Document:

<PAGE>
                                                                    EXHIBIT 10.8

                                 LEASE AGREEMENT
                                  (MAIN OFFICE)

                                       FOR

                               BANKING FACILITIES

                                   VISION BANK

                              Gulf Shores, Alabama

<PAGE>

                                TABLE OF CONTENTS

1.       LEASED PREMISES ..................................................  1

2.       LEASE TERM .......................................................  1
2.1      Continuance During Term ..........................................  1
2.2      Renewal Options ...................... ...........................  1

3.       USE ..............................................................  1
3.1      Permitted Use ....................................................  1
3.2      Legal Use and Violation of Insurance Coverage ....................  1
3.3      Nuisance .........................................................  2

4.       BASE RENTAL ......................................................  2

5.       COSTS ............................................................  2

6.       SERVICES TO BE FURNISHED BY LANDLORD .............................  2
6.1      Defined Services .................................................  2

7.       GRAPHICS .........................................................  2

8.       CARE OF THE LEASED PREMISES BY TENANT ............................  2
8.1      Condition of Leased Premises at Commencement; Notice to Landlord .  2
8.2      No Waste; Regulated Materials ....................................  3

9.       REPAIRS AND ALTERATIONS BY TENANT ................................  3
9.1      Repair by Tenant .................................................  3
9.2      Compliance with Laws; Repair by Landlord .........................  3
9.3      Alterations or Additions by Tenant ...............................  3
9.4      Property of Landlord .............................................  4

10.      LAWS, REGULATIONS AND RULES ......................................  4
10.1     Applicable Ordinances ............................................  4
10.2     Building Rules ...................................................  4

11.      ENTRY BY LANDLORD ................................................  4

12.      FURNITURE, FIXTURES AND PERSONAL PROPERTY ........................  4

13.      TAXES ON TENANT'S PROPERTY .......................................  4

14.      ASSIGNMENT AND SUBLETTING ........................................  4
14.1     No Assignment Without Consent ....................................  4
14.2     Assignment or Sublease ...........................................  4
14.3     Further Assignment ...............................................  5
14.4     Assigns and Sublessees ...........................................  5
14.5     Transfers by Landlord ............................................  5

15.      MECHANIC'S LIEN ..................................................  5
15.1     Tenant Not to Permit Liens .......................................  5
15.2     Rights of Landlord; Additional Rent ..............................  5

16.      INSURANCE ........................................................  5

                                       i

<PAGE>

16.1     Tenant ...........................................................  5
16.2     Insurance -- General .............................................  6
16.3     Subrogation ......................................................  6

17.      CASUALTY DAMAGE ..................................................  6

18.      CONDEMNATION .....................................................  6

19.      INDEMNITY ........................................................  6
19.1     Indemnification by Tenant ........................................  6
19.2     Indemnification by Landlord ......................................  7
19.3     No Liability .....................................................  7

20.      DAMAGES FROM CERTAIN CAUSES ......................................  7

21.      EVENTS OF DEFAULT/REMEDIES .......................................  7
21.1     Events of Default by Tenant ......................................  7
21.2     Landlord's Remedies for Tenant Default ...........................  8
21.3     Landlord's Remedies are Cumulative ...............................  9
21.4     Obligation to Pay Rent is Independent; No Setoff .................  9
21.5     Special Rights of Depository Institution Supervisory Authority ... 10

22.      PEACEFUL ENJOYMENT ............................................... 10
22.1     Rights of Tenant ................................................. 10
22.2     Limitation ....................................................... 10

23.      HOLDING OVER ..................................................... 10
23.1     Rental Amount .................................................... 10
23.2     No Extension of Term ............................................. 10

24.      SUBORDINATION .................................................... 10
24.1     Subject to Mortgages and Certain Leases .......................... 10
24.2     Subordination of Lease Agreement ................................. 10
24.3     Approval of Lease Agreement by Landlord's Mortgagee .............. 11
24.4     Attorney-in-Fact ................................................. 11
24.5     Estoppel Certificates; Financial Certificates .................... 11
24.6     Attornment ....................................................... 11
24.7     Notice to Mortgagees ............................................. 11

25.      ATTORNEY'S FEES .................................................. 11

26.      NO IMPLIED WAIVER ................................................ 12
26.1     No Waiver ........................................................ 12
26.2     Partial Payment .................................................. 12

27.      PERSONAL LIABILITY ............................................... 12

28.      FORCE MAJEURE .................................................... 12

29.      RELATIONSHIP OF PARTIES .......................................... 12

30.      MISCELLANEOUS .................................................... 12
30.1     Severability ..................................................... 12
30.2     Recordation ...................................................... 12

                                       ii

<PAGE>

30.3     Governing Law .................................................... 12
30.4     Time of Performance .............................................. 12
30.5     Commissions ...................................................... 12
30.6     Parking .......................................................... 12
30.7     Effect of Delivery of this Lease Agreement ....................... 12
30.8     Section Headings ................................................. 13
30.9     Entire Agreement ................................................. 13
30.10    Successors and Assigns ........................................... 13
30.11    Notices .......................................................... 13
30.12    Gender ........................................................... 13
30.13    Time of the Essence .............................................. 13
30.14    Building Name .................................................... 13
30.15    No Merger ........................................................ 13

31.      EXHIBITS AND SCHEDULES ........................................... 14

                                      iii

<PAGE>

                                    Exhibit A

                         Floor Plan of Leased Premises

<PAGE>

STATE OF ALABAMA

COUNTY OF BALDWIN

                                 LEASE AGREEMENT

          This Lease Agreement made and entered into on this the 5th day of
March, 2001, between GULF SHORES INVESTMENT GROUP, LLC an Alabama limited
liability company (hereinafter called "Landlord"), and VISION BANK, an Alabama
banking corporation (hereinafter called "Tenant"). Tenant's address for purposes
hereof until commencement of the term of this Lease Agreement shall be c/o
Daniel J. Sizemore, agent for bank in organization, P. O. Box 1248, Gulf Shores,
Alabama 36547, and thereafter shall be the Leased Premises (hereinafter
defined).

                              W I T N E S S E T H:

1.       LEASED PREMISES.

         Subject to and upon the terms, provisions and conditions hereinafter
set forth, and each in consideration of the duties, covenants and obligations of
the other hereunder, Landlord does hereby lease, demise and let to Tenant and
Tenant does hereby lease from Landlord those certain premises (the "Leased
Premises") in the building (the "Building") located at 2201 West 1st Avenue,
Gulf Shores, Alabama, such Leased Premises being approximately 10,312 square
feet of Rentable Area, as reflected on the floor plan of such Leased Premises
attached hereto and made a part hereof as Exhibit A.

2.       LEASE TERM.

         2.1 Continuance During Term. This Lease Agreement shall continue in
force during a period beginning on the Commencement Date (hereafter defined) and
ending on midnight on the date which is nine (9) years after the first day of
the first calendar month immediately following the calendar month in which the
Commencement Date occurs (the "Lease Term"), unless this Lease Agreement is
sooner terminated or extended to a later date under any other term or provision
of this Lease Agreement. For purposes of this Lease, the term "Commencement
Date" shall mean the earlier of (a) the date the Leased Premises are ready for
occupancy by Tenant for the operation of its business, or (b) March 5, 2001.

         2.2 Renewal Options. Provided that no Event of Default has occurred
under this Lease and is continuing, Tenant shall have an option to renew this
Lease for three additional terms of three (3) year each on the same terms and
conditions as set forth herein, except that Landlord shall be entitled to raise
the Base Rental for such extension period, in its sole discretion, and Tenant
shall thereafter have sixty (60) days to agree or terminate following receipt of
notification from Landlord not less than ninety (90) days prior to expiration of
the original lease term.

3.       USE.

         3.1 Permitted Use. The Leased Premises are to be used and occupied by
Tenant solely for general office purposes, including but not limited to the
operation of a bank.

         3.2 Legal Use and Violation of Insurance Coverage. Tenant agrees not to
occupy or use, or permit any portion of the Leased Premises to be occupied or
used for any business or purpose that is unlawful, disreputable or deemed to be
extra-hazardous. Tenant will not keep any substance or carry on or permit any
operation which might emit offensive gas, smoke, fumes, dust, odors, waste
products or conditions into other portions of the Building, or use any apparatus
which might make undue noise or set up vibrations in the Building. Tenant will
not permit anything to be done which would increase the fire and extended
coverage insurance rate on the Building or contents, and if there is any
increase in such rates by reason of acts of Tenant, then Tenant agrees to pay
such increase promptly upon demand therefor by Landlord.

                                     Page 1

<PAGE>

         3.3 Nuisance. Tenant agrees to conduct its business and control its
agents, employees, invitees and visitors in such manner as not to create any
nuisance, or interfere with, annoy or disturb any other tenant or Landlord in
the operation of the Building.

4.       BASE RENTAL.

         Tenant hereby agrees to pay a base annual rental (herein called the
"Base Rental") of $188,400 at the rate of $18.27 per square foot of Rentable
Area. The Tenant shall also pay, as additional rent, all such other sums of
money as shall become due and payable by Tenant to Landlord under this Lease
Agreement. The Base Rental shall be due and payable in twelve (12) equal
installments of $15,700 on the first day of each calendar month during the
initial term and any extensions or renewals thereof, and Tenant hereby agrees to
pay such rent to Landlord monthly in advance without demand and without any
reduction, abatement, counterclaim or setoff, at such address as may be
designated by Landlord. The "Base Rental," and any other additional rental shall
be collectively referred to as "Rent" or "rent." If the term of this Lease
Agreement as heretofore established commences on other than the first day of a
month or terminates on other than the last day of a month, then the Rent
provided for herein for such month or months shall be prorated and the
installment or installments so prorated shall be paid in advance. The Base
Rental shall be adjusted twice during the Lease Term:(1) upon the first day of
the fourth year of the Lease Term; and, (ii) upon the first day of the seventh
year of the Lease Term (collectively, the "Adjustment Dates"). Upon each of the
Adjustment Dates, the Base Rental shall be adjusted to a figure determined to be
"market rent" by a MAI-designated appraiser. The Tenant shall bear the expense
of such appraiser. All past due installments of rent shall bear interest at the
lesser of (i) the maximum rate permitted by applicable law, or (ii) three (3)
percentage points above the Prime Rate (hereinafter defined), from the date due
until paid. The term "Prime Rate" for purposes of this Lease Agreement, shall
mean the rate as published in the WALL STREET JOURNAL on the date or dates on
which reference to the Prime Rate is being made (or in the event no such
quotation is available on such date, as quoted on the day most immediately
preceding the date of determination on which such a quotation was available),
and shall not be subject to adjustment, but shall in no event exceed the maximum
rate provided by applicable law.

5.       COSTS.

         Tenant shall bear the expense of all insurance on the Property and
Building, common area expenses, and all real estate taxes. Tenant agrees to pay
Landlord within fifteen (15) days of receipt of invoice from Landlord or direct
billing for any charges not directly invoiced to Tenant. Any payments advanced
by Landlord shall be fully reimbursed by Tenant. Tenant acknowledges this is a
triple net lease.

6.       SERVICES TO BE FURNISHED BY LANDLORD.

         6.1 Defined Services. Tenant agrees no services are to be provided by
Landlord.

7.       GRAPHICS.

         Landlord shall provide and install, at Tenant's cost, all letters or
numerals at doors to the Leased Premises. All such letters and numerals shall be
in the standard graphics for the Building, and no others shall be used or
permitted on the Leased Premises without Landlord's prior written consent. No
signs, symbol or identifying mark shall be put upon the Building, or in the
halls, elevators, staircases, entrances, parking areas or upon the doors or
walls, without prior written consent of Landlord.

8.       CARE OF THE LEASED PREMISES BY TENANT.

     8.1 Condition of Leased Premises at Commencement; Notice to Landlord. The
taking of possession of the Leased Premises by Tenant shall be conclusive
evidence as against Tenant (a) that it accepts the Leased Premises as suitable
for the purposes for which same are leased, subject to "punch list" items to be
installed or repaired by Landlord contained in a punch list which must be
submitted, if at all, to Landlord by Tenant within ten (10) days after the
Commencement Date; (b) that it accepts the Property as being in a good and
satisfactory condition; and (c) that Tenant waives any defects in the Leased
Premises and its appurtenances and in all other parts of the Property. Any
subsequent modifications to the Leased Premises required by governmental laws,
rules or regulations, including without limitation modifications required under
the Americans with Disabilities Act of 1990 and similar legislation, shall be
the sole

                                     Page 2

<PAGE>

responsibility of Tenant. Landlord shall not be liable to Tenant or any of
its agents, employees, licenses, servants or invitees for any injury or damage
to person or property due to the condition or design of or any defect in the
Building or its mechanical systems and equipment which may exist or occur, or
due to the leaking of gas, water, sewer, or steam unless such injury or damage
is due to the gross negligence or willful misconduct of Landlord (but not
including the negligence or willful misconduct of Landlord's contractors); and
Tenant, with respect to itself and its agents, employees, licensees, servants
and invitees shall have the responsibility for all risks of injury or damage to
person or property, either proximate or remote, by reason of the condition of
the Leased Premises or the Property except for injury or damage caused by the
gross negligence or willful misconduct of Landlord. Except as specifically set
forth herein, no promises of the Landlord to alter, remodel, repair or improve
the Leased Premises or the Building and no representations respecting the
condition of the Leased Premises or the Building have been made by Landlord to
Tenant. At all times during the Lease Term, including any extensions thereof,
Tenant agrees to give Landlord prompt notice of any apparent defective condition
in or about the Leased Premises.

         8.2 No Waste; Regulated Materials. Tenant shall not commit waste or
allow any waste to be committed on any portion of the Leased Premises, and at
the termination of this Lease Agreement, Tenant shall deliver the Leased
Premises to Landlord in as good condition as at the date of the commencement of
the term of this Lease Agreement, ordinary wear and use excepted. Tenant shall
not treat, store, handle, generate, locate on, discharge from, or dispose on the
Leased Premises or the Building any materials regulated, controlled, limited or
restricted by governmental laws, rules, regulations or ordinances.

9.       REPAIRS AND ALTERATIONS BY TENANT.

         9.1 Repair by Tenant. Tenant shall, at Tenant's own cost and expense,
repair any damage done to the Building, or any part thereof, including
replacement of damaged portions or items, caused by Tenant or Tenant's agents,
guests, employees, invitees, licensees, customers or visitors, and Tenant
covenants and agrees to make all such repairs as may be required to restore the
Building to as good a condition as it was in prior to such damage. Tenant
further agrees to maintain and keep the interior of the Leased Premises in good
repair and condition at Tenant's expense. Repair and replacement parts,
materials and equipment shall be of a quality equivalent to those initially
installed in the Building or Leased Premises.

         9.2 Compliance with Laws; Repair by Landlord. All such work or repairs
by Tenant shall be effected in compliance with all applicable laws; provided,
however, if Tenant fails to make such repairs or replacements promptly, Landlord
may, at its option, make repairs or replacements, and Tenant shall pay to
Landlord the cost thereof, within ten (10) days of Landlord's demand therefor,
as additional rent.

         9.3 Alterations or Additions by Tenant. Tenant agrees with Landlord not
to make or allow to be made any alterations to the Leased Premises except in
compliance with the provisions of this Section.

          (a)      Tenant shall be entitled to make minor alterations such as
                   placing items on the walls of the Leased Premises so long as
                   once they are removed, Tenant repairs any damage caused
                   thereby. Any and all such alterations, physical additions, or
                   improvements, when made to the Leased Premises by Tenant,
                   shall at once become the property of Landlord and shall be
                   surrendered to Landlord upon the termination of this Lease by
                   lapse of time or otherwise; provided, however, this paragraph
                   shall not apply to movable equipment or furniture owned by
                   Tenant. If, however, Landlord so requests in writing, Tenant
                   will, immediately prior to termination of this Lease, remove
                   any and all physical additions to the Leased Premises,
                   including partitions, and will repair any damage caused by
                   such removal, all at Tenant's cost.

