Document:

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                                                                    EXHIBIT 10.3

                         TEXAS CAPITAL BANCSHARES, INC.
                      DEFERRED COMPENSATION AGREEMENT TRUST

         THIS TRUST AGREEMENT made this 20th day of December, 1999 by and
between Texas Capital Bancshares, Inc. ("Bancshares") and Northern Trust Bank of
Texas, N.A. (the "Trustee").

         WHEREAS, Bancshares has adopted a nonqualified deferred compensation
agreement (the "Deferred Compensation Agreement") by and between Bancshares and
Joseph M. Grant (the "Employee"); and

         WHEREAS, Bancshares has incurred or expects to incur liability under
the terms of such Deferred Compensation Agreement with respect to the
individual(s) participating in such agreement; and

         WHEREAS, Bancshares wishes to establish a trust (hereinafter called the
"Trust") and to contribute to the Trust, assets that shall be held therein,
subject to the claims of Bancshares' creditors in the event of Bancshares'
Insolvency, as herein defined, until paid to Deferred Compensation Agreement
participant(s) and their beneficiaries in such manner and at such times as
specified in the Deferred Compensation Agreement; and

         WHEREAS, it is the intention of the parties that this Trust shall
constitute an unfunded arrangement and shall not affect the status of the
Deferred Compensation Agreement as an unfunded arrangement; and

         WHEREAS, it is the intention of Bancshares to make contributions to the
Trust to provide itself with a source of funds to assist it in the meeting of
its liabilities under the Deferred Compensation Agreement.

         NOW, THEREFORE, the parties do hereby establish the Trust and agree
that the Trust shall be comprised, held and disposed of as follows:

SECTION 1. ESTABLISHMENT OF TRUST

1.1 Bancshares hereby deposits with Trustee in trust the sum of $100 which shall
become the principal of the Trust to be held, administered and disposed of by
Trustee as provided in this Trust Agreement.

1.2 The Trust hereby established shall be irrevocable.

1.3 The Trust is intended to be a grantor trust, of which Bancshares is the
grantor, within the meaning of subpart E, part I, subchapter J, chapter 1,
subtitle A of the Internal Revenue Code of 1986, as amended, and shall be
construed accordingly.

1.4 The principal of the Trust, and any earnings thereon shall be held separate
and apart from other funds of Bancshares and shall be used exclusively for the
uses and purposes of Deferred Compensation Agreement participant(s) and general
creditors as herein set forth. Deferred Compensation Agreement participants and
their beneficiaries shall have no preferred claim on, or any beneficial
ownership interest in, any assets of the Trust. Any rights created under the
Deferred Compensation Agreement and this Trust Agreement shall be mere unsecured
contractual rights of Deferred Compensation Agreement participants and their
beneficiaries against Bancshares. Any assets held by the Trust will be subject
to the claims of Bancshares' general creditors under federal and state law in
the event of Insolvency, as defined in Section 3 herein.

1.5 Bancshares may, in its sole discretion, at any time, or from time to time,
make additional deposits with the Trustee to augment the principal to be held,
administered, or disposed of by Trustee as provided in this Trust Agreement.
Neither Trustee nor any Deferred Compensation Agreement participant or
beneficiary shall have any right to compel such additional deposits.

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SECTION 2.        PAYMENTS TO DEFERRED COMPENSATION AGREEMENT
                  PARTICIPANTS AND THEIR BENEFICIARIES.

2.1 Bancshares shall deliver to Trustee a schedule (the "Payment Schedule") that
indicates the amounts payable in respect of each Deferred Compensation Agreement
participant (and his or her beneficiaries), that provides directions to Trustee
regarding the amounts so payable, the form in which such amount is to be paid
(as provided for or available under the Deferred Compensation Agreement), and
the time of commencement for payment of such amounts. Except as otherwise
provided herein, Trustee shall make payments to Deferred Compensation Agreement
participant(s) and their beneficiaries in accordance with such Payment Schedule.
Bancshares shall have the sole responsibility for all tax withholding filings
and reports. Trustee shall withhold such amounts from distributions as
Bancshares directs and shall follow the instructions of Bancshares with respect
to remission of such withheld amounts to appropriate governmental authorities..

