Document:

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                                                                     EXHIBIT 4.3

                               CAPITAL ONE BANK

           AMENDED AND RESTATED ISSUING AND PAYING AGENCY AGREEMENT

          THIS AGREEMENT, dated as of April 30, 1996, between Capital One
Bank, a banking association chartered under the laws of the Commonwealth of
Virginia (the "Bank") and Chemical Bank, as issuing and paying agent (the
"Issuing and Paying Agent," which term shall also refer to any duly appointed
successor thereto).

                                  WITNESSETH:

          Section 1.  Appointment of Issuing and Paying Agent.  The Bank
proposes to issue from time to time its Bank Notes (each, a "Bank Note" and
collectively, the "Bank Notes") in such amounts as may be duly authorized by
the Bank pursuant to the Amended and Restated Distribution Agreement, dated
April 30, 1996 (the "Distribution Agreement"), among the Bank and the agents
named therein (the "Agents").

          Each Bank Note will be issued in book-entry form and will be
represented by a global certificate (each, a "Global Bank Note" and
collectively, the "Global Bank Notes") registered in the name of The
Depository Trust Company, as depository ("DTC," which term includes any
successor thereof), or a nominee thereof (which successor shall be a clearing
agency registered under the Securities Exchange Act of 1934, as amended, if so
required by applicable law) (each beneficial interest in a Global Bank Note, a
"Book-Entry Bank Note" and collectively, the "Book-Entry Bank Notes").

          The Bank hereby appoints the Issuing and Paying Agent to act, on the
terms and conditions specified herein, as issuing and paying agent for the
Global Bank Notes and as registrar, transfer agent and authenticating agent
for the Global Bank Notes and to perform such other responsibilities as are
described herein and the Issuing and Paying Agent hereby accepts such
appointments.  The aggregate principal amount of the Global Bank Notes which
may be issued pursuant to this Agreement outstanding at any one time is
unlimited.

          The Issuing and Paying Agent shall exercise due care in the
performance of its obligations hereunder and shall perform such obligations in
a manner consistent with industry standards.
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          Section 2.  Global Bank Note Forms; Terms; Execution.

               (i)  The Global Bank Notes shall be substantially (A) in the
form set forth in Exhibit A-1 hereto if such Global Bank Note is a Senior Bank
Note (each, a "Senior Bank Note" and collectively, the "Senior Bank Notes")
and bears interest at a fixed rate of interest (each such Global Bank Note, a
"Fixed Rate Global Senior Bank Note" and collectively, the  "Fixed Rate Global
Senior Bank Notes"), (B) in the form of Exhibit A-2 hereto if such Global Bank
Note is a Senior Bank Note and bears interest at a floating rate of interest
determined by reference to an interest rate basis specified therein (each such
Global Bank Note, a "Floating Rate Global Senior Bank Note" and collectively,
the "Floating Rate Global Senior Bank Notes"), (C) in the form of Exhibit A-3
hereto if such Global Bank Note is a Subordinated Bank Note (each, a
"Subordinated Bank Note" and collectively, the "Subordinated Bank Notes") and
bears interest at a fixed rate of interest (each such Global Bank Note, a
"Fixed Rate Global Subordinated Bank Note" and collectively, the "Fixed Rate
Global Subordinated Bank Notes"), (D) in the form of Exhibit A-4 hereto if
such Global Bank Note is a Subordinated Bank Note and bears interest at a
floating rate of interest determined by reference to an interest rate basis
specified therein (each such Global Bank Note, a "Floating Rate Global
Subordinated Bank Note" and collectively, the "Floating Rate Global
Subordinated Bank Notes"), or (E) in such other form as the Bank may from time
to time designate.

               (ii) Each Senior Bank Note issued by the Bank shall have a
maturity of 30 days to 30 years from its original date of issuance, and each
Subordinated Bank Note issued by the Bank shall have a maturity from five
years to 30 years from its original date of issue.  The Book-Entry Bank Notes
shall be issued in minimum denominations of $250,000 and in integral multiples
of $1,000 in excess thereof.

          The interest rate borne by any particular Global Bank Note may vary
from the interest rates borne by any other Global Bank Notes.  Any such
variation shall not affect the interest rate borne by any other Global Bank
Notes previously issued hereunder.

               (iii)     The Bank will from time to time deliver or cause to
be delivered to the Issuing and Paying Agent a supply of blank Global Bank
Notes in such quantities as the Bank shall determine, bearing consecutive
control numbers.  Each Global Bank Note will have been executed by the manual
or facsimile signature of an Authorized Representative (as defined in Section
3 hereof) of the Bank.  The Issuing and Paying Agent will acknowledge receipt
of the Global Bank Notes delivered to it and will hold such blank Global Bank
Notes in safekeeping in accordance with its customary practice and shall
complete, authenticate and

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deliver such Global Bank Notes in accordance with the provisions hereof.

          Section 3.  Authorized Representatives.  From time to time, the Bank
will furnish the Issuing and Paying Agent with a certificate executed by an
officer of the Bank certifying the incumbency and specimen signatures of those
officers of the Bank authorized to execute Global Bank Notes on behalf of the
Bank by manual or facsimile signature and to give instructions and notices on
behalf of the Bank hereunder (the "Authorized Representatives").  Until the
Issuing and Paying Agent receives a subsequent certificate, the Issuing and
Paying Agent shall be entitled to rely on the last such certificate delivered
to it for the purposes of determining the identities of Authorized
Representatives of the Bank.  Any Global Bank Note bearing the manual or
facsimile signatures of persons who are Authorized Representatives of the Bank
on the date such signatures are affixed shall bind the Bank after the
completion, authentication and delivery thereof by the Issuing and Paying
Agent, notwithstanding that such persons shall have ceased to hold office on
the date such Global Bank Note is so completed, authenticated and delivered by
the Issuing and Paying Agent.

          Section 4.  Issuance Instructions; Completion, Authentication and
Delivery of Global Bank Notes.

               (i)  All instructions regarding the completion, authentication
and delivery of Global Bank Notes shall be given by an Authorized
Representative of the Bank by telephone (confirmed in writing as soon as
practicable), by facsimile transmission or by other acceptable written means
by such Authorized Representative.

               (ii) Upon receipt of the instructions described above, the
Issuing and Paying Agent shall cause to be withdrawn the necessary and
applicable Global Bank Notes from safekeeping and, in accordance with such
instructions, shall:

          (a)  complete each Global Bank Note;

          (b)  record each Global Bank Note in the applicable Bank Note
               Register (as defined in Section 10 hereof);

          (c)  cause each Global Bank Note to be manually authenticated by any
               one of the signatories of the Issuing and Paying Agent duly
               authorized and designated by it for such purpose; and

          (d)  with respect to the Global Bank Notes, hold each Global Bank
               Note in safekeeping on behalf of the registered holder thereof;

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provided that instructions regarding the completion and authentication of a
Global Bank Note, whether delivered by facsimile transmission or by other
written means, are received by the Issuing and Paying Agent by 11:00 A.M., New
York City time, on the Business Day immediately preceding the date of
settlement relating to such Global Bank Note (or 9:00 A.M., New York City
time, on the date of settlement relating to such Bank Note if the trade date
and the date of settlement relating to such Bank Note are the same day).  As
used in this Agreement, the term "Business Day" shall mean any day that is not
a Saturday or Sunday and that is not a day on which banking institutions in
The City of New York or the city in which the Bank is headquartered are
authorized or required by law, regulation or executive order to close, and
with respect to LIBOR Notes (as defined in the applicable Floating Rate Global
Bank Note) only, any day that is also a London Business Day.  As used in this
Agreement, "London Business Day" means any day on which dealings in deposits
in U.S. dollars are transacted in the London interbank market.

          Section 5.  Reliance on Instructions; Request for Instructions.  The
Issuing and Paying Agent shall incur no liability to the Bank in acting
hereunder upon instructions contemplated hereby which the Issuing and Paying
Agent reasonably believed in good faith to have been given by an Authorized
Representative of the Bank.  In the event a discrepancy exists between the
instructions as originally received by the Issuing and Paying Agent and any
subsequent written confirmation thereof, such original instructions will be
deemed controlling; provided that the Issuing and Paying Agent gives notice to
the Bank of such discrepancy promptly upon the receipt of such written
confirmation.

          Any application by the Issuing and Paying Agent for written
instructions from the Bank may, at the option of the Issuing and Paying Agent,
set forth in writing any action proposed to be taken or omitted by the Issuing
and Paying Agent under this Agreement and the date on and/or after which such
action shall be taken or such omission shall be effective.  The Issuing and
Paying Agent shall not be liable for any action taken by, or omission of, the
Issuing and Paying Agent in accordance with a proposal included in such
application on or after the date specified in such application (which date
shall not be less than three Business Days after the Bank has confirmed its
receipt to the Issuing and Paying Agent of such application, unless any such
officer shall have consented in writing to any earlier date) unless prior to
taking any such action (or the effective date in the case of an omission), the
Issuing and Paying Agent shall have received written instructions in response
to such application specifying the action to be taken or omitted.

          Section 6.  The Bank's Representations and Warranties.  Each
instruction given to the Issuing and Paying Agent in

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accordance with Section 4 hereof shall constitute a representation and
warranty to the Issuing and Paying Agent by the Bank that the issuance and
delivery of the Global Bank Notes have been duly and validly authorized by the
Bank and that the Global Bank Notes, when completed and authenticated pursuant
hereto, will constitute the valid and legally binding obligations of the Bank
subject to applicable bankruptcy, liquidation, insolvency, reorganization,
moratorium and similar laws of general applicability relating to, or
affecting, creditors' rights and to general equity principles.  The Bank
further warrants that it is free to enter into this Agreement and to perform
the terms hereof.

          Section 7.  Payments of Interest; Interest Payment Dates; Record
Dates.  Interest payments on Global Bank Notes with maturities of more than
one year will be made: (i) in the case of the Fixed Rate Global Senior Bank
Notes and Fixed Rate Global Subordinated Bank Notes (collectively, the "Fixed
Rate Global Bank Notes"), semi-annually on May 15 and November 15 of each year
(unless otherwise specified in any applicable Fixed Rate Global Bank Notes)
and (ii) in the case of Floating Rate Global Senior Bank Notes and Floating
Rate Global Subordinated Bank Notes (collectively, the "Floating Rate Global
Bank Notes"), on such dates as are specified therein (collectively, the
"Interest Payment Dates") and, in each case, at maturity or upon earlier
redemption or repayment if so indicated in the applicable Global Bank Note.
All such interest payments (other than interest due at maturity or upon
earlier redemption or repayment) will be made to the Holders (as defined in
Section 10 hereof) in whose names Fixed Rate Global Bank Notes are registered
at the close of business on May 1 or November 1 (unless otherwise specified in
any applicable Fixed Rate Global Bank Notes) (whether or not a Business Day)
next preceding such Interest Payment Dates and in whose names Floating Rate
Global Bank Notes are registered at the close of business on the fifteenth
calendar day (whether or not a Business Day) prior to each such Interest
Payment Date (each such May 1, November 1 and fifteenth calendar day, a
"Record Date").  Notwithstanding the foregoing, if the Original Issue Date of
any Global Bank Note with a maturity of more than one year occurs between a
Record Date and the next succeeding Interest Payment Date, the first payment
of interest on any such Global Bank Note will be made on the second Interest
Payment Date succeeding the Original Issue Date (as defined in the Global Bank
Notes).  Interest payments will be calculated and made in the manner provided
in the applicable Global Bank Note.

          If the Bank does not deposit adequate funds pursuant to Section 9
hereof with respect to the interest due on a Global Bank Note with a maturity
of more than one year on an Interest Payment Date, such interest will cease to
be due to the Holder of such Global Bank Note as of the close of business on
the Record Date relating to such Interest Payment Date and will be paid to

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the Holder of such Global Bank Note as of the close of business on a special
record date to be fixed by the Issuing and Paying Agent when funds for the
payment of such interest have been deposited pursuant to Section 9 hereof.
Notice of such special record date shall be given by the Issuing and Paying
Agent, at the Bank's expense, to the registered Holder of such Global Bank
Note not less than 10 calendar days prior to such special record date.

          Interest payments on Fixed Rate Global Bank Notes with maturities of
one year or less will be made only upon maturity upon presentation and
surrender of the applicable Fixed Rate Global Bank Note (unless otherwise
specified in the applicable Fixed Rate Global Bank Note).  Interest payments
on Fixed Rate Global Bank Notes with maturities of one year or less will be
calculated in the manner provided in the applicable Fixed Rate Global Bank
Note.  Interest payments on Floating Rate Global Bank Notes with maturities of
one year or less will be made on the Interest Payment Dates specified in such
Floating Rate Global Bank Note and, in each case, at maturity or upon earlier
redemption or repayment.  Interest payments on Floating Rate Global Bank Notes
with maturities of one year or less will be calculated in the manner provided
in the applicable Floating Rate Global Bank Note.

          Section 8.  Payment of Principal.  The Issuing and Paying Agent will
pay the Holder of each Global Bank Note the principal amount of each such
Global Bank Note, together with accrued interest and premium, if any, at
maturity (or upon earlier redemption or repayment, if applicable).

          Section 9.  Deposit of Funds.  The total amount of any principal of,
premium, if any, and interest due on Global Bank Notes, on any Interest
Payment Date or any maturity date or date of redemption or repayment shall be
paid by the Bank to the Issuing and Paying Agent no later than 1:00 P.M., New
York City time, in funds available for use by the Issuing and Paying Agent on
such date.  The Bank will make such payment on such Global Bank Notes via
Fedwire to an account specified by the Issuing and Paying Agent.  Upon receipt
of funds from the Bank with respect to any Global Bank Note, on such date or
as soon as possible thereafter, the Issuing and Paying Agent will pay by
separate wire transfer (using message entry instructions in a form previously
specified by DTC) to an account previously specified by DTC, in funds
available for immediate use by DTC, each payment of principal of, premium, if
any, and interest due on a Global Bank Note on such date.

          The Issuing and Paying Agent shall hold such amounts paid to it by
the Bank in trust for the Holders but shall, pending payment by it to the
account specified above, not be under any liability for interest on monies at
any time received

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by it pursuant to any of the terms of this Agreement or of the Global Bank
Notes, nor shall the Issuing and Paying Agent be required to invest such
monies.

          Section 10.  Bank Note Register; Registration, Transfer, Exchange;
Persons Deemed Owners.

               (i)  The Issuing and Paying Agent shall maintain at its offices
the Senior Note Register and Subordinated Note Register (together, the "Bank
Note Registers").  The Issuing and Paying Agent is hereby appointed as
Registrar for the purpose of registering each Global Bank Note and transfers
of such Global Bank Note as herein provided.  The terms "Senior Note Register"
and "Subordinated Note Register" shall mean the definitive records in which
shall be recorded the names, addresses and taxpayer identifying numbers of the
holders of the Global Senior Bank Notes and Global Subordinated Bank Notes,
respectively (collectively, the "Holders"), the serial and CUSIP numbers of
each such Global Bank Note and the Original Issue Date thereof and details
with respect to the transfer and exchange of each Global Bank Note.

               (ii) Upon surrender for registration of transfer of any Global
Bank Note at the offices of the Issuing and Paying Agent, the Bank shall
execute, and the Issuing and Paying Agent shall complete, authenticate and
deliver, in the name of the designated transferee or transferees, one or more
new Global Bank Notes of any authorized denominations and having identical
terms and provisions and for an equal aggregate principal amount.

               (iii)     At the option of the Holder of a Global Bank Note,
such Global Bank Note may be exchanged for other Global Bank Notes of any
authorized denominations of an equal aggregate principal amount and having
identical terms and provisions, upon surrender of the Global Bank Notes to be
exchanged at the designated offices of the Issuing and Paying Agent.  Whenever
any Global Bank Notes are so surrendered for exchange, the Bank shall execute,
and the Issuing and Paying Agent shall complete, authenticate and deliver, the
Global Bank Notes which the Holder of the Global Bank Note making the exchange
is entitled to receive.  Except as provided below, owners of beneficial
interests in a Global Bank Note representing Book-Entry Bank Notes will not be
entitled to have such Book-Entry Bank Notes registered in their names, will
not receive or be entitled to receive physical delivery of Bank Notes in
certificated form and will not be considered the owners or holders thereof
under this Agreement.  However, if DTC notifies the Bank that it is unwilling
or unable to continue as depositary or if at any time DTC ceases to be a
clearing agency registered under the Securities Exchange Act of 1934, as
amended, and a successor depositary is not appointed by the Bank within 60
days, or the Bank in its sole discretion determines not to have

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Book-Entry Bank Notes represented by one or more Global Bank Notes, then
Global Bank Notes representing Book-Entry Bank Notes may be exchanged in whole
for definitive Bank Notes in registered form, of like tenor and of an equal
aggregate principal amount, in minimum denominations of $250,000 and integral
multiples of $1,000 in excess thereof, upon surrender of the Global Bank Notes
to be exchanged at the offices of the Issuing and Paying Agent.

               (iv) Notwithstanding the foregoing, the Issuing and Paying
Agent shall not register the transfer of or exchange (i) any Global Bank Note
that has been called for redemption in whole or in part, except the unredeemed
portion of Global Bank Notes being redeemed in part, (ii) any Global Bank Note
during the period beginning at the opening of business 15 days before the
mailing of a notice of such redemption and ending at the close of business on
the day of such mailing, or (iii) any Global Bank Note in violation of the
legend contained on the face of such Global Bank Note.

               (v)  All Global Bank Notes issued upon any registration of
transfer or exchange of Global Bank Notes shall be the valid obligations of
the Bank, evidencing the same debt, and entitled to the same benefits as the
Global Bank Notes surrendered upon such registration of transfer or exchange.

               (vi) Every Global Bank Note presented or surrendered for
registration of transfer or for exchange shall be duly endorsed, or be
accompanied by a written instrument of transfer with such evidence of due
authorization and guaranty of signature as may reasonably be required by the
Issuing and Paying Agent, in form satisfactory to the Issuing and Paying
Agent, duly executed by the Holder thereof or his attorney duly authorized in
writing.

               (vii)     No service charge shall be made to a holder of Global
Bank Notes for any transfer or exchange of Global Bank Notes, but the Bank may
require the payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in connection therewith.

               (viii)    The Bank and the Issuing and Paying Agent, and any
agent of the Bank or the Issuing and Paying Agent may treat the Holder in
whose name a Global Bank Note is registered as the owner of such Global Bank
Note for all purposes, whether or not such Global Bank Note be overdue, and
neither the Bank, the Issuing and Paying Agent nor any such agent shall be
affected by notice to the contrary except as required by applicable law.

          Section 11.  Mutilated, Destroyed, Lost, or Stolen Global Bank
Notes.  In case any Global Bank Note shall at any time become mutilated,
destroyed, lost or stolen, and such Global

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Bank Note or evidence of the loss, theft or destruction thereof satisfactory
to the Bank and the Issuing and Paying Agent (together with indemnity
hereinafter referred to and such other documents or proof as may be required
by the Bank and the Issuing and Paying Agent) shall be delivered to the
Issuing and Paying Agent, the Bank shall execute a new Global Bank Note, of
like tenor and principal amount, having a serial number not contemporaneously
outstanding, in exchange and substitution for the mutilated Global Bank Note
or in lieu of the Global Bank Note destroyed, lost or stolen but, in the case
of any destroyed, lost or stolen Global Bank Note, only upon receipt of
evidence satisfactory to the Issuing and Paying Agent and the Bank that such
Global Bank Note was destroyed, stolen or lost, and, if required, upon receipt
of indemnity satisfactory to each of them.  The Issuing and Paying Agent shall
authenticate any such substituted Global Bank Note and deliver the same upon
the written request or authorization of any Authorized Representative of the
Bank.  Upon the issuance of any substituted Global Bank Note, the Bank and the
Issuing and Paying Agent may require the payment of a sum sufficient to cover
all expenses and reasonable charges connected with the preparation,
authentication and delivery of a new Global Bank Note.  If any Global Bank
Note which has matured or has been redeemed or repaid or is about to mature or
to be redeemed or repaid, as the case may be, shall become mutilated,
destroyed, lost or stolen, the Bank may, instead of issuing a substitute
Global Bank Note, pay or authorize the payment of the same (without surrender
thereof except in the case of a mutilated Global Bank Note) upon compliance by
the Holder with the provisions of this Section.

          Section 12.  Cancellation.  All Global Bank Notes surrendered for
payment, registration of transfer or exchange shall, if surrendered to any
person other than the Issuing and Paying Agent, be delivered to the Issuing
and Paying Agent and shall be promptly cancelled by it.  The Bank may at any
time deliver to the Issuing and Paying Agent for cancellation any Global Bank
Notes previously authenticated and delivered hereunder which the Bank may have
acquired in any manner whatsoever, and all Global Bank Notes so delivered
shall be promptly cancelled by the Issuing and Paying Agent.  No Global Bank
Note shall be authenticated in lieu of or in exchange for any Global Bank Note
cancelled as provided in this Section, except as expressly permitted by this
Agreement.  All cancelled Global Bank Notes held by the Issuing and Paying
Agent shall be returned to the Bank.

          Upon the written request of the Bank, the Issuing and Paying Agent
shall promptly cancel and return to the Bank all unissued Global Bank Notes in
its possession.

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          Section 13.  Redemption of Global Bank Notes.

               (i)  If any Global Bank Notes are to be redeemed prior to
maturity, the Bank shall notify the Issuing and Paying Agent not more than 60
nor less than 45 calendar days prior to the date fixed by the Bank for such
redemption (the "Redemption Date") of the Bank's election to redeem such
Global Bank Notes in whole or in part in increments of $1,000 (provided that
any remaining principal amount of such Global Bank Notes shall be at least
$250,000).

               (ii) Whenever less than all the Global Bank Notes at any time
outstanding are to be redeemed, the terms of the Global Bank Notes to be so
redeemed shall be selected by the Bank.  If less than all the Global Bank
Notes with identical terms at any time outstanding are to be redeemed, the
Global Bank Notes to be so redeemed shall be selected by the Issuing and
Paying Agent by lot or in any usual manner approved by it.  The Issuing and
Paying Agent shall promptly notify the Bank in writing of the Global Bank
Notes selected for redemption and, in the case of Global Bank Notes selected
for partial redemption, the principal amount thereof to be redeemed.

               (iii)     Unless otherwise specified in the applicable Global
Bank Note, notice of redemption shall be given by the Issuing and Paying
Agent, at the Bank's expense, by first-class mail, postage prepaid, mailed not
more than 60 nor less than 30 calendar days prior to the Redemption Date, to
each Holder of such Global Bank Note to be redeemed, at its address appearing
in the Bank Note Register.  All notices of redemption shall identify the
Global Bank Notes to be redeemed (including CUSIP number) and shall state:
(i) the Redemption Date; (ii) the redemption price, which shall be determined
in accordance with the terms of the Global Bank Note (the "Redemption Price");
(iii) if less than all of the Global Bank Notes at any time outstanding are to
be redeemed, the identification (and, in the case of partial redemption, the
principal amounts) of the particular Global Bank Notes to be redeemed;
(iv) that on the Redemption Date the Redemption Price plus accrued interest,
if any, to the Redemption Date will become due and payable with respect to
each Global Bank Note to be redeemed and that interest thereon will cease to
accrue on and after said date; and (v) the place or places where such Global
Bank Notes are to be surrendered for payment.

               (iv) Notice of redemption having been given as described above,
the Global Bank Notes so to be redeemed shall, on the Redemption Date, become
due and payable at the Redemption Price, and from and after such date such
Global Bank Notes shall cease to bear interest.  The Bank shall deposit funds
with the Issuing and Paying Agent prior to the Redemption Date which are
sufficient to redeem such Global Bank Notes which are scheduled

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to be so redeemed.  Upon surrender of any such Global Bank Notes for
redemption in accordance with such notice, the Issuing and Paying Agent shall
pay such Global Bank Notes at the Redemption Price, together with unpaid
interest accrued on such Global Bank Notes at the applicable rate borne by
such Global Bank Notes to the Redemption Date.

               (v)  Any Global Bank Note which is to be redeemed only in part
shall be surrendered to the Issuing and Paying Agent, and the Issuing and
Paying Agent shall complete, authenticate and deliver to the Holder of such
Global Bank Note, without service charge, a new Global Bank Note or Global
Bank Notes, of any authorized denomination as requested by such Holder (which
shall be $250,000 or an integral multiple of $1,000 in excess thereof), in an
aggregate principal amount equal to and in exchange for the unredeemed portion
of the principal of the Global Bank Note so surrendered.

               (vi) The Bank, in issuing the Global Bank Notes, may use
"CUSIP" numbers and, if so, the Issuing and Paying Agent shall use "CUSIP"
numbers in notices of redemption as a convenience to Holders; provided,
however, that any such notice may state that no representation is made as to
the correctness of such numbers either as printed on the Global Bank Notes or
as contained in any notice of a redemption and that reliance may be placed
only on the other identification numbers printed on the Global Bank Notes, and
any such redemption shall not be affected by any defect in or omission of such
numbers.

          Section 14.  Repayment of Global Bank Notes.

               (i)  In order for any Global Bank Note to be repaid in whole or
in part at the option of the Holder thereof, such Global Bank Note must be
delivered by the Holder thereof, with the form entitled "Option to Elect
Repayment" (set forth in such Global Bank Note) duly completed, to the Issuing
and Paying Agent at its offices located at the address set forth in Section 20
hereof, or such other place or places of which the Bank shall from time to
time notify the Holders of the Global Bank Notes, not more than 60 nor less
than 30 calendar days prior to any date fixed for such repayment of such
Global Bank Notes (the "Optional Repayment Date").

               (ii) Upon surrender of any Global Bank Note for repayment in
accordance with the provisions set forth above, the Global Bank Note to be
repaid shall, on the Optional Repayment Date, become due and payable, and the
Issuing and Paying Agent shall pay such Global Bank Note on the Optional
Repayment Date at a price equal to 100% of the principal amount thereof,
together with accrued interest to the Optional Repayment Date.

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               (iii)     If less than the entire principal amount of any
Global Bank Note is to be repaid, the Holder thereof shall specify the portion
thereof (which shall be in increments of $1,000) which such Holder elects to
have repaid and shall surrender such Global Bank Note to the Issuing and
Paying Agent, and the Issuing and Paying Agent shall complete, authenticate
and deliver to the Holder of such Global Bank Note, without service charge, a
new Global Bank Note or Global Bank Notes in an aggregate principal amount
equal to and in exchange for the unrepaid portion of the principal of the
Global Bank Note so surrendered and in such denominations as shall be
specified by such Holder (which shall be $250,000 or an integral multiple of
$1,000 in excess thereof).

          Section 15.  Acceleration of Maturity.  If an Event of Default (as
defined in the applicable Global Bank Note) with respect to a Senior Bank Note
or Subordinated Bank Note, as the case may be, issued by the Bank shall occur,
then the Holder of the applicable Senior Bank Note or Subordinated Bank Note
may declare the principal amount of, and accrued interest and premium, if any,
on such Senior Bank Note or Subordinated Bank Note due and payable by written
notice to the Bank.  Upon such declaration and notice, such principal amount,
accrued interest and premium, if any, shall become immediately due and
payable.  The Bank shall promptly notify, and provide copies of any such
notice to, the Issuing and Paying Agent, and the Issuing and Paying Agent
shall promptly mail by first-class mail, postage prepaid, copies of such
notice to the Holders of the Senior Bank Notes or the Subordinated Bank Notes,
as the case may be, upon the occurrence of an Event of Default or of the
curing or waiver of an Event of Default.  Any Event of Default with respect to
a Bank Note may be waived by the Holder thereof.

     Notwithstanding the foregoing, the acceleration of any Bank Note issued
prior to the date of this Agreement pursuant to the terms of the Issuing and
Paying Agency Agreement dated as of December 7, 1994 which is amended and
restated by this Agreement, shall be governed by the terms of such Agreement
and of such Bank Notes.  Holders of the Bank Notes issued on or after the date
of such Agreement shall be disregarded for purposes of computing the
percentage of Holders which may declare the principal amount of, and accrued
interest and premium, if any, on such Bank Notes issued prior to the date of
this Agreement due and payable.

          Section 16.  Application of Funds; Return of Unclaimed Funds.  Any
monies paid by the Bank and held by the Issuing and Paying Agent in trust for
payment of principal of, premium, if any, or interest on, any Global Bank
Notes that remain unclaimed for two years following the date on which such
principal, premium or interest shall have become due and payable shall be
returned to the Bank by the Issuing and Paying Agent and the Issuing and
Paying Agent shall inform the Bank as to the specific Global Bank

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Notes to which such monies related, and any Holder shall thereafter look, as
an unsecured general creditor, only to the Bank for the payment thereof and
all liability of the Issuing and Paying Agent with respect to such trust
monies shall thereupon cease.  Any funds deposited by the Bank with the
Issuing and Paying Agent for the payment of principal of, premium, if any, or
interest on, any Bank Note shall be held in trust on behalf of the Bank by the
Issuing and Paying Agent for the payment of principal of, premium, if any, or
interest on, any Bank Note until paid or returned to the Bank.

          Section 17.  Cancellation of Unissued Notes.  Upon the written
request of the Bank, the Issuing and Paying Agent promptly shall cancel and
return to the Bank all unissued Bank Notes in its possession.

          Section 18.  Liability.  Neither the Issuing and Paying Agent nor
its directors, officers, employees or agents shall be liable to the Bank for
any act or omission hereunder except in the case of gross negligence or
willful misconduct.  The duties and obligations of the Issuing and Paying
Agent, its directors, officers and employees shall be determined by the
express provisions of this Agreement and no implied covenants shall be read
into this Agreement against any of them.  Notwithstanding any other provision
elsewhere contained in this Agreement, the Issuing and Paying Agent is acting
solely as agent of the Bank and does not assume any obligation or relationship
of trust or agency for or with any Holders.  Neither the Issuing and Paying
Agent nor any of its directors, officers or employees shall be required to
ascertain whether any issuance or sale of Bank Notes (or any amendment or
termination of this Agreement) has been duly authorized (provided that the
Issuing and Paying Agent in good faith has determined that the facsimile or
manual signature of the Authorized Representative or any person who has been
designated by the Authorized Representative in writing to the Issuing and
Paying Agent reasonably resembles the specimen signatures filed with the
Issuing and Paying Agent) or is in compliance with any other agreement to
which the Bank is a party (whether or not the Issuing and Paying Agent is also
a party to such other agreement), and the Issuing and Paying Agent and each of
its officers and employees shall be entitled to rely upon any instructions
reasonably believed (in accordance with Section 3 hereof) by the Issuing and
Paying Agent and its officers and employees to be given on behalf of the Bank
by an Authorized Representative or by any person who has been designated by an
Authorized Representative in writing to the Issuing and Paying Agent as a
person authorized to give such instructions hereunder, whether or not in fact
given by the Authorized Representative or such designated person.  In no event
shall the Issuing and Paying Agent be liable for special, indirect or
consequential loss or damage of any kind whatsoever (including but not limited
to lost profits), even if the Issuing and Paying Agent has been advised

                                      13
<PAGE>
of the likelihood of such loss or damage and regardless of the form of action.

          The Issuing and Paying Agent may execute any of the trusts or powers
hereunder or perform any duties hereunder either directly or by or through
agents or attorneys and the Issuing and Paying Agent shall not be responsible
for any willful misconduct or gross negligence on the part of any agent or
attorney appointed with due care by it hereunder.  The Issuing and Paying
Agent may consult with counsel of its selection and the advice of such counsel
or any opinion of counsel shall be full and complete authorization and
protection in respect of any action taken, suffered or omitted by it hereunder
in good faith and in reliance thereon.  The Issuing and Paying Agent shall not
be liable for any action taken, suffered, or omitted to be taken by it in good
faith and reasonably believed by it to be authorized or within the discretion
or rights or powers conferred upon it by this Agreement.

          Section 19.  Indemnification, Risk of Funds.  The Bank shall
indemnify and hold harmless the Issuing and Paying Agent, its directors,
officers, employees and agents from and against all actions, claims, losses,
damages, liabilities, losses and expenses (including reasonable legal fees and
expenses) relating to or arising out of their actions or inactions taken or
omitted to be taken by the Issuing and Paying Agent in good faith in
connection with its performance under this Agreement including, but not
limited to, any actions taken or omitted upon instructions by the Bank (in
accordance with Section 3) or the issuance, delivery, payment or non-payment
of any Bank Note or interest thereon, or other receipt or other funds for the
payment of the Bank Notes or interest or premium thereon; provided, however,
that the Issuing and Paying Agent shall be liable for any liabilities, losses,
claims, damages, costs and expenses (including reasonable legal fees and
expenses) caused by the negligence, bad faith or willful misconduct of its
directors, officers, employees or agents.  This indemnity shall survive the
termination of this Agreement.

          No provision of this Agreement shall require the Issuing and Paying
Agent to expend or risk its own funds or otherwise incur any financial
liability in the performance of any of its duties hereunder, or in the
exercise of any of its rights or powers, if it shall have reasonable grounds
for believing that repayment of such funds or adequate indemnity against such
risk or liability is not reasonably assured to it.

          Section 20.  Compensation of the Issuing and Paying Agent.  The Bank
agrees to pay the compensation of the Issuing and Paying Agent, at such rates
as shall be mutually agreed upon in writing between the Bank and the Issuing
and Paying Agent from time to time.  The Bank shall reimburse upon demand the
Issuing

                                      14
<PAGE>
and Paying Agent for all reasonable out-of-pocket expenses (including
reasonable legal fees and expenses), disbursements and advances incurred or
made by the Issuing and Paying Agent with respect to the Bank in accordance
with any provisions of this Agreement, except any such expense, disbursement
or advance proven to be attributable to the breach of this Agreement or the
gross negligence, bad faith or willful misconduct of the Issuing and Paying
Agent, upon receipt of such invoices as the Bank may reasonably require.  The
provisions of this Section 20 shall survive the termination of this Agreement.

          Section 21.  Notices.

               (i)  All communications by or on behalf of the Bank relating to
the issuance, transfer, exchange or payment of Bank Notes or interest thereon
shall be directed to the offices of the Issuing and Paying Agent located at
450 West 33rd Street, New York, New York 10001, Attention: Global Trust
Securities Group, or to such other offices as the Issuing and Paying Agent
shall specify in writing to the Bank.  The Bank will send all Global Bank
Notes to be completed and delivered by the Issuing and Paying Agent to such
offices or such other offices as the Issuing and Paying Agent shall specify in
writing to the Bank.

               (ii) All other notices and communications hereunder shall be in
writing and shall be addressed as follows:

          (a)  if to the Bank:

                    Capital One Bank
                    2980 Fairview Park Drive
                    Falls Church, Virginia 22042
                    Attention: Treasurer
                    Telecopy:   [    ]

          (b)  if to the Issuing and Paying Agent:

                    Chemical Bank
                    450 West 33rd Street
                    New York, New York 10001
                    Attention: Global Trust Securities Group
                    Telecopy:  (212) 946-3498

          Section 22.  Resignation or Removal of Issuing and Paying Agent and
Appointment of Successor Issuing and Paying Agent; Merger, Conversion and
Consolidation.   The Bank agrees, for the benefit of the Holders from time to
time of the Bank Notes, that there shall at all times be an Issuing and Paying
Agent hereunder which shall be a bank or trust company organized and doing
business under the laws of the United States or any

                                      15
<PAGE>
state thereof authorized under such laws to exercise corporate trust powers,
having a combined capital and surplus of at least $10,000,000 and subject to
supervision and examination by federal or state authority, until all the
Global Bank Notes authenticated and delivered hereunder (A) shall have been
delivered to the Issuing and Paying Agent for cancellation or (B) shall have
become due and payable and funds sufficient to pay the principal of, premium,
if any, and interest on, the Global Bank Notes shall have been made available
for payment and either paid or returned to the Bank, whichever event occurs
earlier.  The foregoing capital and surplus requirements shall not be
applicable if any of the Bank or an affiliate of the Bank is appointed as
successor Issuing and Paying Agent.

           The Issuing and Paying Agent may resign at any time as such agent
upon written notice to the Bank of such intention on its part, specifying the
date on which its desired resignation shall become effective; provided,
however, that such date shall be not less than 90 calendar days after the
giving of such notice by the Issuing and Paying Agent to the Bank.  The
Issuing and Paying Agent may be removed at any time as such agent by the
filing with it of an instrument in writing signed by a duly authorized officer
of the Bank and specifying such removal and the date, which shall be at least
30 calendar days following receipt of such written notice, upon which it is
intended to become effective.  Any such resignation or removal shall take
effect on the date of the appointment by the Bank of a successor issuing and
paying agent and the acceptance of such appointment by such successor issuing
and paying agent that qualifies as such under the first paragraph of this
Section.  In the event of the resignation or removal of the Issuing and Paying
Agent, if a successor issuing and paying agent has not been appointed by the
Bank within 90 calendar days after the giving of notice of resignation or
within 30 calendar days after receipt of notice of removal, the Issuing and
Paying Agent may, at the expense of the Bank, petition any court of competent
jurisdiction for appointment of a successor Issuing and Paying Agent.  Upon
any such resignation or removal, the Issuing and Paying Agent shall transfer
to the successor Issuing and Paying Agent (or, if none shall have been
appointed, to the Bank) all monies held by the Issuing and Paying Agent on
behalf of the Bank in respect of any Global Bank Notes, any unissued Global
Bank Notes and all books and records or copies thereof related to Global Bank
Notes maintained by the Issuing and Paying Agent, including copies of the Bank
Note Registers.  Any resignation or removal hereunder shall not affect the
Issuing and Paying Agent's rights to the payment of fees earned or charges
incurred through the effective date of such resignation or removal.

