holders; provided that the Majority Holders shall
consult with the Company about the selection of the Managing Underwriters in
advance of making such selection.

                                       17
<PAGE>

          (b)  No person may participate in any underwritten offering pursuant
to any Shelf Registration Statement, unless such Person (i) agrees to sell such
person's Securities or New Securities, as the case may be, on the basis
reasonably provided in any underwriting arrangements approved by the persons
entitled hereunder to approve such arrangements; and (ii) completes and executes
all questionnaires, powers of attorney, indemnities, underwriting agreements and
other documents reasonably required under the terms of such underwriting
arrangements.

          8.   No Inconsistent Agreements.  The Company has not, as of the date
               --------------------------
hereof, entered into, nor shall it, on or after the date hereof, enter into, any
agreement with respect to its securities that is inconsistent with the rights
granted to the Holders herein or otherwise conflicts with the provisions hereof.

          9.   Amendments and Waivers.  The provisions of this Agreement,
               ----------------------
including the provisions of this sentence, may not be amended, qualified,
modified or supplemented, and waivers or consents to departures from the
provisions hereof may not be given, unless the Company has obtained the written
consent of the Holders of at least a majority of the then outstanding aggregate
principal amount of Securities (or, after the consummation of any Registered
Exchange Offer in accordance with Section 2 hereof, of New Securities); provided
                                                                        --------
that, with respect to any matter that directly or indirectly affects the rights
of any Initial Purchaser hereunder, the Company shall obtain the written consent
of each such Initial Purchaser against which such amendment, qualification,
supplement, waiver or consent is to be effective. Notwithstanding the foregoing
(except the foregoing proviso), a waiver or consent to departure from the
provisions hereof with respect to a matter that relates exclusively to the
rights of Holders whose Securities or New Securities, as the case may be, are
being sold pursuant to a Registration Statement and that does not directly or
indirectly affect the rights of other Holders may be given by the Majority
Holders, determined on the basis of Securities or New Securities, as the case
may be, being sold rather than registered under such Registration Statement.

          10.  Notices.  All notices and other communications provided for or
               -------
permitted hereunder shall be made in writing by hand-delivery, first-class mail,
telex, telecopier or air courier guaranteeing overnight delivery:

          (a)  if to a Holder, at the most current address given by such Holder
to the Company in accordance with the provisions of this Section, which address
initially is, with respect to each Holder, the address of such Holder maintained
by the Registrar under the Indenture, with a copy in like manner to Lehman
Brothers Inc. at 3 World Financial Center, New York, New York 10285, and to BMO
Nesbitt Burns Corp. at 115 South LaSalle Street, 11 West, Chicago, Illinois
60603 Attn: Mark Roche;

          (b)  if to you, initially at the respective addresses set forth in the
Purchase Agreement; and

          (c)  if to the Company, initially at its address set forth in the
Purchase Agreement.

                                       18
<PAGE>

          All such notices and communications shall be deemed to have been duly
given when received.

          The Initial Purchasers or the Company by notice to the other parties
may designate additional or different addresses for subsequent notices or
communications.

          11.  Successors.  This Agreement shall inure to the benefit of and be
               ----------
binding upon the successors and assigns of each of the parties, including,
without the need for an express assignment or any consent by the Company
thereto, subsequent Holders of Securities and the New Securities.  The Company
hereby agrees to extend the benefits of this Agreement to any Holder of
Securities and the New Securities, and any such Holder may specifically enforce
the provisions of this Agreement as if an original party hereto.

          12.  Counterparts.  This Agreement may be in signed counterparts, each
               ------------
of which shall an original and all of which together shall constitute one and
the same agreement.

          13.  Headings.  The headings used herein are for convenience only and
               --------
shall not affect the construction hereof.

          14.  Applicable Law.  This Agreement shall be governed by and
               --------------
construed in accordance with the laws of the State of New York applicable to
contracts made and to be performed in the State of New York.

          15.  Severability.  In the event that any one of more of the
               ------------
provisions contained herein, or the application thereof in any circumstances, is
held invalid, illegal or unenforceable in any respect for any reason, the
validity, legality and enforceability of any such provision in every other
respect and of the remaining provisions hereof shall not be in any way impaired
or affected thereby, it being intended that all of the rights and privileges of
the parties shall be enforceable to the fullest extent permitted by law.

          16.  Securities Held by the Company, etc.  Whenever the consent or
               ------------------------------------
approval of Holders of a specified percentage of principal amount of Securities
or New Securities is required hereunder, Securities or New Securities, as
applicable, held by the Company or its Affiliates shall be disregarded and
deemed not to be outstanding in determining whether such consent or approval was
given by the Holders of such required percentage.

                                       19
<PAGE>

          If the foregoing is in accordance with your understanding of our
agreement, please sign and return to us the enclosed duplicate hereof, whereupon
this letter and your acceptance shall represent a binding agreement among the
Company and the several Initial Purchasers.

                                        Very truly yours,

                                        VINTAGE PETROLEUM, INC.

                                        By: /s/ William C. Barnes
                                           -----------------------------
                                           Name:  William C. Barnes
                                           Title: Executive Vice President

The foregoing Agreement is hereby confirmed and
accepted as of the date first above written.

LEHMAN BROTHERS INC.

By:  LEHMAN BROTHERS INC.

By: /s/ Scott Schlossel
   ---------------------------
   Name:  Scott Schlossel
   Title: Vice President

BMO NESBITT BURNS CORP.

By:  BMO NESBITT BURNS CORP.

By: /s/ Mark A. Roche
   ---------------------------
   Name:  Mark A. Roche
   Title: Managing Director

                                       20
<PAGE>

ANNEX A

Each Broker-Dealer that receives New Securities for its own account pursuant to
the Exchange Offer must acknowledge that it will deliver a prospectus in
connection with any resale of such New Securities.  The Letter of Transmittal
states that by so acknowledging and by delivering a prospectus, a Broker-Dealer
will not be deemed to admit that it is an "underwriter" within the meaning of
the Securities Act.  This Prospectus, as it may be amended or supplemented from
time to time, may be used by a Broker-Dealer in connection with resales of New
Securities received in exchange for Securities where such Securities were
acquired by such Broker-Dealer as a result of market-making activities or other
trading activities.  The Company has agreed that, starting on the Expiration
Date (as defined herein) and ending on the close of business 180 days after the
Expiration Date, it will make this Prospectus available to any Broker-Dealer for
use in connection with any such resale.  See "Plan of Distribution".

                                       21
<PAGE>

ANNEX B

Each Broker-Dealer that receives New Securities for its own account in exchange
for Securities, where such Securities were acquired by such Broker-Dealer as a
result of market-making activities or other trading activities, must acknowledge
that it will deliver a prospectus in connection with any resale of such New
Securities.  See "Plan of Distribution".

                                       22
<PAGE>

ANNEX C

                             PLAN OF DISTRIBUTION

          Each Broker-Dealer that receives New Securities for its own account
pursuant to the Exchange Offer must acknowledge that it will deliver a
prospectus in connection with any resale of such New Securities. This
Prospectus, as it may be amended or supplemented from time to time, may be used
by a Broker-Dealer in connection with resales of New Securities received in
exchange for Securities where such Securities were acquired as a result of
market-making activities or other trading activities. The Company has agreed
that, starting on the Expiration Date and ending on the close of business 180
days after the Expiration Date, it will make this Prospectus, as amended or
supplemented, available to any Broker-Dealer for use in connection with any such
resale. In addition, until __________, 200__, all dealers effecting transactions
in the New Securities may be required to deliver a prospectus.