          (b)      If the Tenant performs any construction work on the Leased
                   Premises, Tenant's work will be performed with materials of
                   good quality. Tenant shall not do any construction work or
                   alterations, nor shall Tenant install any equipment without
                   first obtaining Landlord's written approval of the plans and
                   specifications therefor. The approval of the Landlord of such
                   plans and specifications shall not constitute the assumption
                   of any liability on the part of the Landlord for their
                   accuracy or their conformity with requirements of any
                   building code, or other municipal or governmental regulation
                   or ordinance, and Tenant shall be solely responsible for such
                   plans. Tenant shall be responsible for all necessary permits,
                   governmental or otherwise, to include special use permits,
                   signage permits, etc.

                                     Page 3

<PAGE>

         9.4 Property of Landlord. Any and all alterations to the Leased
Premises shall become the property of Landlord upon termination of this Lease
Agreement (except for movable equipment or furniture owned by Tenant).

10.      LAWS, REGULATIONS AND RULES.

         10.1 Applicable Ordinances. Tenant shall comply with all applicable
laws, ordinances, rules and regulations of any governmental entity, agency or
authority having jurisdiction over the Leased Premises or Tenant's use of the
Leased Premises.

         10.2 Building Rules. Tenant shall comply with the Building Rules
adopted by Landlord and set forth in Schedule 2 hereto, as they may be amended
by Landlord from time to time ( the "Building Rules"), and will cause all of its
agents, employees, invitees and visitors to do so. All changes to the Building
Rules will be furnished by Landlord to Tenant in writing.

11.      ENTRY BY LANDLORD.

         Tenant shall permit Landlord or its agents or representatives to enter
into and upon any part of the Leased Premises upon prior notice and at all
reasonable hours (and in emergencies at all times) to inspect the condition,
occupancy or use, to show the Leased Premises to prospective purchasers,
mortgagees, tenants or insurers, or to clean or make repairs, alterations or
additions. Tenant shall not be entitled to any abatement or reduction of rent by
reason of this right of entry.

12.      FURNITURE, FIXTURES AND PERSONAL PROPERTY.

         Tenant may remove its trade fixtures, office supplies and movable
office furniture and equipment not attached to the Building provided: (a) such
removal is made within (30) days after the termination of the Term of this
Lease; (b) Tenant is not in default of any obligation or covenant under this
Lease at the time of such removal at Tenant's sole cost and expense. All other
property at the Leased Premises and alterations and additions to the Leased
Premises (including wall-to-wall carpet, paneling or other wall covering) and
any other article attached or affixed to the floor, wall or ceiling of the
Leased Premises shall become the property of Landlord and shall remain upon and
be surrendered with the Leased Premises as a part thereof at the termination of
this Lease, by lapse of time or otherwise, Tenant hereby waiving all rights to
any payment or compensation therefor. If, however, Landlord so requests in
writing, Tenant will, immediately prior to termination of this Lease, remove any
and all alterations, additions, fixtures, equipment and property placed or
installed by it in the Leased premises, and not permanently affixed thereto, and
will repair any damage caused by such removal, all at Tenant's cost.

13.      TAXES ON TENANT'S PROPERTY.

         Tenant shall be liable for all taxes levied or assessed against
personal property, furniture or fixtures placed by Tenant in the Leased
Premises. If any such taxes for which Tenant is liable are levied or assessed
against Landlord or Landlord's property and if Landlord elects to pay the same
or if the assessed value of Landlord's property is increased by inclusion of
personal property, furniture or fixtures placed by Tenant in the Leased
Premises, and Landlord elects to pay the taxes based on such increase, then
Landlord shall notify Tenant, and Tenant shall pay to Landlord upon demand that
part of such taxes for which Tenant is liable hereunder.

14.      ASSIGNMENT AND SUBLETTING.

         14.1 No Assignment Without Consent. Tenant shall not assign, sublease,
transfer, pledge, or encumber this Lease Agreement or any interest therein
without Landlord's prior written consent. Any attempted assignment, sublease or
other transfer or encumbrance by Tenant in violation of the terms and covenants
of this paragraph shall be void.

         14.2 Assignment or Sublease. In the event Tenant shall desire to assign
this Lease Agreement or sublet the Leased Premises or any part thereof, Tenant
shall give Landlord written notice of such desire, along with the name of the

                                     Page 4

<PAGE>

proposed assignee or sublessee and a copy of the proposed assignment or sublease
instrument, at least ninety (90) days in advance of the date on which Tenant
desires to make such assignment or sublease. Landlord shall then have a period
of thirty (30) days following receipt of such notice within which to notify
Tenant in writing that Landlord elects either (i) to permit Tenant to assign or
sublet such space, (ii) to refuse such request to assign or sublease such space
(which refusal may be made by Landlord without regard to any commercially
reasonable standard), or (iii) to terminate this Lease Agreement as to the space
so affected as of the date so specified by Tenant in which event Tenant will be
relieved of all obligations arising thereafter as to such space. Any rent or
other payments otherwise due Tenant as a result of assignment or subletting of
all or any portion of the Leased Premises in excess of the rent due Landlord by
Tenant on such space hereunder shall be payable as additional rent to Landlord
by Tenant promptly upon receipt by Tenant, and Tenant hereby assigns all rights
it might have or ever acquire in any such proceeds to Landlord. If Landlord
should fail to notify Tenant in writing of such election within said thirty (30)
day period, Landlord shall be deemed to have elected option (i) above. No
assignment or subletting by Tenant shall relieve Tenant of any obligation under
this Lease Agreement. Any consent of Landlord hereunder is subject to receipt by
Landlord of an executed copy of the sublease or assignment.

          14.3 Further Assignment. Notwithstanding Landlord's consent on any one
occasion, the rights of Landlord set forth in Section 14.2 shall apply to any
further subletting or assignment.

         14.4 Assigns and Sublessees. The provisions of this Section shall be
binding on any permitted assigns or sublessees of Tenant.

         14.5 Transfers by Landlord. Landlord shall have the right to transfer
and assign, in whole or in part, all its rights and obligations hereunder and in
the Building and the Leased Premises referred to herein, and in such event and
upon such transfer Landlord shall be released from any further obligations
hereunder, and Tenant agrees to look solely to such successor in interest of
Landlord for the performance of such obligations.

15.      MECHANIC'S LIEN.

         15.1 Tenant Not to Permit Liens. Tenant will not create or permit to be
created or to remain, and will discharge, any lien (including, but not limited
to, the liens of mechanics, laborers, artisans or materialmen for work or
materials alleged to be done, furnished or delivered in connection with the
Leased Premises), encumbrance, or other charge upon the Leased Premises or any
part thereof, upon Landlord's interest therein, or upon Tenants leasehold
interest; provided, that Tenant shall not be required to discharge any such
liens, encumbrances or charges as may be placed upon the Leased Premises or
Building by the act of anyone other than Tenant or Tenant's agents, employees,
servants or contractors. Provided that any Landlord's Mortgagee consents thereto
in writing and Tenant complies with all requirements of such Landlord's
Mortgagee with respect thereto and provided further, Tenant furnishes security
reasonably acceptable to Landlord and any such Landlord's Mortgagee, Tenant
shall have the right to contest, in good faith by appropriate legal proceedings,
the validity or amount of any mechanics', laborers' , artisans' or materialmen's
lien or other claimed lien. On final determination of such lien or such claim
for lien, Tenant will immediately pay any judgement rendered with all proper
costs and charges and shall have such lien released or judgement satisfied at
Tenant's sole expense. Tenant will pay, protect and indemnify Landlord, within
ten (10) days after demand therefor, from and against all liabilities, losses,
claims, damages, costs and expenses, including reasonable attorneys' fees,
incurred by Landlord by reasons of the filing of any lien and/or removal of
same.

         15.2 Rights of Landlord; Additional Rent. If any such lien is claimed
against the Leased Premises, then, in addition to any other right or remedy of
Landlord, Landlord may, but shall not be obligated to, discharge the same. Any
amount paid by Landlord for such purposes shall be paid by Tenant to Landlord as
additional rent within ten (10) days of Landlord's demand therefor.

16.      INSURANCE.

         16.1 Tenant. Tenant shall, during the Term and at its sole expense,
obtain and keep in force, with Tenant, Landlord, and the mortgagees of Landlord,
named as insureds, as their respective interests may appear, (i) comprehensive
general liability insurance coverage, personal injury, bodily injury, broad form
property damage, operations hazard, owner's protective coverage, contractual
liability and products and completed operations liability in limits not less
than $1,000,000.00 inclusive, and (ii) fire and extended coverage insurance for
the Building in or on the Leased Premises for the full replacement value
thereof.

                                     Page 5

<PAGE>

         16.2 Insurance -- General. All policies of insurance to be provided or
obtained by Tenant under this Lease Agreement shall (i) name Landlord and
mortgagees of Landlord as additional insureds, and (ii) provide for notice to
Landlord at least thirty (30) days before any cancellation or termination of
said insurance. Tenant shall, upon request of Landlord, furnish Landlord with
certificates of insurance evidencing Tenant's compliance with the provisions of
this Section.

         16.3 Subrogation. Anything in this Lease to the contrary
notwithstanding, Landlord and Tenant each hereby waives (to the extent that the
party sustaining such loss is compensated by insurance proceeds) any and all
rights of recovery, claim, action or cause of action, against the other, its
agents, officers, or employees, for any loss or damage that may occur to the
Leased Premises, or any improvements thereto, or the Property, or any personal
property of such party therein, by reason of fire, the elements, or any other
cause which would be insured against under the terms of the fire and extended
coverage insurance policies referred to above, regardless of cause or origin,
including negligence of the other party hereto, its agents, officers or
employees, and covenants that no insurer shall hold any right of subrogation
against such other party, and to procure a waiver of subrogation on the part of
each of their insurers by an endorsement to all insurance policies whereby an
insurer recognizes the agreements made by the Landlord and Tenant in this
Section; provided, however, this Section shall be inapplicable if it would have
the effect, but only to the extent that it would have the effect of invalidating
any insurance coverage of Landlord or Tenant.

17.      CASUALTY DAMAGE.

         If the Leased Premises or any part thereof shall be damaged by fire or
other casualty, Tenant shall give prompt written notice thereof to Landlord. In
case the Building shall be so damaged that the substantial alteration or
reconstruction of the Building shall, in Landlord's sole opinion, be required
(whether or not the Leased Premises shall have been damaged by such casualty) or
in the event any mortgagee of Landlord's should require that the insurance
proceeds payable as a result of a casualty be applied to the payment of the
mortgage debt or in the event of any material uninsured loss to the Building,
Landlord may, at its option, terminate this Lease Agreement by notifying Tenant
in writing of such termination within ninety (90) days after the date of such
damage. If Landlord does not thus elect to terminate this Lease Agreement,
Landlord shall commence and proceed with reasonable diligence to restore the
Building to substantially the same condition in which it was immediately prior
to the happening of the casualty, except that Landlord's obligation to restore
shall not exceed the insurance proceeds actually received by Landlord as a
result of the casualty.

18.      CONDEMNATION.

         If the whole or substantially the whole of the Building or the Leased
Premises should be taken for any public or quasi-public use, by right of eminent
domain or otherwise or should be sold in lieu of condemnation, then this Lease
Agreement shall terminate as of the date when physical possession of the
Building or the Leased Premises is taken by the condemning authority. If less
than the whole or substantially the whole of the Building or the Leased Premises
is thus taken or sold, Landlord (whether or not the Leased Premises are affected
thereby) may terminate this Lease Agreement by giving written notice thereof to
Tenant, in which event this Lease Agreement shall terminate as of the date when
physical possession of such portion of the Building or Leased Premises is taken
by the condemning authority. If this Lease Agreement is not so terminated upon
any such partial taking or sale, the rent payable hereunder shall be diminished
by an equitable amount based on the portion of the Leased Premises taken, if
any, and Landlord shall, to the extent Landlord deems feasible, restore the
Building and the Leased Premises to substantially their former condition, but in
no event shall Landlord be required to spend for such work an amount in excess
of the amount received by Landlord as compensation for such damage. All amounts
awarded upon a taking of any part or all of the Building or the Leased Premises
shall belong to Landlord, and Tenant shall not be entitled to and expressly
waives all claim to any such compensation, including any award or ascertainment
for the value of Tenant's leasehold estate, which value is hereby assigned to
the Landlord. If this Lease should be terminated under any provision of this
Section, Rent shall be payable up to the date that possession is taken by the
taking authority, and Landlord will refund to Tenant any prepaid, unaccrued Rent
less any sum then owing by Tenant to Landlord.

9.      INDEMNITY.

         19.1 Indemnification by Tenant. Tenant will indemnify Landlord for, and
hold harmless Landlord from and against (a) all fines, suits, claims, demands,
liabilities, and actions (including costs and expenses of defending against

                                     Page 6

<PAGE>

all such actions) resulting or alleged to result from any breach, violation or
nonperformance of any covenant or condition hereof by Tenant, and (b) all
claims, demands, actions, damages, loss, cost, liabilities, expenses and
judgments suffered by, recovered from or asserted against Landlord on account of
injury or damage to person or property to the extent that any such damage or
injury may be incident to, arise out of, or be caused by an act, omission,
negligence or misconduct on the part of Tenant or any of its agents, servants,
employees, contractors, patrons, guests, licensees or invitees or of any other
person entering upon the Leased Premises under or with the express or implied
invitation or permission of Tenant or when any such injury or damage is the
result, proximate or remote, of the violation by Tenant or any of it agents,
servants, employees, contractors, patrons, guests, licensees or invitees of any
law, ordinance or governmental order of any kind or of any of the Rules and
Regulations included in this Lease (as such Rules and Regulations may hereafter
at any time or from time to time be amended or supplemented), or when any such
injury or damage may in any other way arise from or out of the occupancy or use
by Tenant, its agents, servants, employees, contractors, patrons, guests,
licensees or invitees of the Leased Premises.

         19.2 Indemnification by Landlord. Landlord will indemnify Tenant for,
and hold harmless Tenant from and against (a) all fines, suits, claims, demands,
liabilities, and actions (including costs and expenses of defending against all
such actions) resulting or alleged to result from any breach, violation or
nonperformance of any covenant or condition hereof by Landlord, and (b) all
claims, demands, actions, damages, loss, cost, liabilities, expenses and
judgments suffered by, recovered from or asserted against Tenant on account of
injury or damage to person or property to the extent that any such damage or
injury may be incident to, arise out of, or be caused by an act, omission,
negligence or misconduct on the part of Landlord or any of its agents, servants,
employees or contractors, or when any such injury or damage is the result,
proximate or remote, of the violation by Landlord or any of it agents, servants,
employees or contractors of any law, ordinance or governmental order of any
kind.

         19.3 No Liability. Neither Landlord nor Tenant shall be responsible or
liable to the other, their respective officers, employees, agents, contractors,
subcontractors, customers or invitees, for bodily injury, death or property
damage to the extent occasioned by the acts or omissions of any other tenant in
the Building or such tenant's officers, employees, agents, contractors,
subcontractors, customers or invitees within the Building.

20.      DAMAGES FROM CERTAIN CAUSES.

         Landlord shall not be liable to Tenant for any loss or damage to any
property, or injury to or death of any person, occasioned by theft, fire, act of
God or the public enemy, injunction, riot, strike, insurrection, war,
requisition or order of governmental body or authority or any other cause beyond
the control of Landlord.