          Any corporation or bank into which the Issuing and Paying Agent
hereunder may be merged or converted, or any corporation or bank with which
the Issuing and Paying Agent may

                                      16
<PAGE>
be consolidated, or any corporation or bank resulting from any merger,
conversion or consolidation to which the Issuing and Paying Agent shall be a
party, or any corporation or bank to which the Issuing and Paying Agent shall
sell or otherwise transfer all or substantially all of the assets and business
of the Issuing and Paying Agent, provided that it shall be qualified under the
first paragraph of this Section, shall be the successor Issuing and Paying
Agent under this Agreement without the execution or filing of any paper or any
further act on the part of any of the parties hereto.

          Section 23.  Benefit of Agreement.  This Agreement is solely for the
benefit of the parties hereto, Holders of Bank Notes, and their successors and
assigns, and nothing herein, express or implied, shall give to any other
persons any benefits or any legal or equitable right, remedy or claim under or
by virtue of this Agreement.  No party hereto may assign any of its rights or
obligations hereunder except with the prior written consent of all the parties
hereto.

          Section 24.  Bank Notes Held by the Issuing and Paying Agent.  The
Issuing and Paying Agent, in its individual or other capacity, may become the
owner or pledgee of the Bank Notes with the same rights it would have if it
were not acting as an issuing and paying agent hereunder.

          Section 25.  Amendment.  This Agreement shall not be amended by any
party hereto except in writing executed by the duly authorized officers of all
parties.

          Section 26.  Governing Law.  This Agreement shall be governed by,
construed and enforced in accordance with, the laws of the State of New York
applicable to agreements made and to be performed in such State, without
regard to conflicts of laws principles.

          Section 27.  Counterparts.  This Agreement may be executed by the
parties hereto in any number of counterparts, and by each of the parties
hereto in separate counterparts, and each such counterpart, when so executed
and delivered, shall be deemed to be an original, but all such counterparts
shall together constitute but one and the same instrument.

                                      17
<PAGE>
          IN WITNESS WHEREOF, the parties hereto have caused this Agreement to
be executed on their behalf by their officers thereunto duly authorized, all
as of the day and year first above written.

                              CAPITAL ONE BANK

                              By: /s/
                                 ------------------------------
                                 Name:
                                 Title:

                              CHEMICAL BANK,
                                   as Issuing and Paying Agent

                              By: /s/ Vernon Wiltshire
                                 -------------------------------
                                 Name: Vernon Wiltshire
                                 Title: Assistant Vice President

                                      18
<PAGE>
                                                                           A-1

THIS SENIOR NOTE IS AN OBLIGATION SOLELY OF THE BANK AND WILL NOT BE AN
OBLIGATION OF, OR OTHERWISE GUARANTEED BY, ANY OTHER BANK OR CAPITAL ONE
FINANCIAL CORPORATION.  THIS SENIOR NOTE DOES NOT EVIDENCE DEPOSITS OF THE
BANK AND IS NOT INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY
OTHER GOVERNMENT AGENCY.  THE OBLIGATIONS EVIDENCED BY THIS SENIOR NOTE RANK
PARI PASSU WITH ALL OTHER SENIOR UNSECURED INDEBTEDNESS OF THE BANK, EXCEPT
DEPOSIT LIABILITIES (AS PROVIDED IN SECTION 11(D)(11) OF THE FEDERAL DEPOSIT
INSURANCE ACT) AND OTHER OBLIGATIONS THAT ARE SUBJECT TO ANY PRIORITIES OR
PREFERENCES.  IN A LIQUIDATION OR OTHER RESOLUTION OF THE BANK, THIS SENIOR
NOTE WOULD BE TREATED DIFFERENTLY FROM, AND HOLDERS OF THIS SENIOR NOTE COULD
RECEIVE, IF ANYTHING, SIGNIFICANTLY LESS THAN HOLDERS OF, DEPOSIT LIABILITIES
OF THE BANK.

UNLESS THIS SENIOR NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (THE
"DEPOSITARY") TO THE BANK OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE
OR PAYMENT, AND ANY SENIOR NOTE ISSUED UPON REGISTRATION OF TRANSFER OF, OR IN
EXCHANGE FOR, OR IN LIEU OF, THIS SENIOR NOTE IS REGISTERED IN THE NAME OF
CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF
THE DEPOSITARY AND ANY PAYMENT HEREON IS MADE TO CEDE & CO., ANY TRANSFER,
PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.

THIS GLOBAL SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE
DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH
NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.

THIS SENIOR NOTE IS ISSUABLE ONLY IN FULLY REGISTERED FORM IN MINIMUM
DENOMINATIONS OF $250,000 AND INTEGRAL MULTIPLES OF $1,000 IN EXCESS THEREOF.
EACH OWNER OF A BENEFICIAL INTEREST IN THIS SENIOR NOTE MUST BE AN
INSTITUTIONAL INVESTOR WHO IS AN "ACCREDITED INVESTOR" WITHIN THE MEANING OF
RULE 501 UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND IS REQUIRED TO HOLD
A BENEFICIAL INTEREST IN $250,000 PRINCIPAL AMOUNT OR ANY INTEGRAL MULTIPLE OF
$1,000 IN EXCESS THEREOF OF THIS SENIOR NOTE AT ALL TIMES.

No. FXR-________
CUSIP NO.:  _______                                                 REGISTERED

                               CAPITAL ONE BANK

                            GLOBAL SENIOR BANK NOTE
                                 (Fixed Rate)
<PAGE>
ORIGINAL ISSUE DATE:                    PRINCIPAL AMOUNT:

INTEREST RATE:  _______%                MATURITY DATE:

INTEREST PAYMENT DATE(S):               REGULAR RECORD DATES (FOR
 [ ] At Maturity only                   NOTES WITH MATURITIES OF
 [ ] May 15 and November 15             MORE THAN ONE YEAR)
 [ ] Other:                             (if other than May 1
                                        or November 1, prior to each
INITIAL REDEMPTION                      Interest Payment Date):
DATE:
                                        INITIAL REDEMPTION
                                        PERCENTAGE:

ANNUAL REDEMPTION                       HOLDER'S OPTIONAL
PERCENTAGE REDUCTION:                   REPAYMENT DATE(S):

DAY COUNT CONVENTION
[  ]  30/360 FOR THE PERIOD FROM                  TO           .
[  ]  ACTUAL/360 FOR THE PERIOD FROM              TO           .
[  ]  ACTUAL/ACTUAL FOR THE PERIOD FROM           TO           .

ADDENDUM ATTACHED:                      ORIGINAL ISSUE DISCOUNT:
[  ]  Yes                               [  ] Yes
[  ]  No                                [  ] No

                                        Total Amount of OID:
DEFAULT RATE:  _______%                 Yield to Maturity:
                                        Initial Accrual Period:

OTHER PROVISIONS:

                                       2
<PAGE>
     Capital One Bank, a bank duly authorized and existing under the laws of
the Commonwealth of Virginia (the "Bank"), for value received, hereby promises
to pay to CEDE & CO., or registered assigns, the principal sum of ____________
_____________________________________________________________ United States
Dollars on the Maturity Date specified above (except to the extent redeemed or
repaid prior to the Maturity Date) and to pay interest thereon from and
including the Original Issue Date specified above or from and including the
most recent interest payment date on which interest on this Senior Note (or
any predecessor Senior Note) has been paid or duly provided for, semi-annually
on May 15 and November 15  of each year (unless otherwise specified on the
face hereof) (each, an "Interest Payment Date") and at maturity or upon
earlier redemption or repayment, if applicable, commencing on the first
Interest Payment Date next succeeding the Original Issue Date (or, if the
Original Issue Date is between a Regular Record Date (as defined below) and
the Interest Payment Date immediately following such Regular Record Date, on
the second Interest Payment Date following the Original Issue Date), at the
Interest Rate per annum specified above, until the principal hereof is paid or
made available for payment, and (to the extent that the payment of such
interest shall be legally enforceable) at the Default Rate per annum specified
above on any overdue principal and premium, if any, and on any overdue
installment of interest.  If no Default Rate is specified above, the Default
Rate shall be the Interest Rate on this Senior Note specified above.  The
interest so payable, and punctually paid or duly provided for, on any Interest
Payment Date will be paid to the person in whose name this Senior Note (or any
predecessor Senior Note) is registered at the close of business on the Regular
Record Date, which shall be May 1 and November 1 (whether or not a Business
Day (as defined below)), as the case may be, next preceding the applicable
Interest Payment Date (unless otherwise specified on the face hereof) (each, a
"Regular Record Date"); provided, however, that interest payable at maturity
or upon earlier redemption or repayment, if applicable, will be payable to the
person to whom principal shall be payable.  Any such interest not so
punctually paid or duly provided for shall forthwith cease to be payable to
the holder as of the close of business on such Regular Record Date, and may
either be paid to the person in whose name this Senior Note (or any
predecessor Senior Note) is registered at the close of business on a special
record date for the payment of such defaulted interest (the "Special Record
Date") to be fixed by the Bank, notice of which shall be given to the holders
of Senior Notes not less than 10 calendar days prior

                                       3
<PAGE>
to such Special Record Date, or be paid at any time in any other lawful
manner.

     Payment of principal of, premium, if any, and interest on, this Senior
Note will be made 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.  The Bank will at all times appoint and maintain an issuing and paying
agent (the "Issuing and Paying Agent," which term shall include any successor
Issuing and Paying Agent), authorized by the Bank to pay principal of,
premium, if any, and interest on, this Senior Note on behalf of the Bank
pursuant to an issuing and paying agency agreement (the "Issuing and Paying
Agency Agreement") and having an office or agency (the "Issuing and Paying
Agent Office") in The City of New York or in the city in which the Bank is
headquartered (the "Place of Payment"), where this Senior Note may be
presented or surrendered for payment and where notices, designations or
requests in respect of payments with respect to this Senior Note may be
served.  The Bank has initially appointed Chemical Bank as the Issuing and
Paying Agent, with the Issuing and Paying Agent Office currently located at
450 West 33rd Street, New York, New York 10001, Attention: Global Trust
Securities Group.  The Bank may remove the Issuing and Paying Agent pursuant
to the terms of the Issuing and Paying Agency Agreement and may appoint a
successor Issuing and Paying Agent.

     Payment of principal of, premium, if any, and interest on, this Senior
Note due at maturity or upon earlier redemption or repayment, if applicable,
will be made in immediately available funds upon presentation and surrender of
this Senior Note to the Issuing and Paying Agent at the Issuing and Paying
Agent Office; provided that this Senior Note is presented to the Issuing and
Paying Agent in time for the Issuing and Paying Agent to make such payment in
accordance with its normal procedures.  Payments of interest on this Senior
Note (other than at maturity or upon earlier redemption or repayment) will be
made by wire transfer to such account as has been appropriately designated to
the Issuing and Paying Agent by the person entitled to such payments.

     Reference herein to "this Senior Note", "hereof", "herein" and comparable
terms shall include an Addendum hereto if an Addendum is specified above.

     Reference is hereby made to the further provisions of this Senior Note
set forth on the reverse hereof, which further

                                       4
<PAGE>
provisions shall for all purposes have the same effect as if set forth at this
place.

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

                              CAPITAL ONE BANK

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

Dated:

ISSUING AND PAYING AGENT'S CERTIFICATE OF AUTHENTICATION

This is one of the Senior Notes referred to in the Issuing and Paying Agency
Agreement.

CHEMICAL BANK,
     as Issuing and Paying Agent

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

                                       5
<PAGE>
                                   [Reverse]

     This Senior Note is one of a duly authorized issue of Senior Bank Notes
of the Bank due from 30 days to 30 years from date of issue (the "Senior
Notes").

     Payments of interest hereon will include interest accrued to but
excluding the relevant Interest Payment Date or Maturity Date or date of
earlier redemption or repayment, as the case may be.  Unless otherwise
specified on the face hereof, interest on Senior Notes with maturities of
greater than one year will be computed on the basis of a 360-day year of
twelve 30-day months.  Unless otherwise specified on the face hereof, interest
on Senior Notes with maturities of one year or less will be computed on the
basis of the actual number of days in the year divided by 360 and will be
payable only at maturity to the person to whom principal shall be payable.

     Any provision contained herein with respect to the calculation of the
rate of interest applicable to this Senior Note, its Interest Payment Dates or
any other matter relating hereto may be modified as specified in an Addendum
relating hereto if so specified on the face hereof.

     If any Interest Payment Date, Maturity Date or date of earlier redemption
or repayment of this Senior Note falls on a day which is not a Business Day,
the related payment of principal of, premium, if any, or interest on, this
Senior Note shall be made on the next succeeding Business Day with the same
force and effect as if made on the date such payment were due, and no interest
shall accrue on the amount so payable for the period from and after such
Interest Payment Date, Maturity Date or date of earlier redemption or
repayment, as the case may be.  "Business Day" means, unless otherwise
specified on the face hereof, any day that is not a Saturday or Sunday and
that in The City of New York or in the city in which the Bank is headquartered
is not a day on which banking institutions are authorized or required by law,
regulation or executive order to close.

     This Senior Note will not be subject to any sinking fund.  If so provided
on the face of this Senior Note, this Senior Note may be redeemed by the Bank
either in whole or in part on and after the Initial Redemption Date, if any,
specified on the face

                                       6
<PAGE>
hereof.  If no Initial Redemption Date is specified on the face hereof, this
Senior Note may not be redeemed prior to the Maturity Date.  On and after the
Initial Redemption Date, if any, this Senior Note may be redeemed in
increments of $1,000 (provided that any remaining principal amount hereof
shall be at least $250,000) at the option of the Bank at the applicable
Redemption Price (as defined below), together with unpaid interest accrued
hereon at the applicable rate borne by this Senior Note to the date of
redemption (each such date, a "Redemption Date"), on written notice given not
more than 60 nor less than 30 calendar days prior to the Redemption Date to
the registered holder hereof.  Whenever less than all the Senior Notes at any
time outstanding are to be redeemed, the terms of the Senior Notes to be so
redeemed shall be selected by the Bank.  If less than all the Senior Notes
with identical terms at any time outstanding are to be redeemed, the Senior
Notes to be so redeemed shall be selected by the Issuing and Paying Agent by
lot or in any usual manner approved by it.  In the event of redemption of this
Senior Note in part only, a new Senior Note for the unredeemed portion hereof
shall be issued in the name of the holder hereof upon the surrender hereof.

     The "Redemption Price" shall initially be the Initial Redemption
Percentage specified on the face hereof of the principal amount of this Senior
Note to be redeemed and shall decline at each anniversary of the Initial
Redemption Date specified on the face hereof by the Annual Redemption
Percentage Reduction, if any, specified on the face hereof, of the principal
amount to be redeemed until the Redemption Price is 100% of such principal
amount.

     This Senior Note may be subject to repayment at the option of the holder
hereof in accordance with the terms hereof on any Holder's Optional Repayment
Date(s), if any, specified on the face hereof.  If no Holder's Optional
Repayment Date is specified on the face hereof, this Senior Note will not be
repayable at the option of the holder hereof prior to maturity.  On any
Holder's Optional Repayment Date, this Senior Note will be repayable in whole
or in part in increments of $1,000 (provided that any remaining principal
amount hereof will be at least $250,000) at the option of the holder hereof at
a repayment price equal to 100% of the principal amount to be repaid, together
with accrued and unpaid interest hereon payable to the date of repayment.  For
this Senior Note to be repaid in whole or in part at the option of the holder
hereof on a Holder's Optional Repayment Date, this Senior Note must be
delivered, with the form entitled "Option to Elect Repayment" attached hereto
duly completed, to the Issuing

                                       7
<PAGE>
and Paying Agent at its offices located at 450 West 33rd Street, New York, New
York 10001, Attention: Global Trust Securities Group, or at such other address
which the Bank shall from time to time notify the holders of the Senior Notes,
not more than 60 nor less than 30 calendar days prior to such Holder's
Optional Repayment Date.  In the event of repayment of this Senior Note in
part only, a new Senior Note for the unrepaid portion hereof shall be issued
in the name of the holder hereof upon the surrender hereof.  Exercise of such
repayment option by the holder hereof shall be irrevocable.

     If this Senior Note is an Original Issue Discount Note and if an Event of
Default with respect to this Senior Note shall have occurred and be
continuing, the Default Amount (as defined hereafter) of this Senior Note may
be declared due and payable in the manner and with the effect provided herein.
The "Default Amount" shall be equal to the adjusted issue price as of the
first day of the accrual period as determined under Final Treasury Regulation
Section 1.1275-1(b) (or successor regulation) under the United States Internal
Revenue Code of 1986, as amended, in which the date of acceleration occurs
increased by the daily portion of the original issue discount for each day in
such accrual period ending on the date of acceleration, as determined under
Final Treasury Regulation Section 1.1272-1(b) (or successor regulation) under
the United States Internal Revenue Code of 1986, as amended.  Upon payment of
(i) the principal, or premium, if any, so declared due and payable and (ii)
interest on any overdue principal and overdue interest or premium, if any (in
each case to the extent that the payment of such interest shall be legally
enforceable), all of the Bank's obligations in respect of the payment of
principal of, premium, if any, and interest on, this Senior Note shall
terminate.

     In case any Senior Note shall at any time become mutilated, destroyed,
lost or stolen, and such Senior Note or evidence of the loss, theft or
destruction thereof satisfactory to the Bank and the Issuing and Paying Agent
and such other documents or proof as may be required by the Bank and the
Issuing and Paying Agent shall be delivered to the Issuing and Paying Agent,
the Bank shall issue a new Senior Note, of like tenor and principal amount,
having a serial number not contemporaneously outstanding, in exchange and
substitution for the mutilated Senior Note or in lieu of the Senior Note
destroyed, lost or stolen but, in the case of any destroyed, lost or stolen
Senior Note, only upon receipt of evidence satisfactory to the Bank and the
Issuing and Paying Agent that such Senior Note was destroyed, stolen or lost,

                                       8
<PAGE>
and, if required, upon receipt of indemnity satisfactory to the Bank and the
Issuing and Paying Agent.  Upon the issuance of any substituted Senior Note,
the Bank and the Issuing and Paying Agent may require the payment of a sum
sufficient to cover all expenses and reasonable charges connected with the
preparation and delivery of a new Senior Note.  If any Senior Note which has
matured or has been redeemed or repaid or is about to mature or to be redeemed
or repaid shall become mutilated, destroyed, lost or stolen, the Bank may,
instead of issuing a substitute Senior Note, pay or authorize the payment of
the same (without surrender thereof except in the case of a mutilated Senior
Note) upon compliance by the holder with the provisions of this paragraph.

     No recourse shall be had for the payment of principal of, premium, if
any, or interest on, this Senior Note for any claim based hereon, or otherwise
in respect hereof, against any shareholder, employee, agent, officer or
director, as such, past, present or future, of the Bank or of any successor
corporation, banking association or other legal entity (collectively,
"corporation"), either directly or through the Bank or any corporation,
whether by virtue of any constitution, statute or rule of law or by the
enforcement of any assessment or penalty or otherwise, all such liability
being, by the acceptance hereof and as part of the consideration for the issue
hereof, expressly waived and released.

     The occurrence of any of the following events shall constitute an "Event
of Default" with respect to this Senior Note:  (i) default in the payment of
any interest with respect to any of the Senior Notes issued by the Bank when
due, which continues for 30 calendar days; (ii) default in the payment of any
principal of, or premium, if any, on, any of the Senior Notes issued by the
Bank when due; (iii) the entry by a court having jurisdiction in the premises
of (a) a decree or order for relief in respect of the Bank in an involuntary
case or proceeding under any applicable United States federal or state
bankruptcy, insolvency, reorganization or other similar law or (b) a decree or
order appointing a conservator, receiver, liquidator, assignee, trustee,
sequestrator or any other similar official of the Bank, or of substantially
all of the property of the Bank, or ordering the winding up or liquidation of
the affairs of the Bank, and the continuance of any such decree or order for
relief or any such other decree or order unstayed and in effect for a period
of 60 consecutive days; or (iv) the commencement by the Bank of a voluntary
case or proceeding under any applicable United States federal or state
bankruptcy, insolvency, reorganization or other similar law or of any other
case or proceeding to be adjudicated as bankrupt or insolvent, or the consent
by the Bank to the entry of a decree or order for relief in an involuntary
case or proceeding under any applicable United States federal or state
bankruptcy, insolvency,

                                       9
<PAGE>
reorganization or other similar law or to the commencement of any bankruptcy
or insolvency case or proceeding, or the filing by the Bank of a petition or
answer or consent seeking reorganization or relief under any applicable United
States federal or state bankruptcy, insolvency, reorganization or similar law,
or the consent by the Bank to the filing of such petition or to the
appointment of or taking possession by a custodian, conservator, receiver,
liquidator, assignee, trustee, sequestrator or similar official of the Bank or
of substantially all of the property of the Bank, or the making by the Bank of
an assignment for the benefit of creditors, or the taking of corporate action
by the Bank in furtherance of any such action.  If an Event of Default shall
occur and be continuing, the holder of this Senior Note may declare the
principal amount of, accrued interest and premium, if any, on, this Senior
Note due and payable immediately by written notice to the Bank.  Upon such
declaration and notice, such principal amount, accrued interest and premium,
if any, shall become immediately due and payable.  Any Event of Default with
respect to this Senior Note may be waived by the holder hereof.

     The Issuing and Paying Agency Agreement provides that the Bank will
promptly notify, and provide copies of any such notice to, the Issuing and
Paying Agent, and the Issuing and Paying Agent will promptly mail by
first-class mail, postage prepaid, copies of such notice to the holders of the
Senior Notes, upon the occurrence of an Event of Default or of the curing or
waiver of an Event of Default.

     Nothing contained herein shall prevent any consolidation or merger of the
Bank with any other corporation or successive consolidations or mergers in
which the Bank or its successor or successors shall be a party or parties, or
shall prevent any sale, conveyance, transfer or lease of the property of the
Bank as an entirety or substantially as an entirety to any other corporation
authorized to acquire and operate the same; provided, however (and the Bank
hereby covenants and agrees) that any such consolidation, merger, sale or
conveyance shall be upon the condition that:  (i) immediately after such
consolidation, merger, sale or conveyance the corporation (whether the Bank or
such other corporation) formed by or surviving any such consolidation or
merger, or the corporation to which such sale or

                                      10
<PAGE>
conveyance shall have been made, shall not be in default in the performance or
observance of any of the terms, covenants and conditions of this Senior Note
to be observed or performed by the Bank; and (ii) the corporation (if other
than the Bank) formed by or surviving any such consolidation or merger, or the
corporation to which such sale or conveyance shall have been made, shall be
organized under the laws of the United States of America or any state thereof
or the District of Columbia and shall expressly assume the due and punctual
payment of the principal of, premium, if any, and interest on, this Senior
Note.  In case of any such consolidation, merger, sale, conveyance, transfer
or lease, and upon the assumption by the successor corporation of the due and
punctual performance of all of the covenants in this Senior Note to be
performed or observed by the Bank, such successor corporation shall succeed to
and be substituted for the Bank with the same effect as if it had been named
in this Senior Note as the Bank and thereafter the predecessor corporation
shall be relieved of all obligations and covenants in this Senior Note and may
be liquidated and dissolved.

     Any action by the holder of this Senior Note shall bind all future
holders of this Senior Note, and of any Senior Note issued in exchange or
substitution herefor or in place hereof, in respect of anything done or
permitted by the Bank or by the Issuing and Paying Agent in pursuance of such
action.

     The Issuing and Paying Agent shall maintain at its offices a register
(the register maintained in such office or any other office or agency of the
Issuing and Paying Agent in The City of New York, herein referred to as the
"Senior Note Register") in which, subject to such reasonable regulations as it
may prescribe, the Issuing and Paying Agent shall provide for the registration
of the Senior Notes and of transfers of the Senior Notes (in such capacity,
the "Senior Notes Registrar").

     The transfer of this Senior Note is registrable in the Senior Note
Register, upon surrender of this Senior Note for registration of transfer at
the office or agency of the Issuing and Paying Agent in the Place of Payment,
duly endorsed by, or accompanied by a written instrument of transfer in form
satisfactory to the Bank and the Issuing and Paying Agent duly executed by,
the holder hereof or his attorney duly authorized in writing, and thereupon
one or more new Senior Notes of like tenor, of authorized denominations and
for the same aggregate principal amount, will be issued to the designated
transferee or transferees.

                                      11
<PAGE>
     No provision of this Senior Note shall alter or impair the obligation of
the Bank, which is absolute and unconditional, to pay principal of, premium,
if any, and interest on, this Senior Note in U.S. dollars at the times, places
and rate herein prescribed in accordance with its terms.

     No service charge shall be made to a holder of this Senior Note for any
transfer or exchange of this Senior Note, but the Bank may require payment of
a sum sufficient to cover any tax or other governmental charge that may be
imposed in connection therewith.

     Beneficial interests represented by this Senior Note are exchangeable for
definitive Senior Notes in registered form, of like tenor and of an equal
aggregate principal amount, only if (x) The Depository Trust Company, as
Depositary (the "Depositary") notifies the Bank that it is unwilling or unable
to continue as Depositary for this Senior Note or if at any time the
Depositary ceases to be a clearing agency registered under the Securities
Exchange Act of 1934, as amended, and a successor depositary is not appointed
by the Bank within 60 days, or (y) the Bank in its sole discretion determines
not to have such beneficial interests represented by this Senior Note.  Any
Senior Note representing such beneficial interests that is exchangeable
pursuant to the preceding sentence shall be exchangeable in whole for
definitive Senior Notes in registered form, of like tenor and of an equal
aggregate principal amount, in minimum denominations of $250,000 and integral
multiples of $1,000 in excess thereof.  Such definitive Senior Notes shall be
registered in the name or names of such person or persons as the Depositary
shall instruct the Issuing and Paying Agent.

     Prior to due presentment of this Senior Note for registration of
transfer, the Bank, the Issuing and Paying Agent or any agent of the Bank or
the Issuing and Paying Agent may treat the holder in whose name this Senior
Note is registered as the owner hereof for all purposes, whether or not this
Senior Note be overdue, and neither the Bank, the Issuing and Paying Agent nor
any such agent shall be affected by notice to the contrary except as required
by applicable law.

     All notices to the Bank under this Senior Note shall be in writing and
addressed to the Bank, 2980 Fairview Park Drive, Falls Church, Virginia 22042,
Attention: Treasurer, or to such other address of the Bank as the Bank may
notify the holders of the Senior Notes.

     This Senior Note shall be governed by, and construed in accordance with,
the laws of the State of New York, without regard to conflicts of laws
principles and all applicable federal laws and regulations.

                                      12
<PAGE>
                                 ABBREVIATIONS

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

          TEN COM -- as tenants in common

          TEN ENT -- as tenants by the entireties

          JT TEN  -- as joint tenants with right of
                     survivorship and not as tenants
                     in common

          UNIF GIFT MIN ACT --                Custodian
                               --------------           ---------
                                  (Cust)                (Minor)
                               under Uniform Gifts to Minors Act

                               ----------------------------------
                                           (State)

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

                                      13
<PAGE>
                                  ASSIGNMENT

          FOR VALUE RECEIVED, the undersigned hereby sell(s),

assign(s) and transfer(s) unto _______________________________________________

______________________________________________________________________________

PLEASE INSERT SOCIAL SECURITY NUMBER OR OTHER IDENTIFYING NUMBER OF ASSIGNEE

                          ____________________________
                         /___________________________/

______________________________________________________________________________

______________________________________________________________________________
          (Please print or typewrite name and address,
            including postal zip code, of assignee)

the within Senior Note and all rights thereunder, and hereby irrevocably
constitutes and appoints _____________________________________________________

______________________________________________________________________________

______________________________________________________________________________

to transfer said Senior Note on the books of the Issuing and Paying Agent,
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 Senior Note in
                                every particular, without
                                alteration or enlargement or any
                                change whatsoever.

--------------------------------
     Signature Guarantee

                                      14
<PAGE>
                           OPTION TO ELECT REPAYMENT

     The undersigned hereby irrevocably request(s) and instruct(s) the Bank to
repay this Senior Note (or portion hereof specified below) pursuant to its
terms at a price equal to 100% of the principal amount hereof to be repaid,
together with accrued and unpaid interest hereon, payable to the date of
repayment, to the undersigned, at ____________________________________________
_____________________________________________________________________________.
(Please print or typewrite name and address of the undersigned)

     For this Senior Note to be repaid, the undersigned must give to the
Issuing and Paying Agent at its offices located at 450 West 33rd Street, New
York, New York 10001, Attention:  Global Trust Securities Group, or at such
other place or places of which the Bank shall from time to time notify the
holders of the Senior Notes, not more than 60 days nor less than 30 days prior
notice to the date of repayment, with this "Option to Elect Repayment" form
duly completed.

     If less than the entire principal amount of this Senior Note is to be
repaid, specify the portion hereof (which shall be increments of $1,000) which
the holder elects to have repaid and specify the denomination or denominations
(which shall be $250,000 or an integral multiple of $1,000 in excess thereof)
of the Senior Notes to be issued to the holder for the portion of this Senior
Note not being repaid (in the absence of any such specification, one such
Senior Note will be issued for the portion not being repaid):

$
 ------------------------------    ------------------------------

                                   NOTICE:  The signature on this
Dated:                             "Option to Elect Repayment" form must
       ------------------------    correspond with the name as written upon
                                   the face of the within Senior Note in every
                                   particular, without alteration or
                                   enlargement or any change whatsoever.

--------------------------------
     Signature Guarantee

                                      15
<PAGE>
                                                                           A-2

THIS SENIOR NOTE IS AN OBLIGATION SOLELY OF THE BANK AND WILL NOT BE AN
OBLIGATION OF, OR OTHERWISE GUARANTEED BY, ANY OTHER BANK OR CAPITAL ONE
FINANCIAL CORPORATION THIS SENIOR NOTE DOES NOT EVIDENCE DEPOSITS OF THE BANK
AND IS NOT INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER
GOVERNMENT AGENCY.  THE OBLIGATIONS EVIDENCED BY THIS SENIOR NOTE RANK PARI
PASSU WITH ALL OTHER SENIOR UNSECURED INDEBTEDNESS OF THE BANK, EXCEPT DEPOSIT
LIABILITIES (AS PROVIDED IN SECTION 11(D)(11) OF THE FEDERAL DEPOSIT INSURANCE
ACT) AND OTHER OBLIGATIONS THAT ARE SUBJECT TO ANY PRIORITIES OR PREFERENCES.
IN A LIQUIDATION OR OTHER RESOLUTION OF THE BANK, THIS SENIOR NOTE WOULD BE
TREATED DIFFERENTLY FROM, AND HOLDERS OF THIS SENIOR NOTE COULD RECEIVE, IF
ANYTHING, SIGNIFICANTLY LESS THAN HOLDERS OF, DEPOSIT LIABILITIES OF THE BANK.

UNLESS THIS SENIOR NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (THE
"DEPOSITARY") TO THE BANK OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE
OR PAYMENT, AND ANY SENIOR NOTE ISSUED UPON REGISTRATION OF TRANSFER OF, OR IN
EXCHANGE FOR, OR IN LIEU OF, THIS SENIOR NOTE IS REGISTERED IN THE NAME OF
CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF
THE DEPOSITARY AND ANY PAYMENT HEREON IS MADE TO CEDE & CO., ANY TRANSFER,
PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.

THIS GLOBAL SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE
DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH
NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.

THIS SENIOR NOTE IS ISSUABLE ONLY IN FULLY REGISTERED FORM IN MINIMUM
DENOMINATIONS OF $250,000 AND INTEGRAL MULTIPLES OF $1,000 IN EXCESS THEREOF.
EACH OWNER OF A BENEFICIAL INTEREST IN THIS SENIOR NOTE MUST BE AN
INSTITUTIONAL INVESTOR WHO IS AN "ACCREDITED INVESTOR" WITHIN THE MEANING OF
RULE 501 UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND IS REQUIRED TO HOLD
A BENEFICIAL INTEREST IN $250,000 PRINCIPAL AMOUNT OR ANY INTEGRAL MULTIPLE OF
$1,000 IN EXCESS THEREOF OF THIS SENIOR NOTE AT ALL TIMES.

No. FLR-_____                                                       REGISTERED
CUSIP NO.:  _____

                               CAPITAL ONE BANK

                            GLOBAL SENIOR BANK NOTE
                                (Floating Rate)
<PAGE>
ORIGINAL ISSUE DATE:                    PRINCIPAL AMOUNT:

INITIAL INTEREST RATE:  _____%          MATURITY DATE:

INTEREST RATE                           INDEX MATURITY:
BASIS OR BASES:

     IF LIBOR:                          REGULAR RECORD
     [ ]  Libor Telerate                DATES (if other than the 15th day
     [ ]  Libor Reuters                  prior to each Interest Payment
                                         Date):

INDEX CURRENCY:

SPREAD (PLUS OR MINUS)                  MINIMUM INTEREST RATE:
AND/OR SPREAD MULTIPLIER:
                                        INTEREST PAYMENT PERIOD:
MAXIMUM INTEREST RATE:
                                        INTEREST RESET PERIOD:
INTEREST PAYMENT DATES:
                                        CALCULATION AGENT:
INITIAL INTEREST RESET DATE:
                                        ANNUAL REDEMPTION
INTEREST RESET DATES:                   PERCENTAGE REDUCTION:

INITIAL REDEMPTION DATE:                HOLDER'S OPTIONAL
                                        REPAYMENT DATE(S):
INITIAL REDEMPTION
PERCENTAGE:                             DAY COUNT CONVENTION
                                        [ ] 30/360 for the period
INTEREST CALCULATION:                       from __________ to __________.
[ ] Regular Floating Rate               [ ] Actual/360 for the
      Senior Note                           period from _______ to _______.
[ ] Floating Rate/Fixed Rate            [ ] Actual/Actual for the
      Senior Note                           period from __________ to
    Fixed Rate Commencement Date:           ____________.
    Fixed Interest Rate:
[ ] Inverse Floating Rate Senior        ORIGINAL ISSUE DISCOUNT
      Note                              [ ] Yes
    Fixed Interest Rate:                [ ] No

ADDENDUM ATTACHED:                      Total Amount of OID:
[ ] Yes                                 Yield to Maturity:
[ ] No                                  Initial Accrual Period:

OTHER PROVISIONS:                       DEFAULT RATE:  ______%

                                       2
<PAGE>
     Capital One Bank, a bank duly organized and existing under the laws of
the Commonwealth of Virginia (the "Bank"), for value received, hereby promises
to pay to CEDE & CO., or registered assigns, the principal sum of ____________
_______________________________________________________ United States Dollars
on the Maturity Date specified above (except to the extent redeemed or repaid
prior to the Maturity Date) and to pay interest thereon from and including the
Original Issue Date specified above or from and including the most recent
interest payment date to which interest on this Senior Note (or any
predecessor Senior Note) has been paid or duly provided for (each, an
"Interest Payment Date"), on the Interest Payment Dates specified above and at
maturity or upon earlier redemption or repayment, if applicable, commencing on
the first Interest Payment Date next succeeding the Original Issue Date (or,
if the Original Issue Date is between a Regular Record Date (as defined below)
and the Interest Payment Date immediately following such Regular Record Date,
on the second Interest Payment Date following the Original Issue Date), at a
rate per annum equal to the Initial Interest Rate specified above until the
Initial Interest Reset Date specified above and thereafter at a rate per annum
determined in accordance with the provisions hereof and any Addendum relating
hereto depending upon the Interest Rate Basis or Bases, if any, and such other
terms specified above, until the principal hereof is paid or made available
for payment, and (to the extent that the payment of such interest shall be
legally enforceable) at the Default Rate per annum specified above on any
overdue principal and premium, if any, and on any overdue installment of
interest.  If no Default Rate is specified above, the Default Rate shall be
the Interest Rate on this Senior Note specified above.  The interest so
payable, and punctually paid or duly provided for, on any Interest Payment
Date will be paid to the person in whose name this Senior Note (or any
predecessor Senior Note) is registered at the close of business on the Regular
Record Date, which shall be the 15th calendar day (whether or not a Business
Day (as defined below))  prior to such Interest Payment Date (unless otherwise
specified on the face hereof) (each, a "Regular Record Date"); provided,
however, that interest payable at maturity or upon earlier redemption or
repayment, if applicable, will be payable to the person to whom principal
shall be payable.  Any such interest not so punctually paid or duly provided
for shall forthwith cease to be payable to the holder as of the close of
business on such Regular Record Date and may either be paid to the person in
whose name this Senior Note (or any predecessor

                                       3
<PAGE>
Senior Note) is registered at the close of business on a special record date
for the payment of such defaulted interest (the "Special Record Date") to be
fixed by the Bank, notice of which shall be given to the holders of Senior
Notes not less than 10 calendar days prior to such Special Record Date, or be
paid at any time in any other lawful manner.

     Payment of principal of, premium, if any, and interest on, this Senior
Note will be made 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.  The Bank will at all times appoint and maintain an issuing and paying
agent (the "Issuing and Paying Agent," which term shall include any successor
Issuing and Paying Agent), authorized by the Bank to pay principal of,
premium, if any, and interest on, this Senior Note on behalf of the Bank
pursuant to an issuing and paying agency agreement (the "Issuing and Paying
Agency Agreement") and having an office or agency (the "Issuing and Paying
Agent Office") in The City of New York or the city in which the Bank is
headquartered (the "Place of Payment"), where this Senior Note may be
presented or surrendered for payment and where notices, designations or
requests in respect of payments with respect to this Senior Note may be
served.  The Bank has initially appointed Chemical Bank as the Issuing and
Paying Agent, with the Issuing and Paying Agent Office currently located at
450 West 33rd Street, New York, New York 10001, Attention:  Global Trust
Securities Group.  The Bank may remove the Issuing and Paying Agent pursuant
to the terms of the Issuing and Paying Agency Agreement, and appoint a
successor Issuing and Paying Agent.