          The Company will not receive any proceeds from any sale of New
Securities by brokers-dealers.  New Securities received by Broker-Dealers for
their own account pursuant to the Exchange Offer may be sold from time to time
in one or more transactions in the over-the-counter market, in negotiated
transactions, through the writing of options on the New Securities or a
combination of such methods of resale, at market prices prevailing at the time
of resale, at prices related to such prevailing market prices or negotiated
prices.  Any such resale may be made directly to purchasers or to or through
brokers or dealers who may receive compensation in the form of commissions or
concessions from any such Broker-Dealer and/or the purchasers of any such New
Securities.  Any Broker-Dealer that resells New Securities that were received by
it for its own account pursuant to the Exchange Offer and any broker or dealer
that participates in a distribution of such New Securities may be deemed to be
an "underwriter" within the meaning of the Securities Act and any profit
resulting from any such resale of New Securities and any commissions or
concessions received by any such persons may be deemed to be underwriting
compensation under the Securities Act.  The Letter of Transmittal states that by
acknowledging that it will deliver and by delivering a prospectus, a Broker-
Dealer will not be deemed to admit that it is an "underwriter" within the
meaning of the Securities Act.

          For a period of 180 days after the Expiration Date, the Company will
promptly send additional copies of this Prospectus and any amendment or
supplement to this Prospectus to any Broker-Dealer that requests such documents
in the Letter of Transmittal.  The Company has agreed to pay all expenses
incident to the Exchange Offer (including the expenses of one counsel for the
Holders of the Securities) other than commissions or concessions of any brokers
or dealers and will indemnify the holders of the Securities (including any
Broker-Dealers) against certain liabilities, including liabilities under the
Securities Act.

          [If applicable, add information required by Regulation S-K Items 507
and/or 508. S-K 502(b) legend must appear on the back cover.]

                                       23
<PAGE>

ANNEX D

Rider A
-------

     / /  CHECK HERE IF YOU ARE A BROKER-DEALER AND WISH TO RECEIVE 10
          ADDITIONAL COPIES OF THE PROSPECTUS AND 10 COPIES OF ANY AMENDMENTS OR
          SUPPLEMENTS THERETO.
          Name:     ___________________________
          Address:  ___________________________

Rider B
-------

If the undersigned is not a Broker-Dealer, the undersigned represents that it
acquired the New Securities in the ordinary course of its business, it is not
engaged in, and does not intend to engage in, a distribution of New Securities
and it has no arrangements or understandings with any person to participate in a
distribution of the New Securities.  If the undersigned is a Broker-Dealer that
will receive New Securities for its own account in exchange for Securities, it
represents that the Securities to be exchanged for New Securities were acquired
by it as a result of market-making activities or other trading activities and
acknowledges that it will deliver a prospectus in connection with any resale of
such New Securities; however, by so acknowledging and by delivering a
prospectus, the undersigned will not be deemed to admit that it is an
"underwriter" within the meaning of the Securities Act.

                                       24EXHIBIT 4.1

                                FACE OF SECURITY
                             Fixed Rate Senior Note

REGISTERED                                                      REGISTERED
No. FXR - 2                                                     $35,000,000
                                                                CUSIP: 00079FAB8

     Unless this certificate is presented by an authorized representative of
The Depository Trust Company (55 Water Street, New York, New York) to the
issuer or its agent for registration of transfer, exchange or payment, and any
certificate issued is registered in the name of Cede & Co. or such other name
as requested by an authorized representative of The Depository Trust Company
and any payment is made to Cede & Co., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF
FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL since the registered
owner hereof, Cede & Co., has an interest herein.

<PAGE>

                               ABN AMRO BANK N.V.

                    SENIOR GLOBAL MEDIUM_TERM NOTE, SERIES A

                                  (Fixed Rate)

          11.25% Reverse Exchangeable Securities due December 27, 2002
                    linked to common stock of Citigroup Inc.

<TABLE>
<S>                              <C>                         <C>                          <C>
========================================================================================================================
ORIGINAL ISSUE DATE: June        INITIAL REDEMPTION DATE:    INTEREST RATE: 11.25% per     MATURITY DATE:
    27, 2001                     N/A                           annum                         December 27, 2002
------------------------------------------------------------------------------------------------------------------------
    INTEREST ACCRUAL DATE:       INITIAL REDEMPTION          INTEREST PAYMENT DATES:       OPTIONAL REPAYMENT DATE:
    June 27, 2001                PERCENTAGE: N/A               December 27, 2001, June       N/A
                                                               27, 2002 and December
                                                               27, 2002
------------------------------------------------------------------------------------------------------------------------
    SPECIFIED CURRENCY:          ANNUAL REDEMPTION           INTEREST PAYMENT PERIOD:      APPLICABILITY OF MODIFIED
    U.S. Dollars                   PERCENTAGE REDUCTION:       Semi-annual                   PAYMENT UPON
                                   N/A                                                       ACCELERATION:
                                                                                             N/A (But see "Alternate
                                                                                             Exchange Calculation in
                                                                                             case of an Event of
                                                                                             Default")
------------------------------------------------------------------------------------------------------------------------
    IF SPECIFIED CURRENCY        REDEMPTION NOTICE PERIOD:   APPLICABILITY OF ANNUAL       If yes, state Issue
    OTHER THAN U.S. DOLLARS,     N/A                          INTEREST PAYMENTS: N/A        Price: N/A
    OPTION TO ELECT PAYMENT
    IN U.S. DOLLARS: N/A
------------------------------------------------------------------------------------------------------------------------
    EXCHANGE RATE AGENT: N/A                                                               ORIGINAL YIELD TO
                                                                                           MATURITY: N/A
------------------------------------------------------------------------------------------------------------------------
OTHER PROVISIONS: (see below)
========================================================================================================================
</TABLE>

                                                                    2

<PAGE>

Initial Price....................  $53.40 per share of Citigroup Stock divided
                                   by the Exchange Factor.

Minimum Denominations............  $1,000 and integral multiples thereof.

Payment at Maturity:.............  At maturity, the Issuer shall pay or deliver
                                   for each $1,000 principal amount of Notes,
                                   either (i) a cash payment equal to $1,000,
                                   if the Determination Price on the
                                   Determination Date of Citigroup Stock is at
                                   or above the Initial Price, or (ii) a number
                                   of shares of Citigroup Stock equal to the
                                   Stock Redemption Amount, if the
                                   Determination Price on the Determination
                                   Date of Citigroup Stock is lower than the
                                   Initial Price. The Issuer shall pay cash in
                                   lieu of delivering fractional shares of
                                   Citigroup Stock in an amount equal to the
                                   corresponding fractional Closing Price of
                                   Citigroup Stock as determined by the
                                   Calculation Agent on the Determination Date.

                                   If the Issuer is required to deliver shares
                                   of Citigroup Stock pursuant to the terms of
                                   the Notes, it shall, or cause the
                                   Calculation Agent to, provide written notice
                                   to the Trustee at its New York office, on
                                   which notice the Trustee may conclusively
                                   rely, of the Stock Redemption Amount, on or
                                   prior to the Issuer Notice Date. The Issuer
                                   shall, or shall cause the Calculation Agent
                                   to, deliver such shares of Citigroup Stock
                                   (and/or Exchange Property, if applicable) to
                                   the Trustee for delivery to the Holders.