21.      EVENTS OF DEFAULT/REMEDIES.

          21.1 Events of Default by Tenant. In the event of any failure of
Tenant to pay any rental or other sums of money when due hereunder; or any
failure to observe or perform any other of the terms, conditions or covenants of
this Lease, including but not limited to the Building Rules, to be observed or
performed by Tenant for more than ten (10) days after written notice thereof
shall have been given to Tenant; or if the Tenant's leasehold interest shall be
taken on execution or other process of law against Tenant; or if Tenant or an
agent of Tenant shall falsify any report required to be furnished to Landlord
pursuant to the terms of this Lease; or if Tenant shall fail to accept the
Leased Premises, or to promptly move into, take possession of, and operate its
business on the Leased Premises when the Leased Premises are substantially
complete; or if Tenant ceases to do business in or abandons any substantial
portion of the Leased Premises; or if Tenant should at any time during the
continuance of the Lease remove or attempt to remove the goods, furniture,
effects, improvements and personal property brought thereon out of or from the
Leased Premises (except in the ordinary course of business), without having paid
in full all rent and other applicable charges which shall become due during the
term of this Lease; or, if Tenant or any Guarantor of this Lease shall become
bankrupt or insolvent, or file a petition in bankruptcy or insolvency or for
reorganization or for the appointment of a receiver or trustee of all or a
portion of Tenant's or any Guarantor's property; or if a petition or answer
proposing the adjudication of Tenant or any Guarantor as a bankrupt or its
reorganization under any present or future federal or state bankruptcy or
similar law shall be filed in any court and such petition or answer shall not be
discharged or denied within sixty (60) days after the filing thereof; or if
Tenant or any Guarantor makes an assignment for the benefit of creditors, or
petitions for or enters into an arrangement, or suffers this Lease to be taken
under any writ of execution, then, in any of such events, Tenant shall be deemed
in breach and default of this Lease and Landlord, in its discretion and at its
election, and in addition to all other rights and remedies it may have in law or
in equity, shall also be entitled to those rights and remedies enumerated below.

                                     Page 7

<PAGE>

         21.2 Landlord's Remedies for Tenant Default.  Subject to Section
21.5 hereof:

         (a)      In the event of a default by Tenant, the Landlord, at its
                  option (without further notice or demand of any kind to Tenant
                  or any other person except as hereinafter expressly provided)
                  shall have, in addition to all the legal and equitable
                  remedies, and the remedies described elsewhere in this Lease,
                  the following described remedies:

                  (i) Landlord shall have the right to proceed by attachment,
                  suit or otherwise to collect any delinquent rent or other
                  amounts due Landlord hereunder. In the event it is necessary
                  for Landlord to bring suit for rental payments or other
                  charges as they accrue or in order to collect any damages,
                  Landlord shall have the right to allow such rental or
                  deficiencies to accumulate and to bring an action on several
                  or all of the deficiencies at one time. Any such suit shall
                  not prejudice in any way the right of Landlord to bring a
                  similar action for subsequent rental or damage deficiencies.

                  (ii) Landlord may elect to accelerate the rent due under this
                  Lease by giving notice of such election to Tenant and, in such
                  event, Tenant shall pay at once to Landlord a sum of money
                  equal to the rentals and other charges to be paid by Tenant to
                  Landlord for the balance of the stated term of this Lease, and
                  Landlord shall have the right to proceed by attachment, suit
                  or otherwise to collect such sum or other amounts due Landlord
                  hereunder.

                  (iii) Landlord may elect to terminate this Lease by written
                  notice to Tenant specifying the date the Lease will terminate,
                  which shall not be less than three (3) days after the giving
                  of such notice, and upon such date this Lease and Lease Term
                  shall end. Landlord may immediately repossess the Leased
                  Premises and Tenant shall pay at once to Landlord as damages a
                  sum of money equal to the rentals and other charges to be paid
                  by Tenant to Landlord for the balance of the stated term of
                  this Lease, and Landlord shall have the right to proceed by
                  attachment, suit or otherwise to collect such sum or other
                  amounts due Landlord hereunder.

                  (iv) Landlord may elect to terminate Tenant's right of
                  possession without terminating this Lease, in which event
                  Tenant agrees to surrender possession and vacate the Leased
                  Premises immediately and deliver the possession to Landlord,
                  and Tenant hereby grants Landlord full and free license to
                  enter in and upon the Leased Premises or any part thereof, and
                  to expel or remove Tenant or any other person or party who may
                  be occupying or within the Leased Premises or any part
                  thereof, and remove any and all property therefrom. Such
                  property may be removed and stored in a public warehouse or
                  elsewhere at the cost of and for the account of Tenant without
                  terminating this Lease or releasing Tenant in whole or in part
                  from Tenant's obligations to pay rent and other charges and
                  perform any of the covenants, conditions and agreements to be
                  performed by Tenant as provided in this Lease and without
                  being deemed in any manner guilty of trespass, eviction or
                  forcible entry or detainer, and without becoming liable for
                  any loss or damage which may be occasioned thereby, and
                  without relinquishing Landlord's rights as herein provided. If
                  Landlord re-enters the Leased Premises without terminating
                  this Lease, then Landlord may relet the Leased Premises or any
                  part or parts thereof, either in the name of Landlord, Tenant
                  or otherwise, for a term which may at Landlord's option be
                  less than or exceed the period which would otherwise have
                  constituted the balance of the Lease Term and upon such other
                  terms and conditions as Landlord, in its sole discretion, may
                  deem advisable. Tenant or the legal representative of Tenant
                  shall pay Landlord for each month of the period which would
                  otherwise have constituted the balance of the Lease Term, any
                  deficiency between (i) one monthly installment of Rent that
                  would have been payable for the month in question but for such
                  re-entry or termination, and all charges that otherwise would
                  have become due, and (ii) the net amount, if any, of the rents
                  collected on account of the lease or leases of the Leased
                  Premises for each month of the period which would otherwise
                  have constituted the balance of the Lease Term. The refusal or
                  failure of Landlord to relet the Leased Premises or any part
                  or parts thereof shall not release or affect Tenant's
                  liability for damages; provided, however, that Landlord shall
                  use reasonable efforts to relet the Leased Premises. There
                  shall be added to the said deficiency such expenses as
                  Landlord may incur in connection with any reletting (such as
                  court costs, reasonable attorneys' fees and disbursement,
                  brokerage and expenses for putting and keeping the Leased
                  Premises in good order or for preparing the same for
                  reletting).

                                     Page 8

<PAGE>

                  Any deficiency shall be paid in monthly installments by
                  Tenant on the rent day specified in this Lease and any suit
                  brought to collect the amount of the deficiency for any month
                  shall not prejudice in any way the rights of Landlord to
                  collect the deficiency for any subsequent month by a similar
                  proceeding. No such re-entry or taking possession of the
                  Leased Premises by Landlord shall be construed as an election
                  on its part to terminate this Lease unless a written notice
                  of such termination be given to Tenant or unless the
                  termination thereof be decreed by a court of competent
                  jurisdiction. Any amount collected by Landlord from
                  subsequent tenants in excess of that provided for in this
                  Lease for the same rental period shall be credited to Tenant
                  in reduction of Tenant's liability for any rental period in
                  which the amount collected by Landlord shall be less than
                  that provided for by this Lease, but Tenant shall only be
                  entitled to receive any such excess rentals at the end of the
                  Lease Term and without interest. In all events Landlord may
                  terminate the Lease for such breach at any time thereafter
                  and after such termination Tenant shall not be entitled to
                  any claim whatsoever, of any kind or nature, for any excess
                  rental that may be collected by Landlord. The reletting of
                  the Leased Premises beyond the date originally fixed for
                  expiration of the term of the Lease shall not be deemed to
                  release Tenant from his obligations hereunder. An election to
                  re-enter the Leased Premises (without terminating the Lease)
                  and the reletting or not reletting of the Leased Premises
                  shall not thereafter prevent Landlord from electing to
                  terminate the Lease for such previous breach. In the event it
                  is necessary for Landlord to bring suit for such rental
                  payments or other charges as they accrue or in order to
                  collect any damages, Landlord shall have the right to allow
                  such rental or deficiencies to accumulate and to bring an
                  action on several or all of the deficiencies at one time. Any
                  such suit shall not prejudice in any way the right of
                  Landlord to bring a similar action for subsequent rental or
                  damage deficiencies.

         (b)      For purposes of computing the rentals and other charges due in
                  the event that Landlord elects to accelerate the rents
                  hereunder, or elects to terminate this Lease, the rental
                  payments payable to Landlord under this Lease shall include
                  the monthly Rent and other charges due monthly hereunder. In
                  addition, damages shall include interest on past due rentals
                  and other charges and Landlord's court costs and reasonable
                  attorneys fees incurred in connection with the termination of
                  this Lease because of Tenant's breach.

         (c)      If Tenant defaults in any of its obligations hereunder, then
                  Landlord, to the extent not otherwise recovered, shall be
                  entitled to recover its reasonable attorneys' fees and court
                  costs incurred by reason of Tenant's default. If Tenant shall
                  default under any of the terms and provisions of this Lease on
                  its part to be performed or observed, Landlord shall be
                  entitled to interest on any monies expended on behalf of
                  Tenant and any costs or expenses incurred by Landlord, at a
                  rate per annum equal to the interest rate set forth in
                  Section 4.

         (d)      In addition to the above-mentioned remedies, and in no way
                  limiting, excluding or waiving any remedy available to
                  Landlord as a result of a default by Tenant, Landlord shall be
                  entitled, upon Tenant's default, to sue for and recover from
                  Tenant an amount equal to the sum of all Base Rental
                  abatements, tenant finish allowances and all other concessions
                  received by Tenant prior to such event of default
                  (collectively, "Tenant Concessions"); and any Tenant
                  Concessions that would benefit Tenant after the occurrence of
                  an event of default shall automatically be deemed terminated
                  as of the date of the occurrence of such event of default.

         21.3 Landlord's Remedies are Cumulative. All the remedies of Landlord
in the event of Tenant default shall be cumulative and, in addition, Landlord
may pursue any other remedies permitted by law or in equity. Forbearance by
Landlord to enforce one or more of the remedies upon an event of default shall
not constitute a waiver of such default.

          21.4 Obligation to Pay Rent is Independent; No Setoff. The obligation
of Tenant to pay all Rent provided to be paid by Tenant and the obligations of
Tenant to perform Tenant's other covenants and duties hereunder constitute
independent and unconditional obligations to be performed at all times provided
for hereunder, save and except only when an abatement thereof or reduction
therein is herein above expressly provided for and not otherwise. Tenant waives
and relinquishes all rights which Tenant might have to claim any nature of lien
against, withhold, deduct or offset against, any Rent and other sums provided
hereunder to be paid Landlord by Tenant.

                                     Page 9

<PAGE>

         21.5 Special Rights of Depository Institution Supervisory Authority.
Notwithstanding any other provisions contained in this Lease, in the event (a)
Tenant or its successors or assignees shall become insolvent or bankrupt, or if
it or their interests under this Lease shall be levied upon or sold under
execution or other legal process, or (b) the depository institution then
operating on the Leased Premises is closed, or is taken over by any depository
institution supervisory authority ("Authority"), Landlord may, in either such
event, terminate this Lease only with the concurrence of any Receiver or
Liquidator appointed by such Authority; provided, that in the event this Lease
is terminated by the Receiver or Liquidator, the maximum claim of Lessor for
rent, damages, or indemnity for injury resulting from the termination,
rejection, or abandonment of the unexpired Lease shall by law in no event be in
an amount greater than all accrued and unpaid rent to the date of termination.

22.      PEACEFUL ENJOYMENT.

         22.1 Rights of Tenant. Subject to the other terms hereof including,
without limitation, the provisions of Section 27.1, Tenant shall and may
peacefully enjoy the Leased Premises against all persons claiming by, through or
under Landlord, provided that Tenant pays the rent and other sums herein recited
to be paid by Tenant and performs all of Tenant's covenants and agreements in
this Lease Agreement.

         22.2 Limitation. The foregoing covenant and any and all other covenants
of the Landlord shall be binding upon Landlord and its successors only with
respect to breaches occurring during its or their respective periods of
ownership of the Leased Premises. Tenant specifically acknowledges that Landlord
will make repairs, alterations and improvements to the Building from time to
time ("Building Work"), and that such Building Work may create noise audible
within the Leased Premises and dust and noise within the common areas of the
Building. Tenant agrees that Landlord shall have the right from time to time to
conduct such Building work, and that such noise and dust related to the Building
Work shall not be deemed or claimed by Tenant to be a nuisance, a breach or
disturbance of the Tenant's right of peaceful and quiet enjoyment, a breach of
any of the Landlord's obligations hereunder, or any sort of constructive
eviction.

23.      HOLDING OVER.

         23.1 Rental Amount. If Tenant holds over without Landlord's written
consent after expiration or other termination of this Lease Agreement, or if
Tenant continues to occupy the Leased Premises after termination of Tenant's
right of possession, Tenant shall throughout the entire holdover period pay rent
equal to twice the Rent that would have been applicable had the term of this
Lease Agreement continued through the period of such holding over by Tenant.

         23.2 No Extension of Term. No possession by Tenant after the expiration
of the term of this Lease Agreement shall be construed to extend the term of
this Lease Agreement unless Landlord has consented to such possession in
writing.

24.      SUBORDINATION.

         24.1 Subject to Mortgages and Certain Leases. This Lease Agreement is
and shall be subject and subordinate to any mortgage, or other lien created by
Landlord, whether now existing or hereafter arising upon the Leased Premises, or
upon the Building and to any renewals, refinancing and extensions thereof, and
to any ground or primary lease in existence at the date hereof, if any, or that
may be executed subsequent to the date hereof, and to any and all supplements,
modifications and extensions thereof heretofore or hereafter made, but Tenant
agrees that any such mortgagee or lessor shall have the right at any time to
subordinate such mortgage, or the lien thereof, or such lease to this Lease
Agreement on such terms and subject to such conditions as such mortgagee or
lessor may deem appropriate in its discretion.

         24.2 Subordination of Lease Agreement. Tenant agrees upon demand to
execute such further instruments subordinating this Lease Agreement to any
mortgage or other lien or ground or primary lease now existing or hereafter
placed upon the Leased Premises or the Building as a whole, or attorning to the
holder of any such liens or leases, as Landlord may request.

                                    Page 10

<PAGE>

          24.3 Approval of Lease Agreement by Landlord's Mortgagee. The terms of
this Lease Agreement are subject to approval by the Landlord's mortgagee(s), and
such approval is a condition precedent to Landlord's obligations hereunder.

         24.4 Attorney-in-Fact. If Tenant should fail to execute any
subordination or other agreement required by this Section, promptly as
requested, Tenant hereby irrevocably constitutes Landlord as its
attorney-in-fact to execute such instrument in Tenant's name, place and stead,
it being agreed that such power is one coupled with an interest.

         24.5 Estoppel Certificates; Financial Certificates. Tenant agrees that
it will from time to time upon request by Landlord execute and deliver to such
persons as Landlord shall request, a statement in recordable form certifying
that this Lease Agreement is unmodified and in full force and effect (or if
there have been modifications, that the same is in full force and effect as so
modified), stating the dates to which rent and other charges payable under this
Lease Agreement have been paid, stating that Landlord is not in default
hereunder (or if Tenant alleges a default stating the nature of such alleged
default) and further stating such other matters as Landlord or such persons
shall reasonably require. At any time upon Landlord's request, Tenant agrees to
deliver to Landlord current financial statements of Tenant (with an opinion by a
certified public accountant (if available)), including a balance sheet and a
profit and loss statement for at least two (2) years, all prepared in accordance
with generally accepted accounting principles consistently applied.