     Payment of principal of, premium, if any, and interest on, this Senior
Note due at maturity or upon earlier redemption or repayment, if applicable,
will be made in immediately available funds upon presentation and surrender of
this Senior Note to the Issuing and Paying Agent at the Issuing and Paying
Agent Office; provided that this Senior Note is presented to the Issuing and
Paying Agent in time for the Issuing and Paying Agent to make such payment in
accordance with its normal procedures.  Payments of interest on this Senior
Note (other than at maturity or upon earlier redemption or repayment) will be
made by wire transfer to such account as has been appropriately designated to
the Issuing and Paying Agent by the person entitled to such payments.

                                       4
<PAGE>
     Reference herein to "this Senior Note", "hereof", "herein" and comparable
terms shall include an Addendum hereto if an Addendum is specified above.

     Reference is hereby made to the further provisions of this Senior 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.

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

                              CAPITAL ONE BANK

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

Dated:

ISSUING AND PAYING AGENT'S CERTIFICATE OF AUTHENTICATION

This is one of the Senior Notes referred to in the Issuing and Paying Agency
Agreement.

CHEMICAL BANK,
     as Issuing and Paying Agent

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

                                       5
<PAGE>
                                   [Reverse]

     This Senior Note is one of a duly authorized issue of Senior Bank Notes
of the Bank due from 30 days to 30 years from date of issue (the "Senior
Notes").

     If any Interest Payment Date (other than an Interest Payment Date at the
Maturity Date or date of earlier redemption or repayment of this Senior Note)
would otherwise fall on a day that is not a Business Day, such Interest
Payment Date shall be postponed to the next succeeding day that is a Business
Day, except that if an Interest Rate Basis is LIBOR, as indicated on the face
hereof, and such next Business Day falls in the next succeeding calendar
month, such Interest Payment Date shall be the immediately preceding day that
is a Business Day.  Except as provided above, interest payments will be made
on the Interest Payment Dates shown on the face hereof.  If the Maturity Date
or date of earlier redemption or repayment of this Senior Note falls on a day
which is not a Business Day, the related payment of principal of, premium, if
any, and interest on, this Senior Note will be made on the next succeeding
Business Day with the same force and effect as if made on the date such
payment was due, and no interest shall accrue on the amount so payable for the
period from and after such Maturity Date or date of earlier redemption or
repayment, as the case may be.

     This Senior Note will not be subject to any sinking fund.  If so provided
on the face of this Senior Note, this Senior Note may be redeemed by the Bank
either in whole or in part on and after the Initial Redemption Date, if any,
specified on the face hereof.  If no Initial Redemption Date is specified on
the face hereof, this Senior Note may not be redeemed prior to the Maturity
Date.  On and after the Initial Redemption Date, if any, this Senior Note may
be redeemed in increments of $1,000 (provided that any remaining principal
amount hereof shall be at least $250,000) at the option of the Bank at the
applicable Redemption Price (as defined below), together with unpaid interest
accrued hereon at the applicable rate borne by this Senior Note to the date of
redemption (each such date, a "Redemption Date"), on written notice given not
more than 60 nor less than 30 calendar days prior to the Redemption Date to
the registered holder hereof.  Whenever less than all the Senior Notes at any
time outstanding are to be redeemed, the terms of

                                       6
<PAGE>
the Senior Notes to be so redeemed shall be selected by the Bank.  If less
than all the Senior Notes with identical terms at any time outstanding are to
be redeemed, the Senior Notes to be so redeemed shall be selected by the
Issuing and Paying Agent by lot or in any usual manner approved by it.  In the
event of redemption of this Senior Note in part only, a new Senior Note for
the unredeemed portion hereof shall be issued in the name of the holder hereof
upon the surrender hereof.

     The "Redemption Price" shall initially be the Initial Redemption
Percentage specified on the face hereof of the principal amount of this Senior
Note to be redeemed and shall decline at each anniversary of the Initial
Redemption Date specified on the face hereof by the Annual Redemption
Percentage Reduction, if any, specified on the face hereof, of the principal
amount to be redeemed until the Redemption Price is 100% of such principal
amount.

     This Senior Note may be subject to repayment at the option of the holder
hereof in accordance with the terms hereof on any Holder's Optional Repayment
Date(s), if any, specified on the face hereof.  If no Holder's Optional
Repayment Date is specified on the face hereof, this Senior Note will not be
repayable at the option of the holder hereof prior to maturity.  On any
Holder's Optional Repayment Date, this Senior Note will be repayable in whole
or in part in increments of $1,000 (provided that any remaining principal
amount hereof will be at least $250,000) at the option of the holder hereof at
a repayment price equal to 100% of the principal amount to be repaid, together
with accrued and unpaid interest hereon payable to the date of repayment.  For
this Senior Note to be repaid in whole or in part at the option of the holder
hereof on a Holder's Optional Repayment Date, this Senior Note must be
delivered, with the form entitled "Option to Elect Repayment" attached hereto
duly completed, to the Issuing and Paying Agent at its offices located at 450
West 33rd Street, New York, New York 10001, Attention:  Global Trust
Securities Group, or at such other address which the Bank shall from time to
time notify the holders of the Senior Notes, not more than 60 nor less than 30
calendar days prior to such Holder's Optional Repayment Date.  In the event of
repayment of this Senior Note in part only, a new Senior Note for the unrepaid
portion hereof shall be issued in the name of the holder hereof upon the
surrender hereof.  Exercise of such repayment option by the holder hereof
shall be irrevocable.

                                       7
<PAGE>
     The interest rate borne by this Senior Note shall be determined as
follows:

          1.   If this Senior Note is designated as a Regular Floating Rate
     Senior Note on the face hereof or if no designation is made for Interest
     Calculation on the face hereof, then, except as described below or in an
     Addendum hereto, this Senior Note shall bear interest at the rate
     determined by reference to the applicable Interest Rate Basis or Bases
     shown on the face hereof (i) plus or minus the applicable Spread, if any,
     and/or (ii) multiplied by the applicable Spread Multiplier, if any,
     specified and applied in the manner described on the face hereof.
     Commencing on the Initial Interest Reset Date, the rate at which interest
     on this Senior Note is payable shall be reset as of each Interest Reset
     Date specified on the face hereof; provided, however, that the interest
     rate in effect for the period from the Original Issue Date to the Initial
     Interest Reset Date will be the Initial Interest Rate.

          2.   If this Senior Note is designated as a Floating Rate/Fixed Rate
     Senior Note on the face hereof, then, except as described below or in an
     Addendum hereto, this Senior Note shall bear interest at the rate
     determined by reference to the applicable Interest Rate Basis or Bases
     shown on the face hereof (i) plus or minus the applicable Spread, if any,
     and/or (ii) multiplied by the applicable Spread Multiplier, if any,
     specified and applied in the manner described on the face hereof.
     Commencing on the Initial Interest Reset Date, the rate at which interest
     on this Senior Note is payable shall be reset as of each Interest Reset
     Date specified on the face hereof; provided, however, that (i) the
     interest rate in effect for the period from the Original Issue Date to
     the Initial Interest Reset Date shall be the Initial Interest Rate; and
     (ii) the interest rate in effect commencing on, and including, the Fixed
     Rate Commencement Date to the Maturity Date or date of earlier redemption
     or repayment shall be the Fixed Interest Rate, if such a rate is
     specified on the face hereof, or if no such Fixed Interest Rate is so
     specified, the interest rate in effect hereon on the Business Day
     immediately preceding the Fixed Rate Commencement Date.

                                       8
<PAGE>
          3.   If this Senior Note is designated as an Inverse Floating Rate
     Senior Note on the face hereof, then, except as described below or in an
     Addendum hereto, this Senior Note shall bear interest equal to the Fixed
     Interest Rate indicated on the face hereof minus the rate determined by
     reference to the applicable Interest Rate Basis or Bases shown on the
     face hereof (i) plus or minus the applicable Spread, if any, and/or (ii)
     multiplied by the applicable Spread Multiplier, if any, specified and
     applied in the manner described on the face hereof; provided, however,
     that, unless otherwise specified on the face hereof, the interest rate
     hereon will not be less than zero percent.  Commencing on the Initial
     Interest Reset Date, the rate at which interest on this Senior Note is
     payable shall be reset as of each Interest Rate Reset Date specified on
     the face hereof; provided, however, that the interest rate in effect for
     the period from the Original Issue Date to the Initial Interest Reset
     Date shall be the Initial Interest Rate.

     Notwithstanding the foregoing, if this Senior Note is designated on the
face hereof as having an Addendum attached, this Senior Note shall bear
interest in accordance with the terms described in such Addendum.

     Except as provided above, the interest rate in effect on each day shall
be (a) if such day is an Interest Reset Date, the interest rate determined as
of the Interest Determination Date (as defined below) immediately preceding
such Interest Reset Date or (b) if such day is not an Interest Reset Date, the
interest rate determined as of the Interest Determination Date immediately
preceding the next preceding Interest Reset Date.  Each Interest Rate Basis
shall be the rate determined in accordance with the applicable provision
below.  If any Interest Reset Date (which term includes the term Initial
Interest Reset Date unless the context otherwise requires) would otherwise be
a day that is not a Business Day, such Interest Reset Date shall be postponed
to the next succeeding day that is a Business Day, except that if an Interest
Rate Basis specified on the face hereof is LIBOR and such next Business Day
falls in the next succeeding calendar month, such Interest Reset Date shall be
the immediately preceding Business Day.

     Unless otherwise specified on the face hereof, interest payable on this
Senior Note on any Interest Payment Date shall be

                                       9
<PAGE>
the amount of interest accrued from and including the next preceding Interest
Payment Date in respect of which interest has been paid (or from and including
the Original Issue Date specified on the face hereof, if no interest has been
paid), to but excluding the related Interest Payment Date or Maturity Date or
date of earlier redemption or repayment, as the case may be.

     Unless otherwise specified on the face hereof, accrued interest hereon
shall be an amount calculated by multiplying the face amount hereof by an
accrued interest factor.  Such accrued interest factor shall be computed by
adding the interest factor calculated for each day in the period for which
accrued interest is being calculated.  Unless otherwise specified on the face
hereof, the interest factor for each such day shall be computed and paid on
the basis of a 360-day year of twelve 30-day months if the Day Count
Convention specified on the face hereof is "30/360" for the period specified
thereunder, or by dividing the interest rate applicable to such day by 360 if
the Day Count Convention specified on the face hereof is "Actual/360" for the
period specified thereunder or by the actual number of days in the year if the
Day Count Convention specified on the face hereof is "Actual/Actual" for the
period specified thereunder.  If interest on this Senior Note is to be
calculated with reference to two or more Interest Rate Bases as specified on
the face hereof, the interest factor will be calculated in each period in the
same manner as if only one of the applicable Interest Rate Bases applied.

     Unless otherwise specified on the face hereof, the "Interest
Determination Date" with respect to the Commercial Paper Rate, the Federal
Funds Rate and the Prime Rate will be the second Business Day preceding each
Interest Reset Date; the "Interest Determination Date" with respect to the
Eleventh District Cost of Funds Rate will be the last working day of the month
immediately preceding each Interest Reset Date on which the Federal Home Loan
Bank of San Francisco (the "FHLB of San Francisco") publishes the Index (as
defined below); the "Interest Determination Date" with respect to LIBOR shall
be the second London Business Day (as defined below) preceding each Interest
Reset Date; the "Interest Determination Date" with respect to the Treasury
Rate will be the day in the week in which the related Interest Reset Date
falls on which day Treasury Bills (as defined below) are normally auctioned
(Treasury Bills are normally sold at auction on Monday of each week, unless
that day is a legal holiday, in which case

                                      10
<PAGE>
the auction is normally held on the following Tuesday, except that such
auction may be held on the preceding Friday); provided, however, that if an
auction is held on the Friday of the week preceding the related Interest Reset
Date, the related Interest Determination Date shall be such preceding Friday;
and provided further that if an auction shall fall on any Interest Reset Date,
then the Interest Reset Date shall instead be the first Business Day following
such auction.  If the interest rate of this Senior Note is determined with
reference to two or more Interest Rate Bases as specified on the face hereof,
the Interest Determination Date pertaining to this Senior Note will be the
latest Business Day which is at least two Business Days prior to such Interest
Reset Date on which each Interest Rate Basis is determinable.  Each Interest
Rate Basis shall be determined on such date, and the applicable interest rate
shall take effect on the Interest Reset Date.

     Unless otherwise specified on the face hereof, the "Calculation Date"
pertaining to any Interest Determination Date will be the earlier of (i) the
tenth calendar day after such Interest Determination Date or, if such day is
not a Business Day, the next succeeding Business Day and (ii) the Business Day
immediately preceding the applicable Interest Payment Date or Maturity Date or
date of earlier redemption or repayment, as the case may be.  All calculations
on this Senior Note shall be made by the Calculation Agent specified on the
face hereof or such successor thereto as is duly appointed by the Bank.

     All percentages resulting from any calculation on this Senior Note will
be rounded, if necessary, to the nearest one hundred-thousandth of a
percentage point, with five one-millionths of a percentage point rounded
upward (e.g., 9.876545% (or 0.09876545) would be rounded to 9.87655% (or
0.0987655) and 9.876544% (or 0.09876544) would be rounded to 9.87654% (or
0.0987654)), and all dollar amounts used in or resulting from such calculation
will be rounded to the nearest cent (with one-half cent being rounded upward).

     As used herein, "Business Day" means, unless otherwise specified on the
face hereof, any day that is not a Saturday or Sunday and that in The City of
New York or in the city in which the Bank is headquartered is not a day on
which banking institutions are authorized or required by law, regulation or

                                      11
<PAGE>
executive order to close and, if an Interest Rate Basis shown on the face
hereof is LIBOR, is also a London Business Day.

     As used herein, unless otherwise specified on the face hereof, "London
Business Day" means any day on which dealings in deposits in U.S. dollars are
transacted in the London interbank market.

     Determination of Commercial Paper Rate.  If an Interest Rate Basis for
this Senior Note is the Commercial Paper Rate, as indicated on the face
hereof, the Commercial Paper Rate shall be determined as of the applicable
Interest Determination Date (a "Commercial Paper Rate Interest Determination
Date"), as the Money Market Yield (as defined below) on such date of the rate
for commercial paper having the Index Maturity specified on the face hereof as
published by the Board of Governors of the Federal Reserve System in the
relevant weekly statistical release entitled "Statistical Release H.15(519),
Selected Interest Rates," or any successor publication of the Board of
Governors of the Federal Reserve System ("H.15(519)") under the heading
"Commercial Paper".  In the event that such rate is not published by 3:00
P.M., New York City time, on the related Calculation Date, then the Commercial
Paper Rate shall be the Money Market Yield on such Commercial Paper Rate
Interest Determination Date of the rate for commercial paper having the Index
Maturity shown on the face hereof as published in the daily statistical
release entitled "Composite 3:30 P.M. Quotations for U.S. Government
Securities" or any successor publication published by the Federal Reserve Bank
of New York ("Composite Quotations") under the heading "Commercial Paper"
(with an Index Maturity of one month or three months being deemed to be
equivalent to an Index Maturity of 30 days or 90 days, respectively).  If by
3:00 P.M., New York City time, on the related Calculation Date such rate is
not yet published in either H.15(519) or Composite Quotations, then the
Commercial Paper Rate on such Commercial Paper Rate Interest Determination
Date shall be calculated by the Calculation Agent and shall be the Money
Market Yield of the arithmetic mean of the offered rates at approximately
11:00 A.M., New York City time, on such Commercial Paper Rate Interest
Determination Date of three leading dealers of commercial paper in The City of
New York selected by the Calculation Agent for commercial paper having the
Index Maturity specified on the face hereof placed for an industrial issuer
whose bond rating is "AA," or the equivalent, from a nationally recognized
securities rating

                                      12
<PAGE>
agency; provided, however, that if any of the dealers selected as aforesaid by
the Calculation Agent are not quoting as mentioned in this sentence, the
Commercial Paper Rate determined as of such Commercial Paper Rate Interest
Determination Date shall be the rate in effect on such Commercial Paper Rate
Interest Determination Date.

     "Money Market Yield" shall be a yield (expressed as a percentage)
calculated in accordance with the following formula:

               Money Market Yield =   D x 360    x 100
                                    ------------
                                     360-(D x M)

where "D" refers to the applicable per annum rate for commercial paper quoted
on a bank discount basis and expressed as a decimal and "M" refers to the
actual number of days in the interest period for which interest is being
calculated.

     Determination of Eleventh District Cost of Funds Rate.  If an Interest
Rate Basis for this Senior Note is the Eleventh District Cost of Funds Rate,
as indicated on the face hereof, the Eleventh District Cost of Funds Rate
shall be determined as of the applicable Interest Determination Date (an
"Eleventh District Cost of Funds Rate Interest Determination Date"), as the
rate equal to the monthly weighted average cost of funds for the calendar
month immediately preceding the month in which such Eleventh District Cost of
Funds Rate Interest Determination Date falls, as set forth under the caption
"11th District" on Telerate Page 7058 as of 11:00 A.M., San Francisco time, on
such Eleventh District Cost of Funds Rate Interest Determination Date.  If
such rate does not appear on Telerate Page 7058 on any related Eleventh
District Cost of Funds Rate Interest Determination Date, the Eleventh District
Cost of Funds Rate for such Eleventh District Cost of Funds Rate Interest
Determination Date shall be the monthly weighted average cost of funds paid by
member institutions of the Eleventh Federal Home Loan Bank District that was
most recently announced (the "Index") by the FHLB of San Francisco as such
cost of funds for the calendar month immediately preceding the date of such
announcement.  If the FHLB of San Francisco fails to announce such rate for
the calendar month immediately preceding such Eleventh District Cost of Funds
Rate Interest Determination Date, then the Eleventh District Cost of Funds
Rate determined as of such Eleventh District Cost of Funds Rate Interest
Determination Date shall be the Eleventh

                                      13
<PAGE>
District Cost of Funds Rate in effect on such Eleventh District Cost of Funds
Rate Interest Determination Date.

     "Telerate Page 7058" means the display designated as page "7058" on the
Dow Jones Telerate Service (or such other page as may replace the 7058 page on
that service for the purpose of displaying the monthly weighted average cost
of funds paid by member institutions of the Eleventh Federal Home Loan Bank
District).

     Determination of Federal Funds Rate.  If an Interest Rate Basis for this
Senior Note is the Federal Funds Rate, as indicated on the face hereof, the
Federal Funds Rate shall be determined as of the applicable Interest
Determination Date (a "Federal Funds Rate Interest Determination Date"), as
the rate on such date for federal funds as published in H.15(519) under the
heading "Federal Funds (Effective)" or, if not so published by 3:00 P.M., New
York City time, on the related Calculation Date, the rate on such Federal
Funds Rate Interest Determination Date, as published in Composite Quotations
under the heading "Federal Funds/Effective Rate."  If by 3:00 P.M., New York
City time, on the related Calculation Date such rate is not published in
either H.15(519) or Composite Quotations, then the Federal Funds Rate on such
Federal Funds Rate Interest Determination Date shall be calculated by the
Calculation Agent and shall be the arithmetic mean of the rates for the last
transaction in overnight United States dollar federal funds arranged prior to
9:00 A.M., New York City time on such Federal Funds Rate Interest
Determination Date by three leading brokers of federal funds transactions in
The City of New York selected by the Calculation Agent; provided, however,
that if any of the brokers selected as aforesaid by the Calculation Agent are
not quoting as mentioned in this sentence, the Federal Funds Rate determined
as of such Federal Funds Rate Interest Determination Date shall be the Federal
Funds Rate in effect on such Federal Funds Rate Interest Determination Date.

     Determination of LIBOR.  If an Interest Rate Basis for this Senior Note
is LIBOR, as indicated on the face hereof, LIBOR shall be determined by the
Calculation Agent as of the applicable Interest Determination Date (a "LIBOR
Interest Determination Date") in accordance with the following provisions:

          (a)  With respect to any LIBOR Interest Determination Date, LIBOR
     will be, as specified on the face hereof,

                                      14
<PAGE>
     either:  (i) the rate for deposits in U.S. dollars having the Index
     Maturity designated on the face hereof, commencing on the second London
     Business Day immediately following that LIBOR Interest Determination
     Date, that appears on the Telerate Page 3750 as of 11:00 A.M., London
     time, on that LIBOR Interest Determination Date ("LIBOR Telerate") or
     (ii) the arithmetic mean of the offered rates for deposits in U.S.
     dollars having the Index Maturity designated on the face hereof,
     commencing on the second London Business Day immediately following that
     LIBOR Interest Determination Date, that appear on the Reuters Screen LIBO
     Page as of 11:00 A.M., London time, on that LIBOR Interest Determination
     Date, if at least two such offered rates appear on the Reuters Screen
     LIBO Page ("LIBOR Reuters").  "Telerate Page 3750" means the display
     designated as page "3750" on the Telerate Service (or such other page as
     may replace the 3750 page on that service or such other service or
     services as may be nominated by the British Bankers' Association for the
     purpose of displaying London interbank offered rates for U.S. dollar
     deposits).  "Reuters Screen LIBO Page" means the display designated as
     page "LIBO" on the Reuters Monitor Money Rates Service (or such other
     page as may replace the LIBO page on that service for the purpose of
     displaying London interbank offered rates of major banks).  If neither
     LIBOR Telerate nor LIBOR Reuters is specified on the face hereof, LIBOR
     will be determined as if LIBOR Telerate had been specified.  If no rate
     appears on the Telerate Page 3750, or if fewer than two offered rates
     appear on the Reuters Screen LIBO Page, as applicable, LIBOR in respect
     of that LIBOR Interest Determination Date will be determined as if the
     parties had specified the rate described in (b) below.

          (b)  With respect to a LIBOR Interest Determination Date on which no
     rate appears on Telerate Page 3750, as specified in (a)(i) above, or on
     which fewer than two offered rates appear on the Reuters Screen LIBO
     Page, as specified in (a)(ii) above, as applicable, LIBOR will be
     determined on the basis of the rates at which deposits in U.S. dollars
     having the Index Maturity designated on the face hereof, are offered at
     approximately 11:00 A.M., London time, on that LIBOR Interest
     Determination Date by four major banks in the London interbank market
     selected by the Calculation Agent ("Reference Banks") to prime banks in
     the

                                      15
<PAGE>
     London interbank market commencing on the second London Business Day
     immediately following that LIBOR Interest Determination Date and in a
     principal amount equal to an amount of not less than $1,000,000 that is
     representative for a single transaction in such market at such time.  The
     Calculation Agent will request the principal London office of each of the
     Reference Banks to provide a quotation of its rate.  If at least two such
     quotations are provided, LIBOR in respect of that LIBOR Interest
     Determination Date will be the arithmetic mean of such quotations.  If
     fewer than two quotations are provided, LIBOR in respect of that LIBOR
     Interest Determination Date will be the arithmetic mean of the rates
     quoted at approximately 11:00 A.M., New York City time, on that LIBOR
     Interest Determination Date by three major banks in The City of New York
     selected by the Calculation Agent for loans in U.S. dollars to leading
     European banks having the Index Maturity designated on the face hereof,
     commencing on the second London Business Day immediately following that
     LIBOR Interest Determination Date and in a principal amount equal to an
     amount of not less than $1,000,000 that is representative for a single
     transaction in such market at such time; provided, however, that if the
     banks selected as aforesaid by the Calculation Agent are not quoting as
     mentioned in this sentence, LIBOR with respect to such LIBOR Interest
     Determination Date will be the rate of LIBOR in effect on such date.

     Determination of Prime Rate.  If an Interest Rate Basis for this Senior
Note is the Prime Rate, as indicated on the face hereof, the Prime Rate shall
be determined as of the applicable Interest Determination Date (a "Prime Rate
Interest Determination Date") as the rate on such date as such rate is
published in H.15(519) under the heading "Bank Prime Loan".  If such rate is
not published prior to 3:00 P.M., New York City time, on the related
Calculation Date, then the Prime Rate shall be the arithmetic mean of the
rates of interest publicly announced by each bank that appears on the Reuters
Screen USPRIME1 (as defined below) as such bank's prime rate or base lending
rate as in effect for such Prime Rate Interest Determination Date.  If fewer
than four such rates appear on the Reuters Screen USPRIME1 for such Prime Rate
Interest Determination Date, the Prime Rate shall be the arithmetic mean of
the prime rates quoted on the basis of the actual number of days in the year
divided by a 360-day year as of the close of business on such Prime Rate
Interest

                                      16
<PAGE>
Determination Date by four major money center banks in The City of New York
selected by the Calculation Agent.  If fewer than four major money center
banks provide such quotations, the Prime Rate will be determined by the
Calculation Agent and will be the arithmetic mean of four prime rates, quoted
on the basis of the actual number of days in the year divided by a 360-day
year, as of the close of business on such Prime Rate Interest Determination
Date as furnished in The City of New York by the major money center banks, if
any, that have provided quotations and as many substitute banks or trust
companies as is necessary in order to obtain four such prime rate quotations,
provided such substitute banks or trust companies are organized and doing
business under the laws of the United States, or any state thereof, each
having total equity capital of at least U.S. $500 million and being subject to
supervision or examination by federal or state authority, selected by the
Calculation Agent to provide such rate or rates; provided, however, that if
the banks or trust companies selected as aforesaid are not quoting as
mentioned in this sentence, the Prime Rate determined as of such Prime Rate
Interest Determination Date shall be the Prime Rate in effect on such Prime
Rate Interest Determination Date.

     "Reuters Screen USPRIME1" means the display designated as page "USPRIME1"
on the Reuters Monitor Money Rates Service (or such other page as may replace
the USPRIME1 page on that service for the purpose of displaying prime rates or
base lending rates of major United States banks).

     Determination of Treasury Rate.  If an Interest Rate Basis for this
Senior Note is the Treasury Rate, as specified on the face hereof, the
Treasury Rate shall be determined as of the applicable Interest Determination
Date (a "Treasury Rate Interest Determination Date") as the rate applicable to
the most recent auction of direct obligations of the United States ("Treasury
Bills") having the Index Maturity specified on the face hereof, as such rate
is published in H.15(519) under the heading "Treasury Bills -- auction average
(investment)" or, if not published by 3:00 P.M., New York City time, on the
related Calculation Date, the auction average rate (expressed as a bond
equivalent on the basis of a year of 365 or 366 days, as applicable, and
applied on a daily basis) as otherwise announced by the United States
Department of the Treasury.  In the event that the results of the auction of
Treasury Bills having the Index Maturity specified on the face hereof are not
reported as

                                      17
<PAGE>
provided by 3:00 P.M., New York City time, on such Calculation Date, or if no
such auction is held in a particular week, then the Treasury Rate shall be
calculated by the Calculation Agent and shall be a yield to maturity
(expressed as a bond equivalent on the basis of a year of 365 or 366 days, as
applicable, and applied on a daily basis) of the arithmetic mean of the
secondary market bid rates, as of approximately 3:30 P.M., New York City time,
on such Treasury Rate Interest Determination Date, of three leading primary
United States government securities dealers selected by the Calculation Agent,
for the issue of Treasury Bills with a remaining maturity closest to the Index
Maturity specified on the face hereof; provided, however, that if any of the
dealers selected as aforesaid by the Calculation Agent are not quoting as
mentioned in this sentence, the Treasury Rate determined as of such Treasury
Rate Interest Determination Date shall be the Treasury Rate in effect on such
Treasury Rate Interest Determination Date.

     Any provision contained herein, including the determination of an
Interest Rate Basis, the specification of an Interest Rate Basis, calculation
of the interest rate applicable to this Senior Note, its Interest Payment
Dates or any other matter relating hereto may be modified as specified in an
Addendum relating hereto if so specified on the face hereof.

     Notwithstanding the foregoing, the interest rate hereon shall not be
greater than the Maximum Interest Rate, if any, or  less than the Minimum
Interest Rate, if any, specified on the face hereof.  In addition to any
Maximum Interest Rate applicable hereto pursuant to the above provisions, the
interest rate on this Senior Note will in no event be higher than the maximum
rate permitted by New York law, as the same may be modified by United States
law of general application.  The Calculation Agent shall calculate the
interest rate hereon in accordance with the foregoing on or before each
Calculation Date.  Unless otherwise specified on the face hereof, Chemical
Bank will be the Calculation Agent.

     At the request of the Holder hereof, the Calculation Agent shall provide
to the Holder hereof the interest rate hereon then in effect and, if
determined, the interest rate which shall become effective as of the next
Interest Reset Date.

                                      18
<PAGE>
     If this Senior Note is an Original Issue Discount Note and if an Event of
Default with respect to this Senior Note shall have occurred and be
continuing, the Default Amount (as defined hereafter) of this Senior Note may
be declared due and payable in the manner and with the effect provided herein.
The "Default Amount" shall be equal to the adjusted issue price as of the
first day of the accrual period as determined under Final Treasury Regulation
Section 1.1275-1(b) (or successor regulation) under the United States Internal
Revenue Code of 1986, as amended, in which the date of acceleration occurs
increased by the daily portion of the original issue discount for each day in
such accrual period ending on the date of acceleration, as determined under
Final Treasury Regulation Section 1.1272-1(b) (or successor regulation) under
the United States Internal Revenue Code of 1986, as amended.  Upon payment of
(i) the principal, or premium, if any, so declared due and payable and (ii)
interest on any overdue principal and overdue interest or premium, if any (in
each case to the extent that the payment of such interest shall be legally
enforceable), all of the Bank's obligations in respect of the payment of
principal of, premium, if any, and interest on, this Senior Note shall
terminate.

     In case any Senior Note shall at any time become mutilated, destroyed,
lost or stolen, and such Senior Note or evidence of the loss, theft or
destruction thereof satisfactory to the Bank and the Issuing and Paying Agent
and such other documents or proof as may be required by the Bank and the
Issuing and Paying Agent shall be delivered to the Issuing and Paying Agent,
the Bank shall issue a new Senior Note, of like tenor and principal amount,
having a serial number not contemporaneously outstanding, in exchange and
substitution for the mutilated Senior Note or in lieu of the Senior Note
destroyed, lost or stolen but, in the case of any destroyed, lost or stolen
Senior Note, only upon receipt of evidence satisfactory to the Bank and the
Issuing and Paying Agent that such Senior Note was destroyed, stolen or lost,
and, if required, upon receipt of indemnity satisfactory to the Bank and the
Issuing and Paying Agent.  Upon the issuance of any substituted Senior Note,
the Bank and the Issuing and Paying Agent may require the payment of a sum
sufficient to cover all expenses and reasonable charges connected with the
preparation and delivery of a new Senior Note.  If any Senior Note which has
matured or has been redeemed or repaid or is about to mature or to be redeemed
or repaid shall become mutilated, destroyed, lost or stolen, the Bank may,
instead of issuing a substitute Senior

                                      19
<PAGE>
Note, pay or authorize the payment of the same (without surrender thereof
except in the case of a mutilated Senior Note) upon compliance by the holder
with the provisions of this paragraph.

     No recourse shall be had for the payment of principal of, premium, if
any, or interest on, this Senior Note for any claim based hereon, or otherwise
in respect hereof, against any shareholder, employee, agent, officer or
director, as such, past, present or future, of the Bank or of any successor
corporation, banking association or other legal entity (collectively,
"corporation"), either directly or through the Bank or any corporation,
whether by virtue of any constitution, statute or rule of law or by the
enforcement of any assessment or penalty or otherwise, all such liability
being, by the acceptance hereof and as part of the consideration for the issue
hereof, expressly waived and released.

     The occurrence of any of the following events shall constitute an "Event
of Default" with respect to this Senior Note:  (i) default in the payment of
any interest with respect to any of the Senior Notes issued by the Bank when
due, which continues for 30 calendar days; (ii) default in the payment of any
principal of, or premium, if any, on, any of the Senior Notes issued by the
Bank when due; (iii) the entry by a court having jurisdiction in the premises
of (a) a decree or order for relief in respect of the Bank in an involuntary
case or proceeding under any applicable United States federal or state
bankruptcy, insolvency, reorganization or other similar law or (b) a decree or
order appointing a conservator, receiver, liquidator, assignee, trustee,
sequestrator or any other similar official of the Bank, or of substantially
all of the property of the Bank, or ordering the winding up or liquidation of
the affairs of the Bank, and the continuance of any such decree or order for
relief or any such other decree or order unstayed and in effect for a period
of 60 consecutive days; or (iv) the commencement by the Bank of a voluntary
case or proceeding under any applicable United States federal or state
bankruptcy, insolvency, reorganization or other similar law or of any other
case or proceeding to be adjudicated as bankrupt or insolvent, or the consent
by the Bank to the entry of a decree or order for relief in an involuntary
case or proceeding under any applicable United States federal or state
bankruptcy, insolvency, reorganization or other similar law or to the
commencement of any bankruptcy or insolvency case or proceeding, or the filing
by the Bank of a

                                      20
<PAGE>
petition or answer or consent seeking reorganization or relief under any
applicable United States federal or state bankruptcy, insolvency,
reorganization or similar law, or the consent by the Bank to the filing of
such petition or to the appointment of or taking possession by a custodian,
conservator, receiver, liquidator, assignee, trustee, sequestrator or similar
official of the Bank or of substantially all of the property of the Bank, or
the making by the Bank of an assignment for the benefit of creditors, or the
taking of corporate action by the Bank in furtherance of any such action.  If
an Event of Default shall occur and be continuing, the holder of this Senior
Note may declare the principal amount of, accrued interest and premium, if
any, on, this Senior Note due and payable immediately by written notice to the
Bank.  Upon such declaration and notice, such principal amount, accrued
interest and premium, if any, shall become immediately due and payable.  Any
Event of Default with respect to this Senior Note may be waived by the holder
hereof.

     The Issuing and Paying Agency Agreement provides that the Bank will
promptly notify, and provide copies of any such notice to, the Issuing and
Paying Agent, and the Issuing and Paying Agent will promptly mail by
first-class mail, postage prepaid, copies of such notice to the holders of the
Senior Notes, upon the occurrence of an Event of Default or of the curing or
waiver of an Event of Default.

     Nothing contained herein shall prevent any consolidation or merger of the
Bank with any other corporation or successive consolidations or mergers in
which the Bank or its successor or successors shall be a party or parties, or
shall prevent any sale, conveyance, transfer or lease of the property of the
Bank as an entirety or substantially as an entirety to any other corporation
authorized to acquire and operate the same; provided, however (and the Bank
hereby covenants and agrees) that any such consolidation, merger, sale or
conveyance shall be upon the condition that:  (i) immediately after such
consolidation, merger, sale or conveyance the corporation (whether the Bank or
such other corporation) formed by or surviving any such consolidation or
merger, or the corporation to which such sale or conveyance shall have been
made, shall not be in default in the performance or observance of any of the
terms, covenants and conditions of this Senior Note to be observed or
performed by the Bank; and (ii) the corporation (if other than the Bank)
formed by or surviving any such consolidation or merger, or the corporation

                                      21
<PAGE>
to which such sale or conveyance shall have been made, shall be organized
under the laws of the United States of America or any state thereof or the
District of Columbia and shall expressly assume the due and punctual payment
of the principal of, premium, if any, and interest on, this Senior Note.  In
case of any such consolidation, merger, sale, conveyance, transfer or lease,
and upon the assumption by the successor corporation of the due and punctual
performance of all of the covenants in this Senior Note to be performed or
observed by the Bank, such successor corporation shall succeed to and be
substituted for the Bank with the same effect as if it had been named in this
Senior Note as the Bank and thereafter the predecessor corporation shall be
relieved of all obligations and covenants in this Senior Note and may be
liquidated and dissolved.

     Any action by the holder of this Senior Note shall bind all future
holders of this Senior Note, and of any Senior Note issued in exchange or
substitution hereof or in place hereof, in respect of anything done or
permitted by the Bank or by the Issuing and Paying Agent in pursuance of such
action.

     The Issuing and Paying Agent shall maintain at its offices a register
(the register maintained in such office or any other office or agency of the
Issuing and Paying Agent in The City of New York, herein referred to as the
"Senior Note Register") in which, subject to such reasonable regulations as it
may prescribe, the Issuing and Paying Agent shall provide for the registration
of the Senior Notes and of transfers of the Senior Notes.

     The transfer of this Senior Note is registrable in the Senior Note
Register, upon surrender of this Senior Note for registration of transfer at
the office or agency of the Issuing and Paying Agent in the Place of Payment,
duly endorsed by, or accompanied by a written instrument of transfer in form
satisfactory to the Bank and the Issuing and Paying Agent duly executed by,
the holder hereof or his attorney duly authorized in writing, and thereupon
one or more new Senior Notes of like tenor, of authorized denominations and
for the same aggregate principal amount, will be issued to the designated
transferee or transferees.

     No provision of this Senior Note shall alter or impair the obligation of
the Bank, which is absolute and unconditional, to

                                      22
<PAGE>
pay principal of, premium, if any, and interest on, this Senior Note in U.S.
dollars at the times, places and rate herein prescribed in accordance with its
terms.

     No service charge shall be made to a holder of this Senior Note for any
transfer or exchange of this Senior Note, but the Bank may require payment of
a sum sufficient to cover any tax or other governmental charge that may be
imposed in connection therewith.

      Beneficial interests represented by this Senior Note are exchangeable
for definitive Senior Notes in registered form, of like tenor and of an equal
aggregate principal amount, only if (x) The Depository Trust Company, as
Depositary (the "Depositary") notifies the Bank that it is unwilling or unable
to continue as Depositary for this Senior Note or if at any time the
Depositary ceases to be a clearing agency registered under the Securities
Exchange Act of 1934, as amended, and a successor depositary is not appointed
by the Bank within 60 days, or (y) the Bank in its sole discretion determines
not to have such beneficial interests represented by this Senior Note.  Any
Senior Note representing such beneficial interests that is exchangeable
pursuant to the preceding sentence shall be exchangeable in whole for
definitive Senior Notes in registered form, of like tenor and of an equal
aggregate principal amount, in minimum denominations of $250,000 and integral
multiples of $1,000 in excess thereof.  Such definitive Senior Notes shall be
registered in the name or names of such person or persons as the Depositary
shall instruct the Issuing and Paying Agent.

