Document:

<PAGE>

                             COOPER INDUSTRIES, INC.
                             COOPER INDUSTRIES, LTD.
                                       AND
                               JPMORGAN CHASE BANK
                                   AS TRUSTEE

                          THIRD SUPPLEMENTAL INDENTURE
                          DATED AS OF OCTOBER 28, 2002

                                   DEBENTURES
              SUPPLEMENT TO INDENTURE DATED AS OF JANUARY 15, 1990
                      AS AMENDED BY THE FIRST SUPPLEMENTAL
                       INDENTURE DATED AS OF MAY 15, 2002
                           AND THE SECOND SUPPLEMENTAL
                       INDENTURE DATED AS OF JUNE 21, 2002

<PAGE>

This THIRD SUPPLEMENTAL INDENTURE, dated as of October 28, 2002 ("Supplemental
Indenture"), is made and entered into between Cooper Industries, Inc., a
corporation organized and existing under the laws of the State of Ohio, having
its principal office at 600 Travis, Suite 5800, Houston, Texas 77002 (the
"Company"), Cooper Industries, Ltd., a Bermuda company, having its principal
office at 600 Travis, Suite 5800, Houston, Texas 77002 (the "Guarantor") and
JPMorgan Chase Bank, a New York banking corporation, as Trustee (the "Trustee").

WHEREAS, the Company entered into an Indenture dated as of January 15, 1990 (the
"Indenture"), with The Chase Manhattan Bank (National Association), for the
purpose of issuing its debentures, notes, bonds or other evidences of
indebtedness (the "Debentures") in one or more series, unlimited as to aggregate
principal amount and bearing such rates of interest, if any, maturing at such
time or times and having such other designations as shall be fixed in accordance
with the Indenture; and

WHEREAS, the Company is a wholly owned, indirect subsidiary and a Restricted
Subsidiary of the Guarantor and, pursuant to the First Supplemental Indenture
among the parties hereto dated as of May 15, 2002, the Guarantor has guaranteed
to each holder of a Debenture the payment of the principal of, premium, if any,
and interest, if any, on the Debentures and all other obligations of the Company
under the Indenture; and

WHEREAS, the Trustee is the successor by merger to The Chase Manhattan Bank
(National Association) and has succeeded to all interests of such national
association under the Indenture; and

WHEREAS, the parties hereto have entered into a Second Supplemental Indenture
dated as of June 21, 2002; and

WHEREAS, the Company proposes to issue a series of Debentures in the aggregate
principal amount of up to three hundred million dollars $300,000,000 (the
"Notes") and to modify certain terms of the Indenture solely with respect to the
Notes and any Debentures that the Company issues subsequent to the Notes (the
"Subsequent Debentures"); and

WHEREAS, the entry into this Supplemental Indenture by the parties hereto is in
all respects permitted by the provisions of Section 11.01 of the Indenture; and

WHEREAS, all corporate and other action necessary to make this Supplemental
Indenture a valid and binding agreement of the Company and the Guarantor in
accordance with its terms have been done.

NOW, THEREFORE, in consideration of the foregoing premises and the acceptance
and purchase of the Notes by the holders thereof, it is mutually covenanted and
agreed as follows:

                                       1

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SECTION 1. The Indenture is hereby amended, solely with respect to the Notes and
any Subsequent Debentures, by the addition of Section 4.04 as follows:

         Section 4.04. Optional Redemption For Tax Reasons. The Company shall be
entitled to redeem all, but not part, of the Debentures if as a result of any
change in or amendment to the laws, regulations or rulings of the Relevant Tax
Jurisdiction or any change in the official application or interpretation of such
laws, regulations or rulings, or any change in the official application or
interpretation of, or any execution of or amendment to, any treaty or treaties
affecting taxation to which such Relevant Tax Jurisdiction is a party (a "Change
in Tax Law"), the Payor is or would be required on the occasion of the next
payment of principal or interest in respect of the Debentures to pay Additional
Amounts pursuant to Section 5.09 and the payment of such Additional Amounts
cannot be avoided by the use of any reasonable measures available to the Payor.
The Change in Tax Law must become effective on or after the original issue date
with respect to the Debentures. Notwithstanding anything to the contrary
contained in this Article IV, the Company must (i) deliver to the trustee at
least 30 days before the redemption date an opinion of independent legal counsel
of recognized standing to the effect that the Payor has or will become obligated
to pay Additional Amounts as a result of such Change in Tax Law and (ii) provide
the holders with notice of the intended redemption at least 30 days and no more
than 60 days before the redemption date. The redemption price will equal the
principal amount of the Debentures plus accrued interest to the redemption date.