         24.6 Attornment. Tenant shall, in the event of the sale or assignment
of Landlord's interest in the building of which the Leased Premises form a part,
or in the event of any proceedings brought for the foreclosure of, or in the
event of exercise of the power of sale under, any mortgage made by Landlord
covering the Leased Premises, attorn to the purchaser and recognize the
purchaser as Landlord under this Lease Agreement.

         24.7 Notice to Mortgagees. In the event of any act or omission by
Landlord which would give Tenant the right to damages from Landlord or the right
to terminate this Lease by reason of a constructive or actual eviction from all
or part of the Leased Premises or otherwise, Tenant shall not sue for such
damages or exercise any such right to terminate until (a) it shall have given
written notice of such act or omission to Landlord and to the holder(s)
(collectively, the "Landlord's Mortgagee") of the indebtedness or other
obligations secured by any first mortgage or first deed of trust affecting the
Leased Premises, if the name and address of the Landlord's Mortgagee shall
previously have been furnished to Tenant and (b) a reasonable period of time for
remedying such act or omission shall have elapsed following the giving of such
notice, during which time Landlord and Landlord's Mortgagee, or either of them,
their agents or employees, shall be entitled to enter upon the Leased Premises
and do therein whatever may be necessary to remedy such act or omission. During
the period after the giving of such notice and during the remedying of such act
or omission, the Rent payable by Tenant for such period as provided in this
Lease shall be abated and apportioned only to the extent that any part of the
Leased Premises shall be untenantable.

25.      ATTORNEY'S FEES.

         Tenant will pay, in addition to the rents and other sums agreed to be
paid hereunder, all collection and court costs incurred by Landlord, and
Landlord's reasonable attorney's fees incurred for the collection of unpaid
rents or the enforcement, defense or interpretation of Landlord's rights under
this Lease Agreement, whether such fees and costs be incurred out of court, at
trial, on appeal or in bankruptcy proceedings.

26.      NO IMPLIED WAIVER.

         26.1 No Waiver. The failure of Landlord to insist at any time upon the
strict performance of any covenant or agreement or to exercise any option,
right, power or remedy contained in this Lease Agreement shall not be construed
as a waiver or a relinquishment thereof for the future.

        26.2 Partial Payment. No payment by Tenant or receipt by Landlord of a
lesser amount than the monthly installment of rent due under this Lease
Agreement shall be deemed to be other than payment on account of the earliest
rent due, nor shall any endorsement or statement on any check or any letter
accompanying any check or payment as rent be deemed an accord and satisfaction,
and Landlord may accept such check or payment without prejudice to Landlord's
right to recover the balance of such rent or pursue any other remedy provided in
this Lease Agreement.

                                    Page 11

<PAGE>

27.      PERSONAL LIABILITY.

         The liability of Landlord (and any partner, stockholder, officer or
director of Landlord) to Tenant for any default by Landlord under this Lease
Agreement shall be limited to the interest of Landlord in the Building, and
Tenant agrees to look solely to Landlord's interest in the Building for the
recovery of any judgment from the Landlord, it being intended that Landlord (and
any partner, stockholder, officer or director of Landlord) shall not be
personally liable for any judgment or deficiency.

28.      FORCE MAJEURE.

         Whenever a period of time is herein prescribed for the taking of any
action by Landlord, Landlord shall not be liable or responsible for, and there
shall be excluded from the computation of such period of time, any delays due to
strikes, riots, acts of God, shortages of labor or materials, war, governmental
laws, regulations or restrictions, financing, or any other cause whatsoever
beyond the control of Landlord.

29.      RELATIONSHIP OF PARTIES.

         Nothing contained in this Lease Agreement shall be deemed or construed
by the parties hereto, nor by any third party, as creating the relationship of
principal and agent or of partnership or of joint venture between the parties
hereto, it being understood and agreed that neither the method of computation of
rent, nor any other provisions contained herein, nor any acts of the parties
herein, shall be deemed to create any relationship between the parties hereto
other than the relationship of Landlord and Tenant.

30.      MISCELLANEOUS.

         30.1 Severability. If any term or provision of this Lease Agreement, or
the application thereof to any person or circumstance shall, to any extent, be
invalid or unenforceable, the remainder of this Lease Agreement or the
application of such term or provision to persons or circumstances other than
those as to which it is held invalid or unenforceable, shall not be affected
thereby, and each term and provision of this Lease Agreement shall be valid and
enforced to the fullest extent permitted by law.

         30.2 Recordation. Tenant agrees not to record this Lease Agreement or
any memorandum hereof without the prior written consent of Landlord. Landlord
may record this Lease Agreement or a memorandum thereof, at its sole election.
Tenant shall, upon request by Landlord, at any time execute a short form lease
in recordable form setting forth the essential elements of this Lease,
including, but not limited to, the names of the parties, the term of the Lease
and the description of the Leased Premises.

          30.3 Governing Law. This Lease Agreement and the rights and
obligations of the parties hereto are governed by the laws of the state of
Alabama.

          30.4 Time of Performance. Except as may be otherwise expressly
provided herein, time is of the essence of this Lease Agreement with respect to
all obligations.

         30.5 Commissions. Tenant warrants and represents to Landlord that no
real estate broker and/or salesman has been involved by Tenant in this Lease,
and hereby indemnifies and agrees to hold harmless and defend Landlord against
any loss, claim, expense or liability with respect to any commissions or
brokerage fees claimed on account of the execution and/or renewal of this Lease
Agreement due to any action of the Tenant.

         30.6 Parking. Landlord grants to Tenant the right to use forty-two
parking spaces in the surface parking located adjacent to the Building.

         30.7 Effect of Delivery of this Lease Agreement. Landlord has delivered
a copy of this Lease Agreement to Tenant for Tenant's review only, and the
delivery hereof does not constitute an offer to Tenant or an option to lease.
This Lease Agreement shall not be effective until a copy executed by both
Landlord and Tenant is delivered to and accepted by Landlord.

                                    Page 12

<PAGE>

          30.8 Section Headings. The section or subsection headings are used for
convenience of reference only and do not define, limit or extend the scope or
intent of the sections or this Lease Agreement.

         30.9 Entire Agreement. This Lease and any attached schedules, exhibits
and riders constitute the entire agreement between Landlord and Tenant and no
prior or contemporaneous oral promises or representations shall be binding. This
Lease shall not be amended, changed or extended except by written instrument
signed by both parties hereto.

         30.10 Successors and Assigns. All of the covenants, agreements, terms
and conditions to be observed and performed by the parties hereto shall be
applicable to and binding upon their respective heirs, personal representatives,
successors and, to the extent assignment is permitted hereunder, their
respective assigns.

         30.11    Notices.

         (a)      To Landlord:  The Tenant shall pay the rent and shall  forward
                  all notices to Landlord at the  following  address (or at such
                  other place as Landlord may hereafter designate in writing):

                                    Mr. J. Daniel Sizemore
                                    Gulf Shores Investment Group, LLC
                                    224 West 19th Avenue
                                    Building E
                                    Gulf Shores, Alabama 36542

         (b)      To Tenant: The Landlord shall forward all notices to
                  Tenant at the following address (or at such other place as
                  Tenant may hereafter designate in writing):

                                    Mr. J. Daniel Sizemore
                                    Vision Bank
                                    2201 West 1st Street
                                    Gulf Shores, Alabama 36542

         (c)      Any notice provided for in this Lease Agreement must, unless
                  otherwise expressly provided herein, be in writing, and may,
                  unless otherwise expressly provided, be given or be served by
                  depositing the same in the United States mail or overnight
                  delivery service, postage or charges prepaid, and addressed to
                  the party to be notified, or by delivering the same in person
                  to an officer of such party.

         (d)      Notice deposited in the mail or given to an overnight delivery
                  service in the manner hereinabove shall be effective upon
                  receipt, unless such mail or delivery is unclaimed, in which
                  event notice shall be effective five (5) days after the date
                  of mailing or delivery.

         30.12 Gender. The pronouns of any gender shall include the other
genders, and either the singular or the plural shall include the other.

         30.13 Time of the Essence. In all instances where Tenant is required
hereunder to pay any sum or do any act at a particular time or within an
indicated period, it is understood that time is of the essence.

         30.14 Building Name. Landlord agrees that, so long as this Lease, and
any renewals or  replacements  hereto is in effect, the Building shall be
designated and known as the Vision Bank Building.

         30.15 No Merger. There shall be no merger of this Lease or of the
leasehold estate hereby created with the fee estate in the Leased Premises or
any part thereof by reason of the fact that the same person may acquire or hold,
directly or indirectly, this Lease or the leasehold estate hereby created or any
interest in this Lease or in such leasehold estate as well as the fee estate in
the Leased Premises or any interest in such fee estate.

                                    Page 13

<PAGE>
31.      EXHIBITS AND SCHEDULES.

         In addition to Exhibit A and Schedule 1, the following numbered
exhibits are attached hereto and incorporated herein and made a part of this
Lease for all purposes:

            Exhibit Number                         Description
            --------------                         -----------
            Exhibit A                              Floor Plan of Lease Premises

                                     Page 14

<PAGE>

         IN WITNESS WHEREOF, Landlord and Tenant have executed this Lease
Agreement in multiple original counterparts effective as of the day and year
first above written.

                                    LANDLORD:

                                    GULF SHORES INVESTMENT GROUP, LLC

                                    By: /s/ J. Daniel Sizemore
                                        ----------------------
                                            Its:   Chairman

                                    TENANT:

                                    VISION BANK

                                    By: /s/ Robert S. McKean
                                        --------------------
                                            Its: President

                                    Page 15

<PAGE>

                                    EXHIBIT A

                         FLOOR PLAN OF LEASED PREMISES

                                    Page 16<PAGE>

                                                                     Exhibit 4.5

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

                        MIRANT AMERICAS GENERATION, INC.

                                       TO

                             BANKERS TRUST COMPANY,
                                     TRUSTEE

                                   ----------

                          FOURTH SUPPLEMENTAL INDENTURE

                           DATED AS OF OCTOBER 9, 2001

                                  TO INDENTURE

                             DATED AS OF MAY 1, 2001

                                   ----------

                                  $300,000,000

                           7.20% SENIOR NOTES DUE 2008

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

<PAGE>

                              TABLE OF CONTENTS/1/

ARTICLE 1...................................................................1

SECTION 101. Establishment..................................................1
             -------------

SECTION 102. Definitions....................................................2
             -----------

SECTION 103. Payment of Principal and Interest..............................6
             ---------------------------------

SECTION 104. Denominations..................................................6
             -------------

SECTION 105. Form of 2008 Notes.............................................6
             ------------------

SECTION 106. Transfer and Exchange..........................................8
             ---------------------

SECTION 107. Legends.......................................................11
             -------

SECTION 108. Redemption....................................................11
             ----------

SECTION 109. Limitation on Liens...........................................12
             -------------------

SECTION 110. Limitation on Asset Sales.....................................14
             -------------------------

SECTION 111. Debt Incurrence Test..........................................15
             --------------------

ARTICLE 2..................................................................15

SECTION 201. Recitals by Company...........................................15
             -------------------

SECTION 202. Ratification and Incorporation of Original Indenture..........15
             ----------------------------------------------------

SECTION 203. Executed in Counterparts......................................16
             ------------------------

SECTION 204. GOVERNING LAW.................................................16
             -------------

----------
/1/ This Table of Contents does not constitute part of the Indenture or have any
bearing upon the interpretation of any of its terms and provisions.

                                       i

<PAGE>

          THIS FOURTH SUPPLEMENTAL INDENTURE is made as of the 9th day of
October, 2001, between MIRANT AMERICAS GENERATION, INC., a Delaware corporation,
having its principal office at 1155 Perimeter Center West, Atlanta, Georgia
30338 (the "Company"), and BANKERS TRUST COMPANY, a New York banking
corporation, having its principal corporate trust office at Four Albany Street,
New York, New York 10006, as trustee (the "Trustee").

                              W I T N E S S E T H:

          WHEREAS, the Company has heretofore entered into an Indenture, dated
as of May 1, 2001 (the "Original Indenture"), with Bankers Trust Company, as
trustee;

          WHEREAS, the Original Indenture is incorporated herein by this
reference and the Original Indenture, as supplemented by this Fourth
Supplemental Indenture, is herein called the "Indenture";

          WHEREAS, under the Original Indenture, a new series of Senior Notes
may at any time be established by the Board of Directors of the Company in
accordance with the provisions of the Original Indenture and the terms of such
series may be described by a supplemental indenture executed by the Company and
the Trustee;

          WHEREAS, the Company proposes to create under the Indenture a new
series of Senior Notes which shall contain certain transfer restrictions as
described herein and a new series of Senior Notes which shall not contain such
transfer restrictions;

          WHEREAS, the Company may propose an exchange offer whereby the holders
of such restricted Senior Notes may exchange such securities for nonrestricted
Senior Notes in accordance with the procedures described herein; and

          WHEREAS, all conditions necessary to authorize the execution and
delivery of this Fourth Supplemental Indenture and to make it a valid and
binding obligation of the Company have been done or performed.

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

                                    ARTICLE 1

                           7.20% Senior Notes Due 2008

     SECTION 101. Establishment. There is hereby established a new series of
                  -------------
Senior Notes to be issued under the Indenture, to be designated as the Company's
7.20% Senior Notes due 2008 (the "Initial 2008 Notes"), and a new series of
Senior Notes to be issued under the Indenture upon exchange of the Initial 2008
Notes to be designated as the Company's 7.20% Exchange Senior

<PAGE>

Notes due 2008 (the "Exchange 2008 Notes", and, collectively, with the Initial
2008 Notes, the "2008 Notes").

     There are to be authenticated and delivered $300,000,000 principal amount
of Initial 2008 Notes and $300,000,000 principal amount of Exchange 2008 Notes,
and such principal amount of 2008 Notes may be increased from time to time
pursuant to Section 301 of the Original Indenture. All 2008 Notes need not be
issued at the same time and such series may be reopened at any time, without the
consent of any Holder, for issuances of additional 2008 Notes. Any such
additional 2008 Notes will have the same interest rate, maturity and other terms
as those initially issued. No 2008 Notes shall be authenticated and delivered in
excess of the principal amount as so increased, except as provided by Sections
203, 303, 304, 907 or 1107 of the Original Indenture. The 2008 Notes shall be
issued in definitive fully registered form.

     The form of the Trustee's Certificate of Authentication for the 2008 Notes
shall be in substantially the form set forth in Exhibit B hereto.

     Each 2008 Note shall be dated the date of authentication thereof and shall
bear interest from the date of original issuance thereof or from the most recent
Interest Payment Date to which interest has been paid or duly provided for.

     SECTION 102. Definitions. The following defined terms used herein shall,
                  -----------
unless the context otherwise requires, have the meanings specified below.
Capitalized terms used herein for which no definition is provided herein shall
have the meanings set forth in the Original Indenture.

     "Accredited Investor Note" shall have the meaning set forth in Section
105(c) hereof.

     "Asset Sale" means any sale, lease, sale-leaseback, transfer, conveyance or
other disposition of any assets, including by way of the issue by the Company or
any of the Company's Subsidiaries of equity interests in such Subsidiaries,
except (i) in the ordinary course of business to the extent that such property
is (A) worn out or is no longer useful or necessary in connection with the
operation of our business inventory or (B) being transferred to a wholly-owned
Subsidiary of the Company, and except (ii) for any new generating and any
expansions or repowerings of existing generating assets, (A) in each case the
construction of which is completed after the date of the issuance of the 2008
Notes and all assets and property that are related, ancillary or incidental to
such new, expanded or repowered generating assets, and (B) such assets are
disposed of within 24 months following successful completion of construction of
the new generating asset, expansion or repowering to which such assets relate.