     Prior to due presentment of this Senior Note for registration of
transfer, the Bank, the Issuing and Paying Agent or any agent of the Bank or
the Issuing and Paying Agent may treat the holder in whose name this Senior
Note is registered as the owner hereof for all purposes, whether or not this
Senior Note be overdue, and neither the Bank, the Issuing and Paying Agent nor
any such agent shall be affected by notice to the contrary except as required
by applicable law.

     All notices to the Bank under this Senior Note shall be in writing and
addressed to the Bank, 2980 Fairview Park Drive, Falls Church, Virginia 22042,
Attention: Treasurer, or to such other address of the Bank as the Bank may
notify the holders of the Senior Notes.

     This Senior Note shall be governed by, and construed in accordance with,
the laws of the State of New York, without regard to conflicts of laws
principles and all applicable federal laws and regulations.

                                      23
<PAGE>
                                 ABBREVIATIONS

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

          TEN COM -- as tenants in common

          TEN ENT -- as tenants by the entireties

          JT TEN  -- as joint tenants with right of
                     survivorship and not as tenants
                     in common

          UNIF GIFT MIN ACT --            Custodian
                               ----------           ---------
                                (Cust)              (Minor)
                              under Uniform Gifts to Minors Act

                              -----------------------------------
                                          (State)

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

                                      24
<PAGE>
                                  ASSIGNMENT

          FOR VALUE RECEIVED, the undersigned hereby sell(s),

assign(s) and transfer(s) unto _______________________________________________

______________________________________________________________________________

PLEASE INSERT SOCIAL SECURITY NUMBER OR OTHER IDENTIFYING NUMBER OF ASSIGNEE

                          ____________________________
_________________________/___________________________/

______________________________________________________________________________

______________________________________________________________________________
                 (Please print or typewrite name and address,
                    including postal zip code, of assignee)

the within Senior Note and all rights thereunder, and hereby irrevocably
constitutes and appoints _____________________________________________________

______________________________________________________________________________

______________________________________________________________________________

to transfer said Senior Note on the books of the Issuing and Paying Agent,
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 Senior Note in
                                   every particular, without alteration or
                                   enlargement or any change whatsoever.

--------------------------------
     Signature Guarantee

                                      25
<PAGE>
                           OPTION TO ELECT REPAYMENT

     The undersigned hereby irrevocably request(s) and instruct(s) the Bank to
repay this Senior Note (or portion hereof specified below) pursuant to its
terms at a price equal to 100% of the principal amount hereof to be repaid,
together with accrued and unpaid interest hereon, payable to the date of
repayment, to the undersigned, at ____________________________________________
_____________________________________________________________________________.
 (Please print or typewrite name and address of the undersigned)

     For this Senior Note to be repaid, the undersigned must give to the
Issuing and Paying Agent at its offices located at 450 West 33rd Street, New
York, New York 10001, Attention:  Global Trust Securities Group, or at such
other place or places of which the Bank shall from time to time notify the
holders of the Senior Notes, not more than 60 days nor less than 30 days prior
notice to the date of repayment, with this "Option to Elect Repayment" form
duly completed.

     If less than the entire principal amount of this Senior Note is to be
repaid, specify the portion hereof (which shall be increments of $1,000) which
the holder elects to have repaid and specify the denomination or denominations
(which shall be $250,000 or an integral multiple of $1,000 in excess thereof)
of the Senior Notes to be issued to the holder for the portion of this Senior
Note not being repaid (in the absence of any such specification, one such
Senior Note will be issued for the portion not being repaid):

$
 ------------------------------    ------------------------------
                                   NOTICE:  The signature on this
Dated:                             "Option to Elect Repayment" form must
        ------------------------   correspond with the name as written upon
                                   the face of the within Senior Note in every
                                   particular, without alteration or
                                   enlargement or any change whatsoever.

--------------------------------
     Signature Guarantee

                                      26
<PAGE>
                                                                           A-3

THIS SUBORDINATED NOTE IS AN OBLIGATION SOLELY OF THE BANK AND WILL NOT BE AN
OBLIGATION OF, OR OTHERWISE GUARANTEED BY, ANY OTHER BANK OR CAPITAL ONE
FINANCIAL CORPORATION.  THIS SUBORDINATED NOTE DOES NOT EVIDENCE DEPOSITS OF
THE BANK AND IS NOT INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR
ANY OTHER GOVERNMENT AGENCY.  THIS SUBORDINATED NOTE IS SUBORDINATED TO THE
CLAIMS OF DEPOSITORS AND GENERAL CREDITORS OF THE BANK, IS INELIGIBLE AS
COLLATERAL FOR A LOAN BY THE BANK AND IS NOT SECURED.

UNLESS THIS SUBORDINATED NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF
THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (THE
"DEPOSITARY") TO THE BANK OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE
OR PAYMENT, AND ANY SUBORDINATED NOTE ISSUED UPON REGISTRATION OF TRANSFER OF,
OR IN EXCHANGE FOR, OR IN LIEU OF, THIS SUBORDINATED NOTE IS REGISTERED IN THE
NAME OF CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITARY AND ANY PAYMENT HEREON IS MADE TO CEDE & CO.,
ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY
PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN
INTEREST HEREIN.

THIS GLOBAL SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE
DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH
NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.

THIS SUBORDINATED NOTE IS ISSUABLE ONLY IN FULLY REGISTERED FORM IN MINIMUM
DENOMINATIONS OF $250,000 AND INTEGRAL MULTIPLES OF $1,000 IN EXCESS THEREOF.
EACH OWNER OF A BENEFICIAL INTEREST IN THIS SUBORDINATED NOTE MUST BE AN
INSTITUTIONAL INVESTOR WHO IS AN "ACCREDITED INVESTOR" WITHIN THE MEANING OF
RULE 501 UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND IS REQUIRED TO HOLD
A BENEFICIAL INTEREST IN $250,000 PRINCIPAL AMOUNT OR ANY INTEGRAL MULTIPLE OF
$1,000 IN EXCESS THEREOF OF THIS SUBORDINATED NOTE AT ALL TIMES.

No. FXR-________
CUSIP NO.:  _______                                                 REGISTERED
                               CAPITAL ONE BANK

                         GLOBAL SUBORDINATED BANK NOTE
                                 (Fixed Rate)
<PAGE>
ORIGINAL ISSUE DATE:                              PRINCIPAL AMOUNT:

INTEREST RATE:  ______%                           MATURITY DATE:

INTEREST PAYMENT DATE(S):                         REGULAR RECORD DATES
 [ ] At Maturity only                             (if other than May 1
 [ ] May 15 and November 15                       or November 1, prior to each
 [ ] Other:                                       Interest Payment Date):

INITIAL REDEMPTION                      INITIAL REDEMPTION
DATE:                                   PERCENTAGE:

ANNUAL REDEMPTION                       HOLDER'S OPTIONAL
PERCENTAGE REDUCTION:                   REPAYMENT DATE(S):

DAY COUNT CONVENTION
[  ]  30/360 FOR THE PERIOD FROM                  TO           .
[  ]  ACTUAL/360 FOR THE PERIOD FROM              TO           .
[  ]  ACTUAL/ACTUAL FOR THE PERIOD FROM           TO           .

ADDENDUM ATTACHED:                      ORIGINAL ISSUE DISCOUNT:
[  ]  Yes                               [  ] Yes
[  ]  No                                [  ] No

DEFAULT RATE:  ______%                  Total Amount of OID:
                                        Yield to Maturity:
                                        Initial Accrual Period:

OTHER PROVISIONS:

                                       2
<PAGE>
     Capital One Bank, a bank duly authorized and existing under the laws of
the Commonwealth of Virginia (the "Bank"), for value received, hereby promises
to pay to CEDE & CO., or registered assigns, the principal sum of ____________
______________________________________________________________ United States
Dollars on the Maturity Date specified above (except to the extent redeemed or
repaid prior to the Maturity Date) and to pay interest thereon from and
including the Original Issue Date specified above or from and including the
most recent interest payment date on which interest on this Subordinated Note
(or any predecessor Subordinated Note) has been paid or duly provided for,
semi-annually on May 15 and November 15 of each year (unless otherwise
specified on the face hereof) (each, an "Interest Payment Date") and at
maturity or upon earlier redemption or repayment, if applicable, commencing on
the first Interest Payment Date next succeeding the Original Issue Date (or,
if the Original Issue Date is between a Regular Record Date (as defined below)
and the Interest Payment Date immediately following such Regular Record Date,
on the second Interest Payment Date following the Original Issue Date), at the
Interest Rate per annum specified above, until the principal hereof is paid or
made available for payment, and (to the extent that the payment of such
interest shall be legally enforceable) at the Default Rate per annum specified
above on any overdue principal and premium, if any, and on any overdue
installment of interest.  If no Default Rate is specified above, the Default
Rate shall be the Interest Rate on this Subordinated Note specified above.
The interest so payable, and punctually paid or duly provided for, on any
Interest Payment Date will be paid to the person in whose name this
Subordinated Note (or any predecessor Subordinated Note) is registered at the
close of business on the Regular Record Date, which shall be the May 1 and
November 1 (whether or not a Business Day (as defined below)), as the case may
be, next preceding the applicable Interest Payment Date (unless otherwise
specified on the face hereof) (each, a "Regular Record Date"); provided,
however, that interest payable at maturity or upon earlier redemption or
repayment, if applicable, will be payable to the person to whom principal
shall be payable.  Any such interest not so punctually paid or duly provided
for shall forthwith cease to be payable to the holder as of the close of
business on such Regular Record Date, and may either be paid to the person in
whose name this Subordinated Note (or any predecessor Subordinated Note) is
registered at the close of business on a special record date for the payment
of such

                                       3
<PAGE>
defaulted interest (the "Special Record Date") to be fixed by the Bank, notice
of which shall be given to the holders of Subordinated Notes not less than 10
calendar days prior to such Special Record Date, or be paid at any time in any
other lawful manner.

     Payment of principal of, premium, if any, and interest on, this
Subordinated Note will be made 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.  The Bank will at all times appoint and maintain an issuing and
paying agent (the "Issuing and Paying Agent," which term shall include any
successor Issuing and Paying Agent), authorized by the Bank to pay principal
of, premium, if any, and interest on, this Subordinated Note on behalf of the
Bank pursuant to an issuing and paying agency agreement (the "Issuing and
Paying Agency Agreement") and having an office or agency (the "Issuing and
Paying Agent Office") The City of New York or in the city in which the Bank is
headquartered (the "Place of Payment"), where this Subordinated Note may be
presented or surrendered for payment and where notices, designations or
requests in respect of payments with respect to this Subordinated Note may be
served.  The Bank has initially appointed Chemical Bank as the Issuing and
Paying Agent, with the Issuing and Paying Agent Office currently located at
450 West 33rd Street, New York, New York 10001, Attention: Global Trust
Securities Group.  The Bank may remove the Issuing and Paying Agent pursuant
to the terms of the Issuing and Paying Agency Agreement and may appoint a
successor Issuing and Paying Agent.

     Payment of principal of, premium, if any, and interest on, this
Subordinated Note due at maturity or upon earlier redemption or repayment, if
applicable, will be made in immediately available funds upon presentation and
surrender of this Subordinated Note to the Issuing and Paying Agent at the
Issuing and Paying Agent Office; provided that this Subordinated Note is
presented to the Issuing and Paying Agent in time for the Issuing and Paying
Agent to make such payment in accordance with its normal procedures.  Payments
of interest on this Subordinated Note (other than at maturity or upon earlier
redemption or repayment) will be made by wire transfer to such account as has
been appropriately designated to the Issuing and Paying Agent by the person
entitled to such payments.

                                       4
<PAGE>
     Reference herein to "this Subordinated Note", "hereof", "herein" and
comparable terms shall include an Addendum hereto if an Addendum is specified
above.

     Reference is hereby made to the further provisions of this Subordinated
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.

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

                         CAPITAL ONE BANK

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

Dated:

ISSUING AND PAYING AGENT'S CERTIFICATE OF AUTHENTICATION

This is one of the Subordinated Notes referred to in the Issuing and Paying
Agency Agreement.

CHEMICAL BANK,
     as Issuing and Paying Agent

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

                                       5
<PAGE>
                                   [Reverse]

     This Subordinated Note is one of a duly authorized issue of Subordinated
Bank Notes of the Bank due from five years to 30 years from date of issue (the
"Subordinated Notes").

     Payments of interest hereon will include interest accrued to but
excluding the relevant Interest Payment Date or Maturity Date or date of
earlier redemption or repayment, as the case may be.  Unless otherwise
specified on the face hereof, interest on this Subordinated Note will be
computed on the basis of a 360-day year of twelve 30-day months.

     Any provision contained herein with respect to the calculation of the
rate of interest applicable to this Subordinated Note, its Interest Payment
Dates or any other matter relating hereto may be modified as specified in an
Addendum relating hereto if so specified on the face hereof.

     If any Interest Payment Date, Maturity Date or date of earlier redemption
or repayment of this Subordinated Note falls on a day which is not a Business
Day, the related payment of principal of, premium, if any, or interest on,
this Subordinated Note shall be made on the next succeeding Business Day with
the same force and effect as if made on the date such payment were due, and no
interest shall accrue on the amount so payable for the period from and after
such Interest Payment Date, Maturity Date or date of earlier redemption or
repayment, as the case may be.  "Business Day" means, unless otherwise
specified on the face hereof, any day that is not a Saturday or Sunday and
that in The City of New York or in the city in which the Bank is headquartered
is not a day on which banking institutions are authorized or required by law,
regulation or executive order to close.

     The indebtedness of the Bank evidenced by this Subordinated Note,
including principal, premium, if any, and interest, shall be subordinate and
junior in right of payment to the Bank's obligations to its depositors, its
obligations under the Senior Notes (as such term is defined in the Issuing and
Paying Agency Agreement) and its obligations to its other creditors, including
its obligations to the Federal Reserve Bank, the Federal Deposit Insurance
Corporation and any rights acquired by the Federal

                                       6
<PAGE>
Deposit Insurance Corporation as a result of loans made by the Federal Deposit
Insurance Corporation to the Bank or the purchase or guarantee of any of its
assets by the Federal Deposit Insurance Corporation, pursuant to the
provisions of 12 U.S.C. 1823(c), (d) or (e), whether such obligations are
outstanding at this date or are hereafter incurred, other than any obligations
which by their express terms rank on parity with, or junior to, the
Subordinated Notes.  In case of any insolvency, receivership, conservatorship,
reorganization, readjustment of debt, marshalling of assets and liabilities or
similar proceedings or any liquidation or winding-up of or relating to the
Bank, whether voluntary or involuntary, all such obligations (except
obligations which rank on parity with or junior to, the Subordinated Notes)
shall be entitled to be paid in full before any payment shall be made on
account of the principal of, premium, if any, or interest on this Subordinated
Note.  In the event of any such proceeding, after payment in full of all sums
owing with respect to such prior obligations, the holder of this Subordinated
Note, together with any obligations of the Bank ranking on a parity with this
Subordinated Note, shall be entitled to be paid from the remaining assets of
the Bank the unpaid principal, premium, if any, and interest before any
payment or other distribution, whether in cash, property or otherwise, shall
be made on account of any capital stock or any obligations of the Bank ranking
junior to this Subordinated Note.

     This Subordinated Note will not be subject to any sinking fund.  If so
provided on the face of this Subordinated Note, this Subordinated Note may be
redeemed by the Bank either in whole or in part on and after the Initial
Redemption Date, if any, specified on the face hereof.  If no Initial
Redemption Date is specified on the face hereof, this Subordinated Note may
not be redeemed prior to the Maturity Date.  On and after the Initial
Redemption Date, if any, this Subordinated Note may be redeemed in increments
of $1,000 (provided that any remaining principal amount hereof shall be at
least $250,000) at the option of the Bank at the applicable Redemption Price
(as defined below), together with unpaid interest accrued hereon at the
applicable rate borne by this Subordinated Note to the date of redemption
(each such date, a "Redemption Date"), on written notice given not more than
60 nor less than 30 calendar days prior to the Redemption Date to the
registered holder hereof.  Whenever less than all the Subordinated Notes at
any time outstanding are to be redeemed, the terms of the Subordinated Notes
to be so redeemed

                                       7
<PAGE>
shall be selected by the Bank.  If less than all the Subordinated Notes with
identical terms at any time outstanding are to be redeemed, the Subordinated
Notes to be so redeemed shall be selected by the Issuing and Paying Agent by
lot or in any usual manner approved by it.  In the event of redemption of this
Subordinated Note in part only, a new Subordinated Note for the unredeemed
portion hereof shall be issued in the name of the holder hereof upon the
surrender hereof.

     The "Redemption Price" shall initially be the Initial Redemption
Percentage specified on the face hereof of the principal amount of this
Subordinated Note to be redeemed and shall decline at each anniversary of the
Initial Redemption Date specified on the face hereof by the Annual Redemption
Percentage Reduction, if any, specified on the face hereof, of the principal
amount to be redeemed until the Redemption Price is 100% of such principal
amount.

     This Subordinated Note may be subject to repayment at the option of the
holder hereof in accordance with the terms hereof on any Holder's Optional
Repayment Date(s), if any, specified on the face hereof.  If no Holder's
Optional Repayment Date is specified on the face hereof, this Subordinated
Note will not be repayable at the option of the holder hereof prior to
maturity.  On any Holder's Optional Repayment Date, this Subordinated Note
will be repayable in whole or in part in increments of $1,000 (provided that
any remaining principal amount hereof will be at least $250,000) at the option
of the holder hereof at a repayment price equal to 100% of the principal
amount to be repaid, together with accrued and unpaid interest hereon payable
to the date of repayment.  For this Subordinated Note to be repaid in whole or
in part at the option of the holder hereof on a Holder's Optional Repayment
Date, this Subordinated Note must be delivered, with the form entitled "Option
to Elect Repayment" attached hereto duly completed, to the Issuing and Paying
Agent at its offices located at 450 West 33rd Street, New York, New York
10001, Attention:  Global Trust Securities Group, or at such other address
which the Bank shall from time to time notify the holders of the Subordinated
Notes, not more than 60 nor less than 30 calendar days prior to such Holder's
Optional Repayment Date.  In the event of repayment of this Subordinated Note
in part only, a new Subordinated Note for the unrepaid portion hereof shall be
issued in the name of the holder hereof upon the surrender

                                       8
<PAGE>
hereof.  Exercise of such repayment option by the holder hereof shall be
irrevocable.

     If this Subordinated Note is an Original Issue Discount Note and if an
Event of Default with respect to this Subordinated Note shall have occurred
and be continuing, the Default Amount (as defined hereafter) of this
Subordinated Note may be declared due and payable in the manner and with the
effect provided herein.  The "Default Amount" shall be equal to the adjusted
issue price as of the first day of the accrual period as determined under
Final Treasury Regulation Section 1.1275-1(b) (or successor regulation) under
the United States Internal Revenue Code of 1986, as amended, in which the date
of acceleration occurs increased by the daily portion of the original issue
discount for each day in such accrual period ending on the date of
acceleration, as determined under Final Treasury Regulation Section
1.1272-1(b) (or successor regulation) under the United States Internal Revenue
Code of 1986, as amended.  Upon payment of (i) the principal, or premium, if
any, so declared due and payable and (ii) interest on any overdue principal
and overdue interest or premium, if any (in each case to the extent that the
payment of such interest shall be legally enforceable), all of the Bank's
obligations in respect of the payment of principal of, premium, if any, and
interest on, this Subordinated Note shall terminate.

     In case any Subordinated Note shall at any time become mutilated,
destroyed, lost or stolen, and such Subordinated Note or evidence of the loss,
theft or destruction thereof satisfactory to the Bank and the Issuing and
Paying Agent and such other documents or proof as may be required by the Bank
and the Issuing and Paying Agent shall be delivered to the Issuing and Paying
Agent, the Bank shall issue a new Subordinated Note, of like tenor and
principal amount, having a serial number not contemporaneously outstanding, in
exchange and substitution for the mutilated Subordinated Note or in lieu of
the Subordinated Note destroyed, lost or stolen but, in the case of any
destroyed, lost or stolen Subordinated Note, only upon receipt of evidence
satisfactory to the Bank and the Issuing and Paying Agent that such
Subordinated Note was destroyed, stolen or lost, and, if required, upon
receipt of indemnity satisfactory to the Bank and the Issuing and Paying
Agent.  Upon the issuance of any substituted Subordinated Note, the Bank and
the Issuing and Paying Agent may require the payment of a sum sufficient to
cover

                                       9
<PAGE>
all expenses and reasonable charges connected with the preparation and
delivery of a new Subordinated Note.  If any Subordinated Note which has
matured or has been redeemed or repaid or is about to mature or to be redeemed
or repaid shall become mutilated, destroyed, lost or stolen, the Bank may,
instead of issuing a substitute Subordinated Note, pay or authorize the
payment of the same (without surrender thereof except in the case of a
mutilated Subordinated Note) upon compliance by the holder with the provisions
of this paragraph.

     No recourse shall be had for the payment of principal of, premium, if
any, or interest on, this Subordinated Note for any claim based hereon, or
otherwise in respect hereof, against any shareholder, employee, agent, officer
or director, as such, past, present or future, of the Bank or of any successor
corporation, banking association or other legal entity (collectively,
"corporation"), either directly or through the Bank or any corporation,
whether by virtue of any constitution, statute or rule of law or by the
enforcement of any assessment or penalty or otherwise, all such liability
being, by the acceptance hereof and as part of the consideration for the issue
hereof, expressly waived and released.

     An "Event of Default" with respect to this Subordinated Note will occur
if the Bank shall consent to, or a court or other governmental agency shall
enter a decree or order for, the appointment of a conservator or receiver or
other similar official in any liquidation, insolvency or similar proceeding
with respect to the Bank or all or substantially all of its property and, in
the case of a decree or order, such decree or order shall have remained in
force for a period of 60 consecutive days.  If an Event of Default shall occur
and be continuing, the holder of this Subordinated Note may declare the
principal amount of, and accrued interest and premium, if any, on, this
Subordinated Note due and payable immediately by written notice to the Bank.
Upon such declaration and notice, such principal amount, accrued interest and
premium, if any, shall become immediately due and payable.  Any Event of
Default with respect to this Subordinated Note may be waived by the holder
hereof.  THERE IS NO RIGHT OF ACCELERATION IN THE CASE OF A DEFAULT IN THE
PAYMENT OF PRINCIPAL OF, PREMIUM, IF ANY, OR INTEREST ON, THIS SUBORDINATED
NOTE OR IN THE PERFORMANCE OF ANY OTHER OBLIGATION OF THE BANK UNDER THIS
SUBORDINATED NOTE OR UNDER ANY OTHER SECURITY ISSUED BY THE BANK.

                                      10
<PAGE>
     The Issuing and Paying Agency Agreement provides that the Bank will
promptly notify, and provide copies of any such notice to, the Issuing and
Paying Agent, and the Issuing and Paying Agent will promptly mail by
first-class mail, postage prepaid, copies of such notice to the holders of the
Subordinated Notes, upon the occurrence of an Event of Default or of the
curing or waiver of an Event of Default.

     Nothing contained herein shall prevent any consolidation or merger of the
Bank with any other corporation or successive consolidations or mergers in
which the Bank or its successor or successors shall be a party or parties, or
shall prevent any sale, conveyance, transfer or lease of the property of the
Bank as an entirety or substantially as an entirety to any other corporation
authorized to acquire and operate the same; provided, however (and the Bank
hereby covenants and agrees) that any such consolidation, merger, sale or
conveyance shall be upon the condition that: (i) immediately after such
consolidation, merger, sale or conveyance the corporation (whether the Bank or
such other corporation) formed by or surviving any such consolidation or
merger, or the corporation to which such sale or conveyance shall have been
made, shall not be in default in the performance or observance of any of the
terms, covenants and conditions of this Subordinated Note to be observed or
performed by the Bank; and (ii) the corporation (if other than the Bank)
formed by or surviving any such consolidation or merger, or the corporation to
which such sale or conveyance shall have been made, shall be organized under
the laws of the United States of America or any state thereof or the District
of Columbia and shall expressly assume the due and punctual payment of the
principal of, premium, if any, and interest on, this Subordinated Note.  In
case of any such consolidation, merger, sale, conveyance, transfer or lease,
and upon the assumption by the successor corporation of the due and punctual
performance of all of the covenants in this Subordinated Note to be performed
or observed by the Bank, such successor corporation shall succeed to and be
substituted for the Bank with the same effect as if it had been named in this
Subordinated Note as the Bank and thereafter the predecessor corporation shall
be relieved of all obligations and covenants in this Subordinated Note and may
be liquidated and dissolved.

     Any action by the holder of this Subordinated Note shall bind all future
holders of this Subordinated Note, and of any Subordinated Note issued in
exchange or substitution herefor or

                                      11
<PAGE>
in place hereof, in respect of anything done or permitted by the Bank or by
the Issuing and Paying Agent in pursuance of such action.

     The Issuing and Paying Agent shall maintain at its offices a register
(the register maintained in such office or any other office or agency of the
Issuing and Paying Agent in The City of New York, herein referred to as the
"Subordinated Note Register") in which, subject to such reasonable regulations
as it may prescribe, the Issuing and Paying Agent shall provide for the
registration of the Subordinated Notes and of transfers of the Subordinated
Notes (in such capacity, the "Subordinated Notes Registrar").

     The transfer of this Subordinated Note is registrable in the Subordinated
Note Register, upon surrender of this Subordinated Note for registration of
transfer at the office or agency of the Issuing and Paying Agent in the Place
of Payment, duly endorsed by, or accompanied by a written instrument of
transfer in form satisfactory to the Bank and the Issuing and Paying Agent
duly executed by, the holder hereof or his attorney duly authorized in
writing, and thereupon one or more new Subordinated Notes of like tenor, of
authorized denominations and for the same aggregate principal amount, will be
issued to the designated transferee or transferees.

     No provision of this Subordinated Note shall alter or impair the
obligation of the Bank, which is absolute and unconditional, to pay principal
of, premium, if any, and interest on, this Subordinated Note in U.S. dollars
at the times, places and rate herein prescribed in accordance with its terms.

     In the event of the failure by the Bank to make payment of principal of,
premium, if any, or interest on this Subordinated Note (and, in the case of
payment of interest, such failure to pay shall have continued for 2 days), the
Bank will, upon demand of the holder of this Subordinated Note, pay to the
holder of this Subordinated Note the whole amount then due and payable on this
Subordinated Note for principal, premium, if any, and interest, with interest
on the overdue principal of, premium, if any, and interest on, this
Subordinated Note to the extent provided for herein.  If the Bank fails to pay
such amount upon such demand, the holder of this Subordinated Note may among
other

                                      12
<PAGE>
things, institute a judicial proceeding for the collection of such amount.

     No service charge shall be made to a holder of this Subordinated Note for
any transfer or exchange of this Subordinated Note, but the Bank may require
payment of a sum sufficient to cover any tax or other governmental charge that
may be imposed in connection therewith.

     Beneficial interests represented by this Subordinated Note are
exchangeable for definitive Subordinated Notes in registered form, of like
tenor and of an equal aggregate principal amount, only if (x) The Depository
Trust Company, as Depositary (the "Depositary") notifies the Bank that it is
unwilling or unable to continue as Depositary for this Subordinated Note or if
at any time the Depositary ceases to be a clearing agency registered under the
Securities Exchange Act of 1934, as amended, and a successor depositary is not
appointed by the Bank within 60 days, or (y) the Bank in its sole discretion
determines not to have such beneficial interests represented by this
Subordinated Note.  Any Subordinated Note representing such beneficial
interests that is exchangeable pursuant to the preceding sentence shall be
exchangeable in whole for definitive Subordinated Notes in registered form, of
like tenor and of an equal aggregate principal amount, in minimum
denominations of $250,000 and integral multiples of $1,000 in excess thereof.
Such definitive Subordinated Notes shall be registered in the name or names of
such person or persons as the Depositary shall instruct the Issuing and Paying
Agent.

     Prior to due presentment of this Subordinated Note for registration of
transfer, the Bank, the Issuing and Paying Agent or any agent of the Bank or
the Issuing and Paying Agent may treat the holder in whose name this
Subordinated Note is registered as the owner hereof for all purposes, whether
or not this Subordinated Note be overdue, and neither the Bank, the Issuing
and Paying Agent nor any such agent shall be affected by notice to the
contrary except as required by applicable law.

     All notices to the Bank under this Subordinated Note shall be in writing
and addressed to the Bank, 2980 Fairview Park Drive, Falls Church, Virginia
22042, Attention: Treasurer, or to such other address of the Bank as the Bank
may notify the holders of the Subordinated Notes.

     This Subordinated Note shall be governed by, and construed in accordance
with, the laws of the State of New York, without regard to conflicts of laws
principles and all applicable federal laws and regulations.

                                      13
<PAGE>
                                 ABBREVIATIONS

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

          TEN COM -- as tenants in common

          TEN ENT -- as tenants by the entireties

          JT TEN  -- as joint tenants with right of
                     survivorship and not as tenants
                     in common

          UNIF GIFT MIN ACT --                Custodian
                               --------------           ---------
                                   (Cust)                (Minor)
                              under Uniform Gifts to Minors Act

                              ----------------------------------
                                           (State)

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

                                      14
<PAGE>
                                  ASSIGNMENT

          FOR VALUE RECEIVED, the undersigned hereby sell(s),

assign(s) and transfer(s) unto _______________________________________________

______________________________________________________________________________

PLEASE INSERT SOCIAL SECURITY NUMBER OR OTHER IDENTIFYING NUMBER OF ASSIGNEE

                          ____________________________
                         /___________________________/

______________________________________________________________________________

______________________________________________________________________________
          (Please print or typewrite name and address,
            including postal zip code, of assignee)

the within Subordinated Note and all rights thereunder, and hereby irrevocably
constitutes and appoints _____________________________________________________

______________________________________________________________________________

______________________________________________________________________________

to transfer said Subordinated Note on the books of the Issuing and Paying
Agent, 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 Subordinated Note
                                in every particular, without
                                alteration or enlargement or any
                                change whatsoever.

--------------------------------
     Signature Guarantee

                                      15
<PAGE>
                           OPTION TO ELECT REPAYMENT

     The undersigned hereby irrevocably request(s) and instruct(s) the Bank to
repay this Subordinated Note (or portion hereof specified below) pursuant to
its terms at a price equal to 100% of the principal amount hereof to be
repaid, together with accrued and unpaid interest hereon, payable to the date
of repayment, to the undersigned, at _________________________________________
_____________________________________________________________________________.
(Please print or typewrite name and address of the undersigned)

     For this Subordinated Note to be repaid, the undersigned must give to the
Issuing and Paying Agent at its offices located at 450 West 33rd Street, New
York, New York 10001, Attention:  Global Trust Securities Group, or at such
other place or places of which the Bank shall from time to time notify the
holders of the Subordinated Notes, not more than 60 days nor less than 30 days
prior notice to the date of repayment, with this "Option to Elect Repayment"
form duly completed.

     If less than the entire principal amount of this Subordinated Note is to
be repaid, specify the portion hereof (which shall be increments of $1,000)
which the holder elects to have repaid and specify the denomination or
denominations (which shall be $250,000 or an integral multiple of $1,000 in
excess thereof) of the Subordinated Notes to be issued to the holder for the
portion of this Subordinated Note not being repaid (in the absence of any such
specification, one such Subordinated Note will be issued for the portion not
being repaid):

$
 ------------------------------    ------------------------------
                                   NOTICE:  The signature on this
Dated:                             "Option to Elect Repayment" form must
       ------------------------    correspond with the name as written upon
                                   the face of the within Subordinated Note in
                                   every particular, without alteration or
                                   enlargement or any change whatsoever.

--------------------------------
     Signature Guarantee

                                      16
<PAGE>
                                                                           A-4

THIS SUBORDINATED NOTE IS AN OBLIGATION SOLELY OF THE BANK AND WILL NOT BE AN
OBLIGATION OF, OR OTHERWISE GUARANTEED BY, ANY OTHER BANK OR CAPITAL ONE
FINANCIAL CORPORATION.  THIS SUBORDINATED NOTE DOES NOT EVIDENCE DEPOSITS OF
THE BANK AND IS NOT INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR
ANY OTHER GOVERNMENT AGENCY.  THIS SUBORDINATED NOTE IS SUBORDINATED TO THE
CLAIMS OF DEPOSITORS AND GENERAL CREDITORS OF THE BANK, IS INELIGIBLE AS
COLLATERAL FOR A LOAN BY THE BANK AND IS NOT SECURED.

UNLESS THIS SUBORDINATED NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF
THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (THE
"DEPOSITARY") TO THE BANK OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE
OR PAYMENT, AND ANY SUBORDINATED NOTE ISSUED UPON REGISTRATION OF TRANSFER OF,
OR IN EXCHANGE FOR, OR IN LIEU OF, THIS SUBORDINATED NOTE IS REGISTERED IN THE
NAME OF CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITARY AND ANY PAYMENT HEREON IS MADE TO CEDE & CO.,
ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY
PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN
INTEREST HEREIN.

THIS GLOBAL SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE
DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH
NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.

THIS SUBORDINATED NOTE IS ISSUABLE ONLY IN FULLY REGISTERED FORM IN MINIMUM
DENOMINATIONS OF $250,000 AND INTEGRAL MULTIPLES OF $1,000 IN EXCESS THEREOF.
EACH OWNER OF A BENEFICIAL INTEREST IN THIS SUBORDINATED NOTE MUST BE AN
INSTITUTIONAL INVESTOR WHO IS AN "ACCREDITED INVESTOR" WITHIN THE MEANING OF
RULE 501 UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND IS REQUIRED TO HOLD
A BENEFICIAL INTEREST IN $250,000 PRINCIPAL AMOUNT OR ANY INTEGRAL MULTIPLE OF
$1,000 IN EXCESS THEREOF OF THIS SUBORDINATED NOTE AT ALL TIMES.

No. FLR-__________                                                  REGISTERED
CUSIP NO.: __________

                               CAPITAL ONE BANK

                         GLOBAL SUBORDINATED BANK NOTE
                                (Floating Rate)
<PAGE>
ORIGINAL ISSUE DATE:                    PRINCIPAL AMOUNT:

INITIAL INTEREST RATE: ______%          MATURITY DATE:

INTEREST RATE                           INDEX MATURITY:
BASIS OR BASES:

     IF LIBOR:                          REGULAR RECORD
     [ ]  Libor Telerate                DATES (if other than the 15th day
     [ ]  Libor Reuters                  prior to each Interest Payment
                                         Date):

INDEX CURRENCY:

                                        MINIMUM INTEREST RATE:
SPREAD (PLUS OR MINUS)
AND/OR SPREAD MULTIPLIER:               INTEREST PAYMENT PERIOD:

MAXIMUM INTEREST RATE:                  INTEREST RESET PERIOD:

INTEREST PAYMENT DATES:                 CALCULATION AGENT:

                                        ANNUAL REDEMPTION
INITIAL INTEREST RESET DATE:            PERCENTAGE REDUCTION:

                                        HOLDER'S OPTIONAL
INTEREST RESET DATES:                   REPAYMENT DATE(S):

                                        DAY COUNT CONVENTION
INITIAL REDEMPTION DATE:                [ ] 30/360 for the period
                                        from _______ to _________.
                                        [ ] Actual/360 for the
INITIAL REDEMPTION PERCENTAGE:          period from _______ to _______.
                                        [ ] Actual/Actual for the
                                        period from _______ to _______.
INTEREST CALCULATION:
[ ] Regular Floating Rate               ORIGINAL ISSUE DISCOUNT
      Subordinated Note                 [ ] Yes
[ ] Floating Rate/Fixed Rate            [ ] No
      Subordinated Note
    Fixed Rate Commencement Date:       Total Amount of OID:
    Fixed Interest Rate:                Yield to Maturity:
[ ] Inverse Floating Rate               Initial Accrual Period:
      Subordinated Note
    Fixed Interest Rate:                DEFAULT RATE: ______%

ADDENDUM ATTACHED:
[ ] Yes
[ ] No

OTHER PROVISIONS:

                                       2
<PAGE>
     Capital One Bank, a bank duly authorized and existing under the laws of
the Commonwealth of Virginia (the "Bank"), for value received, hereby promises
to pay to CEDE & CO., or registered assigns, the principal sum of ____________
________________________________________________________________ United States
Dollars on the Maturity Date specified above (except to the extent redeemed or
repaid prior to the Maturity Date) and to pay interest thereon from and
including the Original Issue Date specified above or from and including the
most recent interest payment date to which interest on this Subordinated Note
(or any predecessor Subordinated Note) has been paid or duly provided for
(each, an "Interest Payment Date"), on the Interest Payment Dates specified
above and at maturity or upon earlier redemption or repayment, if applicable,
commencing on the first Interest Payment Date next succeeding the Original
Issue Date (or, if the Original Issue Date is between a Regular Record Date
(as defined below) and the Interest Payment Date immediately following such
Regular Record Date, on the second Interest Payment Date following the
Original Issue Date), at a rate per annum equal to the Initial Interest Rate
specified above until the Initial Interest Reset Date specified above and
thereafter at a rate per annum determined in accordance with the provisions
hereof and any Addendum relating hereto depending upon the Interest Rate Basis
or Bases, if any, and such other terms specified above, until the principal
hereof is paid or made available for payment, and (to the extent that the
payment of such interest shall be legally enforceable) at the Default Rate per
annum specified above on any overdue principal and premium, if any, and on any
overdue installment of interest.  If no Default Rate is specified above, the
Default Rate shall be the Interest Rate on this Subordinated Note specified
above.  The interest so payable, and punctually paid or duly provided for, on
any Interest Payment Date will be paid to the person in whose name this
Subordinated Note (or any predecessor Subordinated Note) is registered at the
close of business on the Regular Record Date, which shall be the 15th calendar
day (whether or not a Business Day(as defined below))  prior to such Interest
Payment Date (unless otherwise specified on the face hereof) (each, a "Regular
Record Date"); provided, however, that interest payable at maturity or upon
earlier redemption or repayment, if applicable, will be payable to the person
to whom principal shall be payable.  Any such interest not so punctually paid
or duly provided for shall forthwith cease to be payable to the holder as of
the close of business on such Regular Record Date and may

                                       3
<PAGE>
either be paid to the person in whose name this Subordinated Note (or any
predecessor Subordinated Note) is registered at the close of business on a
special record date for the payment of such defaulted interest (the "Special
Record Date") to be fixed by the Bank, notice of which shall be given to the
holders of Subordinated Notes not less than 10 calendar days prior to such
Special Record Date, or be paid at any time in any other lawful manner.