2.2 The entitlement of a Deferred Compensation Agreement participant or his or
her beneficiaries to benefits under the Deferred Compensation Agreement shall be
determined by Bancshares or such party as it shall designate under the Deferred
Compensation Agreement, and any claim for such benefits shall be considered and
reviewed under the procedures set out in the Deferred Compensation Agreement.

2.3 Bancshares may make payment of benefits directly to Deferred Compensation
Agreement participant(s) or their beneficiaries as they become due under the
terms of the Deferred Compensation Agreement. Bancshares shall notify Trustee of
its decision to make payment of benefits directly prior to the time amounts are
payable to participants or their beneficiaries. In addition, if the principal of
the Trust, and any earnings thereon, are not sufficient to make payments of
benefits in accordance with the terms of the Deferred Compensation Agreement,
Bancshares shall make the balance of each such payment as it falls due. Trustee
shall notify Bancshares where principal and earnings are not sufficient to make
a payment then due under the Payment Schedule.

SECTION 3.        TRUSTEE RESPONSIBILITY REGARDING PAYMENTS TO TRUST
                  BENEFICIARY WHEN BANCSHARES IS INSOLVENT.

3.1 Trustee shall cease payment of benefits to the Deferred Compensation
Agreement participant(s) and their beneficiaries if Bancshares is Insolvent.
Bancshares shall be considered "Insolvent" for purposes of this Trust Agreement
if (i) Bancshares is unable to pay its debts as they become due, or (ii)
Bancshares is subject to a pending proceeding as a debtor under the United
States Bankruptcy Code; or (iii) Bancshares is determined to be Insolvent by the
a state or federal regulatory banking authority exercising jurisdiction over
Bancshares.

3.2 At all times during the continuance of this Trust, as provided in Section 1
hereof, the principal and income of the Trust shall be subject to claims of
general creditors of Bancshares under federal and state law as set forth below.

         (a.) The Board of Directors and the President of Bancshares shall have
the duty to inform Trustee in writing of Bancshares' Insolvency. If a person
claiming to be a creditor of Bancshares alleges in writing to Trustee that
Bancshares has become Insolvent, Trustee shall determine whether Bancshares is
Insolvent and, pending such determination, Trustee shall discontinue payment of
benefits to Deferred Compensation Agreement participant(s) or their
beneficiaries.

         (b.) Unless Trustee has actual knowledge of Bancshares' Insolvency, or
has received notice from Bancshares or a person claiming to be a creditor
alleging that Bancshares is Insolvent, Trustee shall have no duty to inquire
whether Bancshares is Insolvent. Trustee may in all events rely on such evidence
concerning Bancshares' solvency as may be furnished to Trustee and that provides
Trustee with a reasonable basis for making a determination concerning
Bancshares' solvency. In no event shall `actual knowledge' be deemed to include
knowledge of Bancshares's credit status held by banking officers or banking
employees of Northern Trust Bank of Texas N.A. which has not been communicated
to the trust

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department of Trustee. Trustee may appoint an independent accounting, consulting
or law firm to make any determination of solvency required by Trustee under this
Section 3. In such event, Trustee may conclusively rely upon the determination
by such firm and shall be responsible only for the prudent selection of such
firm.

         (c.) If at any time the Board of Directors or the CEO of Bancshares
notifies the Trustee or Trustee has determined that Bancshares is Insolvent,
Trustee shall discontinue payments to Deferred Compensation Agreement
participant(s) or their beneficiaries and shall hold the assets of the Trust for
the benefit of Bancshares' general creditors. Nothing in this Trust Agreement
shall in any way diminish any rights of Deferred Compensation Agreement
participants or their beneficiaries to pursue their rights as general creditors
of Bancshares with respect to benefits due under the Deferred Compensation
Agreement(s) or otherwise.

         (d.) Trustee shall resume the payment of benefits to Deferred
Compensation Agreement participant(s) or their beneficiaries in accordance with
Section 2 of this Trust Agreement only after Trustee has determined that
Bancshares is not Insolvent (or is no longer Insolvent).