Stock Redemption Amount:.........  The Calculation Agent shall determine the
                                   Stock Redemption Amount for each $1,000
                                   principal amount of Notes on the
                                   Determination Date by dividing $1,000 by the
                                   Initial Price.

                                   The number of shares of Citigroup Stock to
                                   be delivered at maturity shall be subject to
                                   any applicable adjustments (i) to the
                                   Exchange Factor and (ii) in the Exchange
                                   Property, as defined in paragraph 5 under
                                   "Adjustment Events" below, to be delivered
                                   instead of, or in addition to, such
                                   Citigroup Stock in each case as a result of
                                   any corporate event described under
                                   "Adjustment Events" below.

Determination Date:..............  The third Business Day prior to the Maturity
                                   Date, or if such day is not a Trading Day,
                                   the immediately succeeding Trading Day;
                                   provided that the Determination Date shall
                                   be no later than the second scheduled
                                   Trading Day preceding the Maturity Date,
                                   notwithstanding the occurrence of a Market
                                   Disruption Event on such second scheduled
                                   Trading Day.

Determination Price..............  The Closing Price per share of Citigroup
                                   Stock on the Determination Date, as
                                   determined by the Calculation Agent.

Citigroup Stock..................  The common stock of Citigroup Inc., par value
                                   $0.01 per share.

Closing Price....................  If Citigroup Stock (or any other security for
                                   which a Closing Price must be determined) is
                                   listed on a U.S. securities exchange
                                   registered under the Exchange Act is a
                                   security of The Nasdaq National Market or is
                                   included in the OTC Bulletin Board Service
                                   (the "OTC Bulletin Board"), operated by the
                                   National Association of Securities Dealers,
                                   Inc., the Closing Price for one share of
                                   Citigroup Stock (or one unit of any such
                                   other security) on any Trading Day means (i)
                                   the last reported sale price, regular way,
                                   on such day on the principal securities
                                   exchange on which Citigroup Stock (or any
                                   such other security) is listed or admitted
                                   to trading or (ii) if not listed or admitted
                                   to trading on any such securities exchange
                                   or if such last reported sale price is not
                                   obtainable (even if Citigroup Stock (or
                                   other such security) is listed or admitted
                                   to trading on such securities exchange), the
                                   last reported sale price on the
                                   over-the-counter market as reported on The
                                   Nasdaq National Market or OTC Bulletin Board
                                   on such day. If the last reported sale price
                                   is not available pursuant to clause (i) or
                                   (ii) of the preceding sentence, the Closing
                                   Price for any Trading Day shall be the mean,
                                   as determined by the Calculation Agent, of
                                   the bid

                                       4
<PAGE>

                                   prices for Citigroup Stock (or any such
                                   other security) obtained from as many
                                   dealers in such security (which may include
                                   AAI or any of the Issuer's other
                                   subsidiaries or affiliates), but not
                                   exceeding three, as will make such bid
                                   prices available to the Calculation Agent. A
                                   "security of The Nasdaq National Market"
                                   shall include a security included in any
                                   successor to such system and the term "OTC
                                   Bulletin Board Service" shall include any
                                   successor service thereto.

Issuer Notice Date...............  The Business Day immediately succeeding the
                                   Determination Date; provided that the Issuer
                                   Notice Date shall be no later than the
                                   second scheduled Trading Day preceding the
                                   Maturity Date, notwithstanding the
                                   occurrence of a Market Disruption Event on
                                   such scheduled Trading Day.

Trading Day:.....................  A day, as determined by the Calculation
                                   Agent, on which trading is generally
                                   conducted on the New York Stock Exchange,
                                   the American Stock Exchange Inc., the Nasdaq
                                   National Market, the Chicago Mercantile
                                   Exchange, and the Chicago Board of Options
                                   Exchange and in the over-the-counter market
                                   for equity securities in the United States
                                   and on which a Market Disruption Event has
                                   not occurred.

Market Disruption Event:.........  Means, with respect to Citigroup Stock:

                                         (i) a suspension, absence or material
                                      limitation of trading of Citigroup Stock
                                      on the primary market for Citigroup Stock
                                      for more than two hours of trading or
                                      during the one-half hour period preceding
                                      the close of trading in such market; or a
                                      breakdown or failure in the price and
                                      trade reporting systems of the primary
                                      market for Citigroup Stock as a result of
                                      which the reported trading prices for
                                      Citigroup Stock during the last one-half
                                      hour preceding the closing of trading in
                                      such market are materially inaccurate; or
                                      the suspension, absence or material
                                      limitation on

                                       5

<PAGE>

                                      the primary market for trading in options
                                      contracts related to Citigroup Stock, if
                                      available, during the one-half hour
                                      period preceding the close of trading in
                                      the applicable market, in each case as
                                      determined by the Calculation Agent in
                                      its sole discretion; and

                                         (ii) a determination by the Calculation
                                      Agent in its sole discretion that the
                                      event described in clause (i) above
                                      materially interfered with the Issuer's
                                      ability or the ability of any of the
                                      Issuer's affiliates to unwind or adjust
                                      all or a material portion of the hedge
                                      with respect to the Notes.

                                   For purposes of determining whether a Market
                                   Disruption Event has occurred: (1) a
                                   limitation on the hours or number of days of
                                   trading will not constitute a Market
                                   Disruption Event if it results from an
                                   announced change in the regular business
                                   hours of the relevant exchange, (2) a
                                   decision to permanently discontinue trading
                                   in the relevant option contract will not
                                   constitute a Market Disruption Event, (3)
                                   limitations pursuant to New York Stock
                                   Exchange Inc. Rule 80A (or any applicable
                                   rule or regulation enacted or promulgated by
                                   the New York Stock Exchange Inc., any other
                                   self-regulatory organization or the
                                   Commission of similar scope as determined by
                                   the Calculation Agent) on trading during
                                   significant market fluctuations shall
                                   constitute a suspension, absence or material
                                   limitation of trading, (4) a suspension of
                                   trading in an options contract on Citigroup
                                   Stock by the primary securities market
                                   trading in such options, if available, by
                                   reason of (x) a price change exceeding
                                   limits set by such securities exchange or
                                   market, (y) an imbalance of orders relating
                                   to such contracts or (z) a disparity in bid
                                   and ask quotes relating to such contracts
                                   will constitute a suspension, absence or
                                   material limitation of trading in options
                                   contracts related to Citigroup Stock and

                                       6

<PAGE>

                                   (5) a suspension, absence or material
                                   limitation of trading on the primary
                                   securities market on which options contracts
                                   related to Citigroup Stock are traded will
                                   not include any time when such securities
                                   market is itself closed for trading under
                                   ordinary circumstances.

                                   The Calculation Agent shall as soon as
                                   reasonably practicable under the
                                   circumstances notify the Issuer, the
                                   Trustee, the Depository Trust Company and
                                   the Agents of the existence or occurrence of
                                   a Market Disruption Event on any day that
                                   but for the occurrence or existence of a
                                   Market Disruption Event would have been the
                                   Determination Date.

Exchange Factor..................  The Exchange Factor shall initially be 1.0,
                                   but shall be subject to adjustment by the
                                   Calculation Agent upon the occurrence of
                                   certain corporate events affecting Citigroup
                                   Stock though and including the Determination
                                   Date. See "Adjustment Events" below.