     Payment of principal of, premium, if any, and interest on, this
Subordinated Note will be made 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.  The Bank will at all times appoint and maintain an issuing and
paying agent (the "Issuing and Paying Agent," which term shall include any
successor Issuing and Paying Agent), authorized by the Bank to pay principal
of, premium, if any, and interest on, this Subordinated Note on behalf of the
Bank pursuant to an issuing and paying agency agreement (the "Issuing and
Paying Agency Agreement") and having an office or agency (the "Issuing and
Paying Agent Office") in The City of New York or the city in which the Bank is
headquartered (the "Place of Payment"), where this Subordinated Note may be
presented or surrendered for payment and where notices, designations or
requests in respect of payments with respect to this Subordinated Note may be
served.  The Bank has initially appointed Chemical Bank as the Issuing and
Paying Agent, with the Issuing and Paying Agent Office currently located at
450 West 33rd Street, New York, New York 10001, Attention: Global Trust
Securities Group.  The Bank may remove the Issuing and Paying Agent pursuant
to the terms of the Issuing and Paying Agency Agreement, and appoint a
successor Issuing and Paying Agent.

     Payment of principal of, premium, if any, and interest on, this
Subordinated Note due at maturity or upon earlier redemption or repayment, if
applicable, will be made in immediately available funds upon presentation and
surrender of this Subordinated Note to the Issuing and Paying Agent at the
Issuing and Paying Agent Office; provided that this Subordinated Note is
presented to the Issuing and Paying Agent in time for the Issuing and Paying
Agent to make such payment in accordance with its normal procedures.  Payments
of interest on this Subordinated Note (other than at maturity or upon earlier
redemption or

                                       4
<PAGE>
repayment) will be made by wire transfer to such account as has been
appropriately designated to the Issuing and Paying Agent by the person
entitled to such payments.

     Reference herein to "this Subordinated Note", "hereof", "herein" and
comparable terms shall include an Addendum hereto if an Addendum is specified
above.

     Reference is hereby made to the further provisions of this Subordinated
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.

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

                         CAPITAL ONE BANK

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

Dated:

ISSUING AND PAYING AGENT'S CERTIFICATE OF AUTHENTICATION

This is one of the Subordinated Notes referred to in the Issuing and Paying
Agency Agreement.

CHEMICAL BANK,
     as Issuing and Paying Agent

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

                                       5
<PAGE>
                                   [Reverse]

     This Subordinated Note is one of a duly authorized issue of Subordinated
Bank Notes of the Bank due from five years to 30 years from date of issue (the
"Subordinated Notes").

     If any Interest Payment Date (other than an Interest Payment Date at the
Maturity Date or date of earlier redemption or repayment of this Subordinated
Note) would otherwise fall on a day that is not a Business Day, such Interest
Payment Date shall be postponed to the next succeeding day that is a Business
Day, except that if an Interest Rate Basis is LIBOR, as indicated on the face
hereof, and such next Business Day falls in the next succeeding calendar
month, such Interest Payment Date shall be the immediately preceding day that
is a Business Day.  Except as provided above, interest payments will be made
on the Interest Payment Dates shown on the face hereof.  If the Maturity Date
or date of earlier redemption or repayment of this Subordinated Note falls on
a day which is not a Business Day, the related payment of principal of,
premium, if any, and interest on, this Subordinated Note will be made on the
next succeeding Business Day with the same force and effect as if made on the
date such payment was due, and no interest shall accrue on the amount so
payable for the period from and after such Maturity Date or date of earlier
redemption or repayment, as the case may be.

     The indebtedness of the Bank evidenced by this Subordinated Note,
including principal, premium, if any, and interest, shall be subordinate and
junior in right of payment to the Bank's obligations to its depositors, its
obligations under the Senior Notes (as such term is defined in the Issuing and
Paying Agency Agreement) and its obligations to its other creditors, including
its obligations to the Federal Reserve Bank, the Federal Deposit Insurance
Corporation and any rights acquired by the Federal Deposit Insurance
Corporation as a result of loans made by the Federal Deposit Insurance
Corporation to the Bank or the purchase or guarantee of any of its assets by
the Federal Deposit Insurance Corporation, pursuant to the provisions of 12
U.S.C. 1823(c), (d) or (e), whether such obligations are outstanding at this
date or are hereafter incurred, other than any obligations which by their
express terms rank on parity with, or junior to, the Subordinated Notes.  In
case of any insolvency, receivership,

                                       6
<PAGE>
conservatorship, reorganization, readjustment of debt, marshalling of assets
and liabilities or similar proceedings or any liquidation or winding-up of or
relating to the Bank, whether voluntary or involuntary, all such obligations
(except obligations which rank on parity with or junior to, the Subordinated
Notes) shall be entitled to be paid in full before any payment shall be made
on account of the principal of, premium, if any, or interest on this
Subordinated Note.  In the event of any such proceeding, after payment in full
of all sums owing with respect to such prior obligations, the holder of this
Subordinated Note, together with any obligations of the Bank ranking on a
parity with this Subordinated Note, shall be entitled to be paid from the
remaining assets of the Bank the unpaid principal, premium, if any, and
interest, before any payment or other distribution, whether in cash, property
or otherwise, shall be made on account of any capital stock or any obligations
of the Bank ranking junior to this Subordinated Note.

     This Subordinated Note will not be subject to any sinking fund.  If so
provided on the face of this Subordinated Note, this Subordinated Note may be
redeemed by the Bank either in whole or in part on and after the Initial
Redemption Date, if any, specified on the face hereof.  If no Initial
Redemption Date is specified on the face hereof, this Subordinated Note may
not be redeemed prior to the Maturity Date.  On and after the Initial
Redemption Date, if any, this Subordinated Note may be redeemed in increments
of $1,000 (provided that any remaining principal amount hereof shall be at
least $250,000) at the option of the Bank at the applicable Redemption Price
(as defined below), together with unpaid interest accrued hereon at the
applicable rate borne by this Subordinated Note to the date of redemption
(each such date, a "Redemption Date"), on written notice given not more than
60 nor less than 30 calendar days prior to the Redemption Date to the
registered holder hereof.  Whenever less than all the Subordinated Notes at
any time outstanding are to be redeemed, the terms of the Subordinated Notes
to be so redeemed shall be selected by the Bank.  If less than all the
Subordinated Notes with identical terms at any time outstanding are to be
redeemed, the Subordinated Notes to be so redeemed shall be selected by the
Issuing and Paying Agent by lot or in any usual manner approved by it.  In the
event of redemption of this Subordinated Note in part only, a new Subordinated
Note for the

                                       7
<PAGE>
unredeemed portion hereof shall be issued in the name of the holder hereof
upon the surrender hereof.

     The "Redemption Price" shall initially be the Initial Redemption
Percentage specified on the face hereof of the principal amount of this
Subordinated Note to be redeemed and shall decline at each anniversary of the
Initial Redemption Date specified on the face hereof by the Annual Redemption
Percentage Reduction, if any, specified on the face hereof, of the principal
amount to be redeemed until the Redemption Price is 100% of such principal
amount.

     This Subordinated Note may be subject to repayment at the option of the
holder hereof in accordance with the terms hereof on any Holder's Optional
Repayment Date(s), if any, specified on the face hereof.  If no Holder's
Optional Repayment Date is specified on the face hereof, this Subordinated
Note will not be repayable at the option of the holder hereof prior to
maturity.  On any Holder's Optional Repayment Date, this Subordinated Note
will be repayable in whole or in part in increments of $1,000 (provided that
any remaining principal amount hereof will be at least $250,000) at the option
of the holder hereof at a repayment price equal to 100% of the principal
amount to be repaid, together with accrued and unpaid interest hereon payable
to the date of repayment.  For this Subordinated Note to be repaid in whole or
in part at the option of the holder hereof on a Holder's Optional Repayment
Date, this Subordinated Note must be delivered, with the form entitled "Option
to Elect Repayment" attached hereto duly completed, to the Issuing and Paying
Agent at its offices located at 450 West 33rd Street, New York, New York
10001, Attention:  Global Trust Securities Group, or at such other address
which the Bank shall from time to time notify the holders of the Subordinated
Notes, not more than 60 nor less than 30 calendar days prior to such Holder's
Optional Repayment Date.  In the event of repayment of this Subordinated Note
in part only, a new Subordinated Note for the unrepaid portion hereof shall be
issued in the name of the holder hereof upon the surrender hereof.  Exercise
of such repayment option by the holder hereof shall be irrevocable.

     The interest rate borne by this Subordinated Note shall be determined as
follows:

                                       8
<PAGE>
          1.   If this Subordinated Note is designated as a Regular Floating
     Rate Subordinated Note on the face hereof or if no designation is made
     for Interest Calculation on the face hereof, then, except as described
     below or in an Addendum hereto, this Subordinated Note shall bear
     interest at the rate determined by reference to the applicable Interest
     Rate Basis or Bases shown on the face hereof (i) plus or minus the
     applicable Spread, if any, and/or (ii) multiplied by the applicable
     Spread Multiplier, if any, specified and applied in the manner described
     on the face hereof.  Commencing on the Initial Interest Reset Date, the
     rate at which interest on this Subordinated Note is payable shall be
     reset as of each Interest Reset Date specified on the face hereof;
     provided, however, that the interest rate in effect for the period from
     the Original Issue Date to the Initial Interest Reset Date will be the
     Initial Interest Rate.

          2.   If this Subordinated Note is designated as a Floating
     Rate/Fixed Rate Subordinated Note on the face hereof, then, except as
     described below or in an Addendum hereto, this Subordinated Note shall
     bear interest at the rate determined by reference to the applicable
     Interest Rate Basis or Bases shown on the face hereof (i) plus or minus
     the applicable Spread, if any, and/or (ii) multiplied by the applicable
     Spread Multiplier, if any, specified and applied in the manner described
     on the face hereof.  Commencing on the Initial Interest Reset Date, the
     rate at which interest on this Subordinated Note is payable shall be
     reset as of each Interest Reset Date specified on the face hereof;
     provided, however, that (i) the interest rate in effect for the period
     from the Original Issue Date to the Initial Interest Reset Date shall be
     the Initial Interest Rate; and (ii) the interest rate in effect
     commencing on, and including, the Fixed Rate Commencement Date to the
     Maturity Date or date of earlier redemption or repayment shall be the
     Fixed Interest Rate, if such a rate is specified on the face hereof, or
     if no such Fixed Interest Rate is so specified, the interest rate in
     effect hereon on the Business Day immediately preceding the Fixed Rate
     Commencement Date.

          3.   If this Subordinated Note is designated as an Inverse Floating
     Rate Subordinated Note on the face hereof,

                                       9
<PAGE>
     then, except as described below or in an Addendum hereto, this
     Subordinated Note shall bear interest equal to the Fixed Interest Rate
     indicated on the face hereof minus the rate determined by reference to
     the applicable Interest Rate Basis or Bases shown on the face hereof (i)
     plus or minus the applicable Spread, if any, and/or (ii) multiplied by
     the applicable Spread Multiplier, if any, specified and applied in the
     manner described on the face hereof; provided, however, that, unless
     otherwise specified on the face hereof, the interest rate hereon will not
     be less than zero percent.  Commencing on the Initial Interest Reset
     Date, the rate at which interest on this Subordinated Note is payable
     shall be reset as of each Interest Rate Reset Date specified on the face
     hereof; provided, however, that the interest rate in effect for the
     period from the Original Issue Date to the Initial Interest Reset Date
     shall be the Initial Interest Rate.

     Notwithstanding the foregoing, if this Subordinated Note is designated on
the face hereof as having an Addendum attached, this Subordinated Note shall
bear interest in accordance with the terms described in such Addendum.

     Except as provided above, the interest rate in effect on each day shall
be (a) if such day is an Interest Reset Date, the interest rate determined as
of the Interest Determination Date (as defined below) immediately preceding
such Interest Reset Date or (b) if such day is not an Interest Reset Date, the
interest rate determined as of the Interest Determination Date immediately
preceding the next preceding Interest Reset Date.  Each Interest Rate Basis
shall be the rate determined in accordance with the applicable provision
below.  If any Interest Reset Date (which term includes the term Initial
Interest Reset Date unless the context otherwise requires) would otherwise be
a day that is not a Business Day, such Interest Reset Date shall be postponed
to the next succeeding day that is a Business Day, except that if an Interest
Rate Basis specified on the face hereof is LIBOR and such next Business Day
falls in the next succeeding calendar month, such Interest Reset Date shall be
the immediately preceding Business Day.

     Unless otherwise specified on the face hereof, interest payable on this
Subordinated Note on any Interest Payment Date

                                      10
<PAGE>
shall be the amount of interest accrued from and including the next preceding
Interest Payment Date in respect of which interest has been paid (or from and
including the Original Issue Date specified on the face hereof, if no interest
has been paid), to but excluding the related Interest Payment Date or Maturity
Date or date of earlier redemption or repayment, as the case may be.

     Unless otherwise specified on the face hereof, accrued interest hereon
shall be an amount calculated by multiplying the face amount hereof by an
accrued interest factor.  Such accrued interest factor shall be computed by
adding the interest factor calculated for each day in the period for which
accrued interest is being calculated.  Unless otherwise specified on the face
hereof, the interest factor for each such day shall be computed and paid on
the basis of a 360-day year of twelve 30-day months if the Day Count
Convention specified on the face hereof is "30/360" for the period specified
thereunder, or by dividing the interest rate applicable to such day by 360 if
the Day Count Convention specified on the face hereof is "Actual/360" for the
period specified thereunder or by the actual number of days in the year if the
Day Count Convention specified on the face hereof is "Actual/Actual" for the
period specified thereunder.  If interest on this Subordinated Note is to be
calculated with reference to two or more Interest Rate Bases as specified on
the face hereof, the interest factor will be calculated in each period in the
same manner as if only one of the applicable Interest Rate Bases applied.

     Unless otherwise specified on the face hereof, the "Interest
Determination Date" with respect to the Commercial Paper Rate, the Federal
Funds Rate and the Prime Rate will be the second Business Day preceding each
Interest Reset Date; the "Interest Determination Date" with respect to the
Eleventh District Cost of Funds Rate will be the last working day of the month
immediately preceding each Interest Reset Date on which the Federal Home Loan
Bank of San Francisco (the "FHLB of San Francisco") publishes the Index (as
defined below); the "Interest Determination Date" with respect to LIBOR shall
be the second London Business Day (as defined below) preceding each Interest
Reset Date; the "Interest Determination Date" with respect to the Treasury
Rate will be the day in the week in which the related Interest Reset Date
falls on which day Treasury Bills (as defined below) are normally auctioned
(Treasury Bills are normally sold at auction on Monday

                                      11
<PAGE>
of each week, unless that day is a legal holiday, in which case the auction is
normally held on the following Tuesday, except that such auction may be held
on the preceding Friday); provided, however, that if an auction is held on the
Friday of the week preceding the related Interest Reset Date, the related
Interest Determination Date shall be such preceding Friday; and provided
further that if an auction shall fall on any Interest Reset Date, then the
Interest Reset Date shall instead be the first Business Day following such
auction.  If the interest rate of this Subordinated Note is determined with
reference to two or more Interest Rate Bases as specified on the face hereof,
the Interest Determination Date pertaining to this Subordinated Note will be
the latest Business Day which is at least two Business Days prior to such
Interest Reset Date on which each Interest Rate Basis is determinable.  Each
Interest Rate Basis shall be determined on such date, and the applicable
interest rate shall take effect on the Interest Reset Date.

     Unless otherwise specified on the face hereof, the "Calculation Date"
pertaining to any Interest Determination Date will be the earlier of (i) the
tenth calendar day after such Interest Determination Date or, if such day is
not a Business Day, the next succeeding Business Day and (ii) the Business Day
immediately preceding the applicable Interest Payment Date or Maturity Date or
date of earlier redemption or repayment, as the case may be.  All calculations
on this Subordinated Note shall be made by the Calculation Agent specified on
the face hereof or such successor thereto as is duly appointed by the Bank.

     All percentages resulting from any calculation on this Subordinated Note
will be rounded, if necessary, to the nearest one hundred-thousandth of a
percentage point, with five one-millionths of a percentage point rounded
upward (e.g., 9.876545% (or 0.09876545) would be rounded to 9.87655% (or
0.0987655) and 9.876544% (or 0.09876544) would be rounded to 9.87654% (or
0.0987654)), and all dollar amounts used in or resulting from such calculation
will be rounded to the nearest cent (with one-half cent being rounded upward).

     As used herein, "Business Day" means, unless otherwise specified on the
face hereof, any day that is not a Saturday or Sunday and that in The City of
New York or in the city in which the Bank is headquartered is not a day on
which banking

                                      12
<PAGE>
institutions are authorized or required by law, regulation or executive order
to close and, if an Interest Rate Basis shown on the face hereof is LIBOR, is
also a London Business Day.

     As used herein, unless otherwise specified on the face hereof, "London
Business Day" means any day on which dealings in deposits in U.S. dollars are
transacted in the London interbank market.

     Determination of Commercial Paper Rate.  If an Interest Rate Basis for
this Subordinated Note is the Commercial Paper Rate, as indicated on the face
hereof, the Commercial Paper Rate shall be determined as of the applicable
Interest Determination Date (a "Commercial Paper Rate Interest Determination
Date"), as the Money Market Yield (as defined below) on such date of the rate
for commercial paper having the Index Maturity specified on the face hereof as
published by the Board of Governors of the Federal Reserve System in the
relevant weekly statistical release entitled "Statistical Release H.15(519),
Selected Interest Rates," or any successor publication of the Board of
Governors of the Federal Reserve System ("H.15(519)") under the heading
"Commercial Paper".  In the event that such rate is not published by 3:00
P.M., New York City time, on the related Calculation Date, then the Commercial
Paper Rate shall be the Money Market Yield on such Commercial Paper Rate
Interest Determination Date of the rate for commercial paper having the Index
Maturity shown on the face hereof as published in the daily statistical
release entitled "Composite 3:30 P.M. Quotations for U.S. Government
Securities" or any successor publication published by the Federal Reserve Bank
of New York ("Composite Quotations") under the heading "Commercial Paper"
(with an Index Maturity of one month or three months being deemed to be
equivalent to an Index Maturity of 30 days or 90 days, respectively).  If by
3:00 P.M., New York City time, on the related Calculation Date such rate is
not yet published in either H.15(519) or Composite Quotations, then the
Commercial Paper Rate on such Commercial Paper Rate Interest Determination
Date shall be calculated by the Calculation Agent and shall be the Money
Market Yield of the arithmetic mean of the offered rates at approximately
11:00 A.M., New York City time, on such Commercial Paper Rate Interest
Determination Date of three leading dealers of commercial paper in The City of
New York selected by the Calculation Agent for commercial paper having the
Index Maturity specified on the face

                                      13
<PAGE>
hereof placed for an industrial issuer whose bond rating is "AA," or the
equivalent, from a nationally recognized securities rating agency; provided,
however, that if any of the dealers selected as aforesaid by the Calculation
Agent are not quoting as mentioned in this sentence, the Commercial Paper Rate
determined as of such Commercial Paper Rate Interest Determination Date shall
be the rate in effect on such Commercial Paper Rate Interest Determination
Date.

     "Money Market Yield" shall be a yield (expressed as a percentage)
calculated in accordance with the following formula:

               Money Market Yield =   D x 360    x 100
                                    ------------
                                     360-(D x M)

where "D" refers to the applicable per annum rate for commercial paper quoted
on a bank discount basis and expressed as a decimal and "M" refers to the
actual number of days in the interest period for which interest is being
calculated.

     Determination of Eleventh District Cost of Funds Rate.  If an Interest
Rate Basis for this Subordinated Note is the Eleventh District Cost of Funds
Rate, as indicated on the face hereof, the Eleventh District Cost of Funds
Rate shall be determined as of the applicable Interest Determination Date (an
"Eleventh District Cost of Funds Rate Interest Determination Date"), as the
rate equal to the monthly weighted average cost of funds for the calendar
month immediately preceding the month in which such Eleventh District Cost of
Funds Rate Interest Determination Date falls, as set forth under the caption
"11th District" on Telerate Page 7058 as of 11:00 A.M., San Francisco time, on
such Eleventh District Cost of Funds Rate Interest Determination Date.  If
such rate does not appear on Telerate Page 7058 on any related Eleventh
District Cost of Funds Rate Interest Determination Date, the Eleventh District
Cost of Funds Rate for such Eleventh District Cost of Funds Rate Interest
Determination Date shall be the monthly weighted average cost of funds paid by
member institutions of the Eleventh Federal Home Loan Bank District that was
most recently announced (the "Index") by the FHLB of San Francisco as such
cost of funds for the calendar month immediately preceding the date of such
announcement.  If the FHLB of San Francisco fails to announce such rate for
the calendar month immediately preceding such Eleventh District Cost of Funds

                                      14
<PAGE>
Rate Interest Determination Date, then the Eleventh District Cost of Funds
Rate determined as of such Eleventh District Cost of Funds Rate Interest
Determination Date shall be the Eleventh District Cost of Funds Rate in effect
on such Eleventh District Cost of Funds Rate Interest Determination Date.

     "Telerate Page 7058" means the display designated as page "7058" on the
Dow Jones Telerate Service (or such other page as may replace the 7058 page on
that service for the purpose of displaying the monthly weighted average cost
of funds paid by member institutions of the Eleventh Federal Home Loan Bank
District).

     Determination of Federal Funds Rate.  If an Interest Rate Basis for this
Subordinated Note is the Federal Funds Rate, as indicated on the face hereof,
the Federal Funds Rate shall be determined as of the applicable Interest
Determination Date (a "Federal Funds Rate Interest Determination Date"), as
the rate on such date for federal funds as published in H.15(519) under the
heading "Federal Funds (Effective)" or, if not so published by 3:00 P.M., New
York City time, on the related Calculation Date, the rate on such Federal
Funds Rate Interest Determination Date, as published in Composite Quotations
under the heading "Federal Funds/Effective Rate."  If by 3:00 P.M., New York
City time, on the related Calculation Date such rate is not published in
either H.15(519) or Composite Quotations, then the Federal Funds Rate on such
Federal Funds Rate Interest Determination Date shall be calculated by the
Calculation Agent and shall be the arithmetic mean of the rates for the last
transaction in overnight United States dollar federal funds arranged prior to
9:00 A.M., New York City time on such Federal Funds Rate Interest
Determination Date by three leading brokers of federal funds transactions in
The City of New York selected by the Calculation Agent; provided, however,
that if any of the brokers selected as aforesaid by the Calculation Agent are
not quoting as mentioned in this sentence, the Federal Funds Rate determined
as of such Federal Funds Rate Interest Determination Date shall be the Federal
Funds Rate in effect on such Federal Funds Rate Interest Determination Date.

     Determination of LIBOR.  If an Interest Rate Basis for this Subordinated
Note is LIBOR, as indicated on the face hereof, LIBOR shall be determined by
the Calculation Agent as of the

                                      15
<PAGE>
applicable Interest Determination Date (a "LIBOR Interest Determination Date")
in accordance with the following provisions:

          (a)  With respect to any LIBOR Interest Determination Date, LIBOR
     will be, as specified on the face hereof, either:  (i) the rate for
     deposits in U.S. dollars having the Index Maturity designated on the face
     hereof, commencing on the second London Business Day immediately
     following that LIBOR Interest Determination Date, that appears on the
     Telerate Page 3750 as of 11:00 A.M., London time, on that LIBOR Interest
     Determination Date ("LIBOR Telerate") or (ii) the arithmetic mean of the
     offered rates for deposits in U.S. dollars having the Index Maturity
     designated on the face hereof, commencing on the second London Business
     Day immediately following that LIBOR Interest Determination Date, that
     appear on the Reuters Screen LIBO Page as of 11:00 A.M., London time, on
     that LIBOR Interest Determination Date, if at least two such offered
     rates appear on the Reuters Screen LIBO Page ("LIBOR Reuters").
     "Telerate Page 3750" means the display designated as page "3750" on the
     Telerate Service (or such other page as may replace the 3750 page on that
     service or such other service or services as may be nominated by the
     British Bankers' Association for the purpose of displaying London
     interbank offered rates for U.S. dollar deposits).  "Reuters Screen LIBO
     Page" means the display designated as page "LIBO" on the Reuters Monitor
     Money Rates Service (or such other page as may replace the LIBO page on
     that service for the purpose of displaying London interbank offered rates
     of major banks).  If neither LIBOR Telerate nor LIBOR Reuters is
     specified on the face hereof, LIBOR will be determined as if LIBOR
     Telerate had been specified.  If no rate appears on the Telerate Page
     3750, or if fewer than two offered rates appear on the Reuters Screen
     LIBO Page, as applicable, LIBOR in respect of that LIBOR Interest
     Determination Date will be determined as if the parties had specified the
     rate described in (b) below.

          (b)  With respect to a LIBOR Interest Determination Date on which no
     rate appears on Telerate Page 3750, as specified in (a)(i) above, or on
     which fewer than two offered rates appear on the Reuters Screen LIBO
     Page, as specified in (a)(ii) above, as applicable, LIBOR will be

                                      16
<PAGE>
     determined on the basis of the rates at which deposits in U.S. dollars
     having the Index Maturity designated on the face hereof, are offered at
     approximately 11:00 A.M., London time, on that LIBOR Interest
     Determination Date by four major banks in the London interbank market
     selected by the Calculation Agent ("Reference Banks") to prime banks in
     the London interbank market commencing on the second London Business Day
     immediately following that LIBOR Interest Determination Date and in a
     principal amount equal to an amount of not less than $1,000,000 that is
     representative for a single transaction in such market at such time.  The
     Calculation Agent will request the principal London office of each of the
     Reference Banks to provide a quotation of its rate.  If at least two such
     quotations are provided, LIBOR in respect of that LIBOR Interest
     Determination Date will be the arithmetic mean of such quotations.  If
     fewer than two quotations are provided, LIBOR in respect of that LIBOR
     Interest Determination Date will be the arithmetic mean of the rates
     quoted at approximately 11:00 A.M., New York City time, on that LIBOR
     Interest Determination Date by three major banks in The City of New York
     selected by the Calculation Agent for loans in U.S. dollars to leading
     European banks having the Index Maturity designated on the face hereof,
     commencing on the second London Business Day immediately following that
     LIBOR Interest Determination Date and in a principal amount equal to an
     amount of not less than $1,000,000 that is representative for a single
     transaction in such market at such time; provided, however, that if the
     banks selected as aforesaid by the Calculation Agent are not quoting as
     mentioned in this sentence, LIBOR with respect to such LIBOR Interest
     Determination Date will be the rate of LIBOR in effect on such date.

     Determination of Prime Rate.  If an Interest Rate Basis for this
Subordinated Note is the Prime Rate, as indicated on the face hereof, the
Prime Rate shall be determined as of the applicable Interest Determination
Date (a "Prime Rate Interest Determination Date") as the rate on such date as
such rate is published in H.15(519) under the heading "Bank Prime Loan".  If
such rate is not published prior to 3:00 P.M., New York City time, on the
related Calculation Date, then the Prime Rate shall be the arithmetic mean of
the rates of interest publicly announced by each bank that appears on the
Reuters Screen

                                      17
<PAGE>
USPRIME1 (as defined below) as such bank's prime rate or base lending rate as
in effect for such Prime Rate Interest Determination Date.  If fewer than four
such rates appear on the Reuters Screen USPRIME1 for such Prime Rate Interest
Determination Date, the Prime Rate shall be the arithmetic mean of the prime
rates quoted on the basis of the actual number of days in the year divided by
a 360-day year as of the close of business on such Prime Rate Interest
Determination Date by four major money center banks in The City of New York
selected by the Calculation Agent.  If fewer than four major money center
banks provide such quotations, the Prime Rate will be determined by the
Calculation Agent and will be the arithmetic mean of four prime rates, quoted
on the basis of the actual number of days in the year divided by a 360-day
year, as of the close of business on such Prime Rate Interest Determination
Date as furnished in The City of New York by the major money center banks, if
any, that have provided quotations and as many substitute banks or trust
companies as is necessary in order to obtain four such prime rate quotations,
provided such substitute banks or trust companies are organized and doing
business under the laws of the United States, or any state thereof, each
having total equity capital of at least U.S. $500 million and being subject to
supervision or examination by federal or state authority, selected by the
Calculation Agent to provide such rate or rates; provided, however, that if
the banks or trust companies selected as aforesaid are not quoting as
mentioned in this sentence, the Prime Rate determined as of such Prime Rate
Interest Determination Date shall be the Prime Rate in effect on such Prime
Rate Interest Determination Date.

     "Reuters Screen USPRIME1" means the display designated as page "USPRIME1"
on the Reuters Monitor Money Rates Service (or such other page as may replace
the USPRIME1 page on that service for the purpose of displaying prime rates or
base lending rates of major United States banks).

     Determination of Treasury Rate.  If an Interest Rate Basis for this
Subordinated Note is the Treasury Rate, as specified on the face hereof, the
Treasury Rate shall be determined as of the applicable Interest Determination
Date (a "Treasury Rate Interest Determination Date") as the rate applicable to
the most recent auction of direct obligations of the United States ("Treasury
Bills") having the Index Maturity specified on the face hereof,

                                      18
<PAGE>
as such rate is published in H.15(519) under the heading "Treasury Bills --
auction average (investment)" or, if not published by 3:00 P.M., New York City
time, on the related Calculation Date, the auction average rate (expressed as
a bond equivalent on the basis of a year of 365 or 366 days, as applicable,
and applied on a daily basis) as otherwise announced by the United States
Department of the Treasury.  In the event that the results of the auction of
Treasury Bills having the Index Maturity specified on the face hereof are not
reported as provided by 3:00 P.M., New York City time, on such Calculation
Date, or if no such auction is held in a particular week, then the Treasury
Rate shall be calculated by the Calculation Agent and shall be a yield to
maturity (expressed as a bond equivalent on the basis of a year of 365 or 366
days, as applicable, and applied on a daily basis) of the arithmetic mean of
the secondary market bid rates, as of approximately 3:30 P.M., New York City
time, on such Treasury Rate Interest Determination Date, of three leading
primary United States government securities dealers selected by the
Calculation Agent, for the issue of Treasury Bills with a remaining maturity
closest to the Index Maturity specified on the face hereof; provided, however,
that if any of the dealers selected as aforesaid by the Calculation Agent are
not quoting as mentioned in this sentence, the Treasury Rate determined as of
such Treasury Rate Interest Determination Date shall be the Treasury Rate in
effect on such Treasury Rate Interest Determination Date.

     Any provision contained herein, including the determination of an
Interest Rate Basis, the specification of an Interest Rate Basis, calculation
of the interest rate applicable to this Subordinated Note, its Interest
Payment Dates or any other matter relating hereto may be modified as specified
in an Addendum relating hereto if so specified on the face hereof.

     Notwithstanding the foregoing, the interest rate hereon shall not be
greater than the Maximum Interest Rate, if any, or less than the Minimum
Interest Rate, if any, specified on the face hereof.  In addition to any
Maximum Interest Rate applicable hereto pursuant to the above provisions, the
interest rate on this Subordinated Note will in no event be higher than the
maximum rate permitted by New York law, as the same may be modified by United
States law of general application.  The Calculation Agent shall calculate the
interest rate hereon in

                                      19
<PAGE>
accordance with the foregoing on or before each Calculation Date.  Unless
otherwise specified on the face hereof, Chemical Bank will be the Calculation
Agent.

     At the request of the Holder hereof, the Calculation Agent shall provide
to the Holder hereof the interest rate hereon then in effect and, if
determined, the interest rate which shall become effective as of the next
Interest Reset Date.

     If this Subordinated Note is an Original Issue Discount Note and if an
Event of Default with respect to this Subordinated Note shall have occurred
and be continuing, the Default Amount (as defined hereafter) of this
Subordinated Note may be declared due and payable in the manner and with the
effect provided herein.  The "Default Amount" shall be equal to the adjusted
issue price as of the first day of the accrual period as determined under
Final Treasury Regulation Section 1.1275-1(b) (or successor regulation) under
the United States Internal Revenue Code of 1986, as amended, in which the date
of acceleration occurs increased by the daily portion of the original issue
discount for each day in such accrual period ending on the date of
acceleration, as determined under Final Treasury Regulation Section
1.1272-1(b) (or successor regulation) under the United States Internal Revenue
Code of 1986, as amended.  Upon payment of (i) the principal, or premium, if
any, so declared due and payable and (ii) interest on any overdue principal
and overdue interest or premium, if any (in each case to the extent that the
payment of such interest shall be legally enforceable), all of the Bank's
obligations in respect of the payment of principal of, premium, if any, and
interest on, this Subordinated Note shall terminate.

     In case any Subordinated Note shall at any time become mutilated,
destroyed, lost or stolen, and such Subordinated Note or evidence of the loss,
theft or destruction thereof satisfactory to the Bank and the Issuing and
Paying Agent and such other documents or proof as may be required by the Bank
and the Issuing and Paying Agent shall be delivered to the Issuing and Paying
Agent, the Bank shall issue a new Subordinated Note, of like tenor and
principal amount, having a serial number not contemporaneously outstanding, in
exchange and substitution for the mutilated Subordinated Note or in lieu of
the Subordinated Note destroyed, lost or stolen but, in the case of any
destroyed,

                                      20

<PAGE>
lost or stolen Subordinated Note, only upon receipt of evidence satisfactory
to the Bank and the Issuing and Paying Agent that such Subordinated Note was
destroyed, stolen or lost, and, if required, upon receipt of indemnity
satisfactory to the Bank and the Issuing and Paying Agent.  Upon the issuance
of any substituted Subordinated Note, the Bank and the Issuing and Paying
Agent may require the payment of a sum sufficient to cover all expenses and
reasonable charges connected with the preparation and delivery of a new
Subordinated Note.  If any Subordinated Note which has matured or has been
redeemed or repaid or is about to mature or to be redeemed or repaid shall
become mutilated, destroyed, lost or stolen, the Bank may, instead of issuing
a substitute Subordinated Note, pay or authorize the payment of the same
(without surrender thereof except in the case of a mutilated Subordinated
Note) upon compliance by the holder with the provisions of this paragraph.

     No recourse shall be had for the payment of principal of, premium, if
any, or interest on, this Subordinated Note for any claim based hereon, or
otherwise in respect hereof, against any shareholder, employee, agent, officer
or director, as such, past, present or future, of the Bank or of any successor
corporation, banking association or other legal entity (collectively,
"corporation"), either directly or through the Bank or any corporation,
whether by virtue of any constitution, statute or rule of law or by the
enforcement of any assessment or penalty or otherwise, all such liability
being, by the acceptance hereof and as part of the consideration for the issue
hereof, expressly waived and released.

     An "Event of Default" with respect to this Subordinated Note will occur
if the Bank shall consent to, or a court or other governmental agency shall
enter a decree or order for, the appointment of a conservator or receiver or
other similar official in any liquidation, insolvency or similar proceeding
with respect to the Bank or all or substantially all of its property and, in
the case of a decree or order, such decree or order shall have remained in
force for a period of 60 consecutive days.  If an Event of Default shall occur
and be continuing, the holder of this Subordinated Note may declare the
principal amount of, and accrued interest and premium, if any, on, this
Subordinated Note due and payable immediately by written notice to the Bank.
Upon such declaration and notice, such principal

                                      21
<PAGE>
amount, accrued interest and premium, if any, shall become immediately due and
payable.  Any Event of Default with respect to this Subordinated Note may be
waived by the holder hereof.  THERE IS NO RIGHT OF ACCELERATION IN THE CASE OF
A DEFAULT IN THE PAYMENT OF PRINCIPAL OF, PREMIUM, IF ANY, OR INTEREST ON,
THIS SUBORDINATED NOTE OR IN THE PERFORMANCE OF ANY OTHER OBLIGATION OF THE
BANK UNDER THIS SUBORDINATED NOTE OR UNDER ANY OTHER SECURITY ISSUED BY THE
BANK.

     The Issuing and Paying Agency Agreement provides that the Bank will
promptly notify, and provide copies of any such notice to, the Issuing and
Paying Agent, and the Issuing and Paying Agent will promptly mail by
first-class mail, postage prepaid, copies of such notice to the holders of the
Subordinated Notes, upon the occurrence of an Event of Default or of the
curing or waiver of an Event of Default.