3.3 Provided that there are sufficient assets, if Trustee discontinues the
payment of benefits from the Trust pursuant to Section 3 hereof and subsequently
resumes such payments, the first payment following such discontinuance shall
include the aggregate amount of all payments due to Deferred Compensation
Agreement participant(s) or their beneficiaries under the terms of the Deferred
Compensation Agreement for the period of such discontinuance, less the aggregate
amount of any payments made to Deferred Compensation Agreement participant(s) or
their beneficiaries by Bancshares in lieu of the payments provided for hereunder
during any such period of discontinuance, all in accordance with the Payment
Schedule, which shall be modified by Bancshares as necessary to comply with the
provisions of this subparagraph (3.3).

SECTION 4.        INVESTMENT AUTHORITY.

4.1 Bancshares shall have sole investment responsibility for the assets of the
Trust, and the Trustee shall act with respect to such assets only as directed by
Bancshares and shall have no investment review responsibility therefor; provided
that subject to written investment guidelines issued by Bancshares to the
Trustee from time to time, the Trustee shall have responsibility for the
short-term investment of any cash balances held in the Trust. Upon a
contribution to the Trust by Bancshares pursuant to Section 1.5, Bancshares
shall direct the Trustee to, as soon as practicable, purchase on behalf of the
Trust, Bancshares Common Stock at a price, as solely determined by Bancshares.
All rights associated with Bancshares Common Stock held by the Trustee shall be
exercised by the Trustee only as directed by Bancshares and in no event shall be
exercisable by Deferred Compensation Agreement Participant(s).

SECTION 5.        DISPOSITION OF INCOME.

5.1 During the term of this Trust, all income received by the Trust, net of
expenses and taxes, shall be accumulated and reinvested in accordance with
Section 4 hereof.

SECTION 6. ACCOUNTING BY TRUSTEE.

6.1 Trustee shall keep accurate and detailed records of all investments,
receipts, disbursements, and all other transactions required to be made,
including such specific records as shall be agreed upon in writing between
Bancshares and Trustee. Within 30 days following the close of each calendar year
and within 30 days after the removal or resignation of Trustee, Trustee shall
deliver to Bancshares a written account of its administration of the Trust
during such year or during the period from the close of the last preceding year
to the date of such removal or resignation, setting forth all investments,
receipts, disbursements and other transactions effected by it, including a
description of all securities and investments purchased and sold with the cost
or net proceeds of such purchases or sales (accrued interest paid or receivable
being shown separately), and showing all cash, securities and other property
held in the trust at the end of such year or as of the date of such removal or
resignation, as the case may be. In the absence of the filing in writing with

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Trustee by Bancshares of exceptions or objections to any such account within 90
days, Bancshares shall be deemed to have approved such account; in such case, or
upon the written approval by Bancshares of any such account, Trustee shall be
released, relieved and discharged with respect to all matters and things set
forth in such account as though such account had been settled by the decree of a
court of competent jurisdiction. Trustee may conclusively rely on determinations
of Bancshares of valuations for the assets of the Trust for which Trustee deems
there to be no readily determinable fair market value.

SECTION 7. RESPONSIBILITY OF TRUSTEE.

7.1 Trustee shall act with the care, skill, prudence and diligence under the
circumstances then prevailing that a prudent person acting in like capacity and
familiar with such matters would use in the conduct of an enterprise of a like
character and with like aims, provided, however, that Trustee shall incur no
liability to any person for any action taken pursuant to a direction, request or
approval given in writing by Bancshares in the event of a dispute between
Bancshares and a party, Trustee may apply to a court of competent jurisdiction
to resolve the dispute.

7.2 If Trustee undertakes or defends any litigation arising in connection with
this Trust, Bancshares agrees to indemnify trustee against trustee's costs,
expenses and liabilities (including, without limitation, attorneys' fees and
expenses) relating thereto and to be primarily liable for such payments if
Bancshares does not pay such costs, expenses and liabilities in a reasonably
timely manner, trustee may obtain payment from the trust.