SECTION 2. The Indenture is hereby amended, solely with respect to the Notes and
any Subsequent Debentures, by adding to Section 1.01 thereof the following
definitions in correct alphabetical order:

Additional Amounts:

         The term "Additional Amounts" shall have the meaning specified in
Section 5.09.

Change in Tax Law:

         The term "Change in Tax Law" shall have the meaning specified in
Section 4.04.

Payor:

         The term "Payor" shall have the meaning specified in Section 5.09.

Relevant Tax Jurisdiction:

         The term "Relevant Tax Jurisdiction" shall have the meaning specified
in Section 5.09.

                                       2

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SECTION 3. The Indenture is hereby amended, solely with respect to the Notes and
any Subsequent Debentures, by the addition of Section 5.09 as follows:

         Section 5.09. Payment of Additional Amounts. If any taxes, assessments
or other governmental charges are imposed by the jurisdiction, other than the
United States, where the Guarantor or a successor (a "Payor") is organized or
otherwise considered to be a resident for tax purposes, any jurisdiction, other
than the United States, from or through which the Payor makes a payment on the
Debentures, or, in each case, any political organization or governmental
authority thereof or therein having the power to tax (the "Relevant Tax
Jurisdiction") in respect of any payments under the Debentures, the Payor shall
pay to each holder of a Debenture, to the extent it may lawfully do so, such
additional amounts ("Additional Amounts") as may be necessary in order that the
net amounts paid to such holder will be not less than the amount specified in
such Debenture to which such holder is entitled; provided, however, the Payor
shall not be required to make any payment of Additional Amounts for or on
account of:

         (a) any tax, assessment or other governmental charge which would not
         have been imposed but for (i) the existence of any present or former
         connection between such holder (or between a fiduciary, settlor,
         beneficiary, member or shareholder of, or possessor of a power over,
         such holder, if such holder is an estate, trust, partnership, limited
         liability company or corporation) and the Relevant Tax Jurisdiction
         including, without limitation, such holder (or such fiduciary, settlor,
         beneficiary, member, shareholder or possessor) being or having been a
         citizen or resident thereof or being or having been present or engaged
         in trade or business therein or having or having had a permanent
         establishment therein or (ii) the presentation of a Debenture (where
         presentation is required) for payment on a date more than 30 days after
         (x) the date on which such payment became due and payable or (y) the
         date on which payment thereof is duly provided for, whichever occurs
         later;

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

         (c) any tax, assessment or other governmental charge which is payable
         otherwise than by withholding from payment of (or in respect of)
         principal of, premium, if any, or any interest on, the Debentures;

         (d) any tax, assessment or other governmental charge that is imposed or
         withheld by reason of the failure by the holder or the beneficial owner
         of the Debenture to comply with a request of the Payor addressed to the
         holder to provide information, documents or other evidence concerning
         the nationality, residence or identity of the holder or such beneficial
         owner which is required by a statute, treaty, regulation or
         administrative practice of the taxing jurisdiction as a precondition to
         exemption from all or part of such tax, assessment or other
         governmental charge; or

         (e) any combination of the above;

                                       3

<PAGE>

nor will Additional Amounts be paid with respect to any payment of the principal
of, or any premium or interest on, any Debenture to any holder who is a
fiduciary or partnership or limited liability company or other than the sole
beneficial owner of such payment to the extent such payment would be required by
the laws of the Relevant Tax Jurisdiction to be included in the income for tax
purposes of a beneficiary or settlor with respect to such fiduciary or a member
of such partnership, limited liability company or beneficial owner who would not
have been entitled to such Additional Amounts had it been the holder of such
Debenture.

The Payor shall provide the Trustee with the official acknowledgment of the
relevant tax authority (or, if such acknowledgment is not available, a certified
copy thereof) evidencing the payment of the withholding taxes by the Payor.
Copies of such documentation shall be made available to the holders of the
Debentures or the paying agent, as applicable, upon request therefor.