Adjustment Events:...............  The Exchange Factor or the amounts paid at
                                   maturity (in the case of paragraph 5 below)
                                   shall be adjusted as follows:

                                   1. If Citigroup Stock is subject to a stock
                                   split or reverse stock split, then once such
                                   split has become effective, the Exchange
                                   Factor shall be adjusted to equal the
                                   product of the prior Exchange Factor and the
                                   number of shares issued in such stock split
                                   or reverse stock split with respect to one
                                   share of Citigroup Stock.

                                   2. If Citigroup Stock is subject (i) to a
                                   stock dividend (issuance of additional
                                   shares of Citigroup Stock) that is given
                                   ratably to all holders of shares of
                                   Citigroup Stock or (ii) to a distribution of
                                   Citigroup Stock as a result of the
                                   triggering of any provision of the corporate
                                   charter of Citigroup, then once the dividend
                                   has become effective and Citigroup Stock is
                                   trading ex-dividend, the Exchange Factor
                                   shall be adjusted so that the new Exchange
                                   Factor shall equal the prior Exchange Factor
                                   plus the

                                       7

                                       1
<PAGE>

                                   product of (i) the number of shares issued
                                   with respect to one share of Citigroup Stock
                                   and (ii) the prior Exchange Factor. 3. There
                                   shall be no adjustments to the Exchange
                                   Factor to reflect cash dividends or other
                                   distributions paid with respect to Citigroup
                                   Stock other than Extraordinary Dividends as
                                   described below. A cash dividend or other
                                   distribution with respect to Citigroup Stock
                                   shall be deemed to be an "Extraordinary
                                   Dividend" if such dividend or other
                                   distribution exceeds the immediately
                                   preceding non-Extraordinary Dividend for
                                   Citigroup Stock by an amount equal to at
                                   least 10% of the closing price of Citigroup
                                   Stock (as adjusted for any subsequent
                                   corporate event requiring an adjustment
                                   hereunder, such as a stock split or reverse
                                   stock split) on the Trading Day preceding
                                   the ex-dividend date for the payment of such
                                   Extraordinary Dividend (the "ex-dividend
                                   date"). If an Extraordinary Dividend occurs
                                   with respect to Citigroup Stock, the
                                   Exchange Factor with respect to Citigroup
                                   Stock will be adjusted on the ex-dividend
                                   date with respect to such Extraordinary
                                   Dividend so that the new Exchange Factor
                                   will equal the product of (i) the then
                                   current Exchange Factor and (ii) a fraction,
                                   the numerator of which is the Closing Price
                                   on the Trading Day preceding the ex-dividend
                                   date, and the denominator of which is the
                                   amount by which the Closing Price on the
                                   Trading Day preceding the ex-dividend date
                                   exceeds the Extraordinary Dividend Amount.
                                   The "Extraordinary Dividend Amount" with
                                   respect to an Extraordinary Dividend for
                                   Citigroup Stock shall equal (i) in the case
                                   of cash dividends or other distributions
                                   that constitute regular dividends, the
                                   amount per share of such Extraordinary
                                   Dividend minus the amount per share of the
                                   immediately preceding non-Extraordinary
                                   Dividend for Citigroup Stock or (ii) in the
                                   case of cash dividends or other
                                   distributions that do not constitute regular

                                       8

<PAGE>

                                   dividends, the amount per share of such
                                   Extraordinary Dividend. To the extent an
                                   Extraordinary Dividend is not paid in cash,
                                   the value of the non-cash component will be
                                   determined by the Calculation Agent, whose
                                   determination shall be conclusive. A
                                   distribution on the Citigroup Stock
                                   described in clause (i), clause (iv) or
                                   clause (v) of paragraph 5 below that also
                                   constitutes an Extraordinary Dividend shall
                                   not cause an adjustment to the Exchange
                                   Factor pursuant to this paragraph 3.

                                   4. If Citigroup issues rights or warrants to
                                   all holders of Citigroup Stock to subscribe
                                   for or purchase Citigroup Stock at an
                                   exercise price per share less than the
                                   Closing Price of the Citigroup Stock on both
                                   (i) the date the exercise price of such
                                   rights or warrants is determined and (ii)
                                   the expiration date of such rights or
                                   warrants, and if the expiration date of such
                                   rights or warrants precedes the maturity of
                                   this Note, then the Exchange Factor shall be
                                   adjusted to equal the product of the prior
                                   Exchange Factor and a fraction, the
                                   numerator of which shall be the number of
                                   shares of Citigroup Stock outstanding
                                   immediately prior to the issuance of such
                                   rights or warrants plus the number of
                                   additional shares of Citigroup Stock offered
                                   for subscription or purchase pursuant to
                                   such rights or warrants and the denominator
                                   of which shall be the number of shares of
                                   Citigroup Stock outstanding immediately
                                   prior to the issuance of such rights or
                                   warrants plus the number of additional
                                   shares of Citigroup Stock which the
                                   aggregate offering price of the total number
                                   of shares of Citigroup Stock so offered for
                                   subscription or purchase pursuant to such
                                   rights or warrants would purchase at the
                                   Closing Price on the expiration date of such
                                   rights or warrants, which shall be
                                   determined by multiplying such total number
                                   of shares offered by the exercise price of
                                   such rights or warrants and dividing the
                                   product so obtained by such Closing Price.

                                       9

<PAGE>

                                   5. If (i) there occurs any reclassification
                                   or change of Citigroup Stock, including,
                                   without limitation, as a result of the
                                   issuance of any tracking stock by Citigroup,
                                   (ii) Citigroup or any surviving entity or
                                   subsequent surviving entity of Citigroup (a
                                   "Citigroup Successor") has been subject to a
                                   merger, combination or consolidation and is
                                   not the surviving entity, (iii) any
                                   statutory exchange of securities of
                                   Citigroup or any Citigroup Successor with
                                   another corporation occurs (other than
                                   pursuant to clause (ii) above), (iv)
                                   Citigroup is liquidated, (v) Citigroup
                                   issues to all of its shareholders equity
                                   securities of an issuer other than Citigroup
                                   (other than in a transaction described in
                                   clauses (ii), (iii) or (iv) above) (a
                                   "Spin-off Event") or (vi) a tender or
                                   exchange offer or going-private transaction
                                   is consummated for all the outstanding
                                   shares of Citigroup Stock (any such event in
                                   clauses (i) through (vi) a "Reorganization
                                   Event"), each Holder of this Note shall
                                   receive at maturity, in respect of each
                                   $1,000 principal amount of each Note,
                                   securities, cash or any other assets
                                   distributed to holders of Citigroup Stock in
                                   any such Reorganization Event, including, in
                                   the case of the issuance of tracking stock,
                                   the reclassified share of Citigroup Stock
                                   and, in the case of a Spin-off Event, the
                                   share of Citigroup Stock with respect to
                                   which the spun-off security was issued
                                   (collectively, the "Exchange Property") or
                                   at our option cash, in an amount with a
                                   value equal to the lesser of: (i) $1,000 and
                                   (ii) the product of the Stock Redemption
                                   Amount times the Transaction Value. If
                                   Exchange Property consists of more than one
                                   type of property, the Holder of this Note
                                   shall receive at maturity a pro rata share
                                   of each such type of Exchange Property. If
                                   Exchange Property includes a cash component,
                                   Holders shall not receive any interest
                                   accrued on such cash component. "Transaction
                                   Value" at any date means (i) for any cash
                                   received in any such

                                      10

<PAGE>

                                   Reorganization Event, the amount of cash
                                   received per share of Citigroup Stock, (ii)
                                   for any property other than cash or
                                   securities received in any such
                                   Reorganization Event, the market value, as
                                   determined by the Calculation Agent, as of
                                   the date of receipt, of such Exchange
                                   Property received for each share of
                                   Citigroup Stock and (iii) for any security
                                   received in any such Reorganization Event,
                                   an amount equal to the Closing Price, as of
                                   the date on which the Transaction Value is
                                   determined, per share of such security
                                   multiplied by the quantity of such security
                                   received for each share of Citigroup Stock.
                                   In the event Exchange Property consists of
                                   securities, those securities shall, in turn,
                                   be subject to the antidilution adjustments
                                   set forth in paragraphs 1 through 5.