7.3 Trustee may hire agents, accountants, actuaries, investment advisors,
financial consultants or other professionals to assist it in performing any of
its duties or obligations hereunder.

7.4 Notwithstanding any powers granted to Trustee pursuant to this Trust
Agreement or to applicable law, Trustee shall not have any power that could give
this Trust the objective of carrying on a business and dividing the gains
therefrom, within the meaning of Treasury Regulation Section 301.7701-2.

7.5 The duties of Trustee shall be governed solely by the terms of the Trust
without reference to the terms of the Deferred Compensation Agreement.

7.6 Bancshares (which has authority to do so under the laws of its state of
incorporation) shall indemnify Northern Trust Bank of Texas N.A., and defend it
and hold it harmless from and against any and all liabilities, losses, claims,
suits or expenses (including attorneys' fees) of whatsoever kind and nature
which may be imposed upon, asserted against or incurred by Northern Trust Bank
of Texas N.A. at any time by reason of its carrying out its responsibilities or
providing services under this Trust Agreement, or its status as Trustee, or by
reason of the breach by Bancshares of any representation or warranty made under
this Trust Agreement, or by reason of any act or failure to act under the Trust
Agreement, except to the extent that any such liability, loss, claim, suit or
expense arises directly from Trustee's negligence or willful misconduct in the
performance of responsibilities specifically allocated to it under the Trust
Agreement. This paragraph shall survive the termination of this Trust Agreement.

7.7 Trustee shall not be liable for any delay in performance, or
non-performance, or any obligation hereunder to the extent that such obligation
is due to forces beyond Trustee's reasonable control, including but not limited
to delays, errors or interruptions caused by third parties; any industrial,
juridical, governmental, civil or military action; acts of terrorism,
insurrection or revolution; nuclear fusion, fission or radiation; failure or
fluctuation in electrical power, heat, light, air conditioning or
telecommunications equipment; or acts of God.

SECTION 8. COMPENSATION AND EXPENSES OF TRUSTEE.

8.1 Bancshares shall pay all administrative and Trustee's fees and expenses. If
not so paid, the fees and expenses shall be paid from the trust.

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SECTION 9. RESIGNATION AND REMOVAL OF TRUSTEE.

9.1 Trustee may resign at any time by written notice to Bancshares, which shall
be effective 30 days after receipt of such notice unless Bancshares and Trustee
agree otherwise.

9.2 Trustee may be removed by Bancshares on 30 days notice or upon shorter
notice accepted by trustee.

9.3 Upon resignation or removal of Trustee and appointment of a successor
Trustee, all assets shall subsequently be transferred to the successor Trustee.
The resigning or removed Trustee is authorized, however, to reserve the amount
as necessary for the payment of fees and expenses incurred prior to resignation
or removal. The transfer shall be completed within 30 days after receipt of
notice of resignation, removal or transfer, unless Bancshares extends the time
limit. Bancshares's consent to extension of such time limit shall not be
unreasonably withheld.

9.4 If Trustee resigns or is removed, a successor shall be appointed, in
accordance with Section 10 hereof, by the effective date of resignation or
removal under this Section. If no such appointment has been made, Trustee may
apply to a court of competent jurisdiction for appointment of a successor or for
instructions. All expenses of Trustee in connection with the proceeding shall be
allowed as administrative expenses of the Trust.

SECTION 10. APPOINTMENT OF SUCCESSOR.

10.1 If Trustee resigns or is removed in accordance with section 9 hereof,
Bancshares may appoint any independent third party, such as a bank trust
department or other party that may be granted corporate trustee powers under
state law, as a successor to replace trustee upon resignation or removal. The
appointment shall be effective when accepted in writing by the new Trustee, who
shall have all of the rights and powers of the former trustee, including
ownership rights in the trust assets. The former Trustee shall execute any
instrument necessary or reasonably requested by Bancshares or the successor
Trustee to evidence the transfer.

SECTION 11. AMENDMENT OR TERMINATION.