SECTION 4. The Indenture, as supplemented and amended by this Supplemental
Indenture and all other supplemental indentures thereto, is in all respects
ratified and confirmed, and the Indenture, the Supplemental Indenture and all
indentures supplemental thereto shall be read, taken and construed as one and
the same instrument; provided, however, that this Supplemental Indenture shall
apply only to the Notes and any Subsequent Debentures.

SECTION 5. If and to the extent any provision hereof limits, qualifies or
conflicts with another provision hereof which is required to be included in this
Supplemental Indenture by any provision of the Trust Indenture Act of 1939, such
required provision shall control.

SECTION 6. In case any provision in this Supplemental Indenture or in the
Debentures of any series shall be invalid, illegal or unenforceable, the
validity, legality and enforceability of the remaining provisions (or of the
other series of Debentures) shall not in any way be affected or impaired
thereby.

SECTION 7. If the provisions of the Notes or any series of the Subsequent
Debentures issued hereunder are inconsistent or conflict with the provisions of
this Supplemental Indenture, the provisions of the Notes or the Subsequent
Debentures of such series shall be controlling with respect to such series.

SECTION 8. This Supplemental Indenture and each Debenture of any series shall be
deemed to be a contract made under the laws of the State of New York, and for
all purposes shall be construed in accordance with the laws of the said State.

SECTION 9. Capitalized terms used in this Supplemental Indenture that are not
otherwise defined herein that are defined in the Indenture shall remain as set
forth therein.

                                       4

<PAGE>

SECTION 10. This Supplemental Indenture may be executed in any number of
counterparts, each of which shall be an original but such counterparts shall
together constitute but one and the same instrument.

SECTION 11. The Trustee shall not be responsible in any manner whatsoever for or
in respect of the validity or sufficiency of this Third Supplemental Indenture
or for or in respect of the recitals contained herein, all of which are made
solely by the Company and the Guarantor.

                                       5

<PAGE>

IN WITNESS WHEREOF, the parties have caused this Third Supplemental Indenture to
be duly executed and their respective corporate seals to be hereunto affixed and
attested, as of the day and year first above written.

COMPANY:

COOPER INDUSTRIES, INC.                      JPMORGAN CHASE BANK,
                                             AS TRUSTEE

By:    /s/ Alan J. Hill                      By:  /s/ William G. Keenan
   -----------------------------------            ------------------------------
Name:  Alan J. Hill                               William G. Keenan
Title: Vice President and Treasurer               Assistant Vice President

GUARANTOR:

COOPER INDUSTRIES, LTD.

By:    /s/ D. Bradley McWilliams
   ----------------------------------
Name:  D. Bradley McWilliams
Title: Senior Vice President and Chief Financial Officer

By:    /s/ Alan J. Hill
   ----------------------------------
Name:  Alan J. Hill
Title: Vice President and Treasurer

                                       6<PAGE>

                                                                     EXHIBIT 4.2

         THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE
HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITORY OR A
NOMINEE THEREOF. THIS SECURITY IS NOT EXCHANGEABLE FOR SECURITIES REGISTERED IN
THE NAME OF A PERSON OTHER THAN THE DEPOSITORY OR ITS NOMINEE EXCEPT IN THE
LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND NO TRANSFER OF THIS
SECURITY (OTHER THAN A TRANSFER OF THIS SECURITY AS A WHOLE BY THE DEPOSITORY TO
A NOMINEE OF THE DEPOSITORY OR BY A NOMINEE OF THE DEPOSITORY TO THE DEPOSITORY
OR ANOTHER NOMINEE OF THE DEPOSITORY OR BY THE DEPOSITORY OR ANY SUCH NOMINEE TO
A SUCCESSOR DEPOSITORY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITORY) MAY BE
REGISTERED EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.

         UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF
THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE ISSUER OR
ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE
ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR 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.