                                   For purposes of paragraph 5 above, in the
                                   case of a consummated tender or exchange
                                   offer or going-private transaction involving
                                   Exchange Property of a particular type,
                                   Exchange Property shall be deemed to include
                                   the amount of cash or other property paid by
                                   the offeror in the tender or exchange offer
                                   with respect to such Exchange Property (in
                                   an amount determined on the basis of the
                                   rate of exchange in such tender or exchange
                                   offer or going-private transaction). In the
                                   event of a tender or exchange offer or a
                                   going-private transaction with respect to
                                   Exchange Property in which an offeree may
                                   elect to receive cash or other property,
                                   Exchange Property shall be deemed to include
                                   the kind and amount of cash and other
                                   property received by offerees who elect to
                                   receive cash.

                                   No adjustments to the Exchange Factor shall
                                   be required unless such adjustment would
                                   require a change of at least 0.1% in the
                                   Exchange Factor then in effect. The Exchange
                                   Factor resulting from any of the adjustments
                                   specified above shall be rounded to the
                                   nearest one

                                      11

<PAGE>

                                   hundred-thousandth with five one-millionths
                                   being rounded upward.

                                   No adjustments to the Exchange Factor or
                                   method of calculating the Exchange Factor
                                   shall be required other than those specified
                                   above. However, the Issuer may, at its sole
                                   discretion, cause the Calculation Agent to
                                   make additional changes to the Exchange
                                   Factor upon the occurrence of corporate or
                                   other similar events that affect or could
                                   potentially affect market prices of, or
                                   shareholders' rights in, the Citigroup Stock
                                   (or other Exchange Property) but only to
                                   reflect such changes, and not with the aim
                                   of changing relative investment risk. The
                                   adjustments specified above do not cover all
                                   events that could affect the market price or
                                   the Closing Price of the Citigroup Stock,
                                   including, without limitation, a partial
                                   tender or partial exchange offer for the
                                   Citigroup Stock.

                                   The Calculation Agent shall be solely
                                   responsible for the determination and
                                   calculation of any adjustments to the
                                   Exchange Factor or method of calculating the
                                   Exchange Factor and of any related
                                   determinations and calculations with respect
                                   to any distributions of stock, other
                                   securities or other property or assets
                                   (including cash) in connection with any
                                   corporate event described in paragraph 5
                                   above, and its determinations and
                                   calculations with respect thereto shall be
                                   conclusive.

                                   The Calculation Agent will provide
                                   information as to any adjustments to the
                                   Exchange Factor or method of calculating the
                                   Exchange Factor upon written request by any
                                   Holder of this Note.

Alternate Exchange Calculation
in case of an Event of Default...  In case an Event of Default with respect to

                                   this Note shall have occurred and be
                                   continuing, the amount declared due and
                                   payable upon any acceleration of this Note
                                   shall be determined by the Calculation
                                   Agent, and shall be equal to the principal
                                   amount of this Note plus any accrued

                                   interest to but not including the date of
                                   acceleration.

Calculation Agent................  ABN AMRO Incorporated ("AAI"). All
                                   determinations made by the Calculation Agent
                                   will be at the sole discretion of the
                                   Calculation Agent and will, in the absence
                                   of manifest error, be conclusive for all
                                   purposes and binding on the Holders and on
                                   the Issuer.

Additional Amounts...............  The Issuer shall, subject to certain
                                   exceptions and limitations set forth below,
                                   pay such additional amounts (the "Additional
                                   Amounts") to each holder of this Note as may
                                   be necessary in order that the net payment
                                   of the principal of this Note and any other
                                   amounts payable on this 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 Netherlands (or any political
                                   subdivision or taxing authority thereof or
                                   therein) or the jurisdiction of residence or
                                   incorporation of any successor corporation
                                   or any jurisdiction from or through which
                                   any amount is paid by us or a successor
                                   corporation, will not be less than the
                                   amount provided for in this Note to be then
                                   due and payable. The Issuer shall not,
                                   however, be required to make any payment of
                                   Additional Amounts to any such holder for or
                                   on account of:

                                      13

<PAGE>

                                   (a) any such tax, assessment or other
                                       governmental charge that 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 Netherlands and its
                                       possessions, 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, where
                                       presentation is required, by the holder
                                       of this Note for payment on a date more
                                       than 30 days after the date on which
                                       such payment became due and payable or
                                       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 that is payable
                                       otherwise than by withholding from
                                       payments on or in respect of this Note;

                                   (d) any tax, assessment or other
                                       governmental charge required to be
                                       withheld by any paying agent from any
                                       payment of principal of, or supplemental
                                       redemption amount on, this Note, if such
                                       payment can be made without such
                                       withholding by presentation of this Note
                                       to any other paying agent;

                                      14

<PAGE>

                                   (e)any tax, assessment or other governmental
                                       charge that would not have been imposed
                                       but for a holder's failure to comply
                                       with a request addressed to the holder
                                       or, if different, the beneficiary of the
                                       payment, to comply with certification,
                                       information or other reporting
                                       requirements concerning the nationality,
                                       residence or identity of the holder or
                                       beneficial owner of this Note, if such
                                       compliance is required by statute or by
                                       regulation of The Netherlands (or other
                                       relevant jurisdiction), 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; or

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

                                   nor shall Additional Amounts be paid with
                                   respect to any payment on this Note to a
                                   holder 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 Netherlands (or
                                   other relevant jurisdiction), 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 this Note.

     ABN AMRO Bank N.V., a public limited liability company incorporated under
the laws of The Netherlands and with corporate seat in Amsterdam (together with
its successors and assigns, the "Issuer"), for value received, hereby promises
to pay to CEDE & CO., or registered assignees, the principal sum of U.S.
$35,000,000 (UNITED STATES DOLLARS THIRTY FIVE MILLION), on the Maturity Date
specified above (except to the extent redeemed or repaid prior to maturity) and
to pay interest thereon at the Interest Rate per annum specified above, from
and including the Interest Accrual Date specified above until the principal
hereof is paid or duly made available for payment

                                      15

<PAGE>

weekly, monthly, quarterly, semiannually or annually in arrears as specified
above as the Interest Payment Period on each Interest Payment Date (as
specified above), commencing on the Interest Payment Date next succeeding the
Interest Accrual Date specified above, and at maturity (or on any redemption or
repayment date); provided, however, that if the Interest Accrual Date occurs
between a Record Date, as defined below, and the next succeeding Interest
Payment Date, interest payments will commence on the second Interest Payment
Date succeeding the Interest Accrual Date to the registered holder of this Note
on the Record Date with respect to such second Interest Payment Date; and
provided, further, that if this Note is subject to "Annual Interest Payments,"
interest payments shall be made annually in arrears and the term "Interest
Payment Date" shall be deemed to mean the first day of March in each year.