     Nothing contained herein shall prevent any consolidation or merger of the
Bank with any other corporation or successive consolidations or mergers in
which the Bank or its successor or successors shall be a party or parties, or
shall prevent any sale, conveyance, transfer or lease of the property of the
Bank as an entirety or substantially as an entirety to any other corporation
authorized to acquire and operate the same; provided, however (and the Bank
hereby covenants and agrees) that any such consolidation, merger, sale or
conveyance shall be upon the condition that: (i) immediately after such
consolidation, merger, sale or conveyance the corporation (whether the Bank or
such other corporation) formed by or surviving any such consolidation or
merger, or the corporation to which such sale or conveyance shall have been
made, shall not be in default in the performance or observance of any of the
terms, covenants and conditions of this Subordinated Note to be observed or
performed by the Bank; and (ii) the corporation (if other than the Bank)
formed by or surviving any such consolidation or merger, or the corporation to
which such sale or conveyance shall have been made, shall be organized under
the laws of the United States of America or any state thereof or the District
of Columbia and shall expressly assume the due and punctual payment of the
principal of, premium, if any, and interest on, this Subordinated Note.  In
case of any such consolidation, merger, sale, conveyance, transfer or lease,
and upon the assumption by the successor corporation of the due and punctual
performance of all of the covenants in this

                                      22
<PAGE>
Subordinated Note to be performed or observed by the Bank, such successor
corporation shall succeed to and be substituted for the Bank with the same
effect as if it had been named in this Subordinated Note as the Bank and
thereafter the predecessor corporation shall be relieved of all obligations
and covenants in this Subordinated Note and may be liquidated and dissolved.

     Any action by the holder of this Subordinated Note shall bind all future
holders of this Subordinated Note, and of any Subordinated Note issued in
exchange or substitution hereof or in place hereof, in respect of anything
done or permitted by the Bank or by the Issuing and Paying Agent in pursuance
of such action.

     The Issuing and Paying Agent shall maintain at its offices a register
(the register maintained in such office or any other office or agency of the
Issuing and Paying Agent in The City of New York herein referred to as the
"Subordinated Note Register") in which, subject to such reasonable regulations
as it may prescribe, the Issuing and Paying Agent shall provide for the
registration of the Subordinated Notes and of transfers of the Subordinated
Notes.

     The transfer of this Subordinated Note is registrable in the Subordinated
Note Register, upon surrender of this Subordinated Note for registration of
transfer at the office or agency of the Issuing and Paying Agent in the Place
of Payment, duly endorsed by, or accompanied by a written instrument of
transfer in form satisfactory to the Bank and the Issuing and Paying Agent
duly executed by, the holder hereof or his attorney duly authorized in
writing, and thereupon one or more new Subordinated Notes of like tenor, of
authorized denominations and for the same aggregate principal amount, will be
issued to the designated transferee or transferees.

     No provision of this Subordinated Note shall alter or impair the
obligation of the Bank, which is absolute and unconditional, to pay principal
of, premium, if any, and interest on, this Subordinated Note in U.S. dollars
at the times, places and rate herein prescribed in accordance with its terms.

     In the event of the failure by the Bank to make payment of principal of,
premium, if any, or interest on this Subordinated

                                      23
<PAGE>
Note (and, in the case of payment of interest, such failure to pay shall have
continued for 2 days), the Bank will, upon demand of the holder of this
Subordinated Note, pay to the holder of this Subordinated Note the whole
amount then due and payable on this Subordinated Note for principal of,
premium, if any, and interest, with interest on the overdue principal of,
premium, if any, and interest on, this Subordinated Note to the extent
provided for herein.  If the Bank fails to pay such amount upon such demand,
the holder of this Subordinated Note may among other things, institute a
judicial proceeding for the collection of such amount.

     No service charge shall be made to a holder of this Subordinated Note for
any transfer or exchange of this Subordinated Note, but the Bank may require
payment of a sum sufficient to cover any tax or other governmental charge that
may be imposed in connection therewith.

      Beneficial interests represented by this Subordinated Note are
exchangeable for definitive Subordinated Notes in registered form, of like
tenor and of an equal aggregate principal amount, only if (x) The Depository
Trust Company, as Depositary (the "Depositary") notifies the Bank that it is
unwilling or unable to continue as Depositary for this Subordinated Note or if
at any time the Depositary ceases to be a clearing agency registered under the
Securities Exchange Act of 1934, as amended, and a successor depositary is not
appointed by the Bank within 60 days, or (y) the Bank in its sole discretion
determines not to have such beneficial interests represented by this
Subordinated Note.  Any Subordinated Note representing such beneficial
interests that is exchangeable pursuant to the preceding sentence shall be
exchangeable in whole for definitive Subordinated Notes in registered form, of
like tenor and of an equal aggregate principal amount, in minimum
denominations of $250,000 and integral multiples of $1,000 in excess thereof.
Such definitive Subordinated Notes shall be registered in the name or names of
such person or persons as the Depositary shall instruct the Issuing and Paying
Agent.

     Prior to due presentment of this Subordinated Note for registration of
transfer, the Bank, the Issuing and Paying Agent or any agent of the Bank or
the Issuing and Paying Agent may treat the holder in whose name this
Subordinated Note is

                                      24
<PAGE>
registered as the owner hereof for all purposes, whether or not this
Subordinated Note be overdue, and neither the Bank, the Issuing and Paying
Agent nor any such agent shall be affected by notice to the contrary except as
required by applicable law.

     All notices to the Bank under this Subordinated Note shall be in writing
and addressed to the Bank, 2980 Fairview Park Drive, Falls Church, Virginia
22042, Attention: Treasurer, or to such other address of the Bank as the Bank
may notify the holders of the Subordinated Notes.

     This Subordinated Note shall be governed by, and construed in accordance
with, the laws of the State of New York, without regard to conflicts of laws
principles, and all applicable federal laws and regulations.

                                      25
<PAGE>
                                 ABBREVIATIONS

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

          TEN COM -- as tenants in common

          TEN ENT -- as tenants by the entireties

          JT TEN  -- as joint tenants with right of
                     survivorship and not as tenants
                     in common

          UNIF GIFT MIN ACT --            Custodian
                               ----------           ---------
                                 (Cust)              (Minor)
                              under Uniform Gifts to Minors Act

                              ----------------------------------
                                          (State)

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

                                      26
<PAGE>
                                  ASSIGNMENT

          FOR VALUE RECEIVED, the undersigned hereby sell(s),

assign(s) and transfer(s) unto _______________________________________________

______________________________________________________________________________

PLEASE INSERT SOCIAL SECURITY NUMBER OR OTHER IDENTIFYING NUMBER OF ASSIGNEE
                          ____________________________
_________________________/___________________________/

______________________________________________________________________________

______________________________________________________________________________
                 (Please print or typewrite name and address,
                    including postal zip code, of assignee)

the within Subordinated Note and all rights thereunder, and hereby irrevocably
constitutes and appoints _____________________________________________________

______________________________________________________________________________

______________________________________________________________________________

to transfer said Subordinated Note on the books of the Issuing and Paying
Agent, 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 Subordinated
                                   Note in every particular, without
                                   alteration or enlargement or any change
                                   whatsoever.

--------------------------------
     Signature Guarantee

                                      27
<PAGE>
                           OPTION TO ELECT REPAYMENT

     The undersigned hereby irrevocably request(s) and instruct(s) the Bank to
repay this Subordinated Note (or portion hereof specified below) pursuant to
its terms at a price equal to 100% of the principal amount hereof to be
repaid, together with accrued and unpaid interest hereon, payable to the date
of repayment, to the undersigned, ____________________________________________
_____________________________________________________________________________.
 (Please print or typewrite name and address of the undersigned)

     For this Subordinated Note to be repaid, the undersigned must give to the
Issuing and Paying Agent at its offices located at 450 West 33rd Street, New
York, New York 10001, Attention: Global Trust Securities Group, or at such
other place or places of which the Bank shall from time to time notify the
holders of the Subordinated Notes, not more than 60 days nor less than 30 days
prior notice to the date of repayment, with this "Option to Elect Repayment"
form duly completed.

     If less than the entire principal amount of this Subordinated Note is to
be repaid, specify the portion hereof (which shall be increments of $1,000)
which the holder elects to have repaid and specify the denomination or
denominations (which shall be $250,000 or an integral multiple of $1,000 in
excess thereof) of the Subordinated Notes to be issued to the holder for the
portion of this Subordinated Note not being repaid (in the absence of any such
specification, one such Subordinated Note will be issued for the portion not
being repaid):

$
 ------------------------------    ------------------------------
                                   NOTICE:  The signature on this
Dated:                             "Option to Elect Repayment" form must
        ------------------------   correspond with the name as written upon
                                   the face of the within Subordinated Note in
                                   every particular, without alteration or
                                   enlargement or any change whatsoever.

--------------------------------
     Signature Guarantee

                                      28<PAGE>
                                                                   Exhibit 4.5.1

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

                       Capital One Financial Corporation,
                                     Issuer

                                       to

                         Harris Trust and Savings Bank,
                                    Trustee

                               ----------------
                               SENIOR INDENTURE
                               ----------------

                          Dated as of November 1, 1996

                             Senior Debt Securities

================================================================================
<PAGE>
                         Reconciliation and tie between
            Trust Indenture Act of 1939 (the "Trust Indenture Act")
                                 and Indenture

<Table>
<Caption>
Trust Indenture
   Act Section                                                                       Indenture Section
-----------------                                                                    -----------------
<S>                                                                                      <C>
Section 310(a)(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .            606
           (a)(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .            606
           (a)(5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .            606
           (b)  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .            607
Section 312(a)  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .            701
           (b)  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .            702
           (c)  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .            702
Section 313(a)  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .            703
           (b)(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .            703
           (c)  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .            703
           (d)  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .            703
Section 314(a)(1)-(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .            704
           (a)(4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .      101, 1009
           (c)(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .            102
           (c)(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .            102
           (e)  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .            101
           (f)  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .            102
Section 315(a)  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .            601
           (b)  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .            501
           (c)  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .            601
           (d)  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .            601
Section 316(a)(last sentence) . . . . . . . . . . . . . . . . . . . . . . . . . . . .            101
           (a)(1)(A)  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .       502, 512
           (a)(1)(B)  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .            513
           (b)  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .            508
           (c)  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .            104
Section 317(a)(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .            503
           (a)(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .            504
           (b)  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .           1003
Section 318(a)  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .            108
</Table>

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

Note:    This reconciliation and tie shall not, for any purpose, be deemed to
         be part of the Indenture.

         Attention should also be directed to Section 318(c) of the Trust
         Indenture Act, which provides that the provisions of Sections 310 to
         and including 317 are a part of and govern every qualified indenture,
         whether or not physically contained herein.
<PAGE>
                               TABLE OF CONTENTS

<Table>
<Caption>
                                                                                                             Page
                                                                                                             ----
<S>                                                                                                           <C>
RECITALS  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   1

                                                             ARTICLE ONE

                                       DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

Section 101.  Definitions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   1
        Act   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   2
        Additional Amounts  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   2
        Affiliate   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   2
        Authenticating Agent  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   2
        Authorized Newspaper  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   2
        Bearer Security   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   2
        Board of Directors  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   2
        Board Resolution  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   3
        Business Day  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   3
        Commission  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   3
        Common Stock  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   3
        Company   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   3
        Company Request and Company Order   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   3
        Consolidated Assets   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   3
        Controlled Subsidiary   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   3
        Conversion Price  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   3
        Convertible Security or Convertible Securities  . . . . . . . . . . . . . . . . . . . . . . . . . . .   3
        Corporate Trust Office  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   4
        Corporation   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   4
        Coupon  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   4
        Currency or Money   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   4
        Currency Indexed Note   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   4
        Date of Conversion  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   4
        Defaulted Interest  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   4
        Depository or U.S. Depository   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   4
        Dollars or $  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   4
        Event of Default  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   4
        Government Obligations  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   4
        Holder  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   5
        Indenture   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   5
        Independent Public Accountants  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   5
        Indexed Security  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   5
        Interest  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   5
        Interest Payment Date   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   5
</Table>

                                       i
<PAGE>
<Table>
<Caption>
                                                                                                              Page
                                                                                                              ----
<S>                                                                                                           <C>
        Legal Holiday   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .    6
        Maturity  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .    6
        Office or Agency  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .    6
        Officers' Certificate   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .    6
        Opinion of Counsel  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .    6
        Original Issue Discount Security  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .    6
        Outstanding   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .    6
        Paying Agent  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .    7
        Person  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .    7
        Place of Payment  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .    8
        Predecessor Security  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .    8
        Redemption Date   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .    8
        Redemption Price  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .    8
        Registered Security   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .    8
        Regular Record Date   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .    8
        Responsible Officer   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .    8
        Security or Securities  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .    8
        Security Register and Security Registrar  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .    8
        Significant Subsidiary  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .    8
        Special Record Date   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .    8
        Stated Maturity   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .    9
        Subsidiary  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .    9
        Trust Indenture Act   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .    9
        Trustee   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .    9
        United States   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .    9
        United States Alien   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .    9
        Vice President  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .    9
        Voting Stock  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .    9
Section 102.  Compliance Certificates and Opinions  . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   10
Section 103.  Form of Documents Delivered to Trustee  . . . . . . . . . . . . . . . . . . . . . . . . . . . .   10
Section 104.  Acts of Holders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   10
Section 105.  Notices, etc. to Trustee and Company  . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   12
Section 106.  Notice to Holders of Securities; Waiver . . . . . . . . . . . . . . . . . . . . . . . . . . . .   13
Section 107.  Language of Notices . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   14
Section 108.  Conflict with Trust Indenture Act . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   14
Section 109.  Effect of Headings and Table of Contents  . . . . . . . . . . . . . . . . . . . . . . . . . . .   14
Section 110.  Successors and Assigns  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   14
Section 111.  Separability Clause . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   14
Section 112.  Benefits of Indenture . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   14
Section 113.  Governing Law . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   15
Section 114.  Legal Holidays  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   15
</Table>

                                       ii
<PAGE>
<Table>
<Caption>
                                                                                                              Page
                                                                                                              ----
<S>           <C>                                                                                              <C>
                                                             ARTICLE TWO

                                                           SECURITIES FORMS

Section 201.  Forms Generally . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   15
Section 202.  Form of Trustee's Certificate of Authentication . . . . . . . . . . . . . . . . . . . . . . . .   16
Section 203.  Securities in Global Form . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   16

                                                            ARTICLE THREE

                                                            THE SECURITIES

Section 301.  Amount Unlimited; Issuable in Series  . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   16
Section 302.  Currency; Denominations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   20
Section 303.  Execution, Authentication, Delivery and Dating  . . . . . . . . . . . . . . . . . . . . . . . .   20
Section 304.  Temporary Securities  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   22
Section 305.  Registration, Transfer and Exchange . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   23
Section 306.  Mutilated, Destroyed, Lost and Stolen Securities  . . . . . . . . . . . . . . . . . . . . . . .   26
Section 307.  Payment of Interest and Certain Additional Amounts; Rights to Interest and
                Certain Additional Amounts Preserved  . . . . . . . . . . . . . . . . . . . . . . . . . . . .   27
Section 308.  Persons Deemed Owners . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   29
Section 310.  Computation of Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   30

                                                             ARTICLE FOUR

                                                      SATISFACTION AND DISCHARGE

Section 401.  Satisfaction and Discharge of Indenture . . . . . . . . . . . . . . . . . . . . . . . . . . . .   30
Section 402.  Satisfaction, Discharge and Defeasance of Securities of any Series  . . . . . . . . . . . . . .   32
Section 403.  Application of Trust Money  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   34

                                                             ARTICLE FIVE

                                                               REMEDIES

Section 501.  Events of Default . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   34
Section 502.  Acceleration of Maturity; Rescission and Annulment  . . . . . . . . . . . . . . . . . . . . . .   36
Section 503.  Collection of Indebtedness and Suits for Enforcement by Trustee . . . . . . . . . . . . . . . .   37
Section 504.  Trustee May File Proofs of Claim  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   38
Section 505.  Trustee May Enforce Claims without Possession of Securities or Coupons  . . . . . . . . . . . .   39
Section 506.  Application of Money Collected  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   39
Section 507.  Limitations on Suits  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   40
Section 508.  Unconditional Right of Holders to Receive Principal and any Premium, Interest and
                Additional Amounts and to Convert any Convertible Security  . . . . . . . . . . . . . . . . .   40
Section 509.  Restoration of Rights and Remedies  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   41
</Table>

                                      iii
<PAGE>
<Table>
<Caption>
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Section 510.  Rights and Remedies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   41
Section 511.  Delay or Omission Not Waiver  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   41
Section 512.  Control by Holders of Securities  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   41
Section 513.  Waiver of Past Defaults . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   42
Section 514.  Waiver of Stay or Extension Laws  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   42

                                                             ARTICLE SIX

                                                             THE TRUSTEE

Section 601.  Certain Rights of Trustee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   43
Section 602.  Not Responsible for Recitals or Issuance of Securities  . . . . . . . . . . . . . . . . . . . .   44
Section 603.  May Hold Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   44
Section 604.  Money Held in Trust . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   45
Section 605.  Compensation and Reimbursement  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   45
Section 606.  Corporate Trustee Required; Eligibility . . . . . . . . . . . . . . . . . . . . . . . . . . . .   45
Section 607.  Resignation and Removal; Appointment of Successor . . . . . . . . . . . . . . . . . . . . . . .   46
Section 608.  Acceptance of Appointment by Successor  . . . . . . . . . . . . . . . . . . . . . . . . . . . .   47
Section 609.  Merger, Conversion, Consolidation or Succession to Business . . . . . . . . . . . . . . . . . .   49
Section 610.  Appointment of Authenticating Agent . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   49

                                                            ARTICLE SEVEN

                                          HOLDER'S LISTS AND REPORTS BY TRUSTEE AND COMPANY

Section 701.  Company to Furnish Trustee Names and Addresses of Holders . . . . . . . . . . . . . . . . . . .   51
Section 702.  Preservation of Information; Communications to Holders  . . . . . . . . . . . . . . . . . . . .   51
Section 703.  Reports by Trustee  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   51
Section 704.  Reports by Company  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   52

                                                            ARTICLE EIGHT

                                                   CONSOLIDATION, MERGER AND SALES

Section 801.  Company May Consolidate, Etc., Only on Certain Terms  . . . . . . . . . . . . . . . . . . . . .   52
Section 802.  Successor Person Substituted for Company  . . . . . . . . . . . . . . . . . . . . . . . . . . .   53

                                                             ARTICLE NINE

                                                       SUPPLEMENTAL INDENTURES

Section 901.  Supplemental Indentures without Consent of Holders  . . . . . . . . . . . . . . . . . . . . . .   53
Section 902.  Supplemental Indentures with Consent of Holders . . . . . . . . . . . . . . . . . . . . . . . .   55
Section 903.  Execution of Supplemental Indentures  . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   56
Section 904.  Effect of Supplemental Indentures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   56
Section 905.  Reference in Securities to Supplemental Indentures  . . . . . . . . . . . . . . . . . . . . . .   56
Section 906.  Conformity with Trust Indenture Act . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   57
</Table>

                                       iv
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                                                             ARTICLE TEN

                                                              COVENANTS

Section 1001.  Payment of Principal and any Premium, Interest and Additional Amounts  . . . . . . . . . . . .   57
Section 1002.  Maintenance of Office or Agency  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   57
Section 1003.  Money for Securities Payments to Be Held in Trust  . . . . . . . . . . . . . . . . . . . . . .   58
Section 1004.  Additional Amounts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   60
Section 1005.  Limitation Upon Disposition of Voting Stock of Significant Subsidiaries  . . . . . . . . . . .   60
Section 1006.  Limitation on Creation of Liens  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   61
Section 1007.  Corporate Existence  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   62
Section 1008.  Waiver of Certain Covenants  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   62
Section 1009.  Company Statement as to Compliance; Notice of Certain Defaults . . . . . . . . . . . . . . . .   62

                                                            ARTICLE ELEVEN

                                                       REDEMPTION OF SECURITIES

Section 1101.  Applicability of Article . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   63
Section 1102.  Election to Redeem; Notice to Trustee  . . . . . . . . . . . . . . . . . . . . . . . . . . . .   63
Section 1103.  Selection by Trustee of Securities to be Redeemed  . . . . . . . . . . . . . . . . . . . . . .   63
Section 1104.  Notice of Redemption . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   64
Section 1105.  Deposit of Redemption Price  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   65
Section 1106.  Securities Payable on Redemption Date  . . . . . . . . . . . . . . . . . . . . . . . . . . . .   65
Section 1107.  Securities Redeemed in Part  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   66
Section 1108.  Conversion Arrangements on Call for Redemption . . . . . . . . . . . . . . . . . . . . . . . .   67

                                                            ARTICLE TWELVE

                                                            SINKING FUNDS

Section 1201.  Applicability of Article . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   67
Section 1202.  Satisfaction of Sinking Fund Payments with Securities  . . . . . . . . . . . . . . . . . . . .   68
Section 1203.  Redemption of Securities for Sinking Fund  . . . . . . . . . . . . . . . . . . . . . . . . . .   68

                                                           ARTICLE THIRTEEN

                                                  REPAYMENT AT THE OPTION OF HOLDERS

Section 1301.  Applicability of Article . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   69

                                                           ARTICLE FOURTEEN

                                                   SECURITIES IN FOREIGN CURRENCIES

Section 1401.  Applicability of Article . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   69
</Table>

                                       v
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                                                           ARTICLE FIFTEEN

                                                  MEETINGS OF HOLDERS OF SECURITIES

Section 1501.  Purposes for Which Meetings May Be Called  . . . . . . . . . . . . . . . . . . . . . . . . . .  70
Section 1502.  Call, Notice and Place of Meetings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  70
Section 1503.  Persons Entitled to Vote at Meetings . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  70
Section 1504.  Quorum; Action . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  71
Section 1505.  Determination of Voting Rights; Conduct and Adjournment of Meetings  . . . . . . . . . . . . .  72
Section 1506.  Counting Votes and Recording Action of Meetings  . . . . . . . . . . . . . . . . . . . . . . .  72

                                                           ARTICLE SIXTEEN

                                                              CONVERSION

Section 1601.  Conversion Privilege . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  73
Section 1602.  Manner of Exercise of Conversion Privilege . . . . . . . . . . . . . . . . . . . . . . . . . .  73
Section 1603.  Cash Adjustment Upon Conversion  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  74
Section 1604.  Conversion Price . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  75
Section 1605.  Adjustment of Conversion Price . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  75
Section 1606.  Effect of Reclassifications, Consolidations, Mergers or Sales on Conversion Privilege  . . . .  78
Section 1607.  Taxes on Conversions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  78
Section 1608.  Company to Reserve Common Stock  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  79
Section 1609.  Disclaimer by Trustee of Responsibility for Certain Matters  . . . . . . . . . . . . . . . . .  79
Section 1610.  Company to Give Notice of Certain Events . . . . . . . . . . . . . . . . . . . . . . . . . . .  79

                                                          ARTICLE SEVENTEEN

                                    MMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS

Section 1701.  Indenture and Securities Solely Corporate Obligations  . . . . . . . . . . . . . . . . . . . .  80
</Table>

                                       vi
<PAGE>

                 SENIOR INDENTURE, dated as of November 1, 1996 (the
"Indenture"), between Capital One Financial Corporation, a corporation duly
organized and existing under the laws of the State of Delaware (hereinafter
called the "Company"), having its corporate office located at 2980 Fairview
Park Drive, Falls Church, Virginia 22042, and Harris Trust and Savings Bank, a
banking corporation duly organized and existing under the laws of the State of
Illinois (hereinafter called the "Trustee"), having its Corporate Trust Office
located at 311 West Monroe Street, Chicago, Illinois 60606.

                                    RECITALS

                 The Company has duly authorized the execution and delivery of
this Indenture to provide for the issuance from time to time of its unsecured
senior debentures, notes or other evidences of indebtedness (hereinafter called
the "Securities"), unlimited as to principal amount, to bear such rates of
interest, to mature at such time or times, to be issued in one or more series
and to have such other provisions as shall be fixed as hereinafter provided.

                 The Company has duly authorized the execution and delivery of
this Indenture.  All things necessary to make this Indenture a valid agreement
of the Company, in accordance with its terms, have been done.

                 This Indenture is subject to the provisions of the Trust
Indenture Act of 1939, as amended, and the rules and regulations of the
Securities and Exchange Commission promulgated thereunder that are required to
be part of this Indenture and, to the extent applicable, shall be governed by
such provisions.

                 NOW, THEREFORE, THIS INDENTURE WITNESSETH:

                 For and in consideration of the premises and the purchase of
the Securities by the Holders thereof, it is mutually covenanted and agreed,
for the equal and proportionate benefit of all Holders of the Securities and
any Coupons (as hereinafter defined) as follows:

                                  ARTICLE ONE

                 DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

                 Section 101.  Definitions.

                 Except as otherwise expressly provided in or pursuant to this
Indenture or unless the context otherwise requires, for all purposes of this
Indenture:

                 (1)  the terms defined in this Article have the meanings
         assigned to them in this Article, and include the plural as well as
         the singular;

                 (2)  all other terms used herein which are defined in the
         Trust Indenture Act, either directly or by reference therein, have the
         meanings assigned to them therein;
<PAGE>
                 (3)  all accounting terms not otherwise defined herein have
         the meanings assigned to them in accordance with generally accepted
         accounting principles and, except as otherwise herein expressly
         provided, the term "generally accepted accounting principles" with
         respect to any computation required or permitted hereunder shall mean
         such accounting principles as are generally accepted at the date of
         such computation; and

                 (4)  the words "herein", "hereof", "hereto" and "hereunder"
         and other words of similar import refer to this Indenture as a whole
         and not to any particular Article, Section or other subdivision.

                 Certain terms used principally in certain Articles hereof are
defined in those Articles.

                 "Act", when used with respect to any Holders, has the meaning
specified in Section 104.

                 "Additional Amounts" means any additional amounts which are
required hereby or by any Security, under circumstances specified herein or
therein, to be paid by the Company in respect of certain taxes imposed on
Holders specified therein and which are owing to such Holders.

                 "Affiliate" of any specified Person means any other Person
directly or indirectly controlling or controlled by or under direct or indirect
common control with such specified Person.  For the purposes of this
definition, "control", when used with respect to any specified Person means the
power to direct the management and policies of such Person, directly or
indirectly, whether through the ownership of voting securities, by contract or
otherwise; and the terms "controlling" and "controlled" have the meanings
correlative to the foregoing.

                 "Authenticating Agent" means any Person authorized by the
Trustee pursuant to Section 610 to act on behalf of the Trustee to authenticate
Securities of one or more series.

                 "Authorized Newspaper" means a newspaper, in an official
language of the place of publication or in the English language, customarily
published on each day that is a Business Day in the place of publication,
whether or not published on days that are Legal Holidays in the place of
publication, and of general circulation in each place in connection with which
the term is used or in the financial community of each such place.  Where
successive publications are required to be made in Authorized Newspapers, the
successive publications may be made in the same or in different newspapers in
the same city meeting the foregoing requirements and in each case on any day
that is a Business Day in the place of publication.

                 "Bearer Security" means any Security in the form established
pursuant to Section 201 which is payable to bearer.

                 "Board of Directors" means the board of directors of the
Company or any committee of that board duly authorized to act generally or in
any particular respect for the Company hereunder.

                                       2
<PAGE>
                 "Board Resolution" means a copy of one or more resolutions,
certified by the Secretary or an Assistant Secretary of the Company to have
been duly adopted by the Board of Directors or any duly authorized committee
thereof and to be in full force and effect on the date of such certification,
delivered to the Trustee.

                 "Business Day", with respect to any Place of Payment or other
location, means each Monday, Tuesday, Wednesday, Thursday and Friday that is
not a Legal Holiday in such Place of Payment or other location.

                 "Commission" means the Securities and Exchange Commission, as
from time to time constituted, created under the Securities Exchange Act of
1934 or, if at any time after the execution of this Indenture such Commission
is not existing and performing the duties now assigned to it under the Trust
Indenture Act, then the body performing such duties at such time.

                 "Common Stock" means all shares now or hereafter authorized of
any class of common stock of the Company presently authorized and stock of any
other class into which such shares may hereafter have been changed.

                 "Company" means the Person named as the "Company" in the first
paragraph of this instrument until a successor Person shall have become such
pursuant to the applicable provisions of this Indenture, and thereafter
"Company" shall mean such successor Person, and any other obligor upon the
Securities.

                 "Company Request" and "Company Order" mean, respectively, a
written request or order, as the case may be, signed in the name of the Company
by the Chairman of the Board of Directors and Chief Executive Officer, a Vice
Chairman, the President and Chief Operating Officer, a Senior Vice President,
the Treasurer, an Assistant Treasurer, the Secretary or an Assistant Secretary,
of the Company, and delivered to the Trustee.

                 "Consolidated Assets" means all assets owned directly by the
Company or indirectly by the Company through any Subsidiary and reflected on
the Company's consolidated balance sheet prepared in accordance with generally
accepted accounting principles.

                 "Controlled Subsidiary" means each Significant Subsidiary if
at least 80% of the outstanding shares of its Voting Stock is at the time owned
by the Company or by one or more Controlled Subsidiaries of the Company or by
the Company and one or more Controlled Subsidiaries.

                 "Conversion Price" means the price per share of Common Stock
from time to time in effect at which any Convertible Security may be converted
into Common Stock as determined by or pursuant to the terms of this Indenture.

                 "Convertible Security" or "Convertible Securities" means any
Security or Securities, as the case may be, which are by their terms
convertible into Common Stock.

                                       3
<PAGE>
                 "Corporate Trust Office" means the principal office of the
Trustee at which at any particular time its corporate trust business shall be
administered, which office at the date of original execution of this Indenture
is located at the address specified in the first paragraph of this instrument.

                 "Corporation" includes corporations and, except for purposes
of Article Eight, associations, companies and business trusts.

                 "Coupon" means any interest coupon appertaining to a Bearer
Security.

                 "Currency" or "Money", with respect to any payment, deposit or
other transfer in respect of the principal of or any premium or interest on or
any Additional Amounts with respect to any Security, means the unit or units of
legal tender for the payment of public and private debts (or any composite
thereof) in which such payment, deposit or other transfer is required to be
made by or pursuant to the terms hereof and, with respect to any other payment,
deposit or transfer pursuant to or contemplated by the terms hereof, means
Dollars.

                 "Currency Indexed Note" means any Security with the amount of
principal payments determined by reference to an index Currency.

                 "Date of Conversion" with respect to any Convertible Security
or portion thereof to be converted, means the date on which such Convertible
Security shall be surrendered for conversion and notice given in accordance
with the provisions of Article Sixteen.

                 "Defaulted Interest" has the meaning specified in Section 307.

                 "Depository" or "U.S. Depository" means, with respect to any
Security issuable or issued in the form of one or more global Securities, the
Person designated as Depository or U.S. Depository by the Company in or
pursuant to this Indenture, which Person must be, to the extent required by
applicable law or regulation, a clearing agency registered under the Securities
Exchange Act of 1934, as amended, and, if so provided with respect to any
Security, any successor to such Person.  If at any time there is more than one
such Person, "Depository" or "U.S. Depository" shall mean, with respect to any
Securities, the qualifying entity which has been appointed with respect to such
Securities.

                 "Dollars" or "$" means a dollar or other equivalent unit of
legal tender for payment of public or private debts in the United States of
America.

                 "Event of Default" has the meaning specified in Section_501.

                 "Government Obligations", with respect to any Security, means
(i) direct obligations of the government or governments which issued the
Currency in which the principal of or any premium or interest on such Security
or any Additional Amounts in respect thereof shall be payable, in each case
where the payment or payments thereunder are supported by the full faith and
credit of such government or governments or (ii) obligations of a Person
controlled or supervised by and acting as an agency or instrumentality of such
government or governments,

                                       4
<PAGE>
in each case where the payment or payments thereunder are unconditionally
guaranteed as a full faith and credit obligation by such government or
governments, and which, in the case of (i) or (ii), are not callable or
redeemable at the option of the issuer or issuers thereof, and shall also
include a depository receipt issued by a bank or trust company as custodian
with respect to any such Government Obligation or a specific payment of
interest on or principal of or other amount with respect to any such Government
Obligation held by such custodian for the account of the holder of a depository
receipt, provided that (except as required by law) such custodian is not
authorized to make any deduction from the amount payable to the holder of such
depository receipt from any amount received by the custodian in respect of the
Government Obligation or the specific payment of interest on or principal of or
other amount with respect to the Government Obligation evidenced by such
depository receipt.

                 "Holder", in the case of any Registered Security, means the
Person in whose name such Security is registered in the Security Register and,
in the case of any Bearer Security, means the bearer thereof and, in the case
of any Coupon, means the bearer thereof.

                 "Indenture" means this instrument as it may from time to time
be supplemented or amended by one or more indentures supplemental hereto
entered into pursuant to the applicable provisions hereof and, with respect to
any Security, by the terms and provisions of such Security and any Coupon
appertaining thereto established pursuant to Section 301 (as such terms and
provisions may be amended pursuant to the applicable provisions hereof).

                 "Independent Public Accountants" means accountants or a firm
of accountants that, with respect to the Company and any other obligor under
the Securities or the Coupons, are independent public accountants within the
meaning of the Securities Act of 1933, as amended, and the rules and
regulations promulgated by the Commission thereunder, who may be the
independent public accountants regularly retained by the Company or who may be
other independent public accountants.  Such accountants or firm shall be
entitled to rely upon any Opinion of Counsel as to the interpretation of any
legal matters relating to the Indenture or certificates required to be provided
hereunder.

                 "Indexed Security" means a Security the terms of which provide
that the principal amount thereof payable at Stated Maturity and/or interest to
be paid thereon may be determined by reference to the exchange rate of one or
more specified currencies relative to an index or one or more equity or other
indices and/or formulae or the price of one or more specified commodities or by
such other methods or formulae as may be determined in accordance with this
Indenture.

                 "Interest", with respect to any Original Issue Discount
Security which by its terms bears interest only after Maturity, means interest
payable after Maturity, and, when used with respect to a Security which
provides for payment of Additional Amounts pursuant to Section 1004, includes
such Additional Amounts.

                 "Interest Payment Date", with respect to any Security, means
the Stated Maturity of an installment of interest on such Security.

                                       5
<PAGE>
                 "Legal Holiday", with respect to any Place of Payment or other
location, means a Saturday, a Sunday or a day on which banking institutions or
trust companies in such Place of Payment or other location are not authorized
or obligated to be open.

                 "Maturity", with respect to any Security, means the date on
which the principal of such Security or an installment of principal becomes due
and payable as provided in or pursuant to this Indenture, whether at the Stated
Maturity or by declaration of acceleration, notice of redemption, notice of
option to elect repayment or otherwise, and includes Redemption Date.

                 "Office or Agency", with respect to any Securities, means an
office or agency of the Company maintained or designated in a Place of Payment
for such Securities pursuant to Section 1002 or any other office or agency of
the Company maintained or designated for such Securities pursuant to Section
1002 or, to the extent designated or required by Section 1002 in lieu of such
office or agency, the Corporate Trust Office of the Trustee.

                 "Officers' Certificate" means a certificate signed by the
Chairman of the Board and Chief Executive Officer, a Vice Chairman, the
President and Chief Operating Officer, any Senior Vice President, the
Treasurer, any Assistant Treasurer, the Secretary or an Assistant Secretary of
the Company, that complies with the requirements of Section 314(e) of the Trust
Indenture Act and is delivered to the Trustee.

                 "Opinion of Counsel" means a written opinion of counsel, who
may be an employee of or counsel for the Company or other counsel who shall be
reasonably acceptable to the Trustee, that complies with the requirements of
Section 314(e) of the Trust Indenture Act and is delivered to the Trustee.

                 "Original Issue Discount Security" means a Security issued
pursuant to this Indenture which provides for declaration of an amount less
than the principal face amount thereof to be due and payable upon acceleration
pursuant to Section 502.

                 "Outstanding", when used with respect to any Securities,
means, as of the date of determination, all such Securities theretofore
authenticated and delivered under this Indenture, except:

                 (i)  any such Security theretofore cancelled by the Trustee or
         the Security Registrar or delivered to the Trustee or the Security
         Registrar for cancellation;

                (ii)  any such Security or portions thereof for whose payment
         at the Maturity thereof money in the necessary amount has been
         theretofore deposited pursuant hereto with the Trustee or any Paying
         Agent (other than the Company) in trust or set aside and segregated in
         trust by the Company (if the Company shall act as its own Paying
         Agent) for the Holders of such Securities and any Coupons appertaining
         thereto, provided that, if such Securities are to be redeemed, notice
         of such redemption has been duly given pursuant to this Indenture or
         provision therefor satisfactory to the Trustee has been made;

                                       6
<PAGE>
                (iii)  any such Security with respect to which the Company has
         effected defeasance pursuant to Section 402 hereof;

                 (iv)  any such Security which has been paid pursuant to
         Section 306 or in exchange for or in lieu of which other Securities
         have been authenticated and delivered pursuant to this Indenture,
         unless there shall have been presented to the Trustee proof
         satisfactory to it that such Security is held by a bona fide purchaser
         in whose hands such Security is a valid obligation of the Company; and

                  (v)  Convertible Securities converted into Common Stock in
         accordance with Article Sixteen hereof;

provided, however, that in determining whether the Holders of the requisite
principal amount of Outstanding Securities have given any request, demand,
authorization, direction, notice, consent or waiver hereunder or are present at
a meeting of Holders of Securities for quorum purposes, (i) the principal
amount of an Original Issue Discount Security that may be counted in making
such determination and that shall be deemed to be Outstanding for such purposes
shall be equal to the amount of the principal thereof that pursuant to the
terms of such Original Issue Discount Security would be declared (or shall have
been declared to be) due and payable upon a declaration of acceleration thereof
pursuant to Section 502 at the time of such determination, (ii) the principal
amount of any Indexed Security that may be counted in making such determination
and that shall be deemed outstanding for such purpose shall be equal to the
principal face amount of such Indexed Security at original issuance, unless
otherwise provided in or pursuant to this Indenture, (iii) the principal amount
of a Security denominated in one or more foreign currencies or currency units
shall be the U.S. dollar equivalent based on the applicable exchange rate or
rates at the time of sale (or in the case of an Original Issue Discount
Security, the U.S. dollar equivalent on the date of original issuance of such
Security of the amount determined in (ii); and (iv) Securities owned by the
Company or any other obligor upon the Securities or any Affiliate of the
Company or such other obligor, shall be disregarded and deemed not to be
Outstanding, except that, in determining whether the Trustee shall be protected
in making any such determination or relying upon any such request, demand,
authorization, direction, notice, consent or waiver, only Securities which a
Responsible Officer of the Trustee actually knows to be so owned shall be so
disregarded.  Securities so owned which shall have been pledged in good faith
may be regarded as Outstanding if the pledgee establishes to the satisfaction
of the Trustee (A) the pledgee's right so to act with respect to such
Securities and (B) that the pledgee is not the Company or any other obligor
upon the Securities or any Coupons appertaining thereto or any Affiliate of the
Company or such other obligor.