<PAGE>

Registered No. 1                                  Principal Amount $275,000,000

                                                  CUSIP No. 216669 AG 6
                                                  ISIN: US216669AG63

                             COOPER INDUSTRIES, INC.
                           5.50% SENIOR NOTES DUE 2009

         COOPER INDUSTRIES, INC., a corporation duly organized and existing
under the laws of the State of Ohio (herein called 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 Cede & Co. or
registered assigns the principal amount of Two Hundred and Seventy-Five Million
Dollars ($275,000,000) on November 1, 2009 and to pay interest (computed on the
basis of a 360-day year of twelve 30-day months) on May 1 and November 1
("Interest Payment Date") in each year and on November 1, 2009 on said principal
amount, at the rate of 5.50% per annum, from the Interest Payment Date next
preceding the date of authentication of this Note to which interest has been
paid, unless the date of authentication of this Note is a date to which interest
has been paid, in which case from the date of authentication of this Note, or
unless no interest has been paid on this Note, in which case from October 28,
2002 (the "Original Issue Date"), until payment of said principal amount has
been made or duly provided for. Notwithstanding the foregoing, if the date of
authentication of this Note is on or after a Regular Record Date (as hereinafter
defined) and before the next following Interest Payment Date, this Note shall
bear interest from such Interest Payment Date, unless the Company shall default
in the payment of interest due on such Interest Payment Date, in which case this
Note shall bear interest from the next preceding Interest Payment Date to which
interest has been paid, or unless no interest has been paid on this Note, in
which case this Note shall bear interest from the Original Issue Date. Interest
payments on this Note will include interest accrued to but excluding the
Interest Payment Date. The interest so payable on any Interest Payment Date
(other than at maturity) will be paid to the person in whose name this Note is
registered at the close of business on the April 15 or October 15, as the case
may be, prior to such Interest Payment Date (whether or not a Business Day)
(each such date, a "Regular Record Date"), unless the Original Issue Date is
after a Regular Record Date and before the next following Interest Payment Date,
in which case the first payment of interest will be made on the Interest Payment
Date following the next succeeding Regular Record Date to the person in whose
name this Note is registered on such next succeeding Regular Record Date or
unless the Company shall default in the payment of interest due on any such
Interest Payment Date, in which case such defaulted interest shall be paid to
the person in whose name this Note is registered at the close of business on a
special record date for the payment of such defaulted interest established by
notice to the holders of Notes not less than ten days preceding such special
record date. Notwithstanding the foregoing, interest payable at maturity shall
be payable to the person to whom the principal is payable. In any case where the
date for any payment on the Notes is not a Business Day, such payment shall be
made on the next succeeding Business Day, and no interest shall accrue for the
period from and after such date to such next succeeding

                                       2

<PAGE>

Business Day. A Business Day is any day that is not a Saturday or Sunday and
that, in New York, New York, is not a day on which banking institutions are
authorized by law to close.

         Principal of, premium, if any, and interest on this Note are payable in
immediately available funds of the United States of America which at the time of
payment is legal tender for the payment of public and private debts. Payments of
principal, premium, if any, and interest will be made in New York, New York at
the corporate trust office of JPMorgan Chase Bank, or at such other office or
agency of the Company (the "Paying Agent") as the Company shall designate
pursuant to the Indenture referred to on the reverse hereof.

         Reference is made to the further provisions of this Note set forth on
the reverse hereof. Such further provisions shall for all purposes have the same
effect as though fully set forth at this place.

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

                                       3

<PAGE>

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

Dated:  October 28, 2002
                                            COOPER INDUSTRIES, INC.,

                                            By:
                                               ---------------------------------
                                               Vice President and Treasurer

                                            Attest:
                                                   -----------------------------
                                                     Assistant Secretary

TRUSTEE'S CERTIFICATE OF
AUTHENTICATION

This Note is one of the series of
Debentures referred to in the
within-mentioned Indenture.

JPMORGAN CHASE BANK, as Trustee

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

<PAGE>

                                [Reverse of Note]

                             COOPER INDUSTRIES, INC.