11.1 This Trust Agreement may be amended by a written instrument executed by
Trustee and Bancshares. Notwithstanding the foregoing, no such amendment shall
conflict with the terms of the Deferred Compensation Agreement, as certified to
by Bancshares (upon which certification Trustee may conclusively rely), or shall
make the Trust revocable.

11.2 The Trust shall not terminate until the date on which there are no longer
any assets held in the Trust or Deferred Compensation Agreement participant(s)
and their beneficiaries are no longer entitled to benefits pursuant to the terms
of the Deferred Compensation Agreement, as certified to by Bancshares (upon
which certification Trustee may conclusively rely),. Upon termination of the
Trust any assets remaining in the Trust shall be returned to Bancshares.

11.3 Upon written approval of participants or beneficiaries entitled to payment
of benefits pursuant to the terms of the deferred compensation agreement,
Bancshares may terminate this Trust prior to the time all benefit payments under
the deferred compensation agreement have been made. all assets in the Trust at
termination shall be returned to Bancshares. Such approval shall be obtained and
certified to by Bancshares (upon which certification Trustee may conclusively
rely), and Trustee shall have no responsibility therefore.

SECTION 12. MISCELLANEOUS.

12.1 Any provision of this Trust Agreement prohibited by law shall be
ineffective to the extent of any such prohibition, without invalidating the
remaining provisions hereof.

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12.2 Benefits payable to Deferred Compensation Agreement participants and their
beneficiaries under this Trust Agreement may not be anticipated, assigned
(either at law or in equity), alienated, pledged, encumbered or subjected to
attachment, garnishment, levy, execution or other legal or equitable process.

12.3 This Trust Agreement shall be governed by and construed in accordance with
the laws of the state of Texas.

12.4 Any action required to be taken by the Bancshares shall be by resolution of
its board of directors or by written direction of one or more of its president,
any vice president or treasurer. The Trustee may rely upon a resolution or
direction filed with the Trustee and shall have no responsibility for any action
taken by the Trustee in accordance with any such resolution or direction.

12.5 Bancshares represents and warrants that the Deferred Compensation Agreement
is an unfunded deferred compensation arrangement which is not a pension plan
subject to the Employee Retirement Income Security Act of 1974.

12.6 In making payments to service providers pursuant to authorized directions,
Bancshares acknowledges that the Trustee is acting as paying agent, and not as
the payor, for tax information reporting and withholding purposes.

12.7 This Agreement shall inure to the benefit of, and be binding upon, each of
the parties and their respective successors and assigns.

SECTION 13. EFFECTIVE DATE.

13.1 The effective date of this Trust Agreement shall be the 20th day of
December, 1999.

In WITNESS WHEREOF, Bancshares and Trustee have caused this Trust Agreement to
be executed by its duly authorized officers as of the date first above written.

<TABLE>
<S>                                                          <C>
Texas Capital Bancshares, Inc.                               The Northern Trust Company

By:  /s/ GREGORY B. HULTGREN                                 By:  /s/ DONNA H. BISHOP
     -----------------------                                      -------------------
       Gregory B. Hultgren                                          Donna H. Bishop
       Chief Financial Officer                                      Vice President
</TABLE>

(CORPORATE SEAL)

         The undersigned, Larry A. Makel, does hereby certify that he/she is the
duly elected, qualified and acting Secretary of Texas Capital Bancshares, Inc.
("Bancshares") and further certifies that the person whose signature appears
above is a duly elected, qualified and acting officer of Bancshares with full
power and authority to execute this Trust Agreement on behalf of Bancshares and
to take such other actions and execute such other documents as may be necessary
to effectuate this Agreement.

/s/ LARRY A. MAKEL
-------------------------------
Secretary
Texas Capital Bancshares, Inc.<PAGE>   1
                                                                     EXHIBIT 4.1

THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE
HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A
NOMINEE OF A DEPOSITARY. THIS SECURITY IS EXCHANGEABLE FOR SECURITIES REGISTERED
IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE ONLY IN THE
LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE AND MAY NOT BE TRANSFERRED
EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF SUCH DEPOSITARY OR BY A
NOMINEE OF SUCH DEPOSITARY TO SUCH DEPOSITARY OR ANOTHER NOMINEE OF SUCH
DEPOSITARY OR BY SUCH DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR OF SUCH
DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR.