     "Cash Flow Available for Senior Debt Service" for any period means, without
duplication, (i) EBITDA of the Company and the Company's consolidated
Subsidiaries for such period, minus (ii) EBITDA for such period of the
consolidated Subsidiaries, if any, of the Company that are financed with
Indebtedness that does not constitute Indebtedness of the Company, plus (iii)
distributions received by the Company from Subsidiaries described in the
foregoing clause (ii) during such period, minus (iv) distributions described in
the foregoing clause (iii) that are attributable to extraordinary gains included
in EBITDA, minus (v) any income reported by the

                                       2

<PAGE>

Company for such period for persons that are not consolidated Subsidiaries of
the Company that are financed with Indebtedness that does not constitute
Indebtedness of the Company, plus (vi) distributions received by the Company
from persons described in the foregoing clause (v) during such period, minus
(vii) distributions described in the foregoing clause (vi) that are attributable
to extraordinary gains included in EBITDA, minus (vii) reasonably projected
non-discretionary capital expenditures, net of any capital contributions and
proceeds of debt financing available for capital expenditures.

     "Clearstream" shall have the meaning set forth in Section 105(b) hereof.

     "Consolidated Net Assets" means, (at any date of determination) the total
of all assets (including acquisition premiums paid, but excluding reevaluations
thereof as a result of commercial appraisals, price level restatement or asset
write-ups/write-downs in conformance with GAAP or otherwise) appearing on the
Company's consolidated balance sheet, net of applicable reserves and deductions,
less the aggregate of the Company's consolidated current liabilities appearing
on such balance sheet.

     "Depositary" shall have the meaning set forth in Section 101 of the
Original Indenture.

     "Distribution Compliance Period" means the distribution compliance period
provided by Rule 903(b)(3)(ii)(A) as promulgated by the SEC under the Securities
Act.

     "Euroclear" shall have the meaning set forth in Section 105(b) hereof.

     "EBITDA" means, with respect to any person for any period, the (i) income
(or loss) before interest and taxes of such person, plus (ii) to the extent
deducted in determining such income (or loss), depreciation, amortization and
other similar non-cash charges and reserves, minus (iii) to the extent
recognized in determining such income (or loss), extraordinary gains (or
losses), minus (iv) to the extent recognized in determining such income (or
loss), unrealized gains (or losses) arising from the adoption of SFAS No. 133,
"Accounting for Derivative Instruments and Hedging Activities" or follow-up
revisions thereto, plus (v) to the extent deducted in determining such income
(or loss), payment in the nature of interest under lease obligations of the type
referred to in clause (iv) of the definition of Indebtedness.

     "Exchange Offer" means the offer that may be made pursuant to the
Registration Rights Agreement by the Company to exchange the Initial 2008 Notes
for the Exchange 2008 Notes.

     "GAAP" means U.S. generally accepted accounting principles.

     "Holder" means a registered holder of a 2008 Note.

     "Indebtedness" of any Person means (i) all indebtedness of such Person for
borrowed money, (ii) all obligations of such Person evidenced by bonds,
debentures, notes or other similar instruments, (iii) all indebtedness created
or arising under any conditional sale or other title retention agreement with
respect to property acquired by such Person, (iv) all capital lease obligations
of such Person (excluding leases of property in the ordinary course of
business), (v) any

                                       3

<PAGE>

other form of financing which is recognized in such Person's financial
statements as being a borrowing, and (vi) all Indebtedness of any other person
of the type referred to in clauses (i) through (v) guaranteed by such Person or
for which such Person shall otherwise become directly or indirectly liable, and
(vii) all Indebtedness of the type referred to in clauses (i) and (v) above
secured by (or for which the holder of such Indebtedness has an existing right,
contingent or otherwise, to be secured by) any lien or interest on property of
such Person but only to the extent of the lesser of the amount of such
Indebtedness and the value of such lien or interest on property.

     "Institutional Accredited Investor" has the meaning set forth in Section
105(c) hereof.

     "Interest Payment Dates" means April 1 and October 1 of each year.

     "Make-Whole Premium" has the meaning set forth in Section 108 hereof.

     "Non-U.S. Person" means a Person who fails to qualify as a U.S. Person, as
such term is defined in Rule 902 promulgated by the SEC under the Securities
Act.

     "Original Issue Date" means October 9, 2001.

     "Permitted Business" means a business that is the same or similar to the
Company's business as of May 1, 2001, or other business reasonably related,
ancillary or incidental thereto.

     "Permitted Indebtedness" means (i) Indebtedness existing on the date of the
2008 Notes, (ii) Indebtedness incurred for working capital purposes, (iii)
Indebtedness in respect of letters of credit, surety bonds or performance bonds
or guarantees issued in the ordinary course of business, (iv) Subordinated
Indebtedness, (v) Indebtedness incurred in exchange, or the net proceeds of
which are used to refund, refinance or replace, Indebtedness permitted to be
incurred pursuant to clause (i) above, provided that the principal amount of the
refinancing Indebtedness shall not exceed the principal amount of the
Indebtedness refinanced plus a reasonable premium in connection with the
refinancing.

     "Person" means any individual, corporation, partnership, limited liability
company, joint venture, association, joint-stock company, trust, unincorporated
organization or government or any agency or political subdivision thereof.

     "Pro Forma Basis" means , for the purpose of the Debt Incurrence Test
described in Section 110 of this Fourth Supplemental Indenture, that such
calculation shall give effect to the incurrence of such Indebtedness, any
associated increases in equity and the application of the proceeds thereof.

     "QIB" has the meaning set forth in Section 105(c) hereof.

     "Rating Agency" means Moody's Investors Service and Standard & Poor's
Ratings Service.

     "Ratings Reaffirmation" means a reaffirmation by a Rating Agency of its
original or then current credit ratings (as applicable) of any of the
Outstanding 2008 Notes, giving effect to the transaction giving rise to such
request for such reaffirmation.

                                       4

<PAGE>

     "Registration Rights Agreement" means the Registration Rights Agreement
dated as of October 9, 2001 among the Company and the Initial Purchasers named
therein.

     "Regular Record Date" means, with respect to each Interest Payment Date,
the close of business on the 15th calendar day preceding such Interest Payment
Date.

     "Regulation S" means Rules 901 through 905 as promulgated by the Securities
and Exchange Commission under the Securities Act of 1933, as amended.

     "Resale Restriction Termination Date" means the period of two years after
the later of the original issue date of an Accredited Investor Note and the last
date on which the Company or any affiliate of the Company was the owner of such
Accredited Investor Note (or any predecessor of such Accredited Investor).

     "Rule 144A" means Rule 144A as promulgated by the SEC under the Securities
Act.

     "SEC" means the Securities and Exchange Commission.

     "Securities Act" means the Securities Act of 1933, as amended.

     "Senior Debt Service" means, with respect to any Person for any period, the
sum, without duplication, of (i) the aggregate amount of interest expense with
respect to Indebtedness for borrowed money of such Person for such period
including (A) the net costs under interest rate hedge agreements, (B) all
capitalized interest, (C) the interest portion of any deferred payment
obligation and (D) payments in the nature of interest under capital lease
obligations of such person scheduled to be paid by such person during such
period (in each case, exclusive of Indebtedness which is by its terms
subordinated in right of payment to any other Indebtedness of such Person), and
(ii) the aggregate amount of all mandatory scheduled payments (whether
designated as payments or prepayments) and sinking fund payments with respect to
principal of any Indebtedness for borrowed money of such Person, including
payments in the nature of principal under lease obligations, but excluding
"bullet," "balloon" or other principal payments at final maturity, in each case
scheduled to be paid by such person during such period (in each case, exclusive
of Indebtedness which is by its terms subordinated in right of payment to any
other Indebtedness of such Person).

     "Senior Debt Service Coverage Ratio" means, for any period, the ratio of
(i) Cash Flow Available for Senior Debt Service for such period to (ii) Senior
Debt Service for such period.

     "Subsidiary" means any corporation or other entity of which sufficient
voting stock or other ownership or economic interests having ordinary voting
power to elect a majority of the board of directors (or equivalent body) are at
the time directly or indirectly held by the Company.

     "Subordinated Indebtedness" means, with respect to any person, Indebtedness
which is subordinated in right of payment to any other indebtedness of that
person.

                                       5

<PAGE>

     SECTION 103. Payment of Principal and Interest. The unpaid principal amount
                  ---------------------------------
of the 2008 Notes shall bear interest at the rate of 7.20% per annum until paid
or duly provided for. Interest shall be paid semi-annually in arrears on each
Interest Payment Date to the Person in whose name the 2008 Notes are registered
on the Regular Record Date for such Interest Payment Date, provided that
interest payable at the Stated Maturity of principal or on a Redemption Date as
provided herein will be paid to the Person to whom principal is payable. Any
such interest that is not so punctually paid or duly provided for will forthwith
cease to be payable to the Holders on such Regular Record Date and may either be
paid to the Person or Persons in whose name the 2008 Notes are registered at the
close of business on a Special Record Date for the payment of such defaulted
interest to be fixed by the Trustee ("Special Record Date"), notice whereof
shall be given to Holders of the 2008 Notes not less than ten days prior to such
Special Record Date, or be paid at any time in any other lawful manner not
inconsistent with the requirements of any securities exchange, if any, on which
the 2008 Notes shall be listed, and upon such notice as may be required by any
such exchange, all as more fully provided in the Original Indenture.

     Payments of interest on the 2008 Notes will include interest accrued to but
excluding the respective Interest Payment Dates. Interest payments for the 2008
Notes shall be computed and paid on the basis of a 360-day year of twelve 30-day
months. In the event that any date on which interest is payable on the 2008
Notes is not a Business Day, then a payment of the interest payable on such date
will be made on the next succeeding day that is a Business Day, except that, if
such Business Day is in the next succeeding calendar year, such payment shall be
made on the immediately preceding Business Day, in each case with the same force
and effect as if made on the date the payment was originally payable.

     Payment of the principal, premium, if any, and interest due at the Stated
Maturity or earlier redemption of the 2008 Notes shall be made upon surrender of
the 2008 Notes at the Corporate Trust Office of the Trustee, in such coin or
currency of the United States of America as at the time of payment is legal
tender for payment of public and private debts. Payments of interest (including
interest on any Interest Payment Date) will be made, subject to such surrender
where applicable, at the option of the Company, (i) by check mailed to the
address of the Person entitled thereto as such address shall appear in the
Security Register or (ii) by wire transfer at such place and to such account at
a banking institution in the United States as may be designated in writing to
the Trustee at least 16 days prior to the date for payment by the Person
entitled thereto.

     SECTION 104. Denominations. The 2008 Notes shall be issued in minimum
                  -------------
denominations of $100,000, or any integral multiple of $1,000 in excess thereof.

     SECTION 105. Form of 2008 Notes
                  ------------------

          (a) 2008 Notes offered and sold in reliance on Rule 144A shall be
represented initially in the form of one or more Global Notes in definitive,
fully registered form, without interest coupons, substantially in the form set
forth in Exhibit A (each such Note, a "Rule 144A Global Note"), deposited with
the Trustee, as custodian for the Depositary, and registered in the name of a
nominee of DTC. The aggregate principal amount of Rule 144A Global Notes may
from time to time be increased or decreased by adjustments made on the records
of the Trustee, as custodian for the Depositary or its nominee, as hereinafter
provided.

                                       6

<PAGE>

          (b) 2008 Notes offered and sold in offshore transactions in reliance
on Regulation S shall be represented in the form of one or more Global Notes in
definitive, fully registered form, without interest coupons, substantially in
the form set forth in Exhibit A (each, a "Regulation S Global Note") deposited
with the Trustee, as custodian for the Depositary, and registered in the name of
a nominee of the Depositary for the respective accounts of the purchasers
thereof (or to such other accounts as they may direct) at Euroclear Bank
S.A./N.V., as operator of the Euroclear System ("Euroclear"), and Clearstream
Banking, societe anonyme ("Clearstream"). Prior to the expiration of the
applicable Distribution Compliance Period, beneficial interests in the
Regulation S Global Notes may be held only through Euroclear or Clearstream, and
any resale or other transfer of such interests to U.S. Persons shall not be
permitted during such period unless such resale or transfer is made pursuant to
Rule 144A, Regulation S or another available exemption from the Securities Act
and in accordance with the certification requirements provided by Section 106.

          (c) 2008 Notes offered and sold to Persons that are institutional
"accredited investors" meeting the requirements of Rule 501(a)(1), (2), (3) or
(7) promulgated by the SEC under the Securities Act (each, an "Institutional
Accredited Investor") that are not a Qualified Institutional Buyer (each, a
"QIB") as defined in Rule 144A, shall be issued in definitive, fully registered
form, without interest coupons, substantially in the form set forth in Exhibit A
(each, an "Accredited Investor Note"), registered in the name of the purchaser
thereof.

     Institutional Accredited Investors that are not QIBs may hold interests in
the Initial 2008 Notes only in definitive form. Any beneficial interest in an
Initial 2008 Note represented by a Global Note that is transferred to an
Institutional Accredited Investor which is not a QIB will be delivered in the
form of a definitive, certificated 2008 Note and will cease to be an interest in
such Global Note. Upon the transfer of a 2008 Note issued in definitive,
certificated form to an Institutional Accredited Investor which is not a QIB to
a QIB or in accordance with Regulation S, such 2008 Note shall be exchanged for
an interest in a Global Note. 2008 Notes issued in definitive, certificated form
to Institutional Accredited Investors who are not QIBs shall not be issued in
bearer form.

          (d) Except under the limited circumstances described below, beneficial
interests in Global Notes shall only be recorded by book-entry and owners of
beneficial interests in Global Notes shall not be entitled to receive physical
delivery of certificates representing the Notes. The Global Notes will not be
issuable in bearer form. Global Notes may not be transferred except by the
Depositary to a nominee of the Depositary or by a nominee of the Depositary to
the Depositary or another nominee of the Depositary or to a successor Depositary
or its nominee.

     Owners of beneficial interests in the Global Notes will not be considered
the Holders thereof for any purpose under the Indenture, and no Global Note
representing a 2008 Note shall be exchangeable, except for another Global Note
of like denomination and tenor to be registered in the name of the Depositary or
its nominee or to a successor Depositary or its nominee. The rights of Holders
of such Global Note shall be exercised only through the Depositary.

     Any beneficial interest in a Global Note that is transferred to a person
who takes delivery in the form of an interest in another Global Note will, upon
transfer, cease to be an interest in such

                                       7

<PAGE>

Global Note and become an interest in the other Global Note and, accordingly,
will thereafter be subject to all transfer restrictions, if any, and other
procedures applicable to beneficial interests in such other Global Note for so
long as it remains such an interest.

     A Global Note shall be exchangeable for 2008 Notes 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 a Depositary
for such Global Note, or if at any time the Depositary ceases to be a clearing
agency registered under the Securities Exchange Act of 1934, as amended, at a
time when the Depositary is required to be so registered to act as such
Depositary and, in each case, no successor Depositary shall have been appointed
by the Company within 90 days of such notice, (ii) the Company in its sole
discretion determines that such Global Note shall be so exchangeable, or (iii)
there shall have occurred an Event of Default with respect to the 2008 Notes.
Any Global Note that is exchangeable pursuant to the preceding sentence shall be
exchangeable for 2008 Notes registered in such names as the Depositary shall
direct and 2008 Notes issued in exchange for Rule 144A Global Notes, Regulation
S Global Notes and Accredited Investor Notes pursuant to the preceding sentence
will bear, and be subject to, the legends relating to restrictions on transfer
required by Section 107 hereof.