     Interest on this Note will accrue from and including the most recent date
to which interest has been paid or duly provided for, or, if no interest has
been paid or duly provided for, from and including the Interest Accrual Date,
until, but excluding the date the principal hereof has been paid or duly made
available for payment. 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 person in whose name this Note (or one or more
predecessor Notes) is registered at the close of business on the date 15
calendar days prior to such Interest Payment Date (whether or not a Business
Day (as defined below)) (each such date a "Record Date"); provided, however,
that interest payable at maturity (or any redemption or repayment date) will be
payable to the person to whom the principal hereof shall be payable. As used
herein, "Business Day" means any day, other than a Saturday or Sunday, (a) that
is neither a legal holiday nor a day on which banking institutions are
authorized or required by law or regulation to close (x) in The City of New
York or (y) if this Note is denominated in a Specified Currency other than U.S.
dollars, Australian dollars or euro, in the principal financial center of the
country of the Specified Currency, or (z) if this Note is denominated in
Australian dollars, in Sydney and (b) if this Note is denominated in euro, that
is also a day on which the Trans-European Automated Real-time Gross Settlement
Express Transfer System ("TARGET") is operating (a "TARGET Settlement Day").

     Payment of the principal of this Note, any premium and the interest due at
maturity (or any redemption or repayment date), unless this Note is denominated
in a Specified Currency other than U.S. dollars and is to be paid in whole or
in part in such Specified Currency, will be made in immediately available funds
upon surrender of this Note at the office or agency of the Paying Agent, as
defined on the reverse hereof, maintained for that purpose in the Borough of
Manhattan, The City of New York, or at such other paying agency as the Issuer
may determine, in U.S. dollars. U.S. dollar payments of interest, other than
interest due at maturity or on any date of redemption or repayment, will be
made by U.S. dollar check mailed to the address of the person entitled thereto
as such address shall appear in the Note register. A holder of U.S. $10,000,000
(or the equivalent in a Specified Currency) or more in aggregate principal
amount of Notes having the same Interest Payment Date, the interest on which is
payable in U.S. dollars, shall be entitled to receive payments of interest,
other than interest due at maturity or on any date of redemption or repayment,
by wire transfer of immediately available funds if appropriate wire transfer
instructions have been received

                                      16

<PAGE>

by the Paying Agent in writing not less than 15 calendar days prior to the
applicable Interest Payment Date.

     If this Note is denominated in a Specified Currency other than U.S.
dollars, and the holder does not elect (in whole or in part) to receive payment
in U.S. dollars pursuant to the next succeeding paragraph, payments of
interest, principal or any premium with regard to this Note will be made by
wire transfer of immediately available funds to an account maintained by the
holder hereof with a bank located outside the United States if appropriate wire
transfer instructions have been received by the Paying Agent in writing, with
respect to payments of interest, on or prior to the fifth Business Day after
the applicable Record Date and, with respect to payments of principal or any
premium, at least ten Business Days prior to the Maturity Date or any
redemption or repayment date, as the case may be; provided that, if payment of
interest, principal or any premium with regard to this Note is payable in euro,
the account must be a euro account in a country for which the euro is the
lawful currency, provided, further, that if such wire transfer instructions are
not received, such payments will be made by check payable in such Specified
Currency mailed to the address of the person entitled thereto as such address
shall appear in the Note register; and provided, further, that payment of the
principal of this Note, any premium and the interest due at maturity (or on any
redemption or repayment date) will be made upon surrender of this Note at the
office or agency referred to in the preceding paragraph.

     If so indicated on the face hereof, the holder of this Note, if
denominated in a Specified Currency other than U.S. dollars, may elect to
receive all or a portion of payments on this Note in U.S. dollars by
transmitting a written request to the Paying Agent, on or prior to the fifth
Business Day after such Record Date or at least ten Business Days prior to the
Maturity Date or any redemption or repayment date, as the case may be. Such
election shall remain in effect unless such request is revoked by written
notice to the Paying Agent as to all or a portion of payments on this Note at
least five Business Days prior to such Record Date, for payments of interest,
or at least ten days prior to the Maturity Date or any redemption or repayment
date, for payments of principal, as the case may be.

     If the holder elects to receive all or a portion of payments of principal
of and any premium and interest on this Note, if denominated in a Specified
Currency other than U.S. dollars, in U.S. dollars, the Exchange Rate Agent (as
defined on the reverse hereof) will convert such payments into U.S. dollars. In
the event of such an election, payment in respect of this Note will be based
upon the exchange rate as determined by the Exchange Rate Agent based on the
highest bid quotation in The City of New York received by such Exchange Rate
Agent at approximately 11:00 a.m., New York City time, on the second Business
Day preceding the applicable payment date from three recognized foreign
exchange dealers (one of which may be the Exchange Rate Agent unless such
Exchange Rate Agent is an affiliate of the Issuer) for the purchase by the
quoting dealer of U.S. dollars for the Specified Currency for settlement on
such payment date in the amount of the Specified Currency payable in the
absence of such an election to such holder and at which the applicable dealer
commits to execute a contract. If such bid quotations are not available, such
payment will be made in the

                                      17

<PAGE>

Specified Currency. All currency exchange costs will be borne by the holder of
this Note by deductions from such payments.

     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
Trustee referred to on the reverse hereof by manual signature, this Note shall
not be entitled to any benefit under the Indenture, as defined on the reverse
hereof, or be valid or obligatory for any purpose.

                                      18

<PAGE>

     IN WITNESS WHEREOF, the Issuer has caused this Note to be duly executed.

DATED:  June 27, 2001                            ABN AMRO BANK N.V.

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

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

TRUSTEE'S CERTIFICATE
      OF AUTHENTICATION

This  is one of the Notes referred
  to in the within-mentioned
  Indenture.

THE CHASE MANHATTAN BANK,
      as Trustee

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

                                      19

<PAGE>

                              REVERSE OF SECURITY

     This Note is one of a duly authorized issue of Global Medium_Term Notes,
Series A, having maturities more than nine months from the date of issue (the
"Notes") of the Issuer. The Notes are issuable under an Indenture, dated as of
November 27, 2000, between the Issuer and The Chase Manhattan Bank, as Trustee
(the "Trustee," which term includes any successor trustee under the Indenture)
(as may be amended or supplemented from time to time, the "Indenture"), to
which Indenture and all indentures supplemental thereto reference is hereby
made for a statement of the respective rights, limitations of rights, duties
and immunities of the Issuer, the Trustee and holders of the Notes and the
terms upon which the Notes are, and are to be, authenticated and delivered. The
Issuer has appointed The Chase Manhattan Bank at its corporate trust office in
TheCity of New York as the paying agent (the "Paying Agent," which term
includes any additional or successor Paying Agent appointed by the Issuer) 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 Indenture. To the extent not inconsistent
herewith, the terms of the Indenture are hereby incorporated by reference
herein.

     Unless otherwise indicated on the face hereof, this Note will not be
subject to any sinking fund and, unless otherwise provided on the face hereof
in accordance with the provisions of the following two paragraphs, will not be
redeemable or subject to repayment at the option of the holder prior to
maturity.