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

                                                                Principal Amount
R3
                                                                    $400,000,000

                          HCA - THE HEALTHCARE COMPANY

                        8.750% NOTE DUE SEPTEMBER 1, 2010

                                   GLOBAL NOTE

                                                                 CUSIP 404119AA7

         HCA - THE HEALTHCARE COMPANY, a corporation duly organized and existing
under the laws of the State of Delaware (herein called the "Company," which term
includes any successor corporation under the Indenture hereinafter referred to),
for value received, hereby promises to pay to Cede & Co., as the nominee of The
Depository Trust Company, or registered assigns, the principal amount of Four
Hundred Million Dollars ($400,000,000), on September 1, 2010 (the "Maturity
Date") and to pay interest (computed on the basis of a 360-day year of twelve
30-day months) on March 1 and September 1 ("Interest Payment Date") in each
year, beginning on March 1, 2001, and at the Maturity Date specified above on
said principal amount, at the rate of 8.750% per annum, from August 23, 2000
until payment of said principal amount has been made or duly provided for. The
interest so payable on any Interest Payment Date (other than at maturity) will
be paid to the Person in whose name this Global Note is registered at the

<PAGE>   2

close of business on the fifteenth day of the month immediately preceding the
month in which such interest payment is due (a "Regular Record Date"), unless
the Company shall default in the payment of interest due on any such Interest
Payment Date, in which case such defaulted interest shall be paid to the Person
in whose name this Global Note is registered at the close of business on a
Special Record Date for the payment of such defaulted interest established by
notice to the registered holders of Notes not less than ten days preceding such
Special Record Date. In any case where the date for any payment on the Notes is
not a Business Day, such payment shall be made on the next succeeding Business
Day. A Business Day is any day that is not a Saturday or Sunday and that, in The
City of New York, New York is not a day on which banking institutions are
generally authorized or required by law or executive order to close.

         Both principal of and interest on this Global Note are payable in
immediately available funds in any coin or currency of the United States of
America, which at the time of payment is legal tender for the payment of public
and private debts. Payments of principal and interest will be made in The City
of New York, New York, at the Corporate Trust Office of Bank One Trust Company,
N.A., or at such other office or agency of the Company as the Company shall
designate pursuant to the Indenture referred to elsewhere herein.

         This Global Note is one of a duly authorized issue of debentures,
notes, bonds or other evidences of indebtedness of the Company (the
"Securities"), of the series hereinafter specified, issued or to be issued under
an Indenture dated as of December 16, 1993, as supplemented, as may be amended
by indentures supplemental thereto (the "Indenture"), duly executed and
delivered by the Company to Bank One Trust Company, N.A., the successor to The
First National Bank of Chicago, as trustee (the "Trustee"), to which Indenture
reference is hereby made for a description of the respective rights and duties
thereunder of the Trustee, the Company and the Holders of the Securities. The
Securities may be issued in one or more series, which different series may be
issued in various aggregate principal amounts, may mature at different times,
may bear interest at different rates, may have different conversion prices (if
any), may be subject to different redemption provisions, may be subject to
different sinking, purchase or analogous funds, may be subject to different
covenants and Events of Default and may otherwise vary as in the Indenture
provided. This Global Note is a Global Security representing the entire
principal amount of a series of Securities designated "8.750% Notes due
September 1, 2010" (the "Notes") issued under the Indenture. Unless otherwise
provided herein, all terms used in this Global Note, which are defined in the
Indenture, shall have the meanings assigned to them in the Indenture.

         The Notes do not have a sinking fund.

         The Notes may be redeemed as a whole or in part at any time by the
Company prior to maturity. The redemption price shall equal the greater of (i)
100% of the principal amount of such Notes and (ii) the sum of the present
values of the remaining scheduled payments of principal and interest thereon
discounted to the redemption date on a semiannual basis (assuming a 360-day year
consisting of twelve 30-day months) at the Treasury Rate (as defined below),
plus 50 basis points, plus, in each case, accrued interest thereon to the date
of redemption.