     SECTION 106. Transfer and Exchange.
                  ---------------------

     (a) Transfer Restrictions. The Initial 2008 Notes, and those Exchange 2008
         ---------------------
Notes with respect to which any Person described in Section 107(b)(A), (B) or
(C) is the beneficial owner, may not be transferred except in compliance with
the applicable legends contained in Exhibit A unless otherwise determined by the
Company in accordance with applicable law.

     No service charge will be made for any transfer or exchange of 2008 Notes,
but the Trustee may require payment of a sum sufficient to cover any tax or
other governmental charge that may be imposed in connection therewith.

     The Company shall not be required (a) to issue, transfer or exchange any
2008 Notes during a period beginning at the opening of business 15 days before
the day of the mailing of a notice identifying the serial numbers of the 2008
Notes to be called for redemption, and ending at the close of business on the
day of the mailing, or (b) to transfer or exchange any 2008 Notes theretofore
selected for redemption in whole or in part, except the unredeemed portion of
any 2008 Note redeemed in part.

     (b) Transfer of Rule 144A Global Notes; Accredited Investor Notes. The
         -------------------------------------------------------------
following provisions shall apply with respect to any proposed transfer of a Rule
144A Global Note or a beneficial interest therein or an Accredited Investor Note
prior to the expiration of the Resale Restriction Termination Date:

               (i) a transfer of a Rule 144A Global Note or a beneficial
     interest therein or an Accredited Investor Note to a QIB shall be made upon
     the representation of the transferee that it is purchasing the 2008 Note
     for its own account or an account with respect to which it exercises sole
     investment discretion and that it and any such account is a QIB and is
     aware that the sale to it is being made in reliance on Rule 144A and

                                       8

<PAGE>

     acknowledges that it has received such information regarding the Company as
     the undersigned has requested pursuant to Rule 144A or has determined not
     to request such information and that it is aware that the transferor is
     relying upon its foregoing representations in order to claim the exemption
     from registration provided by Rule 144A;

               (ii) a transfer of a Rule 144A Global Note or a beneficial
     interest therein or an Accredited Investor Note to an Institutional
     Accredited Investor shall be made upon receipt by the Trustee or its agent
     of a certificate substantially in the form set forth in Exhibit C annexed
     hereto from the proposed transferee and, if requested by the Company or the
     Trustee, the delivery of an opinion of counsel, certifications and/or other
     information satisfactory to each of them; and

               (iii) a transfer of a Rule 144A Global Note or a beneficial
     interest therein or an Accredited Investor Note to a Non-U.S. Person shall
     be made upon receipt by the Trustee or its agent of a certificate
     substantially in the form set forth in Exhibit D annexed hereto from the
     proposed transferee and, if requested by the Company or the Trustee, the
     delivery of an opinion of counsel, certifications and/or other information
     satisfactory to each of them.

     (c) Transfer of Regulation S Global Notes. The following provisions shall
         -------------------------------------
apply with respect to any proposed transfer of a Regulation S Global Note prior
to the expiration of the Distribution Compliance Period:

               (i) a transfer of a Regulation S Global Note or a beneficial
     interest therein to a QIB shall be made upon receipt by the Trustee or its
     agent of a certificate substantially in the form set forth in Exhibit E
     annexed hereto from the transferor and, if requested by the Company or the
     Trustee, the delivery of an opinion of counsel, certifications and/or other
     information satisfactory to each of them;

               (ii) a transfer of a Regulation S Global Note or a beneficial
     interest therein to an Institutional Accredited Investor shall be made upon
     receipt by the Trustee or its agent of a certificate substantially in the
     form set forth in Exhibit C annexed hereto from the proposed transferee
     and, if requested by the Company or the Trustee, the delivery of an opinion
     of counsel, certifications and/or other information satisfactory to each of
     them; and

               (iii) a transfer of a Regulation S Global Note or a beneficial
     interest therein to a Non-U.S. Person shall be made upon receipt by the
     Trustee or its agent of a certificate substantially in the form set forth
     in Exhibit D annexed hereto from the proposed transferee and, if requested
     by the Company or the Trustee, the delivery of an opinion of counsel,
     certifications and/or other information satisfactory to each of them.

          Prior to or on the expiration of the Distribution Compliance Period,
beneficial interests in a Regulation S Global Note may only be held through
Euroclear or Clearstream or another agent member of Euroclear and Clearstream
acting for and on behalf of them, unless exchanged for interests in a Rule 144A
Global Note in accordance with the certification

                                       9

<PAGE>

requirements hereof. During the Distribution Compliance Period, interests in a
Regulation S Global Note, if any, may be exchanged for interests in the Rule
144A Global Note or for definitive 2008 Notes only in accordance with the
certification requirements described in this Section 106.

          After the expiration of the Distribution Compliance Period, interests
in the Regulation S Global Note may be transferred without requiring the
certification set forth in Exhibit D annexed hereto or any additional
certification.

          As used in the preceding two paragraphs of this Section 106(c), the
term "transfer" encompasses any sale, transfer or other disposition of any 2008
Notes referred to herein except for transfers from any Holder to an Affiliate of
such Holder; provided, that such transferring Holder shall deliver a letter to
the Trustee stating that the transferee is an Affiliate of such Holder. The
Trustee shall be entitled to rely on and be fully protected in its reliance on
such letter.

     (d) Exchange of Initial 2008 Notes for Exchange 2008 Notes. The Initial
         ------------------------------------------------------
2008 Notes may be exchanged for Exchange 2008 Notes pursuant to the terms of the
Exchange Offer. The Trustee shall make the exchange as follows:

     The Company shall present the Trustee with an Officers' Certificate
certifying the following:

          (A)  upon issuance of the Exchange 2008 Notes, the transactions
               contemplated by the Exchange Offer have been consummated; and

          (B)  the principal amount of Initial 2008 Notes properly tendered in
               the Exchange Offer that are represented by a Global Note or by
               Global Notes and the principal amount of Initial 2008 Notes
               properly tendered in the Exchange Offer that are represented by
               individual 2008 Notes, the name of each holder of such individual
               Initial 2008 Notes, the principal amount properly tendered in the
               Exchange Offer by each such holder and the name and address to
               which individual Exchange 2008 Notes shall be registered and sent
               for each such holder.

     The Trustee, upon receipt of (i) such Officers' Certificate, (ii) an
Opinion of Counsel to the Company addressed to the Trustee of the 2008 Notes (x)
to the effect that the Exchange 2008 Notes have been registered under Section 5
of the Securities Act of 1933, as amended, and the Indenture has been qualified
under the Trust Indenture Act and (y) with respect to the matters set forth in
Section 3(p) of the Registration Rights Agreement and (iii) a Company Order,
shall authenticate (A) a Global Note or Global Notes for Exchange 2008 Notes in
aggregate principal amount equal to the aggregate principal amount of Initial
2008 Notes represented by a Global Note or by Global Notes indicated in such
Officers' Certificate as having been properly tendered and (B) individual 2008
Notes representing Exchange 2008 Notes registered in the names of, and in the
principal amounts indicated in, such Officers' Certificate.

                                       10

<PAGE>

     If the principal amount of the Global Note or Global Notes for the Exchange
2008 Notes is less than the principal amount of the Global Note or Global Notes
for the Initial 2008 Notes, the Trustee shall make an endorsement on such Global
Note or Global Notes for Initial 2008 Notes indicating a reduction in the
principal amount represented thereby.

     The Trustee shall deliver such individual 2008 Notes for Exchange 2008
Notes to the holders thereof as indicated in such Officers' Certificate.

     SECTION 107. Legends.
                  -------

     (a) Except as permitted by subsection (b) of this Section 107 or as
otherwise determined by the Company in accordance with applicable law, each 2008
Note shall bear the applicable legends relating to restrictions on transfer
pursuant to the securities laws in substantially the form set forth on Exhibit A
hereto.

     (b) The Company shall issue, and the Trustee shall authenticate upon
Company Order, Exchange 2008 Notes in exchange for Initial 2008 Notes accepted
for exchange in the Exchange Offer, which Exchange 2008 Notes shall not bear the
legends required by subsection (a) above, in each case unless the holder of such
Initial 2008 Notes is either (A) a broker-dealer who purchased such Initial 2008
Notes directly from the Company for resale pursuant to Rule 144A or any other
available exemption under the Securities Act of 1933, as amended, (B) a Person
participating in the distribution of the Initial 2008 Notes or (C) a Person who
is an affiliate (as defined in Rule 144 under the Securities Act of 1933, as
amended) of the Company.

     SECTION 108. Redemption. At any time and at the Company's option, the
                  ----------
Company may redeem the 2008 Notes, in whole or in part (if in part, by lot or by
such other method as the Trustee shall deem fair or appropriate) at the
redemption price of 100% of principal amount of such 2008 Notes, plus accrued
interest on the principal amount of such 2008 Notes, if any, to the Redemption
Date, plus the Make-Whole Premium for such 2008 Notes.

          "Make-Whole Premium" means, with respect to the 2008 Notes, a
computation as of a date not more than five days prior to the Redemption Date of
the following:

          (i) the average life of the remaining scheduled payments of principal
in respect of Outstanding 2008 Notes (the "Remaining Average Life") as of the
Redemption Date;

          (ii) the yield to maturity for the United States treasury security
having an average life equal to the Remaining Average Life of the 2008 Notes and
trading in the secondary market at the price closest to the principal amount
thereof (the "Primary Issue") (subject to extrapolation if no United States
treasury security has an average life equal to the Remaining Average Life); and

          (iii) the discounted present value of the then-remaining scheduled
payments of principal and interest (but excluding that portion of any scheduled
payment of interest that is actually due and paid on the Redemption Date) in
respect of Outstanding 2008 Notes as of the

                                       11

<PAGE>

Redemption Date using a discount factor equal to the sum of (x) the yield to
maturity for the Primary Issue, plus (y) 25 basis points.

     The amount of Make-Whole Premium in respect of 2008 Notes to be redeemed or
repurchased shall be an amount equal to (x) the discounted present value of such
2008 Notes to be redeemed determined in accordance with clause (iii) above,
minus (y) the unpaid principal amount of such 2008 Notes; provided, however,
that the Make-Whole Premium shall not be less than zero.

     In the event of redemption of the 2008 Notes in part only, a new 2008 Note
or new 2008 Notes for the unredeemed portion will be issued in the name or names
of the Holder or Holders thereof upon the surrender thereof.

     The 2008 Notes will not have a sinking fund.

     Notice of redemption shall be given as provided in Section 1104 of the
Original Indenture.

     Any redemption of less than all of the 2008 Notes shall, with respect to
the principal thereof, be divisible by $1,000.

     SECTION 109. Limitation on Liens. The Company shall not issue, assume or
                  -------------------
guarantee any Indebtedness for borrowed money secured by any lien on any
non-cash assets of the Company, whether owned on the date that the 2008 Notes
are issued or thereafter acquired, without in any such case effectively securing
the outstanding 2008 Notes (together with, if the Company shall so determine,
any other Indebtedness of or guaranty by the Company ranking equally with the
2008 Notes equally and ratably with such Indebtedness (but only so long as such
Indebtedness is so secured); provided, however, that the foregoing restriction
shall not apply to the following liens:

     (a) any lien incurred or deposits made in the ordinary course of business;

     (b) liens imposed by law, such as carriers', warehousemen's and mechanics'
liens, arising in the ordinary course of business;

     (c) any lien on items of inventory or other goods and proceeds in respect
of bankers' acceptances;

     (d) liens in favor of the Company.

     (e) any lien created by the Company under or in connection with or arising
out of any pooling and settlement agreements or pooling and settlement
arrangements of the electricity industry or any transactions or arrangements
entered into in connection with hedging or management of risks relating to the
electricity industry;

     (f) any lien constituted by a right of set off or right over a margin call
account or any form of cash or cash collateral or any similar arrangement for
obligations incurred in respect of

                                       12

<PAGE>

the hedging or management of risks under transactions involving any currency or
interest rate swap, cap or collar arrangements, forward exchange transaction,
option, warrant, forward rate agreement, futures contract or other derivative
instrument of any kind;

     (g) any lien arising out of title retention or like provisions in
connection with the purchase of goods and equipment in the ordinary course of
business;

     (h) any lien securing reimbursement obligations under letters of credit,
guaranties and other forms of credit enhancement given in connection with the
purchase of goods and equipment in the ordinary course of business;

     (i) liens on any property or assets acquired from a corporation that is
merged with or into the Company, or any liens on the property or assets of any
corporation or other entity existing at the time such corporation or other
entity becomes a Subsidiary of the Company and, in either such case, is not
created in anticipation of any such transaction (unless such lien was created to
secure or provide for the payment of any part of the purchase price of such
corporation);

     (j) liens required by any contract or statute in order to permit the
Company to perform any contract or subcontract made by the Company with or at
the request of a governmental entity or any department, agency or
instrumentality thereof, or to secure partial, progress, advance or other
payments by the Company to such governmental unit pursuant to the provisions of
any contract or statute;

     (k) any lien securing industrial revenue, development or similar bonds
issued by or for the Company's benefit, provided that such industrial revenue,
development or similar bonds are nonrecourse to the Company;

     (l) any lien securing taxes or assessments or other applicable governmental
charges or levies;

     (m) any lien that arises pursuant to any order of attachment, distraint or
similar legal process arising in connection with court proceedings and any lien
that secures the reimbursement obligation for any bond obtained in connection
with an appeal taken in any court proceeding, so long as the execution or other
enforcement of such lien arising pursuant to such legal process is effectively
stayed and the claims secured thereby are being contested in good faith, and, if
appropriate, by appropriate legal proceedings, or any lien in favor of a
plaintiff or defendant in any action before a court or tribunal as security for
costs and/or expenses;

     (n) any lien arising by operation of law or by order of a court or tribunal
or any lien arising by an agreement of similar effect, including, without
limitation, judgement liens;

     (o) liens securing amounts not more than 90 days overdue or otherwise being
contested in good faith;

                                       13

<PAGE>

     (p) minor encumbrances, easements or reservations which do not in the
aggregate materially adverse affect the value of the properties or impair their
use;

     (q) liens on any property existing at the time of acquisition thereof
(which liens may also extend to subsequent repairs, alterations and improvements
to such property);

     (r) liens to secure purchase money Indebtedness not in excess of the cost
or value of the property acquired;

     (s) liens, if any, in existence on May 1, 2001;

     (t) any liens securing the Company's Indebtedness for borrowed money
incurred in connection with the financing of accounts receivable;

     (u) rights of financial institutions to offset credit balances and other
liens in the nature of bankers' liens;

     (v) other liens to secure Indebtedness so long as the amount of outstanding
Indebtedness secured by liens pursuant to this provision does not exceed 10% of
the Company's Consolidated Net Assets at the time of incurrence; and

     (w) liens granted in connection with extending, renewing, replacing or
refinancing (or successive extensions, renewals, replacements or refinancings)
any of the Indebtedness (so long as there is no increase in the principal amount
of the Indebtedness) described in clauses (a) through (v) above.

     In the event that the Company shall propose to pledge, mortgage or
hypothecate any property, other than as permitted by clauses (a) through (w)
above, the Company shall (prior thereto) give written notice thereof to the
Trustee, who shall give notice to the Holders, and the Company shall, prior to
or simultaneously with such pledge, mortgage or hypothecation, effectively
secure all the 2008 Notes equally and ratably with such Indebtedness.

     This Section 109 shall be defeasable pursuant to Section 401(2) of the
Original Indenture.