     If so indicated on the face hereof, this Note may be redeemed in whole or
in part at the option of the Issuer on or after the Initial Redemption Date
specified on the face hereof on the terms set forth on the face hereof,
together with interest accrued and unpaid hereon to the date of redemption. If
this Note is subject to "Annual Redemption Percentage Reduction," the Initial
Redemption Percentage indicated on the face hereof will be reduced on each
anniversary of the Initial Redemption Date by the Annual Redemption Percentage
Reduction specified on the face hereof until the redemption price of this Note
is 100% of the principal amount hereof, together with interest accrued and
unpaid hereon to the date of redemption. Notice of redemption shall be mailed
to the registered holders of the Notes designated for redemption at their
addresses as the same shall appear on the Note register not less than 30 nor
more than 60 days prior to the date fixed for redemption or within the
Redemption Notice Period specified on the face hereof, subject to all the
conditions and provisions of the Indenture. In the event of redemption of this
Note in part only, a new Note or Notes for the amount of the unredeemed portion
hereof shall be issued in the name of the holder hereof upon the cancellation
hereof.

     If so indicated on the face of this Note, this Note will 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 or, if this Note is denominated in a Specified Currency other than
U.S. dollars, in increments of 1,000 units of such Specified Currency (provided
that any remaining principal amount hereof shall not be less than the minimum
authorized denomination hereof) at the option of

                                      20

<PAGE>

the holder hereof at a price equal to 100% of the principal amount to be
repaid, together with interest accrued and unpaid hereon to the date of
repayment. For this Note to be repaid at the option of the holder hereof, the
Paying Agent must receive at its corporate trust office in the Borough of
Manhattan, The City of New York, at least 15 but not more than 30 days prior to
the date of repayment, (i) this Note with the form entitled "Option to Elect
Repayment" below duly completed or (ii) a telegram, telex, facsimile
transmission or a letter from a member of a national securities exchange or the
National Association of Securities Dealers, Inc. or a commercial bank or a
trust company in the United States setting forth the name of the holder of this
Note, the principal amount hereof, the certificate number of this Note or a
description of this Note's tenor and terms, the principal amount hereof to be
repaid, a statement that the option to elect repayment is being exercised
thereby and a guarantee that this Note, together with the form entitled "Option
to Elect Repayment" duly completed, will be received by the Paying Agent not
later than the fifth Business Day after the date of such telegram, telex,
facsimile transmission or letter; provided, that such telegram, telex,
facsimile transmission or letter shall only be effective if this Note and form
duly completed are received by the 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 the cancellation hereof.

     Interest payments on this Note will include interest accrued to but
excluding the Interest Payment Dates or the Maturity Date (or any earlier
redemption or repayment date), as the case may be. Unless otherwise provided on
the face hereof, interest payments for this Note will be computed and paid on
the basis of a 360-day year of twelve 30-day months.

     In the case where the Interest Payment Date or the Maturity Date (or any
redemption or repayment date) does not fall on a Business Day, payment of
interest, premium, if any, or principal otherwise payable on such date need not
be made on such date, but may be made on the next succeeding Business Day with
the same force and effect as if made on the Interest Payment Date or on the
Maturity Date (or any redemption or repayment date), and no interest on such
payment shall accrue for the period from and after the Interest Payment Date or
the Maturity Date (or any redemption or repayment date) to such next succeeding
Business Day.

     This Note and all the obligations of the Issuer hereunder are direct,
unsecured obligations of the Issuer and rank without preference or priority
among themselves and pari passu with all other existing and future unsecured
and unsubordinated indebtedness of the Issuer, subject to certain statutory
exceptions in the event of liquidation upon insolvency. This Note, and any Note
or Notes issued upon transfer or exchange hereof, is issuable only in fully
registered form, without coupons, and, if denominated in U.S. dollars, unless
otherwise stated above, is issuable only in denominations of U.S. $1,000 and
any integral multiple of U.S. $1,000 in excess thereof. If this Note is
denominated in a Specified Currency other than U.S. dollars, then, unless a
higher minimum denomination is required by applicable law, it is issuable only
in denominations of the equivalent of U.S. $1,000 (rounded to an integral
multiple of 1,000 units of

                                      21

such Specified Currency), or any amount in excess thereof which is an integral
multiple of 1,000 units of such Specified Currency, as determined by reference
to the noon dollar buying rate in The City of New York for cable transfers of
such Specified Currency published by the Federal Reserve Bank of New York (the
"Market Exchange Rate") on the Business Day immediately preceding the date of
issuance. The Trustee has been appointed registrar for the Notes, and the
Trustee will maintain at its office in The City of New York a register for the
registration and transfer of Notes. This Note may be transferred at the
aforesaid office of the Trustee by surrendering this Note for cancellation,
accompanied by a written instrument of transfer in form satisfactory to the
Trustee and duly executed by the registered holder hereof in person or by the
holder's attorney duly authorized in writing, and thereupon the Trustee shall
issue in the name of the transferee or transferees, in exchange herefor, a new
Note or Notes having identical terms and provisions and having a like aggregate
principal amount in authorized denominations, subject to the terms and
conditions set forth herein; provided, however, that the Trustee will not be
required (i) to register the transfer of or exchange any Note that has been
called for redemption in whole or in part, except the unredeemed portion of
Notes being redeemed in part, (ii) to register the transfer of or exchange any
Note if the holder thereof has exercised his right, if any, to require the
Issuer to repurchase such Note in whole or in part, except the portion of such
Note not required to be repurchased, or (iii) to register the transfer of or
exchange Notes to the extent and during the period so provided in the Indenture
with respect to the redemption of Notes. Notes are exchangeable at said office
for other Notes of other authorized denominations of equal aggregate principal
amount having identical terms and provisions. All such exchanges and transfers
of Notes will be free of charge, but the Issuer may require payment of a sum
sufficient to cover any tax or other governmental charge in connection
therewith. All Notes surrendered for exchange shall be accompanied by a written
instrument of transfer in form satisfactory to the Trustee and executed by the
registered holder in person or by the holder's attorney duly authorized in
writing. The date of registration of any Note delivered upon any exchange or
transfer of Notes shall be such that no gain or loss of interest results from
such exchange or transfer.

     In case this Note shall at any time become mutilated, defaced or be
destroyed, lost or stolen and this 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 Trustee, the Issuer in its discretion may execute a new Note
of like tenor in exchange for this Note, but, if this Note is destroyed, lost
or stolen, only upon receipt of evidence satisfactory to the Trustee and the
Issuer that this Note was destroyed or lost or stolen and, if required, upon
receipt also of 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 Indenture provides that (a) if an Event of Default (as defined in
the Indenture) due to the default in payment of principal of, premium, if any,
or interest on, any series of debt securities issued under the Indenture,
including the series of Medium-Term Notes of which this Note forms a part,

                                      22

<PAGE>

or due to the default in the performance or breach of any other covenant or
warranty of the Issuer applicable to the debt securities of such series but not
applicable to all outstanding debt securities issued under the Indenture shall
have occurred and be continuing, either the Trustee or the holders of not less
than 25% in principal amount of the debt securities of each affected series
(voting as a single class) may then declare the principal of all debt
securities of all such series and interest accrued thereon to be due and
payable immediately and (b) if an Event of Default due to a default in the
performance of any other of the covenants or agreements in the Indenture
applicable to all outstanding debt securities issued thereunder, including this
Note, or due to certain events of bankruptcy or insolvency of the Issuer, shall
have occurred and be continuing, either the Trustee or the holders of not less
than 25% in principal amount of all debt securities issued under the Indenture
then outstanding (treated as one class) may declare the principal of all such
debt securities and interest accrued thereon to be due and payable immediately,
but upon certain conditions such declarations may be annulled and past defaults
may be waived (except a continuing default in payment of principal (or premium,
if any) or interest on such debt securities) by the holders of a majority in
principal amount of the debt securities of all affected series then
outstanding.