         "Treasury Rate" means, with respect to any redemption date, the rate
per annum equal to the semiannual equivalent yield to maturity of the Comparable
Treasury Issue, assuming a price

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<PAGE>   3

for the Comparable Treasury Issue (expressed as a percentage of its principal
amount) equal to the Comparable Treasury Price for the redemption date.

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

         "Comparable Treasury Price" means, with respect to any redemption date,
(1) the average of the bid and asked prices for the Comparable Treasury Issue
(expressed in each case as a percentage of its principal amount) on the third
business day preceding the redemption date, as set forth in the daily
statistical release (or any successor release) published by the Federal Reserve
Bank of New York and designated "Composite 3:30 p.m. Quotations for U.S.
Government Securities" or (2) if the release (or any successor release) is not
published or does not contain the prices on that business day, (a) the average
of the Reference Treasury Dealer Quotations for the redemption date, after
excluding the highest and lowest Reference Treasury Dealer Quotations, or (b) if
the Trustee obtains fewer than four Reference Treasury Dealer Quotations, the
average of all the quotations.

         "Reference Treasury Dealer Quotations" means, with respect to each
Reference Treasury Dealer and any redemption date, the average, as determined by
the Trustee, of the bid and asked prices for the Comparable Treasury Issue
(expressed in each case as a percentage of its principal amount) quoted in
writing to the Trustee by the Reference Treasury Dealer at 5:00 p.m. on the
third business day preceding the redemption date.

         "Reference Treasury Dealer" means each of Chase Securities Inc.,
Goldman, Sachs & Co., Merrill Lynch, Pierce, Fenner & Smith Incorporated and
Salomon Smith Barney Inc. and their respective successors; provided however,
that if any of the foregoing shall cease to be a primary U.S. Government
securities dealer in New York City (a "Primary Treasury Dealer"), the Company
shall substitute another Primary Treasury Dealer.

         The Company will mail notice of any redemption between 30 and 60 days
preceding the redemption date to each holder of the Notes to be redeemed.

         Unless the Company defaults in payment of the redemption price, on and
after the redemption date, interest will cease to accrue on the Notes or
portions called for redemption.

         In case an Event of Default with respect to the Notes shall have
occurred and be continuing, the principal hereof may be declared, and upon such
declaration shall become, immediately due and payable, in the manner, with the
effect and subject to the conditions provided in the Indenture. The Indenture
provides that such declaration may in certain events be waived by the Holders of
a majority in principal amount of the Notes then Outstanding.

         Several banks and other financial institutions have provided the
Company with a $1.2 billion credit facility under a term loan agreement dated as
of March 13, 2000, as amended. The Company will be in default under the Notes if
a default occurs under that agreement (as it may

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<PAGE>   4

be amended, modified, extended, renewed or replaced from time to time) and that
default results in an acceleration of the maturity of the Company's indebtedness
under that agreement. A declaration of the acceleration of the maturity of the
Notes for this reason is subject to annulment if the default that caused
acceleration of the indebtedness under the agreement is cured or waived. The
Company does not need the consent of the holders of the Notes to enter into any
amendment, modification, extension, renewal or replacement of the term loan
agreement. Such cross-default will no longer be applicable following the time,
if ever, as the Notes are rated Baa3 (or the equivalent) or higher by Moody's
and BBB- (or the equivalent) or higher by Standard & Poor's. "Moody's" means
Moody's Investors Service, Inc. and its successors. "Standard & Poor's" means
Standard and Poor's Ratings Services, a division of The McGraw-Hill Companies,
Inc., and its successors.

         The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the
Company and the rights of the Holders of the Securities of each series to be
affected under the Indenture at any time by the Company and the Trustee with the
consent of the Holders of not less than a majority in principal amount of the
outstanding Securities of each series to be affected. It is also provided in the
Indenture that, prior to any declaration accelerating the maturity of the Notes
as a series, the Holders of a majority in aggregate principal amount of the
Securities of such series at the time Outstanding may on behalf of the Holders
of all of the Securities of such series waive any past default with respect to
the Securities of such series under the Indenture and its consequences, except a
default in the payment of the principal of, or interest on, any of the
Securities of such series.