     SECTION 110. Limitation on Asset Sales. Except for the sale, conveyance,
                  -------------------------
transfer or lease of the Company's properties and assets substantially as an
entirety as permitted pursuant to Article 8 of the Original Indenture, and other
than assets required to be sold to conform with governmental regulations, the
Company shall not, and shall not permit any of its Subsidiaries to, consummate
any Asset Sale, if the aggregate net book value of all such Asset Sales during
the most recent 12-month period would exceed 10% of the Company's Consolidated
Net Assets computed as of the end of the Company's most recently ended full
fiscal quarter preceding such Asset Sale; provided, however, that any such Asset
Sale will be disregarded for purposes of the 10% limitation specified above if
the proceeds thereof (i) are, within 18 months of such Asset Sale, invested or
reinvested by the Company or any Subsidiary in a Permitted Business, (ii) are
used by the Company or a Subsidiary to repay Indebtedness of the Company or such
Subsidiary or are used by the Company or a Subsidiary to purchase and retire

                                       14

<PAGE>

some or all of the 2008 Notes, or (iii) are retained by the Company or its
Subsidiaries. Additionally, if after giving effect to any Asset Sale that
otherwise would cause the 10% limitation to be exceeded, each Rating Agency then
rating the 2008 Notes confirms the then current rating of the 2008 Notes, the
portion of such Asset Sale in excess of the 10% limitation will also be
disregarded for purposes of the foregoing limitations.

     This Section 110 shall be defeasable pursuant to Section 401(2) of the
Original Indenture.

     SECTION 111. Debt Incurrence Test.
                  --------------------

     (a) The Company shall not incur any Indebtedness for borrowed money other
than Permitted Indebtedness unless on a Pro Forma Basis for the debt incurrence
and any related transaction either (i) based on projections prepared by the
Company on a reasonable basis, the projected Senior Debt Service Coverage Ratio
for each of the succeeding two twelve-month periods (commencing with the month
in which such Indebtedness is to be incurred) or, with respect to any date
within the 24-month period prior to the final maturity date for the 2008 Notes,
the number of complete twelve-month periods, if any, until such final maturity
date for the 2008 Notes, in each case measured as individual twelve-month
periods, is projected to be greater than or equal to 2.5 to 1, or (ii) each
Rating Agency then rating the 2008 Notes provides a Ratings Reaffirmation of the
then existing rating of such 2008 Notes after giving effect to such additional
Indebtedness.

     (b) At any time following the date on which financial statements for five
full years of the Company's operations are available (commencing with the year
ended December 31, 1999), the Company may cease to comply with the covenant
provided in paragraph (a) of this Section 110 if each Rating Agency then rating
the Outstanding Senior Notes provides a Ratings Reaffirmation of at least the
original rating of such Senior Notes after giving effect to such fact, in which
case from and after the date of such reaffirmation such covenant shall be deemed
to be of no further force and effect.

     (c) This Section 111 shall be defeasable pursuant to Section 401(2) of the
Original Indenture.

                                    ARTICLE 2

                            Miscellaneous Provisions

     SECTION 201. Recitals by Company. The recitals in this Fourth Supplemental
                  -------------------
Indenture are made by the Company only and not by the Trustee, and all of the
provisions contained in the Original Indenture in respect of the rights,
privileges, immunities, powers and duties of the Trustee shall be applicable in
respect of 2008 Notes and of this Fourth Supplemental Indenture as fully and
with like effect as if set forth herein in full.

     SECTION 202. Ratification and Incorporation of Original Indenture. As
                  ----------------------------------------------------
supplemented hereby, the Original Indenture is in all respects ratified and
confirmed, and the

                                       15

<PAGE>

Original Indenture and this Fourth Supplemental Indenture shall be read, taken
and construed as one and the same instrument.

     SECTION 203. Executed in Counterparts. This Fourth Supplemental Indenture
                  ------------------------
may be simultaneously executed in several counterparts, each of which shall be
deemed to be an original, and such counterparts shall together constitute but
one and the same instrument.

     SECTION 204. GOVERNING LAW. THIS FOURTH SUPPLEMENTAL INDENTURE AND EACH
                  -------------
2008 NOTE ISSUED HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE
WITH, THE LAWS OF THE STATE OF NEW YORK.

                                       16

<PAGE>

          IN WITNESS WHEREOF, each party hereto has caused this instrument to be
signed in its name and behalf by its duly authorized officers, all as of the day
and year first above written.

                                          MIRANT AMERICAS GENERATION, INC.

                                          By: /s/ DONALD B. DYSERT
                                             -----------------------------------
                                             Name: Donald B. Dysert
                                             Title: Vice President and Treasurer

                                          BANKERS TRUST COMPANY, as Trustee

                                          By: /s/ RICHARD L. BUCKWALTER
                                             -----------------------------------
                                             Name: Richard L. Buckwalter
                                             Title: Vice President

<PAGE>

                                    EXHIBIT A

                                FORM OF 2008 NOTE

<PAGE>

          [INCLUDE IF NOTE IS A GLOBAL NOTE -- UNLESS THIS NOTE IS PRESENTED BY
AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK
CORPORATION ("DTC"), TO MIRANT AMERICAS GENERATION, INC. (THE "COMPANY") OR ITS
AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE 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.

          TRANSFERS OF THIS GLOBAL NOTE IN WHOLE SHALL BE LIMITED TO TRANSFERS
TO A NOMINEE OF DTC OR BY A NOMINEE OF DTC TO DTC OR ANOTHER NOMINEE OF DTC OR
BY DTC OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH
SUCCESSOR DEPOSITARY AND TRANSFERS OF THIS GLOBAL NOTE IN PART SHALL BE LIMITED
TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE
REFERRED TO ON THE REVERSE HEREOF.

     THIS GLOBAL NOTE SHALL BE EXCHANGEABLE FOR NOTES REGISTERED IN THE NAMES OF
PERSONS OTHER THAN DTC OR ITS NOMINEE ONLY IF (I) DTC NOTIFIES THE COMPANY THAT
IT IS UNWILLING OR UNABLE TO CONTINUE AS A DEPOSITARY FOR SUCH GLOBAL NOTE, OR
IF AT ANY TIME DTC CEASES TO BE A CLEARING AGENCY REGISTERED UNDER THE
SECURITIES EXCHANGE ACT OF 1934, AS AMENDED, AT A TIME WHEN DTC IS REQUIRED TO
BE SO REGISTERED TO ACT AS SUCH DEPOSITARY AND, IN EACH CASE, NO SUCCESSOR
DEPOSITARY SHALL HAVE BEEN APPOINTED BY THE COMPANY WITHIN 90 DAYS OF SUCH
NOTICE, (II) THE COMPANY IN ITS SOLE DISCRETION DETERMINES THAT SUCH GLOBAL NOTE
SHALL BE SO EXCHANGEABLE, OR (III) THERE SHALL HAVE OCCURRED AN EVENT OF DEFAULT
WITH RESPECT TO THE NOTES. ANY GLOBAL NOTE THAT IS EXCHANGEABLE PURSUANT TO THE
PRECEDING SENTENCE SHALL BE EXCHANGEABLE FOR NOTES REGISTERED IN SUCH NAMES AS
THE DEPOSITARY SHALL DIRECT AND NOTES ISSUED IN EXCHANGE FOR RULE 144A GLOBAL
NOTES, REGULATION S GLOBAL NOTES AND ACCREDITED INVESTOR NOTES PURSUANT TO THE
PRECEDING SENTENCE, SHALL BEAR, AND BE SUBJECT TO, THE LEGENDS RELATING TO
RESTRICTIONS ON TRANSFER REQUIRED BY THE INDENTURE RELATING HERETO.]

     [INCLUDE IF THIS NOTE IS A RULE 144A GLOBAL NOTE OR AN ACCREDITED INVESTOR
NOTE; DO NOT INCLUDE IF THIS SECURITY IS A REGULATION S GLOBAL NOTE -- THIS NOTE
(OR ITS PREDECESSOR) WAS ORIGINALLY ISSUED IN A TRANSACTION EXEMPT FROM
REGISTRATION UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE
"SECURITIES ACT"), AND MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE
TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE

                                      A-1

<PAGE>

EXEMPTION THEREFROM AND IN ANY EVENT MAY BE SOLD OR OTHERWISE TRANSFERRED ONLY
IN ACCORDANCE WITH THE INDENTURE, COPIES OF WHICH ARE AVAILABLE FOR INSPECTION
AT THE CORPORATE TRUST OFFICE OF THE TRUSTEE IN NEW YORK.

[INCLUDE IF THIS NOTE IS A REGULATION S GLOBAL NOTE - THE NOTES COVERED HEREBY
HAVE NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933 (THE "SECURITIES
ACT") AND MAY NOT BE OFFERED AND SOLD WITHIN THE UNITED STATES OR TO, OR FOR THE
ACCOUNT OR BENEFIT OF, U.S. PERSONS (i) AS PART OF THEIR DISTRIBUTION AT ANY
TIME OR (ii) OTHERWISE UNTIL 40 DAYS AFTER THE LATER OF THE OFFERING AND THE
CLOSING DATE, EXCEPT IN EITHER CASE IN ACCORDANCE WITH REGULATION S (OR RULE
144A IF AVAILABLE) UNDER THE SECURITIES ACT. TERMS USED ABOVE HAVE THE MEANING
GIVEN TO THEM BY REGULATION S.]

     EACH PURCHASER OF THIS NOTE IS HEREBY NOTIFIED THAT THE SELLER MAY BE
RELYING ON THE EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF THE SECURITIES ACT
PROVIDED BY RULE 144A THEREUNDER. EACH HOLDER OF THIS NOTE REPRESENTS TO MIRANT
AMERICAS GENERATION, INC. THAT (a) SUCH HOLDER WILL NOT SELL, PLEDGE OR
OTHERWISE TRANSFER THIS NOTE (WITHOUT THE CONSENT OF MIRANT AMERICAS GENERATION,
INC.) OTHER THAN (i) TO A QUALIFIED INSTITUTIONAL BUYER IN A TRANSACTION
COMPLYING WITH RULE 144A UNDER THE SECURITIES ACT, (ii) IN ACCORDANCE WITH RULE
144 UNDER THE SECURITIES ACT, (iii) OUTSIDE THE UNITED STATES IN A TRANSACTION
MEETING THE REQUIREMENTS OF REGULATION S UNDER THE SECURITIES ACT, (iv) PURSUANT
TO ANOTHER AVAILABLE EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT,
SUBJECT, IN THE CASE OF CLAUSES (ii), (iii) OR (iv), TO THE RECEIPT BY MIRANT
AMERICAS GENERATION, INC. OF AN OPINION OF COUNSEL OR SUCH OTHER EVIDENCE
ACCEPTABLE TO MIRANT AMERICAS GENERATION, INC. THAT SUCH RESALE, PLEDGE OR
TRANSFER IS EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT OR
(v) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT AND THAT (b) THE HOLDER
WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY PURCHASER OF THIS
NOTE OF THE RESALE RESTRICTIONS REFERRED TO HEREIN AND DELIVER TO THE TRANSFEREE
(OTHER THAN A QUALIFIED INSTITUTIONAL BUYER) PRIOR TO THE SALE A COPY OF THE
TRANSFER RESTRICTIONS APPLICABLE HERETO (COPIES OF WHICH MAY BE OBTAINED FROM
THE TRUSTEE).

BECAUSE OF THE FOREGOING RESTRICTIONS, PURCHASERS ARE ADVISED TO CONSULT LEGAL
COUNSEL PRIOR TO MAKING ANY RESALE, PLEDGE OR TRANSFER OF ANY OF THE NOTES.
INVESTORS SHOULD BE AWARE THAT THEY MAY BE REQUIRED TO BEAR THE FINANCIAL RISKS
OF THIS INVESTMENT FOR AN INDEFINITE PERIOD OF TIME.]

                                      A-2

<PAGE>

NO. [ ]                                                                CUSIP NO.

                        MIRANT AMERICAS GENERATION, INC.
                                7.20% SENIOR NOTE
                               DUE October 1, 2008

<TABLE>
<S>                             <C>
     Principal Amount:          $
                                 ---------

     Regular Record Date:       15th calendar day prior to Interest Payment Date

     Original Issue Date:       October 9, 2001

     Stated Maturity:           October 1, 2008

     Interest Payment Dates:    April 1 and October 1

     Interest Rate:             7.20% per annum

     Authorized Denomination:   $100,000, or any integral multiple of $1,000 in excess thereof
</TABLE>

     Mirant Americas Generation, Inc., a Delaware corporation (the "Company",
which term includes any successor corporation under the Indenture referred to on
the reverse hereof), for value received, hereby promises to pay to
                                     , or registered assigns, the principal sum
-------------------------------------
of           DOLLARS ($__________) on the Stated Maturity shown above (or upon
   ---------
earlier redemption), and to pay interest thereon from the Original Issue Date
shown above, or from the most recent Interest Payment Date to which interest has
been paid or duly provided for, semi-annually in arrears on each Interest
Payment Date as specified above, commencing on the Interest Payment Date next
succeeding the Original Issue Date shown above and on the Stated Maturity (or
upon earlier redemption) at the rate per annum shown above until the principal
hereof is paid or made available for payment and on any overdue principal and on
any overdue installment of interest. The interest so payable, and punctually
paid or duly provided for, on any Interest Payment Date (other than an Interest
Payment Date that is the Stated Maturity or on a Redemption Date) will, as
provided in such Indenture, be paid to the Person in whose name this Note (the
"Note") is registered at the close of business on the Regular Record Date as
specified above next preceding such Interest Payment Date, provided that any
interest payable at Stated Maturity or on any Redemption Date will be paid to
the Person to whom principal is payable. Except as otherwise provided in the
Indenture, any such interest not so punctually paid or duly provided for will
forthwith cease to be payable to the Holder on such Regular Record Date and may
either be paid to the Person in whose name this Note is registered at the close
of business on a Special Record Date for the payment of such defaulted interest
to be fixed by the Trustee, notice whereof shall be given to Holders of Notes of
this series not less than 10 days prior to such Special Record Date, or be paid
at any time in any other lawful manner not inconsistent with the requirements of
any securities exchange, if any, on which the Notes of this series shall be
listed, and

                                      A-3

<PAGE>

upon such notice as may be required by any such exchange, all as more fully
provided in the Indenture.

     Payments of interest on this Note will include interest accrued to but
excluding the respective Interest Payment Dates. Interest payments for this Note
shall be computed and paid on the basis of a 360-day year of twelve 30-day
months. In the event that any date on which interest is payable on this Note is
not a Business Day, then payment of the interest payable on such date will be
made on the next succeeding day that is a Business Day, except that, if such
Business Day is in the next succeeding calendar year, payment shall be made on
the immediately preceding Business Day, in each case with the same force and
effect as if made on the date the payment was originally payable. A "Business
Day" shall mean any day other than a Saturday or a Sunday or a day on which
banks New York, New York are authorized or obligated by law or executive order
to remain closed or a day on which the Trustee's Corporate Trust Office is
closed for business.

     Payment of the principal, premium, if any, and interest due at the Stated
Maturity or earlier redemption of this Note shall be made upon surrender of this
Note at the Corporate Trust Office of the Trustee, in such coin or currency of
the United States of America as at the time of payment is legal tender for
payment of public and private debts. Payments of interest (including interest on
any Interest Payment Date) will be made, subject to such surrender where
applicable, at the option of the Company, (i) by check mailed to the address of
the Person entitled thereto as such address shall appear in the Security
Register or (ii) by wire transfer at such place and to such account at a banking
institution in the United States as may be designated in writing to the Trustee
at least 16 days prior to the date for payment by the Person entitled thereto.

     The unpaid principal amount of this Note shall bear interest at the rate
per annum set forth above.