                           5.50% SENIOR NOTES DUE 2009

         This Note is one of a duly authorized issue of debentures, notes, bonds
or other evidences of indebtedness of the Company (hereinafter called the
"Securities"), of the series hereinafter specified, all issued or to be issued
under an indenture dated as of January 15, 1990, as supplemented by the First
Supplemental Indenture dated May 15, 2002, the Second Supplemental Indenture
dated June 21, 2002 and the Third Supplemental Indenture dated October 28, 2002
(hereinafter called the "Indenture"), among the Company, Cooper Industries, Ltd.
(the "Guarantor") and JPMorgan Chase Bank (formerly The Chase Manhattan Bank
(National Association)), as trustee (hereinafter called the "Trustee"), to which
Indenture and all indentures supplemental thereto reference is hereby made for a
description of the respective rights and duties thereunder of the Trustee, the
Company, the Guarantor and the holders of the Securities. The terms of this Note
include those stated in the Indenture and those made part of the Indenture by
reference to the Trust Indenture Act of 1939, as amended. The Securities may be
issued in one or more series, which different series may be issued in various
aggregate principal amounts, may mature at different times, may bear interest
(if any) at different rates, may be subject to different redemption provisions
(if any), may be subject to different sinking, purchase or analogous funds (if
any), may be subject to different covenants and Events of Default and may
otherwise vary as permitted in the Indenture. This Note is one of a series
designated as the "5.50% Senior Notes due 2009" of the Company (hereinafter
called the "Notes") issued under the Indenture and initially limited in
aggregate principal amount to $275,000,000. Unless otherwise provided herein,
all terms used in this Note that are defined in the Indenture shall have the
meanings assigned to them in the Indenture.

         Pursuant to the Indenture, the Guarantor has fully and unconditionally
guaranteed to each holder of a Note authenticated and delivered by the Trustee,
and to the Trustee on behalf of such holder, the due and punctual payment of the
principal of, premium, if any, and interest, if any, on the Notes and all other
obligations of the Company under the Indenture when and as the same shall become
due and payable, whether at the stated maturity, by acceleration or otherwise,
in accordance with the terms of the Notes and of the Indenture.

         The Notes will not have a sinking fund. The Notes are not subject to
redemption except in the case of a Change in Tax Law that causes Guarantor (or a
successor) to pay Additional Amounts as provided in the Indenture. In such case,
the Notes may be redeemed in whole, but not in part, on the terms set forth in
the Indenture, together with interest accrued and unpaid on the principal amount
redeemed to the date of redemption. Notice of each redemption of any Note shall
be given to the holders of the Notes to be redeemed not less than 30 nor more
than 60 days prior to the date of redemption. If this Note is called for
redemption and payment thereof is duly provided for as specified in the
Indenture, interest shall cease to accrue hereon from and after the date of
redemption.

         The Indenture contains provisions for defeasance, at the Company's
option, at any time of (i) the entire indebtedness of this Note or (ii) certain
restrictive covenants and Events of

<PAGE>

Default with respect to this Note, in each case upon compliance with certain
conditions set forth in the Indenture.

         In case an Event of Default with respect to the Notes, as defined in
the Indenture, shall have occurred and be continuing, the principal hereof may
be declared, and upon such declaration shall become, due and payable, in the
manner, with the effect and subject to the conditions provided in the Indenture.

         The Indenture contains provisions permitting, with certain exceptions
as therein provided, the Company, the Guarantor and the Trustee, with the
consent of the holders of not less than a majority in aggregate principal amount
of the Securities at the time outstanding of each series to be affected,
evidenced as provided in the Indenture, to execute supplemental indentures
adding any provisions to or changing in any manner or eliminating any of the
provisions of the Indenture or of any supplemental indenture or Securities of a
series or modifying in any manner the rights of the holders of the Securities of
such series to be affected. In addition, the Indenture contains provisions
permitting, with certain exceptions as therein provided, the Company, the
Guarantor and the Trustee, without the consent of the holders of any of the
Securities at the time outstanding, to execute supplemental indentures for
certain purposes, including, but not limited to, the following purposes: (i) to
cure any ambiguity or to correct or supplement any provision contained in the
Indenture or in any supplemental indenture or Securities of a series which may
be defective or inconsistent with any other provision of the Indenture or any
supplemental indenture or Securities of a series; or (ii) to make such other
provisions in regard to matters or questions arising under the Indenture or any
supplemental indenture or Securities of a series which shall not adversely
affect the interests of the holders of the Securities. The Indenture also
provides that, prior to any declaration accelerating the maturity of the
Securities of a series, the holders of a majority in aggregate principal amount
of the Securities of such series at the time outstanding may, on behalf of the
holders of all of the Securities of such series, waive compliance by the Company
or the Guarantor with certain provisions of the Indenture and certain past
defaults or Events of Default with respect to the Securities of such series and
their consequences. Any such consent or waiver by the holder of this Note
(unless revoked as provided in the Indenture) shall be conclusive and binding
upon such holder and upon all future holders and owners of this Note and any
Notes which may be issued in exchange or substitution herefor, irrespective of
whether or not any notation thereof is made upon this Note or such other Notes.