                 "Paying Agent" means any Person authorized by the Company to
pay the principal of, or any premium or interest on, or any Additional Amounts
with respect to any Security or any Coupon on behalf of the Company.

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

                                       7
<PAGE>
                 "Place of Payment", with respect to any Security, means the
place or places where the principal of, or any premium or interest on, or any
Additional Amounts with respect to such Security is payable as provided in or
pursuant to this Indenture.

                 "Predecessor Security" of any particular Security means every
previous Security evidencing all or a portion of the same debt as that
evidenced by such particular Security; and, for the purposes of this
definition, any Security authenticated and delivered under Section 306 in
exchange for or in lieu of a lost, destroyed, mutilated or stolen Security or
any Security to which a mutilated, destroyed, lost or stolen Coupon appertains
shall be deemed to evidence the same debt as the lost, destroyed, mutilated or
stolen Security or the Security to which a mutilated, destroyed, lost or stolen
Coupon appertains.

                 "Redemption Date", with respect to any Security or portion
thereof to be redeemed, means the date fixed for such redemption by or pursuant
to this Indenture.

                 "Redemption Price", with respect to any Security or portion
thereof to be redeemed, means the price at which it is to be redeemed as
determined by or pursuant to this Indenture.

                 "Registered Security" means any Security established pursuant
to Section 201 which is registered in the Security Register.

                 "Regular Record Date" for the interest payable on any
Registered Security on any Interest Payment Date therefor means the date, if
any, specified in or pursuant to this Indenture as the "Regular Record Date".

                 "Responsible Officer" means an officer of the Trustee assigned
to the Corporate Trust Office, including any Vice President, any trust officer
or any other officer performing functions similar to those performed by the
persons who at the time shall be such officers, and any other officer of the
Trustee to whom a matter is referred because of his knowledge of and
familiarity with the particular subject.

                 "Security" or "Securities" means any Security or Securities,
as the case may be, authenticated and delivered under this Indenture; provided,
however, that, if at any time there is more than one Person acting as Trustee
under this Indenture, "Securities", with respect to any such Person, shall mean
Securities authenticated and delivered under this Indenture, exclusive,
however, of Securities of any series as to which such Person is not Trustee.

                 "Security Register" and "Security Registrar" have the
respective meanings specified in Section 305.

                 "Significant Subsidiary" means any Subsidiary of the Company
the Consolidated Assets of which constitute 20% or more of the Company's
Consolidated Assets.

                 "Special Record Date" for the payment of any Defaulted
Interest on any Registered Security means a date fixed by the Trustee pursuant
to Section 307.

                                       8
<PAGE>
                 "Stated Maturity", with respect to any Security or any
installment of principal thereof or interest thereon or any Additional Amounts
with respect thereto, means the date established by or pursuant to this
Indenture as the fixed date on which the principal of such Security or such
installment of principal or interest is or such Additional Amounts are due and
payable.

                 "Subsidiary" means any Corporation of which at the time of
determination the Company or one or more Subsidiaries owns or controls directly
or indirectly more than 50% of the shares of Voting Stock.

                 "Trust Indenture Act" means the Trust Indenture Act of 1939,
as amended, and any reference herein to the Trust Indenture Act or a particular
provision thereof shall mean such Act or provision, as the case may be, as
amended or replaced from time to time or as supplemented from time to time by
rules or regulations adopted by the Commission under or in furtherance of the
purposes of such Act or provision, as the case may be.

                 "Trustee" means the Person named as the "Trustee" in the first
paragraph of this instrument until a successor Trustee shall have become such
with respect to one or more series of Securities pursuant to the applicable
provisions of this Indenture, and thereafter "Trustee" shall mean each Person
who is then a Trustee hereunder; provided, however, that if at any time there
is more than one such Person, "Trustee" shall mean each such Person and as used
with respect to the Securities of any series shall mean the Trustee with
respect to the Securities of such series.

                 "United States", except as otherwise provided herein or in any
Security, means the United States of America (including the states thereof and
the District of Columbia), its territories and possessions and other areas
subject to its jurisdiction.

                 "United States Alien", except as otherwise provided in or
pursuant to this Indenture, means any Person who, for United States Federal
income tax purposes, is a foreign corporation, a non-resident alien individual,
a non-resident alien fiduciary of a foreign estate or trust, or a foreign
partnership one or more of the members of which is, for United States Federal
income tax purposes, a foreign corporation, a non-resident alien individual or
a non-resident alien fiduciary of a foreign estate or trust.

                 "Vice President", when used with respect to the Company or the
Trustee, means any vice president, whether or not designated by a number or a
word or words added before or after the title "Vice President".

                 "Voting Stock" means stock of a Corporation of the class or
classes having general voting power under ordinary circumstances to elect at
least a majority of the board of directors, managers or trustees of such
Corporation provided that, for the purposes hereof, stock which carries only
the right to vote conditionally on the happening of an event shall not be
considered voting stock whether or not such event shall have happened.

                                       9
<PAGE>
                 Section 102.  Compliance Certificates and Opinions.

                 Upon any application or request by the Company to the Trustee
to take any action under any provision of this Indenture, the Company shall
furnish to the Trustee an Officers' Certificate stating that all conditions
precedent, if any, provided for in this Indenture relating to the proposed
action have been complied with and an Opinion of Counsel stating that, in the
opinion of such counsel, all such conditions precedent, if any, have been
complied with, except that in the case of any such application or request as to
which the furnishing of such documents or any of them is specifically required
by any provision of this Indenture relating to such particular application or
request, no additional certificate or opinion need be furnished.

                 Section 103.  Form of Documents Delivered to Trustee.

                 In any case where several matters are required to be certified
by, or covered by an opinion of, any specified Person, it is not necessary that
all such matters be certified by, or covered by the opinion of, only one such
Person, or that they be so certified or covered by only one document, but one
such Person may certify or give an opinion with respect to some matters and one
or more other such Persons as to other matters, and any such Person may certify
or give an opinion as to such matters in one or several documents.

                 Any certificate or opinion of an officer of the Company may be
based, insofar as it relates to legal matters, upon a certificate or opinion
of, or representations by, counsel, unless such officer knows, or in the
exercise of reasonable care should know, that the certificate or opinion or
representations with respect to the matters upon which his certificate or
opinion is based are erroneous.  Any such certificate or Opinion of Counsel may
be based, insofar as it relates to factual matters, upon a certificate or
opinion of, or representations by, an officer or officers of the Company
stating that the information with respect to such factual matters is in the
possession of the Company unless such counsel knows, or in the exercise of
reasonable care should know, that the certificate or opinion or representations
with respect to such matters are erroneous.

                 Where any Person is required to make, give or execute two or
more applications, requests, consents, certificates, statements, opinions or
other instruments under this Indenture or any Security, they may, but need not,
be consolidated and form one instrument.

                 Section 104.  Acts of Holders.

                 (a)  Any request, demand, authorization, direction, notice,
consent, waiver or other action provided by or pursuant to this Indenture to be
given or taken by Holders may be embodied in and evidenced by one or more
instruments of substantially similar tenor signed by such Holders in person or
by an agent duly appointed in writing.  If, but only if, Securities of a series
are issuable as Bearer Securities, any request, demand, authorization,
direction, notice, consent, waiver or other action provided in or pursuant to
this Indenture to be given or taken by Holders of Securities of such series
may, alternatively, be embodied in and evidenced by the record of Holders of
Securities of such series voting in favor thereof, either in person or by
proxies duly appointed in writing, at any meeting of Holders of Securities of
such series duly

                                       10
<PAGE>
called and held in accordance with the provisions of Article Fifteen, or a
combination of such instruments and any such record.  Except as herein
otherwise expressly provided, such action shall become effective when such
instrument or instruments or record or both are received by the Trustee and,
where it is hereby expressly required, to the Company.  Such instrument or
instruments and any such record (and the action embodied therein and evidenced
thereby) are herein sometimes referred to as the "Act" of the Holders signing
such instrument or instruments or so voting at any such meeting.  Proof of
execution of any such instrument or of a writing appointing any such agent, or
of the holding by any Person of a Security, shall be sufficient for any purpose
of this Indenture and (subject to Section 315 of the Trust Indenture Act)
conclusive in favor of the Trustee and the Company and any agent of the Trustee
or the Company, if made in the manner provided in this Section.  The record of
any meeting of Holders of Securities shall be proved in the manner provided in
Section 1506.

                 Without limiting the generality of this Section 104, unless
otherwise provided in or pursuant to this Indenture, a Holder, including a U.S.
Depository that is a Holder of a global Security, may make, give or take, by a
proxy, or proxies, duly appointed in writing, any request, demand,
authorization, direction, notice, consent, waiver or other action provided in
or pursuant to this Indenture to be made, given or taken by Holders, and a U.S.
Depository that is a Holder of a global Security may provide its proxy or
proxies to the beneficial owners of interests in any such global Security
through such U.S. Depository's standing instructions and customary practices.

                 The Trustee shall fix a record date for the purpose of
determining the Persons who are beneficial owners of interest in any permanent
global Security held by a U.S. Depository entitled under the procedures of such
U.S. Depository to make, give or take, by a proxy or proxies duly appointed in
writing, any request, demand, authorization, direction, notice, consent, waiver
or other action provided in or pursuant to this Indenture to be made, given or
taken by Holders.  If such a record date is fixed, the Holders on such record
date or their duly appointed proxy or proxies, and only such Persons, shall be
entitled to make, give or take such request, demand, authorization, direction,
notice, consent, waiver or other action, whether or not such Holders remain
Holders after such record date.  No such request, demand, authorization,
direction, notice, consent, waiver or other action shall be valid or effective
if made, given or taken more than 90 days after such record date.

                 (b)  The fact and date of the execution by any Person of any
such instrument or writing may be proved in any reasonable manner which the
Trustee deems sufficient and in accordance with such reasonable rules as the
Trustee may determine; and the Trustee may in any instance require further
proof with respect to any of the matters referred to in this Section 104.

                 (c)  The ownership, principal amount and serial numbers of
Registered Securities held by any Person, and the date of the commencement and
the date of the termination of holding the same, shall be proved by the
Security Register.

                 (d)  The ownership, principal amount and serial numbers of
Bearer Securities held by any Person, and the date of the commencement and the
date of the termination of holding the

                                       11
<PAGE>
same, may be proved by the production of such Bearer Securities or by a
certificate executed, as depositary, by any trust company, bank, banker or
other depositary reasonably acceptable to the Company, wherever situated, if
such certificate shall be deemed by the Company and the Trustee to be
satisfactory, showing that at the date therein mentioned such Person had on
deposit with such depositary, or exhibited to it, the Bearer Securities therein
described; or such facts may be proved by the certificate or affidavit of the
Person holding such Bearer Securities, if such certificate or affidavit is
deemed by the Trustee to be satisfactory.  The Trustee and the Company may
assume that such ownership of any Bearer Security continues until (1) another
certificate or affidavit bearing a later date issued in respect of the same
Bearer Security is produced, or (2) such Bearer Security is produced to the
Trustee by some other Person, or (3) such Bearer Security is surrendered in
exchange for a Registered Security, or (4) such Bearer Security is no longer
Outstanding.  The ownership, principal amount and serial numbers of Bearer
Securities held by the Person so executing such instrument or writing and the
date of the commencement and the date of the termination of holding the same
may also be proved in any other manner which the Company and the Trustee deems
sufficient.

                 (e)  If the Company shall solicit from the Holders of any
Registered Securities any request, demand, authorization, direction, notice,
consent, waiver or other Act, the Company may at its option (but is not
obligated to), by Board Resolutions, fix in advance a record date for the
determination of Holders of Registered Securities entitled to give such
request, demand, authorization, direction, notice, consent, waiver or other
Act.  If such a record date is fixed, such request, demand, authorization,
direction, notice, consent, waiver or other Act may be given before or after
such record date, but only the Holders of Registered Securities of record at
the close of business on such record date shall be deemed to be Holders for the
purpose of determining whether Holders of the requisite proportion of
Outstanding Securities have authorized or agreed or consented to such request,
demand, authorization, direction, notice, consent, waiver or other Act, and for
that purpose the Outstanding Securities shall be computed as of such record
date; provided that no such authorization, agreement or consent by the Holders
of Registered Securities shall be deemed effective unless it shall become
effective pursuant to the provisions of this Indenture not later than six
months after the record date.

                 (f)  Any request, demand, authorization, direction, notice,
consent, waiver or other action by the Holder of any Security shall bind every
future Holder of the same Security and the Holder of every Security issued upon
the registration of transfer thereof or in exchange therefor or in lieu thereof
in respect of anything done or suffered to be done by the Trustee, any Security
Registrar, any Paying Agent or the Company in reliance thereon, whether or not
notation of such action is made upon such Security.

                 Section 105.  Notices, etc. to Trustee and Company.

                 Any request, demand, authorization, direction, notice,
consent, waiver or Act of Holders or other document provided or permitted by
this Indenture to be made upon, given or furnished to, or filed with,

                                       12
<PAGE>
                 (1)  the Trustee by any Holder or the Company shall be
         sufficient for every purpose hereunder if made, given, furnished or
         filed in writing to or with the Trustee at its Corporate Trust Office,
         or

                 (2)  the Company by the Trustee or any Holder shall be
         sufficient for every purpose hereunder (unless otherwise herein
         expressly provided) if in writing and mailed, first-class postage
         prepaid, to the Company addressed to the attention of its Treasurer at
         the address of its principal office specified in the first paragraph
         of this instrument (with a copy to its Corporate Secretary at the same
         address) or at any other address previously furnished in writing to
         the Trustee by the Company.

                 Section 106.  Notice to Holders of Securities; Waiver.

                 Except as otherwise expressly provided in or pursuant to this
Indenture, where this Indenture provides for notice to Holders of Securities of
any event,

                 (1)  such notice shall be sufficiently given to Holders of
         Registered Securities if in writing and mailed, first-class postage
         prepaid, to each Holder of a Registered Security affected by such
         event, at his address as it appears in the Security Register, not
         later than the latest date, and not earlier than the earliest date,
         prescribed for the giving of such Notice; and

                 (2)  such notice shall be sufficiently given to Holders of
         Bearer Securities, if any, if published in an Authorized Newspaper in
         The City of New York and, if such Securities are then listed on any
         stock exchange outside the United States, in an Authorized Newspaper
         in such city as the Company shall advise the Trustee that such stock
         exchange so requires, on a Business Day at least twice, the first such
         publication to be not earlier than the earliest date and not later
         than the latest date prescribed for the giving of such notice.

                 In any case where notice to Holders of Registered Securities
is given by mail, neither the failure to mail such notice, nor any defect in
any notice so mailed, to any particular Holder of a Registered Security shall
affect the sufficiency of such notice with respect to other Holders of
Registered Securities or the sufficiency of any notice to Holders of Bearer
Securities given as provided herein.  Any notice which is mailed in the manner
herein provided shall be conclusively presumed to have been duly given or
provided.  In the case by reason of the suspension of regular mail service or
by reason of any other cause it shall be impracticable to give such notice by
mail, then such notification as shall be made with the approval of the Trustee
shall constitute a sufficient notification for every purpose hereunder.

                 In case by reason of the suspension of publication of any
Authorized Newspaper or Authorized Newspapers or by reason of any other cause
it shall be impracticable to publish any notice to Holders of Bearer Securities
as provided above, then such notification to Holders of Bearer Securities as
shall be given with the approval of the Trustee shall constitute sufficient
notice to such Holders for every purpose hereunder.  Neither failure to give
notice by publication to Holders of Bearer Securities as provided above, nor
any defect in any notice so published,

                                       13
<PAGE>
shall affect the sufficiency of any notice mailed to Holders of Registered
Securities as provided above.

                 Where this Indenture provides for notice in any manner, such
notice may be waived in writing by the Person entitled to receive such notice,
either before or after the event, and such waiver shall be the equivalent of
such notice.  Waivers of notice by Holders of Securities shall be filed with
the Trustee, but such filing shall not be a condition precedent to the validity
of any action taken in reliance upon such waiver.

                 Section 107.  Language of Notices.

                 Any request, demand, authorization, direction, notice,
consent, election or waiver required or permitted under this Indenture shall be
in the English language, except that, if the Company so elects, any published
notice may be in an official language of the country of publication.

                 Section 108.  Conflict with Trust Indenture Act.

                 If any provision hereof modifies; excludes; limits, qualifies
or conflicts with any duties under any required provision of the Trust
Indenture Act imposed hereon by Section 318(c) thereof, such required
provision shall control.  If any provisions of this Indenture modifies or
excludes any provision of the Trust Indenture Act that may be so modified or
excluded, the latter provision shall be deemed to apply to this Indenture as so
modified or excluded, as the case may be.

                 Section 109.  Effect of Headings and Table of Contents.

                 The Article and Section headings herein and the Table of
Contents are for convenience only and shall not affect the construction hereof.

                 Section 110.  Successors and Assigns.

                 All covenants and agreements in this Indenture by the Company
shall bind its successors and assigns, whether so expressed or not.

                 Section 111.  Separability Clause.

                 In case any provision in this Indenture, any Security or any
Coupon shall be invalid, illegal or unenforceable, the validity, legality and
enforceability of the remaining provisions shall not in any way be affected or
impaired thereby.

                 Section 112.  Benefits of Indenture.

                 Nothing in this Indenture, any Security or any Coupon, express
or implied, shall give to any Person, other than the parties hereto, any
Security Registrar, any Paying Agent and their successors hereunder and the
Holders of Securities or Coupons, any benefit or any legal or equitable right,
remedy or claim under this Indenture.

                                       14
<PAGE>
                 Section 113.  Governing Law.

                 This Indenture, the Securities and any Coupons shall be
governed by and construed in accordance with the laws of the State of New York
applicable to agreements made or instruments entered into and, in each case,
performed in said state.

                 Section 114.  Legal Holidays.

                 In any case where any Interest Payment Date, Stated Maturity
or Maturity of any Security, or the last date on which a Holder has the right
to convert his Securities shall be a Legal Holiday at any Place of Payment,
then (notwithstanding any other provision of this Indenture, any Security or
any Coupon other than a provision in any Security or Coupon that specifically
states that such provision shall apply in lieu of this Section 114) or
conversion payment of the Securities need not be made at such Place of Payment
on such date, but may be made on the next succeeding day that is a Business Day
at such Place of Payment with the same force and effect as if made on the
Interest Payment Date or at the Stated Maturity or Maturity, or on the last
such date for conversion, and no interest shall accrue on the amount payable on
such date or at such time for the period from and after such Interest Payment
Date or Stated Maturity or Maturity, or last such date for conversion, as the
case may be.

                                  ARTICLE TWO

                                SECURITIES FORMS

                 Section 201.  Forms Generally.

                 Each Registered Security, Bearer Security, Coupon and
temporary global Security issued pursuant to this Indenture shall be in the
form established by or pursuant to a Board Resolution or in one or more
indentures supplemental hereto, shall have such appropriate insertions,
omissions, substitutions and other variations as are required or permitted by
or pursuant to this Indenture or any indenture supplemental hereto and may have
such letters, numbers or other marks of identification and such legends or
endorsements placed thereon as may, consistently herewith, be determined by the
officers executing such Security or Coupon as evidenced by their execution of
such Security or Coupon.

                 Unless otherwise provided in or pursuant to this Indenture,
the Securities shall be issuable in registered form without Coupons.

                 Definitive Securities and definitive Coupons shall be printed,
lithographed or engraved or produced by any combination of these methods on a
steel engraved border or steel engraved borders or may be produced in any other
manner, all as determined by the officers of the Company executing such
Securities or Coupons, as evidenced by their execution of such Securities or
Coupons.

                                       15
<PAGE>
                 Section 202.  Form of Trustee's Certificate of Authentication.

                 Subject to Section 610, the Trustee's certificate of
authentication shall be in substantially the following form:

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

                                                        , as Trustee
                                       -----------------

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

                 Section 203.  Securities in Global Form.

                 If Securities of a series shall be issuable in global form,
any such Security may provide that it or any number of such Securities shall
represent the aggregate amount of all Outstanding Securities of such series (or
such lesser amount as is permitted by the terms thereof) from time to time
endorsed thereon and may also provide that the aggregate amount of Outstanding
Securities represented thereby may from time to time be increased or reduced to
reflect exchanges.  Any endorsement of any Security in global form to reflect
the amount, or any increase or decrease in the amount, or changes in the rights
of Holders, of Outstanding Securities represented thereby shall be made in such
manner and by such Person or Persons as shall be specified therein or in the
Company Order to be delivered pursuant to Section 303 or 304 with respect
thereto.  Subject to the provisions of Section 303 and, if applicable, Section
304, the Trustee shall deliver and redeliver any Security in permanent global
form in the manner and upon instructions given by the Person or Persons
specified therein or in the applicable Company Order.  If a Company Order
pursuant to Section 303 or 304 has been, or simultaneously is, delivered, any
instructions by the Company with respect to a Security in global form shall be
in writing but need not be accompanied by or contained in an Officers'
Certificate and need not be accompanied by an Opinion of Counsel.

                                 ARTICLE THREE

                                 THE SECURITIES

                 Section 301.  Amount Unlimited; Issuable in Series.

                 The aggregate principal amount of Securities which may be
authenticated and delivered under this Indenture is unlimited. The Securities
may be issued in one or more series.

                 With respect to any Securities to be authenticated and
delivered hereunder, there shall be established in or pursuant to a Board
Resolution and set forth in an Officers' Certificate, or established in one or
more indentures supplemental hereto,

                                       16
<PAGE>
                 (1)  the title of such Securities and the series in which such
                      Securities shall be included;

                 (2)  any limit upon the aggregate principal amount of the
         Securities of such title or the Securities of such series which may be
         authenticated and delivered under this Indenture (except for
         Securities authenticated and delivered upon registration or transfer
         of, or in exchange for, or in lieu of, other Securities of such series
         pursuant to Section 304, 305, 306, 905, 1107 or 1602 or the terms of
         such Securities);

                 (3)  whether such Securities are to be issuable as Registered
         Securities, as Bearer Securities or alternatively as Bearer Securities
         and Registered Securities, and whether the Bearer Securities are to be
         issuable with Coupons, without Coupons or both, and any restrictions
         applicable to the offer, sale or delivery of the Bearer Securities and
         the terms, if any, upon which Bearer Securities may be exchanged for
         Registered Securities and vice versa;

                 (4)  if any of such Securities are to be issuable in global
         form, when any of such Securities are to be issuable in global form
         and (i) whether beneficial owners of interests in any such global
         Security may exchange such interest for Securities of the same series
         and of like tenor and of any authorized form and denomination, and the
         circumstances under which any such exchanges may occur, if other than
         in the manner specified in Section 305, and (ii) the name of the
         Depository or the U.S. Depository, as the case may be, with respect to
         any global Security;

                 (5)  if any of such Securities are to be issuable as Bearer
         Securities or in global form, the date as of which any such Bearer
         Security or global Security shall be dated (if other than the date of
         original issuance of the first of such Securities to be issued);

                 (6)  if any of such Securities are to be issuable as Bearer
         Securities, whether interest in respect of any portion of a temporary
         Bearer Security in global form payable in respect of an Interest
         Payment Date therefor prior to the exchange, if any, of such temporary
         Bearer Security for definitive Securities shall be paid to any
         clearing organization with respect to the portion of such temporary
         Bearer Security held for its account and, in such event, the terms and
         conditions (including any certification requirements) upon which any
         such interest payment received by a clearing organization will be
         credited to the Persons entitled to interest payable on such Interest
         Payment Date;

                 (7)  the date or dates, or the method or methods, if any, by
         which such date or dates shall be determined, on which the principal
         of such Securities is payable;

                 (8)  the rate or rates at which such Securities shall bear
         interest, if any, or the method or methods, if any, by which such rate
         or rates are to be determined, the date or dates, if any, from which
         such interest shall accrue or the method or methods, if any, by which
         such date or dates are to be determined, the Interest Payment Dates,
         if any, on which such interest shall be payable and the Regular Record
         Date, if any, for the interest payable on Registered Securities on any
         Interest Payment Date, whether and under what

                                       17
<PAGE>
         circumstances Additional Amounts on such Securities or any of them
         shall be payable, and the basis upon which interest shall be
         calculated;

                 (9)  if in addition to or other than The City of New York, the
         place or places where the principal of, any premium and interest on or
         any Additional Amounts with respect to such Securities shall be
         payable, any of such Securities that are Registered Securities may be
         surrendered for registration of transfer, any of such Securities may
         be surrendered for exchange or conversion and notices or demands to or
         upon the Company in respect of such Securities and this Indenture may
         be served;

                 (10)  whether any of such Securities are to be redeemable at
         the option of the Company and, if so, the period or periods within
         which, the price or prices at which and the other terms and conditions
         upon which such Securities may be redeemed, in whole or in part, at
         the option of the Company;

                 (11)  whether the Company is obligated to redeem or purchase
         any of such Securities pursuant to any sinking fund or at the option
         of any Holder thereof and, if so, the period or periods within which,
         the price or prices at which and the other terms and conditions upon
         which such Securities shall be redeemed or purchased, in whole or in
         part, pursuant to such obligation, and any provisions for the
         remarketing of such Securities so redeemed or purchased;

                 (12)  the denominations in which any of such Securities that
         are Registered Securities shall be issuable if other than
         denominations of $1,000 and any integral multiple thereof, and the
         denominations in which any of such Securities that are Bearer
         Securities shall be issuable if other than the denomination of $5,000;

                 (13)  if other than the principal amount thereof, the portion
         of the principal amount of any of such Securities that shall be
         payable upon declaration of acceleration of the Maturity thereof
         pursuant to Section 501 or the method by which such portion is to be
         determined;

                 (14)  if other than Dollars, the Currency in which payment of
         the principal of, any premium or interest on or any Additional Amounts
         with respect to any of such Securities shall be payable;

                 (15)  the Currency in which payment of principal of, any
         premium or interest on or any Additional Amounts with respect to any
         Securities shall be payable if other than the currency of the United
         States, and the time and manner of determining the exchange rate
         between the Currency in which such Securities are payable and the
         Currency in which such Securities or any of them are so payable;

                 (16)  whether the amount of payments of principal of, any
         premium or interest on or any Additional Amounts with respect to such
         Securities may be determined with reference to an index, formula or
         other method (which index, formula or method or methods may be based,
         without limitation, on one or more Currencies, commodities,

                                       18
<PAGE>
         equity indices or other indices), and, if so, the terms and conditions
         upon which and the manner in which such amounts shall be determined
         and paid or payable;

                 (17)  any deletions from, modifications of or additions to the
         Events of Default or covenants of the Company with respect to any of
         such Securities, whether or not such Events of Default or covenants
         are consistent with the Events of Default or covenants set forth
         herein;

                 (18)  the applicability, if any, of Section 402 to any of such
         Securities and any provisions in modification of, in addition to or in
         lieu of any of the provisions of Section 402;

                 (19)  whether the principal of (and premium, if any) or
         interest (including Additional Amounts), if any, on the Securities of
         the series are to be payable, at the election of the Company or any
         Holder thereof or otherwise, in a currency or currencies, currency
         unit or units or composite currency or currencies other than that in
         which such Securities or any of them are denominated or stated to be
         payable, the period or periods within which, and the other terms and
         conditions upon which, such election, if any, may be made, and the
         time and manner of determining the exchange rate between the currency
         or currencies, currency unit or units or composite currency or
         currencies in which such Securities or any of them are denominated or
         stated to be payable and the currency or currencies, currency unit or
         units or composite currency or currencies in which such Securities or
         any of them are to be so payable;

                 (20)  if any of such Securities are to be issuable in global
         form and are to be issuable in definitive form (whether upon original
         issue or upon exchange of a temporary Security) only upon receipt of
         certain certificates or other documents or satisfaction of other
         conditions, then the form and terms of such certificates, documents or
         conditions;

                 (21)  if there is more than one Trustee, the identity of the
         Trustee and, if not the Trustee, the identity of each Security
         Registrar, Paying Agent or Authenticating Agent with respect to such
         Securities; and

                 (22)  whether Securities of the series are to be Convertible
         Securities and, if so, the initial Conversion Price applicable
         thereto, the period or periods within which the conversion privilege
         may be exercised, the class of Common Stock into which such
         Convertible Securities may be converted and any additions, deletions,
         modifications or variations to the provisions of Article Sixteen
         hereof applicable thereto;

                 (23)  any other terms of such Securities (which terms shall
         not be inconsistent with the provisions of this Indenture).

                 All Securities of any one series and all Coupons, if any,
appertaining to Bearer Securities of such series shall be substantially
identical except as to Currency of payments due thereunder, denomination and
the rate or rates of interest, if any, and Maturity, the date from which
interest, if any, shall accrue and except as may otherwise be provided by the
Company in

                                       19
<PAGE>
or pursuant to the Board Resolution and set forth in the Officers' Certificate
or in any indenture or indentures supplemental hereto pertaining to such series
of Securities.  All Securities of any one series need not be issued at the same
time and, unless otherwise so provided by the Company, a series may be reopened
for issuances of additional Securities of such series or to establish
additional terms of such series of Securities.

                 If any of the terms of the Securities of any series shall be
established by action taken by or pursuant to a Board Resolution, the Board
Resolution shall be delivered to the Trustee at or prior to the delivery of the
Officers' Certificate setting forth the terms of such series.

                 Section 302.  Currency; Denominations.

                 Unless otherwise provided in or pursuant to this Indenture,
the principal of, any premium and interest on and any Additional Amounts with
respect to the Securities shall be payable in Dollars.  Unless otherwise
provided in or pursuant to this Indenture, Registered Securities denominated in
Dollars shall be issuable in registered form without Coupons in denominations
of $1,000 and any integral multiple thereof, and the Bearer Securities
denominated in Dollars shall be issuable in the denomination of $5,000.
Securities not denominated in Dollars shall be issuable in such denominations
as are established with respect to such Securities in or pursuant to this
Indenture.

                 Section 303.  Execution, Authentication, Delivery and Dating.

                 Securities shall be executed on behalf of the Company by its
Chairman of the Board and Chief Executive Officer, its President and Chief
Operating Officer, the Chief Financial Officer, the Treasurer and any Assistant
Treasurer or one of its Senior Vice Presidents under its corporate seal
reproduced thereon and attested by its Corporate Secretary or one of its
Assistant Secretaries.  Coupons shall be executed on behalf of the Company by
the Chief Financial Officer, the Treasurer or any Assistant Treasurer of the
Company.  The signature of any of these officers on the Securities or any
Coupons appertaining thereto may be manual or facsimile.

                 Securities and any Coupons appertaining thereto bearing the
manual or facsimile signatures of individuals who were at any time the proper
officers of the Company shall bind the Company, notwithstanding that such
individuals or any of them have ceased to hold such offices prior to the
authentication and delivery of such Securities or did not hold such offices at
the date of such Securities.

                 At any time and from time to time after the execution and
delivery of this Indenture, the Company may deliver Securities, together with
any Coupons appertaining thereto, executed by the Company, to the Trustee for
authentication, together with the Board Resolution and Officers' Certificate or
supplemental indenture with respect to such Securities referred to in Section
301 and a Company Order for the authentication and delivery of such Securities,
and the Trustee in accordance with the Company Order and subject to the
provisions hereof shall authenticate and deliver such Securities.  In
authenticating such Securities, and accepting the

                                       20
<PAGE>
additional responsibilities under this Indenture in relation to such Securities
and any Coupons appertaining thereto, the Trustee shall be entitled to receive,
and (subject to Article Six hereof) shall be fully protected in relying upon an
Opinion of Counsel substantially to the effect that:

                 (a)  the form or forms and terms of such Securities and
         Coupons, if any, have been established in conformity with the
         provisions of this Indenture;

                 (b)  that such Securities, and Coupons, when completed by
         appropriate insertion and executed and delivered by the Company to the
         Trustee for authentication pursuant to this Indenture, and
         authenticated and delivered by the Trustee and issued by the Company
         in the manner and subject to any conditions specified in such Opinion
         of Counsel, will constitute legally valid and binding obligations of
         the Company, enforceable against the Company in accordance with their
         terms, subject to bankruptcy, insolvency, reorganization, moratorium,
         fraudulent transfer or other similar laws affecting the enforcement of
         creditors' rights generally, and subject to general principles of
         equity (regardless of whether enforcement is sought in a proceeding in
         equity or at law) and except further as enforcement thereof may be
         limited by (A) requirements that a claim with respect to any
         securities denominated other than in Dollars (or a foreign currency or
         foreign currency unit judgment in respect of such claim) be converted
         into Dollars at a rate of exchange prevailing on a date determined
         pursuant to applicable law or (B) governmental authority to limit,
         delay or prohibit the making of payments in foreign currency or
         currency units or payments outside the United States; and will entitle
         the Holders thereof to the benefits of this Indenture; such Opinion of
         Counsel need express no opinion as to the availability of equitable
         remedies;

                 (c)  all legal requirements in respect of the execution and
         delivery by the Company of such Securities and Coupons, if any, have
         been complied with; and

                 (d)  as to such other matters as the Trustee may reasonably
         request.

                 If all the Securities of any series are not to be issued at
one time, it shall not be necessary to deliver an Opinion of Counsel and an
Officers' Certificate at the time of issuance of each Security, but such
opinion and certificate, with appropriate modifications, shall be delivered at
or before the time of issuance of the first Security of such series.  After any
such first delivery, any separate request by the Company that the Trustee
authenticate Securities of such series for original issue will be deemed to be
a certification by the Company that all conditions precedent provided for in
this Indenture relating to authentication and delivery of such Securities
continue to have been complied with.

                 The Trustee shall not be required to authenticate or to cause
an Authenticating Agent to authenticate any Securities if the issue of such
Securities pursuant to this Indenture will affect the Trustee's own rights,
duties or immunities under the Securities and this Indenture or otherwise in a
manner which is not reasonably acceptable to the Trustee or if the Trustee,
being advised by counsel, determines that such action may not lawfully be
taken.

                                       21
<PAGE>
                 Each Registered Security shall be dated the date of its
authentication.  Each Bearer Security and any temporary Bearer Security in
global form shall be dated as of the date specified in or pursuant to this
Indenture.

                 No Security or Coupon appertaining thereto shall be entitled
to any benefit under this Indenture or be valid or obligatory for any purpose,
unless there appears on such Security a certificate of authentication
substantially in the form provided for in Section 202 or 610 executed by or on
behalf of the Trustee by the manual signature of one of its authorized officers
or by an Authenticating Agent.  Such certificate upon any Security shall be
conclusive evidence, and the only evidence, that such Security has been duly
authenticated and delivered hereunder.  Except as permitted by Section 306 or
307, the Trustee shall not authenticate and deliver any Bearer Security unless
all Coupons appertaining thereto then matured have been detached and cancelled.

                 Section 304.  Temporary Securities.

                 Pending the preparation of definitive Securities, the Company
may execute and deliver to the Trustee and, upon Company Order, the Trustee
shall authenticate and deliver, in the manner provided in Section 303,
temporary Securities in lieu thereof which are printed, lithographed,
typewritten, mimeographed or otherwise produced, in any authorized
denomination, substantially of the tenor of the definitive Securities in lieu
of which they are issued, in registered form or, if authorized in or pursuant
to this Indenture, in bearer form with one or more Coupons or without Coupons
and with such appropriate insertions, omissions, substitutions and other
variations as the officers of the Company executing such Securities may
determine, as conclusively evidenced by their execution of such Securities.
Such temporary Securities may be in global form.

                 Except in the case of temporary Securities in global form,
which shall be exchanged in accordance with the provisions thereof, if
temporary Securities are issued, the Company shall cause definitive Securities
to be prepared without unreasonable delay.  After the preparation of definitive
Securities of the same series and containing terms and provisions that are
identical to those of any temporary Securities, such temporary Securities shall
be exchangeable for such definitive Securities upon surrender of such temporary
Securities at an Office or Agency for such Securities, without charge to any
Holder thereof.  Upon surrender for cancellation of any one or more temporary
Securities (accompanied by any unmatured Coupons appertaining thereto), the
Company shall execute and the Trustee shall authenticate and deliver in
exchange therefor a like principal amount of definitive Securities of
authorized denominations of the same series and containing identical terms and
provisions; provided, however, that no definitive Bearer Security, except as
provided in or pursuant to this Indenture, shall be delivered in exchange for a
temporary Registered Security; and provided, further, that a definitive Bearer
Security shall be delivered in exchange for a temporary Bearer Security only in
compliance with the conditions set forth in or pursuant to this Indenture.
Unless otherwise provided in or pursuant to this Indenture with respect to a
temporary global Security, until so exchanged the temporary Securities of any
series shall in all respects be entitled to the same benefits under this
Indenture as definitive Securities of such series.

                                       22
<PAGE>
                 Section 305.  Registration, Transfer and Exchange.