     The Company has entered into a Registration Rights Agreement dated October
9, 2001 with the Initial Purchasers described therein. Pursuant to the
Registration Rights Agreement, the Company has agreed to file with the SEC a
registration statement under the Securities Act ("Registration Statement") for
an offer to exchange the Initial 2008 Notes for a like aggregate principal
amount of Exchange 2008 Notes issued pursuant to the Indenture that are in all
material respects identical to the Initial 2008 Notes except that such Exchange
2008 Notes shall be issued pursuant to an effective Registration Statement.

     From and after the date on which an Additional Interest Event (as defined
in the Registration Rights Agreement) occurs, the interest rate payable on this
Note shall increase (in addition to the interest rate set forth above) and
additional interest reflecting such increase shall accrue with respect to this
Note, as described in the Registration Rights Agreement, until but not including
the date on which all such Additional Interest Events shall be cured and cease
to exist (and provided no other Additional Interest Event with respect to this
Note shall then be continuing), at the rate of one-half of one percent (0.50%)
per annum, which additional interest shall be payable hereon at the times, in
the manner and subject to the same terms and conditions set forth herein and in
the Indenture, as though the interest rate set forth above had been increased by
one-half of one percent (0.50%) per annum.

                                      A-4

<PAGE>

     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 by manual signature, this Note shall not be entitled to any benefit
under the Indenture or be valid or obligatory for any purpose.

                                      A-5

<PAGE>

     IN WITNESS WHEREOF, the Company has caused this instrument to be duly
executed by its duly authorized officer.

Dated: October 9, 2001.

                                        MIRANT AMERICAS GENERATION, INC.

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

                                      A-6

<PAGE>

                          CERTIFICATE OF AUTHENTICATION

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

                                        BANKERS TRUST COMPANY,
                                        as Trustee

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

                                      A-7

<PAGE>

                             (Reverse Side of Note)

     This Note is one of a duly authorized issue of Senior Notes of the Company,
issued and issuable in one or more series under an Indenture, dated as of May 1,
2001, as supplemented by the Fourth Supplemental Indenture dated as of October
9, 2001 (collectively, the "Indenture"), between the Company and Bankers Trust
Company, to which Indenture reference is hereby made for a statement of the
respective rights, limitation of rights, duties and immunities thereunder of the
Company, the Trustee and the Holders of the Senior Notes issued thereunder and
of the terms upon which said Senior Notes are, and are to be, authenticated and
delivered. This Note is one of the series designated on the face hereof as 7.20%
Senior Notes due October 1, 2008 (the "2008 Notes") in aggregate principal
amount of up to $300,000,000, subject to increase as provided for in the
Indenture. Capitalized terms used herein for which no definition is provided
herein shall have the meanings set forth in the Indenture.

     At any time and at the Company's option, the Company may redeem this Note,
in whole or in part (if in part, by lot or by such other method as the Trustee
shall deem fair or appropriate) at the redemption price of 100% of principal
amount of such Note, plus accrued interest on the principal amount of this Note,
if any, to the Redemption Date, plus the Make-Whole Premium for such Note.

          "Make-Whole Premium" means a computation as of a date not more than
five days prior to the Redemption Date of the following:

          (i) the average life of the remaining scheduled payments of principal
in respect of outstanding 2008 Notes (the "Remaining Average Life") as of the
Redemption Date;

          (ii) the yield to maturity for the United States treasury security
having an average life equal to the Remaining Average Life of the 2008 Notes and
trading in the secondary market at the price closest to the principal amount
thereof (the "Primary Issue") (subject to extrapolation if no United States
treasury security has an average life equal to the Remaining Average Life); and

          (iii) the discounted present value of the then-remaining scheduled
payments of principal and interest (but excluding that portion of any scheduled
payment of interest that is actually due and paid on the Redemption Date) in
respect of Outstanding 2008 Notes as of the Redemption Date using a discount
factor equal to the sum of (x) the yield to maturity for the Primary Issue, plus
(y) 25 basis points.

     The amount of Make-Whole Premium in respect of 2008 Notes to be redeemed or
repurchased shall be an amount equal to (x) the discounted present value of such
2008 Notes to be redeemed determined in accordance with clause (iii) above,
minus (y) the unpaid principal amount of such 2008 Notes; provided, however,
that the Make-Whole Premium shall not be less than zero.

                                      A-8

<PAGE>

     In the event of redemption of this Note in part only, a new Note or Notes
of this series for the unredeemed portion hereof will be issued in the name or
names of the Holder or Holders hereof upon the surrender hereof. The Notes will
not have a sinking fund.

     If an Event of Default with respect to the Notes of this series shall occur
and be continuing, the principal of the Notes of this series may be declared due
and payable in the manner, with the effect and subject to the conditions
provided in the Indenture.

     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 Notes 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 Notes of each series to be affected. The Indenture also contains
provisions permitting the Holders of specified percentages in principal amount
of the Notes of each 2008 Note at the time Outstanding, on behalf of the Holders
of all Notes of such series, to waive compliance by the Company with certain
provisions of the Indenture and certain past defaults under the Indenture and
their consequences. Any such consent or waiver by the Holder of this Note shall
be conclusive and binding upon such Holder and upon all future Holders of this
Note and of any Note issued upon the registration of transfer hereof or in
exchange hereof or in lieu hereof, whether or not notation of such consent or
waiver is made upon this Note. Without notice to or the consent of any Holder,
the Company and the Trustee may amend the Indenture or the Notes for the purpose
of curing any ambiguity, or of curing, correcting, or supplementing any
defective provision thereof or hereof, or in any manner that the Company and the
Trustee may determine that is not inconsistent with the Indenture and the Notes
and will not adversely affect the interests of any Holder.

     The Indenture contains certain covenants, including without limitation,
covenants with respect to the following matters: (i) debt incurrence; (ii)
Liens, (iii) Asset Sales; and (iv) mergers, consolidations and certain transfers
of assets. Until such time as the Company is registered as a reporting company
under the Exchange Act, the Company must furnish to the Trustee annual
statements as to the Company's compliance with such limitations in accordance
with the terms of the Indenture.

     The Indenture contains provisions for, upon compliance by the Company with
certain conditions set forth in the Indenture, the defeasance of certain
restrictive covenants and agreements.

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

     As provided in the Indenture and subject to certain limitations therein set
forth, the transfer of this Note is registrable in the Security Register, upon
surrender of this Note for registration of transfer at the office or agency of
the Company for such purpose, duly endorsed by, or accompanied by a written
instrument of transfer in form satisfactory to the Company and the Security
Registrar and duly executed by, the Holder hereof or his attorney duly
authorized in writing, and thereupon

                                      A-9

<PAGE>

one or more new Notes of this series, of authorized denominations and of like
tenor and for the same aggregate principal amount, will be issued to the
designated transferee or transferees. No service charge shall be made for any
such registration of transfer or exchange, but the Company or the Trustee may
require payment of a sum sufficient to cover any tax or other governmental
charge payable in connection therewith.

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

     The Notes are issuable only in registered form without coupons in minimum
denominations of $100,000 and integral multiples of $1,000 in excess thereof. As
provided in the Indenture and subject to certain limitations therein set forth,
Notes are exchangeable for a like aggregate principal amount of Notes of this
series of a different authorized denomination, as requested by the Holder
surrendering the same upon surrender of the Note or Notes to be exchanged at the
office or agency of the Company.

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

     The Trustee will furnish to any Holder upon written request and without
charge a copy of the Indenture. Requests may be made to Bankers Trust Company,
Four Albany Street, New York, New York 10006, Attention: Corporate Trust Office.

                                      A-10

<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      UNIF GIFT MIN ACT-        Custodian
         common                                ------           --------
TEN ENT- as tenants by                                    (Cust)         (Minor)
         the entireties
JT TEN-  as joint tenants                             under Uniform Gifts to
         with right of                                Minors Act
         survivorship and
         not as tenants                               ------------------------
         in common                                        (State)

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

                                   ----------

     FOR VALUE RECEIVED, the undersigned hereby sell(s) and transfer(s) unto
                           (please insert Social Security or other identifying
---------------------------
number of assignee)

--------------------------------------------------------------------------------
PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING POSTAL ZIP CODE
OF ASSIGNEE

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

--------------------------------------------------------------------------------
the within Note and all rights thereunder, hereby irrevocably constituting and
appointing

--------------------------------------------------------------------------------
agent to transfer said Note on the books of the Company, 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 instrument in every
                                  particular without alteration or enlargement,
                                  or any change whatever.

<PAGE>

                                    EXHIBIT B

                          CERTIFICATE OF AUTHENTICATION

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

                                        BANKERS TRUST COMPANY,
                                        as Trustee

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

<PAGE>

                                    EXHIBIT C
                    FORM OF INSTITUTIONAL ACCREDITED INVESTOR
                          TRANSFEREE COMPLIANCE LETTER

Bankers Trust Company
Four Albany Street
New York, New York  10006

Re:  Mirant Americas Generation, Inc.
     7.20% Notes due 2008

Ladies and Gentlemen:

     In connection with our proposed purchase of $           aggregate principal
                                                  ----------
amount of 7.20% Senior Notes due 2008 (the "Notes") of Mirant Americas
Generation, Inc., a Delaware corporation (the "Company"), we confirm that:

1.   We understand that the Notes have not been registered under the Securities
     Act of 1933, as amended (the "Securities Act") and may not be sold except
     as permitted in the following sentence. We agree, on our own behalf and on
     behalf of any accounts for which we are acting as hereinafter stated, to
     offer, sell, pledge or otherwise transfer such Notes prior to the date
     which is two years after the later of the original issue date of the Notes
     and the last date on which the Company or any affiliate of the Company was
     the owner of the Notes (or any predecessor of such Note), only (i) to the
     Company, (ii) so long as such Notes are eligible for resale pursuant to
     Rule 144A under the Securities Act ("Rule 144A"), to a person whom we
     reasonably believe is a "qualified institutional buyer" (as defined in Rule
     144A) (a "QIB") that purchases for its own account or for the account of a
     QIB to whom notice is given that the resale, pledge or transfer is being
     made in reliance on Rule 144A, (iii) to an institution that is an
     "accredited investor" as defined in Rule 501(a)(1), (2), (3) or (7) under
     the Securities Act that is acquiring the Notes in a minimum amount of
     $100,000 for investment purposes and not for distribution and an
     Institutional Accredited Investor Transferee Compliance Letter in the form
     hereof is delivered to the Company and to the Trustee under the Indenture
     relating to the Notes by such accredited investor, (iv) pursuant to any
     other available exemption from registration under the Securities Act, or
     (v) pursuant to an effective registration statement under the Securities
     Act, in each case in accordance with any applicable securities laws of any
     state of the United States, and we will notify any purchaser of the Notes
     from us of the above resale restrictions, if then applicable. We further
     understand that in connection with any transfer of the Notes by us that the
     Company and the Trustee may request, and if so requested we will furnish,
     such opinions of counsel, certificates and/or other information as they may
     reasonably require to confirm that any such transfer complies with the
     foregoing restrictions.

2.   We are an institutional investor and are an "accredited investor" (as
     defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act) and we
     have such knowledge and experience in financial and business matters as to
     be capable of evaluating the merits and

<PAGE>

     risks of our investment in the Notes, and we and any accounts for which we
     are acting are each able to bear the economic risk of our or its
     investment.

3.   We understand that the Notes will be issued solely in physical certificated
     form (and not in the form of interests in securities deposited with The
     Depository Trust Company) and the minimum principal amount of Notes that
     may be purchased by an institutional accredited investor is $100,000.

4.   We are acquiring the Notes purchased by us for our own account or for one
     or more accounts as to each of which we exercise sole investment
     discretion.

5.   You are entitled to rely upon this letter and you are irrevocably
     authorized to produce this letter or a copy hereof to any interested party
     in any administrative or legal proceeding or official inquiry with respect
     to the matters covered hereby.

                                                  Very truly yours,

                                                  [Name of Purchaser]

                                                  By:
                                                       -------------------------
                                                       Authorized Signature

Dated:          ,
        --------  ----

cc:  Mirant Americas Generation, Inc.

<PAGE>

                                    EXHIBIT D
                    FORM OF REGULATION S TRANSFER CERTIFICATE

Bankers Trust Company
Four Albany Street
New York, New York  10006

Re:  Mirant Americas Generation, Inc.
     7.20% Senior Notes due 2008

Ladies and Gentlemen:

     In connection with our proposed purchase of $           aggregate principal
                                                  ----------
amount of 7.20% Senior Notes due 2008 (the "Notes") of Mirant Americas
Generation, Inc., a Delaware corporation (the "Company"), we confirm that:

     1.   The offer of the Notes was not made to a person in the United States;

     2.   Either (i) at the time the buy order was originated, the transferee
          was outside the United States or we and any person acting on our
          behalf reasonably believed that the transferee was outside the United
          States or (ii) the transaction was executed in, on or through the
          facilities of a designated off-shore securities market and neither we
          nor any person acting on our behalf knows that the transaction has
          been pre-arranged with a buyer in the United States;

     3.   No directed selling efforts have been made in the United States in
          contravention of the requirements of Rule 903(a) or Rule 904(a) of
          Regulation S, as applicable; and

     4.   The transaction is not part of a plan or scheme to evade the
          registration requirements of the Securities Act.

     In addition, if the sale is made during a Distribution Compliance Period
and the provisions of Rule 903(b)(3) or Rule 904(b) of Regulation S are
applicable thereto, we confirm that such sale has been made in accordance with
the applicable provisions of Rule 903(b)(3) or Rule 904(b), as the case may be.

     The Company and the Trustee are entitled to rely upon this letter and are
irrevocably authorized to produce this letter or a copy hereof to any interested
party in any administrative or legal proceedings or official inquiry with
respect to the matters covered hereby. Terms used in this certificate have the
meanings set forth in Regulation S.

Very truly yours,

[Name of Transferor]

<PAGE>

By:                                         By:
        -----------------------------             ------------------------------
        Authorized Signature                      Signature Medallion Guaranteed

Dated:          ,                           Dated:          ,
        --------  ----                              --------  ----

cc:  Mirant Americas Generation, Inc.

<PAGE>

                                    EXHIBIT E
                  FORM OF TRANSFER CERTIFICATE FOR TRANSFER OR
                        EXCHANGE FROM REGULATION S GLOBAL
                          NOTE TO RULE 144A GLOBAL NOTE

Bankers Trust Company
Four Albany Street
New York, New York  10006

Re:  Mirant Americas Generation, Inc.
     7.20% Senior Notes due 2008

Ladies and Gentlemen:

     In connection with our proposed purchase of $           aggregate principal
                                                  ----------
amount of 7.20% Senior Notes due 2008 (the "Notes") of Mirant Americas
Generation, Inc., a Delaware corporation (the "Company"), we confirm that such
purchase is being effected pursuant to and in accordance with Rule 144A under
the Securities Act of 1933, as amended ("Rule 144A"), and, accordingly, we do
hereby further certify that the Notes are being transferred to a person that we
reasonably believe is purchasing the Notes for its own account, or for one or
more accounts with respect to which such person exercises sole investment
discretion, and such person and each such account is a "qualified institutional
buyer" within the meaning of Rule 144A, in each case in a transaction meeting
the requirements of Rule 144A and in accordance with any applicable securities
laws of any state of the United State.

     The Company and Bankers Trust Company, a New York banking corporation, are
entitled to rely upon this letter and are irrevocably authorized to produce this
letter or a copy hereof to any interested party in any administrative or legal
proceedings or official inquiry with respect to the matters covered hereby.

Very truly yours,

[Name of Transferor]

By:
        -----------------------------
        Authorized Signature

Dated:          ,
        --------  ----

cc:  Mirant Americas Generation, Inc.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00038-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00038-of-00352.parquet"}]]