     If the face hereof indicates that this Note is subject to "Modified
Payment upon Acceleration," 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
aggregate principal amount hereof multiplied by the sum of the Issue Price
specified on the face hereof (expressed as a percentage of the aggregate
principal amount) plus the original issue discount amortized from the Interest
Accrual Date to the date of declaration, which amortization shall be calculated
using the "interest method" (computed in accordance with generally accepted
accounting principles in effect on the date of declaration), (ii) for the
purpose of any vote of securityholders taken pursuant to the Indenture 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 securityholders
taken pursuant to the Indenture 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.

     The Indenture permits the Issuer and the Trustee, with the consent of the
holders of not less than a majority in aggregate principal amount of the debt
securities of all series issued under the Indenture then outstanding and
affected (voting as one class), to execute supplemental indentures adding any
provisions to or changing in any manner the rights of the holders of each
series so affected; provided that the Issuer and the Trustee may not, without
the consent of the holder of each outstanding debt security affected thereby,
(a) extend the final maturity of any such debt security, or reduce the
principal amount thereof, or reduce the rate or extend the time of payment of
interest thereon, or reduce any amount payable on redemption or repayment
thereof, or change the currency of payment thereof, or modify or amend the
provisions for conversion of any currency into any other currency, or modify or
amend the provisions for conversion or exchange of the debt security for
securities of the Issuer or other entities (other than as provided in the
antidilution provisions or other

                                      23

<PAGE>

similar adjustment provisions of the debt securities or otherwise in accordance
with the terms thereof), or impair or affect the rights of any holder to
institute suit for the payment thereof without the consent of the holder of
each debt security so affected or (b) reduce the aforesaid percentage in
principal amount of debt securities the consent of the holders of which is
required for any such supplemental indenture.

     Except as set forth below, if the principal of, premium, if any, or
interest on, this Note is payable in a Specified Currency other than U.S.
dollars and such Specified Currency is not available to the Issuer for making
payments hereon due to the imposition of exchange controls or other
circumstances beyond the control of the Issuer or is no longer used by the
government of the country issuing such currency or for the settlement of
transactions by public institutions within the international banking community,
then the Issuer will be entitled to satisfy its obligations to the holder of
this Note by making such payments in U.S. dollars on the basis of the Market
Exchange Rate on the date of such payment or, if the Market Exchange Rate is
not available on such date, as of the most recent practicable date; provided,
however, that if the euro has been substituted for such Specified Currency, the
Issuer may at its option (or shall, if so required by applicable law) without
the consent of the holder of this Note effect the payment of principal of,
premium, if any, or interest on, any Note denominated in such Specified
Currency ineuro in lieu of such Specified Currency in conformity with legally
applicable measures taken pursuant to, or by virtue of, the treaty establishing
the European Community (the "EC"), as amended by the treaty on European Union
(as so amended, the "Treaty"). Any payment made under such circumstances in
U.S. dollars or euro where the required payment is in an unavailable Specified
Currency will not constitute an Event of Default. If such Market Exchange Rate
is not then available to the Issuer or is not published for a particular
Specified Currency, the Market Exchange Rate will be based on the highest bid
quotation in The City of New York received by the Exchange Rate Agent at
approximately 11:00 a.m., New York City time, on the second Business Day
preceding the date of such payment from three recognized foreign exchange
dealers (the "Exchange Dealers") for the purchase by the quoting Exchange
Dealer of the Specified Currency for U.S. dollars for settlement on the payment
date, in the aggregate amount of the Specified Currency payable to those
holders or beneficial owners of Notes and at which the applicable Exchange
Dealer commits to execute a contract. One of the Exchange Dealers providing
quotations may be the Exchange Rate Agent unless the Exchange Rate Agent is an
affiliate of the Issuer. If those bid quotations are not available, the
Exchange Rate Agent shall determine the market exchange rate at its sole
discretion.

     The "Exchange Rate Agent," if any, shall be indicated on the face hereof.

     All determinations referred to above made by, or on behalf of, the Issuer
or by, or on behalf of, the Exchange Rate Agent shall be at such entity's sole
discretion and shall, in the absence of manifest error, be conclusive for all
purposes and binding on holders of Notes and coupons.

     So long as this Note shall be outstanding, the Issuer 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 the Borough of
Manhattan, The City of New York, and an office or agency in said

                                      24

<PAGE>

Borough of Manhattan for the registration, transfer and exchange as aforesaid
of the Notes. The Issuer may designate other agencies for the payment of said
principal, premium and interest at such place or places (subject to applicable
laws and regulations) as the Issuer may decide. So long as there shall be such
an agency, the Issuer shall keep the Trustee advised of the names and locations
of such agencies, if any are so designated.

     With respect to moneys paid by the Issuer and held by the Trustee or any
Paying Agent for payment of the principal of or interest or premium, if any, on
any Notes that remain unclaimed at the end of two 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 Trustee or such Paying Agent
shall notify the holders of such Notes that such moneys shall be repaid to the
Issuer and any person claiming such moneys shall thereafter look only to the
Issuer for payment thereof and (ii) such moneys shall be so repaid to the
Issuer. Upon such repayment all liability of the Trustee or such Paying Agent
with respect to such moneys shall thereupon cease, without, however, limiting
in any way any obligation that the Issuer 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 Indenture shall alter or impair the
obligation of the Issuer, 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 prescribed unless otherwise
agreed between the Issuer and the registered holder of this Note.

     Prior to due presentment of this Note for registration of transfer, the
Issuer, the Trustee and any agent of the Issuer or the Trustee may treat the
holder in whose name this Note is registered as the owner hereof for all
purposes, whether or not this Note be overdue, and none of the Issuer, the
Trustee or any such agent shall be affected by notice to the contrary.

     No recourse shall be had for the payment of the principal of, 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 Indenture or any indenture
supplemental thereto, against any incorporator, shareholder, officer or
director, as such, past, present or future, of the Issuer or of any successor
corporation, either directly or through the Issuer 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 shall for all purposes be governed by, and construed in
accordance with, the laws of the State of New York.

     All terms used in this Note which are defined in the Indenture and not
otherwise defined herein shall have the meanings assigned to them in the
Indenture.

<PAGE>

                                 ABBREVIATIONS

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

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

     UNIF GIFT MIN ACT-___________________________ Custodian____________________
                                    (Minor)                         (Cust)

     Under Uniform Gifts to Minors Act__________________________________________
                                                     (State)

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

                           -------------------------

<PAGE>

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

---------------------------------------
[PLEASE INSERT SOCIAL SECURITY OR OTHER
     IDENTIFYING NUMBER OF ASSIGNEE]

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
[PLEASE PRINT OR TYPE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE]

the within Note and all rights thereunder, hereby irrevocably constituting and
appointing such person attorney to transfer such note on the books of the
Issuer, with full power of substitution in the premises.

Dated:_____________________________

NOTICE: The signature to this assignment must correspond with the name as
        written upon the face of the within Note in every particular without
        alteration or enlargement or any change whatsoever.

                                      27

<PAGE>

                           OPTION TO ELECT REPAYMENT

The undersigned hereby irrevocably requests and instructs 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 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):_________________

Dated:_______________________________   ________________________________________
                                        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.

                                      28

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