         No reference herein to the Indenture and no provision of this Global
Note or of the Indenture (including the Company's right to defease and discharge
the Notes pursuant to Article Four and Article Fourteen of the Indenture) shall
alter or impair the obligation of the Company, which is absolute and
unconditional, to pay the principal of, and interest on, this Global Note at the
place, at the respective times, at the rate and in the coin or currency herein
prescribed.

         This Global Note shall be exchangeable for Securities registered in the
names of Persons other than the Depositary or its nominee only if (i) the
Depositary notifies the Company that it is unwilling or unable to continue as
the Depositary or if at any time the Depositary ceases to be registered or in
good standing under the United States Securities Exchange Act of 1934, as
amended, and the Company fails to appoint a successor Depositary within 90 days
after the Company receives such notice or becomes aware of such event, (ii) the
Company executes and delivers to the Trustee a Company Order that this Global
Note shall be so exchangeable or (iii) there shall have occurred and be
continuing an Event of Default, or an event which, with the giving of notice or
the lapse of time, or both, would constitute an Event of Default, with respect
to the Notes. To the extent that this Global Note is exchangeable pursuant to
the preceding sentence, it shall be exchangeable for Notes registered in such
names as the Depositary shall direct.

         Except as provided in the immediately preceding paragraph, this Global
Note may not be transferred except as a whole by the Depositary to a nominee of
such Depositary or by a nominee of such Depositary to such Depositary or another
nominee of such Depositary or by such Depositary or any such nominee to a
successor of such Depositary or a nominee of such successor.

                                       4
<PAGE>   5

         Prior to due presentment for registration of transfer of this Global
Note, the Company, the Trustee and any agent of the Company or the Trustee may
deem and treat the Holder hereof as the absolute owner of this Global Note
(whether or not this Global Note shall be overdue and notwithstanding any
notation of ownership or other writing hereon), for the purpose of receiving
payment hereof or on account hereof (except as otherwise provided in the
Indenture), as herein provided, and for all other purposes, and neither the
Company nor the Trustee nor any Paying Agent nor any Security Registrar shall be
affected by any notice to the contrary. All payments made to or upon the order
of such Holder shall, to the extent of the sum or sums paid, effectually satisfy
and discharge liability for moneys payable on this Global Note.

         None of the Company, the Trustee, any Paying Agent or the Security
Registrar will have any responsibility or liability for any aspect of the
records relating to or payments made on account of beneficial ownership
interests of this Global Note or for maintaining, supervising or reviewing any
records relating to such beneficial ownership interests.

         No recourse for the payment of the principal of, or interest on, this
Global Note, or for any claims based hereon or otherwise in respect hereof, and
no recourse under or upon any obligation, covenant or agreement of the Company
in the Indenture or any indenture supplemental thereto or in any Note or because
of the creation of any indebtedness represented thereby, shall be had against
any incorporator, stockholder, officer or director, as such, past, present or
future, of the Company, whether by virtue 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.

         Except as otherwise expressly provided in this Global Note, this Global
Note shall in all respects be entitled to all benefits, and subject to the same
terms and conditions, as definitive registered securities authenticated and
delivered under the Indenture.

         The Indenture and this Global Note shall be governed by and construed
in accordance with the laws of the State of New York.

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

                                       5
<PAGE>   6

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

Dated as of August 23, 2000         HCA - THE HEALTHCARE COMPANY

                                    By:     /s/ David G. Anderson
                                            ------------------------------------
                                    Title:  Senior Vice President - Finance and
                                            Treasurer

                                    Attest: /s/ John M. Franck II
                                            ------------------------------------
                                    Title:  Corporate Secretary

TRUSTEE'S CERTIFICATE
OF AUTHENTICATION

This is one of the Securities
of the series designated herein
referred to in the within-
mentioned Indenture.

BANK ONE TRUST COMPANY, N.A.
as Trustee

By: /s/ Michael D. Pinzon
    -----------------------------------

                                       6

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