         As provided in and subject to the provisions of the Indenture, the
holder of this Note shall not have the right to institute any proceeding with
respect to the Indenture or for the appointment of a receiver or trustee or for
any other remedy thereunder, unless such holder shall have previously given the
Trustee written notice of a continuing Event of Default with respect to the
Notes, the holders of not less than 25% in principal amount of the Notes at the
time outstanding shall have made a written request to the Trustee to institute
proceedings in respect of such Event of Default as Trustee and offered the
Trustee reasonable indemnity, and the Trustee shall not have received from the
holders of a majority in principal amount of Notes at the time outstanding a
direction inconsistent with such request, and shall have failed to institute any
such proceeding for 60 days after receipt of such notice, request and offer of
indemnity. The foregoing shall not apply to any suit instituted by the holder of
this Note for the enforcement of any payment of

                                       2

<PAGE>

principal hereof or any premium or interest hereon on or after the respective
due dates expressed herein.

         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, premium, if any, and
interest on this Note at the place, at the respective times, at the rate and in
the coin or currency herein prescribed; provided, however, this Note is subject
in all respects to the provisions of Article Thirteen of the Indenture providing
under the circumstances set forth therein for discharge of certain of the
Company's obligations under the Indenture.

         The Notes are issuable only in registered form without coupons in
denominations of $1,000 and any integral multiple thereof, in the manner and
subject to the limitations provided in the Indenture, but without the payment of
any service charge. Notes may be exchanged for an equal aggregate principal
amount of Notes of other authorized denominations having the same tenor at the
office or agency of the Company maintained for such purpose in New York, New
York. Upon due presentment for registration of transfer of this Note at the
office or agency of the Company for such registration in New York, New York, a
new Note or Notes of authorized denominations for an equal aggregate principal
amount having the same tenor as the Note so presented will be issued to the
transferee in exchange herefor, subject to the limitations provided in the
Indenture, without charge except for any tax or other governmental charge
imposed in connection therewith.

         Prior to due presentment for registration of transfer of this Note, the
Company, the Trustee, any Paying Agent and any Security registrar may deem and
treat the registered holder hereof as the absolute owner of this Note (whether
or not this Note shall be overdue and not withstanding any notation of ownership
or other writing hereon), for all purposes, and neither the Company nor the
Trustee nor any Paying Agent nor any Security registrar shall be affected by any
notice to the contrary. All payments made to or upon the order of such holder
shall be valid, and, to the extent of the sum or sums so paid, effectual to
satisfy and discharge the liability for moneys payable on this Note.

         No recourse for the payment of the principal of, premium, if any, or
interest on this Note, or for any claim based hereon or otherwise in respect
hereof, and no recourse under or upon any obligation, covenant or agreement of
the Company in the Indenture or any indenture supplemental thereto or in any
Note or because of the creation of any indebtedness represented thereby, shall
be had against any incorporator, stockholder, officer or director, as such, of
the Company or any successor, whether by virtue of any constitution, statute or
rule of law or by the enforcement of any assessment or penalty or otherwise, all
such liability being, by the acceptance hereof and as part of the consideration
for the issue hereof, expressly waived and released..

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

                                       3

<PAGE>

                              [FORM OF ASSIGNMENT]

To assign this Note, fill in the form below:

                  I or we assign and transfer this Note to

             -----------------------------------------------------
              (Print or type assignee's name, address and zip code)

             -----------------------------------------------------
                  (Insert assignee's soc. sec. or tax I.D. No.)

         and irrevocably appoint ________________ as agent for the transfer of
         this Note on the books of the Company. The agent may substitute another
         to act for him.

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

Date:                              Your Signature:
     -----------------------                      ------------------------------

Signature Guarantee:
                    ------------------------------------------------------------
                    (Signature must be guaranteed)

--------------------------------------------------------------------------------
Sign exactly as your name appears on the other side of this Note.

The signature(s) should be guaranteed by an eligible guarantor institution
(banks, stockbrokers, savings and loan associations and credit unions with
membership in an approved signature guarantee medallion program), pursuant to
S.E.C. Rule 17Ad-15.

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