                 With respect to the Registered Securities of each series, if
any, the Company shall cause to be kept a register (each such register being
herein sometimes referred to as the "Security Register") at an Office or Agency
for such series in which, subject to such reasonable regulations as it may
prescribe, the Company shall provide for the registration of the Registered
Securities of such series and of transfers of the Registered Securities of such
series.  In the event that the Trustee shall not be the Security Registrar, it
shall have the right to examine the Security Register at all reasonable times.
The Trustee is hereby initially appointed as Security Registrar for each series
of Securities.  In the event that the Trustee shall cease to be Security
Registrar with respect to a series of Securities, it shall have the right to
examine the Security Register for such series at all reasonable times.

                 Upon surrender for registration of transfer of any Registered
Security of any series at any Office or Agency for such series, the Company
shall execute, and the Trustee shall authenticate and deliver, in the name of
the designated transferee or transferees, one or more new Registered Securities
of the same series denominated as authorized in or pursuant to this Indenture,
of a like aggregate principal amount bearing a number not contemporaneously
outstanding and containing identical terms and provisions.

                 At the option of the Holder, Registered Securities of any
series may be exchanged for other Registered Securities of the same series
containing identical terms and provisions, in any authorized denominations, and
of a like aggregate principal amount, upon surrender of the Securities to be
exchanged at any Office or Agency for such series.  Whenever any Registered
Securities are so surrendered for exchange, the Company shall execute, and the
Trustee shall authenticate and deliver, the Registered Securities which the
Holder making the exchange is entitled to receive.

                 If provided in or pursuant to this Indenture, with respect to
Securities of any series, at the option of the Holder, Bearer Securities of
such series may be exchanged for Registered Securities of such series
containing identical terms, denominated as authorized in or pursuant to this
Indenture and in the same aggregate principal amount, upon surrender of the
Bearer Securities to be exchanged at any Office or Agency for such series, with
all unmatured Coupons and all matured Coupons in default thereto appertaining.
If the Holder of a Bearer Security is unable to produce any such unmatured
Coupon or Coupons or matured Coupon or Coupons in default, such exchange may be
effected if the Bearer Securities are accompanied by payment in funds
acceptable to the Company and the Trustee in an amount equal to the face amount
of such missing Coupon or Coupons, or the surrender of such missing Coupon or
Coupons may be waived by the Company and the Trustee if there is furnished to
them such security or indemnity as they may require to save each of them and
any Paying Agent harmless.  If thereafter the Holder of such Bearer Security
shall surrender to any Paying Agent any such missing Coupon in respect of which
such a payment shall have been made, such Holder shall be entitled to receive
the amount of such payment; provided, however, that, except as otherwise
provided in Section 1002, interest represented by Coupons shall be payable only
upon presentation and surrender of those Coupons at an Office or Agency for
such series located

                                       23
<PAGE>
outside the United States.  Notwithstanding the foregoing, in case a Bearer
Security of any series is surrendered at any such Office or Agency for such
series in exchange for a Registered Security of such series and like tenor
after the close of business at such Office or Agency on (i) any Regular Record
Date and before the opening of business at such Office or Agency on the
relevant Interest Payment Date, or (ii) any Special Record Date and before the
opening of business at such Office or Agency on the related date for payment of
Defaulted Interest, such Bearer Security shall be surrendered without the
Coupon relating to such Interest Payment Date or proposed date of payment, as
the case may be (or, if such Coupon is so surrendered with such Bearer
Security, such Coupon shall be returned to the Person so surrendering the
Bearer Security), and interest or Defaulted Interest, as the case may be, shall
not be payable on such Interest Payment Date or proposed date for payment, as
the case may be, in respect of the Registered Security issued in exchange for
such Bearer Security, but shall be payable only to the Holder of such Coupon
when due in accordance with the provisions of this Indenture.

                 If expressly provided with respect to Securities of any
series, at the option of the Holder, Registered Securities of such series may
be exchanged for Bearer Securities upon such terms and conditions as may be
provided with respect to such series.

                 Whenever any Securities are surrendered for exchange as
contemplated by the immediately preceding two paragraphs, the Company shall
execute, and the Trustee shall authenticate and deliver, the Securities which
the Holder making the exchange is entitled to receive.

                 Notwithstanding the foregoing, except as otherwise provided in
or pursuant to this Indenture, any global Security shall be exchangeable for
definitive Securities only if (i) the Depository notifies the Company that it
is at any time unwilling, unable or ineligible to continue as Depository and a
successor depository is not appointed by the Company within 60 days of the date
the Company is so informed in writing, (ii) the Company executes and delivers
to the Trustee a Company Order to the effect that such global Security shall be
so exchangeable, or (iii) an Event of Default has occurred and is continuing
with respect to the Securities.  If the beneficial owners of interests in a
global Security are entitled to exchange such interests for definitive
Securities, then without unnecessary delay but in any event not later than the
earliest date on which such interests may be so exchanged, the Company shall
deliver to the Trustee definitive Securities in such form and denominations, as
directed by the Depositary, as are required by or pursuant to this Indenture
and of the same series, containing identical terms and in aggregate principal
amount equal to the principal amount of, such global Security, executed by the
Company.  On or after the earliest date on which such interests may be so
exchanged, such global Security shall be surrendered from time to time by the
U.S. Depository or such other Depository as shall be specified in the Company
Order with respect thereto, and in accordance with instructions given to the
Trustee and the U.S. Depository or such other Depository, as the case may be
(which instructions shall be in writing but need not be contained in or
accompanied by an Officers' Certificate or be accompanied by an Opinion of
Counsel), as shall be specified in the Company Order with respect thereto to
the Trustee, as the Company's agent for such purpose, to be exchanged, in whole
or in part, for definitive Securities as described above without charge.  The
Trustee shall authenticate and make available for delivery, in exchange for

                                       24
<PAGE>
each portion of such surrendered global Security, a like aggregate principal
amount of definitive Securities of the same series of authorized denominations
and of like tenor as the portion of such global Security to be exchanged, which
(unless such Securities are not issuable both as Bearer Securities and as
Registered Securities, in which case the definitive Securities exchanged for
the global Security shall be issuable only in the form in which the Securities
are issuable, as provided in or pursuant to this Indenture) shall be in the
form of Bearer Securities or Registered Securities, or any combination thereof,
as shall be specified by the beneficial owner thereof; provided, however, that
no such exchanges may occur during a period beginning at the opening of
business 15 days before any selection of Securities of the same series and
continuing identical terms to be redeemed and ending on the relevant Redemption
Date; and provided, further, that (unless otherwise provided in or pursuant to
this Indenture) no Bearer Security delivered in exchange for a portion of a
global Security shall be mailed or otherwise delivered to any location in the
United States.  Promptly following any such exchange in part, such global
Security shall be returned by the Trustee to such Depository or the U.S.
Depository, as the case may be, or such other Depository or U.S. Depository
referred to above in accordance with the instructions of the Company referred
to above.  If a Registered Security is issued in exchange for any portion of a
global Security after the close of business at the Office or Agency for such
Security where such exchange occurs on or after (i) any Regular Record Date for
such Security and before the opening of business at such Office or Agency on
the next Interest Payment Date, or (ii) any Special Record Date for such
Security and before the opening of business at such Office or Agency on the
related proposed date for payment of interest or Defaulted Interest, as the
case may be, interest shall not be payable on such Interest Payment Date or
proposed date for payment, as the case may be, in respect of such Registered
Security, but shall be payable on such Interest Payment Date or proposed date
for payment, as the case may be, only to the Person to whom interest in respect
of such portion of such global Security shall be payable in accordance with the
provisions of this Indenture.

                 All Securities issued upon any registration of transfer or
exchange of Securities shall be the valid obligations of the Company evidencing
the same debt and entitling the Holders thereof to the same benefits under this
Indenture as the Securities surrendered upon such registration of transfer or
exchange.

                 Every Registered Security presented or surrendered for
registration of transfer or for exchange or redemption shall (if so required by
the Company or the Security Registrar for such Security) be duly endorsed, or
be accompanied by a written instrument of transfer in form satisfactory to the
Company and the Security Registrar for such Security duly executed by the
Holder thereof or his attorney duly authorized in writing.

                 No service charge shall be made for any registration of
transfer or exchange, redemption or conversion of Securities, but the Company
may require payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in connection with any registration of transfer or
exchange of Securities, other than exchanges pursuant to Section 304, 905 or
1107 not involving any transfer.

                                       25
<PAGE>
                 Except as otherwise provided in or pursuant to this Indenture,
the Company shall not be required (i) to issue, register the transfer of or
exchange any Securities during a period beginning at the opening of business 15
days before the day of the selection for redemption of Securities of like tenor
and the same series under Section 1103 and ending at the close of business (A)
if Securities of the series are issuable only as Registered Securities, on the
day of the mailing of the relevant notice of redemption, and (B) if Securities
of the series are issuable as Bearer Securities, on the day of the first
publication of the relevant notice of redemption or, if Securities of the
series are also issuable as Registered Securities and there is no publication,
the mailing of the relevant notice of redemption, or (ii) to register the
transfer of or exchange any Registered Security so selected for redemption in
whole or in part, except in the case of any Security to be redeemed in part,
the portion thereof not to be redeemed, or (iii) to exchange any Bearer
Security so selected for redemption except, to the extent provided with respect
to such Bearer Security, that such Bearer Security may be exchanged for a
Registered Security of like tenor and the same series, provided that such
Registered Security shall be immediately surrendered for redemption with
written instruction for payment consistent with the provisions of this
Indenture or (iv) to issue, register the transfer of or exchange any Security
which, in accordance with its terms, has been surrendered for repayment at the
option of the Holder, except the portion, if any, of such Security not to be so
repaid.

                 Section 306.  Mutilated, Destroyed, Lost and Stolen
                               Securities.

                 If any mutilated Security or a Security with a mutilated
Coupon appertaining to it is surrendered to the Trustee, subject to the
provisions of this Section 306, the Company shall execute and the Trustee shall
authenticate and deliver in exchange therefor a new Security of the same series
containing identical terms and of like principal amount and bearing a number
not contemporaneously outstanding, with Coupons appertaining thereto
corresponding to the Coupons, if any, appertaining to the surrendered Security.

                 If there be delivered to the Company and to the Trustee (i)
evidence to their satisfaction of the destruction, loss or theft of any
Security or Coupon, and (ii) such security or indemnity as may be required by
them to save each of them and any agent of either of them harmless, then, in
the absence of notice to the Company or the Trustee that such Security or
Coupon has been acquired by a bona fide purchaser, the Company shall execute
and, upon the Company's request the Trustee shall authenticate and deliver, in
exchange for or in lieu of any such mutilated, destroyed, lost or stolen
Security or in exchange for the Security to which a destroyed, lost or stolen
Coupon appertains with all appurtenant Coupons not destroyed, lost or stolen, a
new Security of the same series containing identical terms and of like
principal amount and bearing a number not contemporaneously outstanding, with
Coupons corresponding to the Coupons, if any, appertaining to such destroyed,
lost or stolen Security or to the Security to which such destroyed, lost or
stolen Coupon appertains.

                 Notwithstanding the foregoing provisions of this Section 306,
in case any mutilated, destroyed, lost or stolen Security or Coupon has become
or is about to become due and payable, the Company in its discretion may,
instead of issuing a new Security, pay such Security or Coupon; provided,
however, that payment of principal of, any premium or interest on

                                       26
<PAGE>
or any Additional Amounts with respect to any Bearer Securities shall, except
as otherwise provided in Section 1002, be payable only at an Office or Agency
for such Securities located outside the United States and, unless otherwise
provided in or pursuant to this Indenture, any interest on Bearer Securities
and any Additional Amounts with respect to such interest shall be payable only
upon presentation and surrender of the Coupons appertaining thereto.

                 Upon the issuance of any new Security under this Section 306,
the Company may require the payment of a sum sufficient to cover any tax or
other governmental charge that may be imposed in relation thereto and any other
expenses (including the fees and expenses of the Trustee) connected therewith.

                 Every new Security, with any Coupons appertaining thereto
issued pursuant to this Section in lieu of any destroyed, lost or stolen
Security, or in exchange for a Security to which a destroyed, lost or stolen
Coupon appertains shall constitute a separate obligation of the Company,
whether or not the destroyed, lost or stolen Security and Coupons appertaining
thereto or the destroyed, lost or stolen Coupon shall be at any time
enforceable by anyone, and shall be entitled to all the benefits of this
Indenture equally and proportionately with any and all other Securities of such
series and any Coupons, if any, duly issued hereunder.

                 The provisions of this Section are exclusive and shall
preclude (to the extent lawful) all other rights and remedies with respect to
the replacement or payment of mutilated, destroyed, lost or stolen Securities
or Coupons.

                 Section 307.  Payment of Interest and Certain Additional
                               Amounts; Rights to Interest and Certain
                               Additional Amounts Preserved.

                 Unless otherwise provided in or pursuant to this Indenture,
any interest on and any Additional Amounts with respect to any Registered
Security which shall be payable, and are punctually paid or duly provided for,
on any Interest Payment Date shall be paid to the Person in whose name such
Security (or one or more Predecessor Securities) is registered as of the close
of business on the Regular Record Date for such interest.  Unless otherwise
provided in or pursuant to this Indenture, in case a Bearer Security is
surrendered in exchange for a Registered Security after the close of business
at an Office or Agency for such Security on any Regular Record Date therefor
and before the opening of business at such Office or Agency on the next
succeeding Interest Payment Date therefor, such Bearer Security shall be
surrendered without the Coupon relating to such Interest Payment Date and
interest shall not be payable on such Interest Payment Date in respect of the
Registered Security issued in exchange for such Bearer Security, but shall be
payable only to the Holder of such Coupon when due in accordance with the
provisions of this Indenture.

                 Unless otherwise provided in or pursuant to this Indenture,
any interest on and any Additional Amounts with respect to any Registered
Security which shall be payable, but shall not be punctually paid or duly
provided for, on any Interest Payment Date for such Registered Security (herein
called "Defaulted Interest") shall forthwith cease to be payable to the Holder
thereof on the relevant Regular Record Date by virtue of having been such
Holder; and

                                       27
<PAGE>
such Defaulted Interest may be paid by the Company, at its election in each
case, as provided in Clause (1) or (2) below:

                 (1)  The Company may elect to make payment of any Defaulted
         Interest to the Person in whose name such Registered Security (or a
         Predecessor Security thereof) shall be registered at the close of
         business on a Special Record Date for the payment of such Defaulted
         Interest, which shall be fixed in the following manner.  The Company
         shall notify the Trustee in writing of the amount of Defaulted
         Interest proposed to be paid on such Registered Security and the date
         of the proposed payment, and at the same time the Company shall
         deposit with the Trustee an amount of money equal to the aggregate
         amount proposed to be paid in respect of such Defaulted Interest or
         shall make arrangements satisfactory to the Trustee for such deposit
         on or prior to the date of the proposed payment, such money when so
         deposited to be held in trust for the benefit of the Person entitled
         to such Defaulted Interest as in this Clause provided.  Thereupon, the
         Trustee shall fix a Special Record Date for the payment of such
         Defaulted Interest which shall be not more than 15 days and not less
         than 10 days prior to the date of the proposed payment and not less
         than 10 days after the receipt by the Trustee of the notice of the
         proposed payment. The Trustee shall promptly notify the Company of
         such Special Record Date and, in the name and at the expense of the
         Company shall cause notice of the proposed payment of such Defaulted
         Interest and the Special Record Date therefor to be mailed,
         first-class postage prepaid, to the Holder of such Registered Security
         (or a Predecessor Security thereof) at his address as it appears in
         the Security Register not less than 10 days prior to such Special
         Record Date.  The Trustee may, in its discretion, in the name and at
         the expense of the Company cause a similar notice to be published at
         least once in an Authorized Newspaper of general circulation in the
         Borough of Manhattan, The City of New York, but such publication shall
         not be a condition precedent to the establishment of such Special
         Record Date.  Notice of the proposed payment of such Defaulted
         Interest and the Special Record Date therefor having been mailed as
         aforesaid, such Defaulted Interest shall be paid to the Person in
         whose name such Registered Security (or a Predecessor Security
         thereof) shall be registered at the close of business on such Special
         Record Date and shall no longer be payable pursuant to the following
         Clause (2).  In case a Bearer Security is surrendered at the Office or
         Agency for such Security in exchange for a Registered Security after
         the close of business at such Office or Agency on any Special Record
         Date and before the opening of business at such Office or Agency on
         the related proposed date for payment of Defaulted Interest, such
         Bearer Security shall be surrendered without the Coupon relating to
         such proposed date of payment and Defaulted Interest shall not be
         payable on such proposed date of payment in respect of the Registered
         Security issued in exchange for such Bearer Security, but shall be
         payable only to the Holder of such Coupon when due in accordance with
         the provisions of this Indenture.

                 (2)  The Company may make payment of any Defaulted Interest in
         any other lawful manner not inconsistent with the requirements of any
         securities exchange on which such Security may be listed, and upon
         such notice as may be required by such

                                       28
<PAGE>
         exchange, if, after notice given by the Company to the Trustee of the
         proposed payment pursuant to this Clause, such payment shall be deemed
         practicable by the Trustee.

                 At the option of the Company, interest on Registered
Securities that bear interest may be paid by mailing a check to the address of
the Person entitled thereto as such address shall appear in the Security
Register.

                 Subject to the foregoing provisions of this Section 307 and
Section 305, each Security delivered under this Indenture upon registration of
transfer of or in exchange for or in lieu of any other Security shall carry the
rights to interest accrued and unpaid, and to accrue, which were carried by
such other Security.

                 Section 308.  Persons Deemed Owners.

                 Prior to due presentment of a Registered Security for
registration of transfer, the Company, the Trustee and any agent of the Company
or the Trustee may treat the Person in whose name such Registered Security is
registered in the Security Register as the owner of such Registered Security
for the purpose of receiving payment of principal of, any premium and (subject
to Sections 305 and 307) interest on and any Additional Amounts with respect to
such Registered Security and for all other purposes whatsoever, whether or not
any payment with respect to such Registered Security shall be overdue, and
neither the Company, nor the Trustee or any agent of the Company or the Trustee
shall be affected by notice to the contrary.

                 The Company, the Trustee and any agent of the Company or the
Trustee may treat the bearer of any Bearer Security or the bearer of any Coupon
as the absolute owner of such Security or Coupon for the purpose of receiving
payment thereof or on account thereof, for the purpose of conversion and for
all other purposes whatsoever, whether or not any payment with respect to such
Security or Coupon shall be overdue, and neither the Company, nor the Trustee
or any agent of the Company or the Trustee shall be affected by notice to the
contrary.

                 No holder of any beneficial interest in any global Security
held on its behalf by a Depository shall have any rights under this Indenture
with respect to such global Security, and such Depository may be treated by the
Company, the Trustee, and any agent of the Company or the Trustee as the owner
of such global Security for all purposes whatsoever.  None of the Company, the
Trustee, any Paying Agent or the Security Registrar will have any
responsibility or liability for any aspect of the records relating to or
payments made on account of beneficial ownership interests of a global Security
or for maintaining, supervising or reviewing any records relating to such
beneficial ownership interests.

                 Section 309.  Cancellation.

                 All Securities and Coupons surrendered for payment,
redemption, registration of transfer, exchange or conversion or for credit
against any sinking fund payment shall, if surrendered to any Person other than
the Trustee, be delivered to the Trustee, and any such Securities and Coupons,
as well as Securities and Coupons surrendered directly to the Trustee for any
such purpose, shall be cancelled promptly by the Trustee.  The Company may at
any time

                                       29
<PAGE>
deliver to the Trustee for cancellation any Securities previously authenticated
and delivered hereunder which the Company may have acquired in any manner
whatsoever, and all Securities so delivered shall be cancelled promptly by the
Trustee.  No Securities shall be authenticated in lieu of or in exchange for
any Securities cancelled as provided in this Section, except as expressly
permitted by or pursuant to this Indenture.  All cancelled Securities and
Coupons held by the Trustee shall be destroyed by the Trustee, unless by a
Company Order the Company directs their return to it in a timely manner.

                 Section 310.  Computation of Interest.

                 Except as otherwise provided in or pursuant to this Indenture,
interest on the Securities shall be computed on the basis of a 360-day year of
twelve 30-day months.

                                  ARTICLE FOUR

                           SATISFACTION AND DISCHARGE

                 Section 401.  Satisfaction and Discharge of Indenture.

                 Upon the direction of the Company by a Company Order, this
Indenture shall cease to be of further effect (except as to any surviving
rights of registration of transfer or exchange of Securities herein expressly
provided for and any right to receive Additional Amounts), and the Trustee, on
receipt of a Company Order, at the expense of the Company, shall execute proper
instruments acknowledging satisfaction and discharge of this Indenture, when

                 (1)  either

                          (A)  all Securities theretofore authenticated and
                 delivered and all Coupons appertaining thereto (other than (i)
                 Coupons appertaining to Bearer Securities surrendered in
                 exchange for Registered Securities and maturing after such
                 exchange whose surrender is not required or has been waived as
                 provided in Section 305, (ii) Securities and Coupons which
                 have been destroyed, lost or stolen and which have been
                 replaced or paid as provided in Section 306, (iii) Coupons
                 appertaining to Securities called for redemption and maturing
                 after the relevant Redemption Date whose surrender has been
                 waived as provided in Section 1107, and (iv) Securities and
                 Coupons for whose payment money has theretofore been deposited
                 in trust or segregated and held in trust by the Company and
                 thereafter repaid to the Company or discharged from such
                 trust, as provided in Section 1003) have been delivered to the
                 Trustee for cancellation; or

                          (B)  all Securities and, in the case of (i) or (ii)
                 below, any Coupons appertaining thereto not theretofore
                 delivered to the Trustee for cancellation

                                  (i)  have become due and payable, or

                                       30
<PAGE>
                                  (ii)  will become due and payable at their
                          Stated Maturity within one year, or

                                  (iii)  if redeemable at the option of the
                          Company, are to be called for redemption within one
                          year under arrangements satisfactory to the Trustee
                          for the giving of notice of redemption by the Trustee
                          in the name, and at the expense, of the Company,

                 and the Company, in the case of (i), (ii) or (iii) above, has
                 deposited or caused to be deposited with the Trustee as trust
                 funds in trust for such purpose, money and/or Government
                 Obligations which through the payment of interest and
                 principal in respect thereof in accordance with their terms,
                 without consideration of any reinstatement thereof, will
                 provide not later than the opening of business on the due
                 dates of any payment of principal and any premium, interest
                 and Additional Amounts with respect thereto, or a combination
                 thereof, money in an amount sufficient to pay and discharge
                 the entire indebtedness on such Securities and Coupons not
                 theretofore delivered to the Trustee for cancellation,
                 including the principal of, any premium and interest on, and
                 any Additional Amounts with respect to such Securities and any
                 Coupons appertaining thereto, to the date of such deposit (in
                 the case of Securities which have become due and payable) or
                 to the Maturity thereof, as the case may be;

                 (2)  the Company has paid or caused to be paid all other sums
         payable hereunder by the Company; and

                 (3)  the Company has delivered to the Trustee an Officers'
         Certificate and an Opinion of Counsel, each stating that all
         conditions precedent herein provided for relating to the satisfaction
         and discharge of this Indenture have been complied with.

                 In the event there are Securities of two or more series
hereunder, the Trustee shall be required to execute an instrument acknowledging
satisfaction and discharge of this Indenture only if requested to do so with
respect to Securities of all series as to which it is Trustee and if the other
conditions thereto are met.  In the event there are two or more Trustees
hereunder, then the effectiveness of any such instrument shall be conditioned
upon receipt of each such instrument from all Trustees hereunder.

                 Notwithstanding the satisfaction and discharge of this
Indenture, the obligations of the Company to the Trustee under Section 605, the
obligations of the Trustee to any Authenticating Agent under Section 610 and,
if money and/or Government Obligations shall have been deposited with the
Trustee pursuant to subclause (B) of Clause (1) of this Section, the
obligations of the Trustee under Section 403 and the last paragraph of Section
1003 shall survive.

                 In the event that, subsequent to the date a discharge is
effected pursuant to this Section 401, Additional Amounts in excess of those
established as of the date such discharge is effected become payable in respect
of any Securities, in order to preserve the benefits of the discharge
established hereunder, the Company shall deposit or cause to be deposited in

                                       31
<PAGE>
accordance with provisions of this Section 401, within ten business days prior
to the earlier to occur of (i) one year after the existence of such excess
Additional Amounts is established and (ii) the date the first payment in
respect of any portion of such excess Additional Amounts becomes due, such
additional funds as are necessary to satisfy the provisions of this Section 401
as if a discharge were being effected as of the date of such subsequent
deposit.  For purposes of this paragraph, the existence of excess Additional
Amounts shall be deemed to have been established as of the date the
governmental authority imposing the tax, assessment or other governmental
charge resulting in the Additional Amounts first publishes the legislation,
regulation or other enactment adopting such tax, assessment or other
governmental charge.  Failure to comply with the requirements of this paragraph
shall result in the termination of the benefits of the discharge established by
this Section 401.

                 Section 402.  Satisfaction, Discharge and Defeasance of
                               Securities of any Series.

                 If provision is made in or pursuant to this Indenture for
defeasance of Securities of any series and any Coupons appertaining thereto
pursuant to this Section 402, the Company may at any time elect to have this
Section 402 be applied to the outstanding Securities and the Company shall be
deemed to have paid and discharged the entire indebtedness on all the
Outstanding Securities of such series and the Trustee, at the expense of the
Company, shall execute proper instruments acknowledging satisfaction and
discharge of such indebtedness, when

                 (1)  no Event of Default has occurred and is continuing, or
         would occur upon the giving of notice or the lapse of time at the time
         such satisfaction and discharge is being effected and either

                          (A)  with respect to all Outstanding Securities of
                 such series and any Coupons appertaining thereto, the Company
                 has irrevocably deposited or caused to be deposited with the
                 Trustee, as trust funds and/or obligations in trust for such
                 purpose, money and/or Government Obligations which through the
                 payment of interest and principal in respect thereof in
                 accordance with their terms, without consideration of any
                 reinvestment thereof, will provide not later than the opening
                 of business on the due dates of any payment of principal and
                 any premium, interest and Additional Amounts with respect
                 thereto, or a combination thereof, money in an amount
                 sufficient to pay and discharge the entire indebtedness on all
                 Outstanding Securities of such series and any Coupons
                 appertaining thereto not theretofore delivered to the Trustee
                 for cancellation, including the principal of, any premium and
                 interest on, and any Additional Amounts with respect to such
                 Securities and any Coupons appertaining thereto to the date of
                 such deposit (in the case of Securities which have become due
                 and payable) or to the Maturity thereof, as the case may be,
                 as contemplated by the penultimate paragraph of this Section
                 402; or

                          (B)  the Company has properly fulfilled such other
                 means of satisfaction and discharge as is provided in or
                 pursuant to this Indenture for the Securities of such series;
                 and

                                       32
<PAGE>
                 (2)  the Company has paid or caused to be paid all other sums
         payable hereunder with respect to the Outstanding Securities of such
         series and any Coupons appertaining thereto; and

                 (3)  the Company has delivered to the Trustee a certificate
         signed by Independent Public Accountants certifying as to the
         sufficiency of the amounts deposited pursuant to subsections (A)(i) or
         (ii) of this Section for payment of the principal of, any premium and
         interest on and any Additional Amounts with respect to such Securities
         and any Coupons appertaining thereto on the dates such payments are
         due, an Officers' Certificate and an Opinion of Counsel, each such
         Certificate and Opinion stating that no Event of Default or event
         which with notice or lapse of time or both would become an Event of
         Default with respect to such Securities shall have occurred and all
         conditions precedent herein provided for relating to the satisfaction
         and discharge of the entire indebtedness on all Outstanding Securities
         of any such series and any Coupons appertaining thereto shall have
         been complied with; and

                 (4)  the Company has delivered to the Trustee

                          (A)  an opinion of independent counsel that the
                 Holders of the Securities of such series and any Coupons
                 appertaining thereto shall have no federal income tax
                 consequences as a result of such deposit and termination; and

                          (B)  if the Securities of such series are then listed
                 on the New York Stock Exchange, an opinion of independent
                 counsel that the Securities of such series shall not be
                 delisted as a result of the exercise of this option.

                 Any deposits with the Trustee referred to in subsection (1)(A)
of this Section shall be irrevocable and shall be made under the terms of an
escrow trust agreement in form and substance satisfactory to the Trustee.  If
any Outstanding Securities of such series are to be redeemed prior to their
Stated Maturity, whether pursuant to any optional redemption provisions or in
accordance with any mandatory sinking fund requirement or otherwise, the
Company shall make such arrangements as are satisfactory to the Trustee for the
giving of notice of redemption by the Trustee in the name, and at the expense,
of the Company.

                 Upon the satisfaction of the conditions set forth in this
Section 402 with respect to all the Outstanding Securities of any series and
any Coupons appertaining thereto, the terms and conditions of such series
(including the terms and conditions with respect thereto set forth in this
Indenture, other than the provisions of Sections 305, 306, and 1002 and other
than the right of Holders of Securities of such series and any Coupons
appertaining thereto to receive, from the trust fund described in this Section,
payment of the principal of, any premium or the interest on, or any Additional
Amounts with respect to such Securities and any Coupons appertaining thereto
when such payments shall be due) and the rights, powers, duties and immunities
of the Trustee hereunder with respect to the Securities of such series shall no
longer be binding upon, or applicable to, the Company; provided that the
Company shall not be discharged from any payment obligations in respect of
Securities of such series or any Coupons appertaining thereto

                                       33
<PAGE>
which are deemed not to be Outstanding under clause (iii) of the definition of
Outstanding if such obligations continue to be valid obligations of the Company
under applicable law.

                 In the event that, subsequent to the date a defeasance is
effected pursuant to this Section 402 with respect to Securities of any series,
Additional Amounts in excess of those established as of the date such
defeasance is effected become payable in respect of such Securities, in order
to preserve the benefits of the defeasance established hereunder with respect
to such series, the Company shall deposit or cause to be deposited in
accordance with the provisions of this Section 402, within ten business days
prior to the earlier to occur of (i) one year after the existence of such
excess Additional Amounts is established and (ii) the date the first payment in
respect of any portion of such excess Additional Amounts becomes due, such
additional funds as are necessary to satisfy the provisions of this Section 402
as if a defeasance were being effected as of the date of such subsequent
deposit.  For purposes of this paragraph, the existence of excess Additional
Amounts shall be deemed to have been established as of the date the
governmental authority imposing the tax, assessment or other governmental
charge resulting in the Additional Amounts first publishes the legislation,
regulation or other enactment adopting such tax, assessment or other
governmental charge.  Failure to comply with the requirements of this paragraph
shall result in the termination of the benefits of the defeasance established
by this Section 402 with respect to the Securities of such series.

                 Section 403.  Application of Trust Money.

                 Subject to the provisions of the last paragraph of Section
1003, all money and Government Obligations deposited with the Trustee pursuant
to Section 401 or 402 shall be held in trust and applied by it, in accordance
with the provisions of the Securities, the Coupons and this Indenture, to the
payment, either directly or through any Paying Agent (including the Company
acting as its own Paying Agent) as the Trustee may determine, to the Persons
entitled thereto, of the principal, premium, interest and Additional Amounts
for whose payment such money has or Government Obligations have been deposited
with or received by the Trustee; but such money and Government Obligations need
not be segregated from other funds except to the extent required by law.

                                  ARTICLE FIVE

                                    REMEDIES

                 Section 501.  Events of Default.

                 "Event of Default", wherever used herein with respect to
Securities of any series, means any one of the following events (whatever the
reason for such Event of Default and whether it shall be voluntary or be
effected by operation of law pursuant to any judgment, decree or order of any
court or any order, rule or regulation of any administrative or governmental
body):

                 (1)  default in the payment of any interest on or any
         Additional Amounts payable in respect of any Security of such series
         when such interest becomes or such Additional

                                       34
<PAGE>
         Amounts become due and payable, and continuance of such default for a
         period of 30 days; or

                 (2)  default in the payment of the principal of and any
         premium on any Security of such series when it becomes due and payable
         at its Maturity; or

                 (3)  default in the deposit of any sinking fund payment, when
         and as due by the terms of a Security of such series; or

                 (4)  default in the performance, or breach, of any covenant or
         warranty of the Company in this Indenture or the Securities (other
         than a covenant or warranty a default in the performance or the breach
         of which is elsewhere in this Section specifically dealt with or which
         has been expressly included in this Indenture solely for the benefit
         of a series of Securities other than such series), and continuance of
         such default or breach for a period of 60 days after there has been
         given, by registered or certified mail, to the Company by the Trustee
         or to the Company and the Trustee by the Holders of at least 25% in
         principal amount of the Outstanding Securities of such series a
         written notice specifying such default or breach and requiring it to
         be remedied and stating that such notice is a "Notice of Default"
         hereunder; or

                 (5)  if any event of default as defined in any mortgage,
         indenture or instrument under which there may be issued, or by which
         there may be secured or evidenced, any indebtedness of the Company or
         any Significant Subsidiary for money borrowed, whether such
         indebtedness now exists or shall hereafter be created, shall happen
         and shall result in such indebtedness in principal amount in excess of
         $10,000,000 becoming or being declared due and payable prior to the
         date on which it would otherwise become due and payable, and such
         acceleration shall not be rescinded or annulled within a period of 30
         days after there shall have been given, by registered or certified
         mail, to the Company by the Trustee or to the Company and the Trustee
         by the Holders of at least 25% in principal amount of the Outstanding
         Securities of such series, a written notice specifying such event of
         default and requiring the Company to cause such acceleration to be
         rescinded or annulled and stating that such notice is a "Notice of
         Default" hereunder; or

                 (6)  the entry by a court having competent jurisdiction of:

                          (a)  a decree or order for relief in respect of the
                 Company or any Significant Subsidiary in an involuntary
                 proceeding under any applicable bankruptcy, insolvency,
                 reorganization or other similar law and such decree or order
                 shall remain unstayed and in effect for a period of 60
                 consecutive days; or

                          (b)  a decree or order adjudging the Company or any
                 Significant Subsidiary to be insolvent, or approving a
                 petition seeking reorganization, arrangement, adjustment or
                 composition of the Company or any Significant Subsidiary and
                 such decree or order shall remain unstayed and in effect for a
                 period of 60 consecutive days; or

                                       35
<PAGE>
                          (c)  a final and non-appealable order appointing a
                 custodian, receiver, liquidator, assignee, trustee or other
                 similar official of the Company or any Significant Subsidiary
                 or of any substantial part of the property of the Company or
                 any Significant Subsidiary, as the case may be, or ordering
                 the winding up or liquidation of the affairs of the Company or
                 any Significant Subsidiary; or

                 (7)  the commencement by the Company or any Significant
         Subsidiary of a voluntary proceeding under any applicable bankruptcy,
         insolvency, reorganization or other similar law or of a voluntary
         proceeding seeking to be adjudicated insolvent or the consent by the
         Company or any Significant Subsidiary to the entry of a decree or
         order for relief in an involuntary proceeding under any applicable
         bankruptcy, insolvency, reorganization or other similar law or to the
         commencement of any insolvency proceedings against it, or the filing
         by the Company or any Significant Subsidiary of a petition or answer
         or consent seeking reorganization or relief under any applicable law,
         or the consent by the Company or any Significant Subsidiary to the
         filing of such petition or to the appointment of or taking possession
         by a custodian, receiver, liquidator, assignee, trustee or similar
         official of the Company or any Significant Subsidiary or any
         substantial part of the property of the Company or any Significant
         Subsidiary or the making by the Company or any Significant Subsidiary
         of an assignment for the benefit of creditors, or the taking of
         corporate action by the Company or any Significant Subsidiary in
         furtherance of any such action; or

                 (8)  any other Event of Default provided in or pursuant to
         this Indenture with respect to Securities of such series.

                 If a default occurs hereunder with respect to Securities of
any series, the Trustee shall give the Holders of Securities of such series
notice of such default as and to the extent provided by the Trust Indenture
Act; provided, however, that in the case of any default of the character
specified in Section 501(4) with respect to Securities of such series, no such
notice to Holders shall be given until at least 30 days after the occurrence
thereof.  For the purpose of this Section, the term "default" means any event
which is, or after notice or lapse of time or both would become, an Event of
Default with respect to Securities of such series.

                 Section 502.  Acceleration of Maturity; Rescission and
                               Annulment.

                 If an Event of Default with respect to Securities of any
series at the time Outstanding occurs and is continuing, then the Trustee or
the Holders of not less than 25% in principal amount of the Outstanding
Securities of such series may declare the principal of all the Securities of
such series, or such lesser amount as may be provided for in the Securities of
such series, to be due and payable immediately, by a notice in writing to the
Company (and to the Trustee if given by the Holders), and upon any such
declaration such principal or such lesser amount shall become immediately due
and payable.

                 At any time after such a declaration of acceleration with
respect to Securities of any series has been made and before a judgment or
decree for payment of the money due has been obtained by the Trustee as
hereinafter in this Article provided, the Holders of not less than a

                                       36
<PAGE>
majority in principal amount of the Outstanding Securities of such series, by
written notice to the Company and the Trustee, may rescind and annul such
declaration and its consequences if:

                 (1)  the Company has paid or deposited with the Trustee a sum
         of money sufficient to pay

                          (A)  all overdue installments of any interest on and
                 any Additional Amounts with respect to all Securities of such
                 series and any Coupon appertaining thereto,

                          (B)  the principal of and any premium on any
                 Securities of such series which have become due otherwise than
                 by such declaration of acceleration and interest thereon at
                 the rate or rates borne by or provided for in such Securities,

                          (C)  to the extent that payment of such interest is
                 lawful, interest upon overdue installments of any interest and
                 Additional Amounts at the rate or rates borne by or provided
                 for in such Securities, and

                          (D)  all sums paid or advanced by the Trustee
                 hereunder and the reasonable compensation, expenses,
                 disbursements and advances of the Trustee, its agents and
                 counsel; and

                 (2)  all Events of Default with respect to Securities of such
         series, other than the non-payment of the principal of, any premium
         and interest on, and any Additional Amounts with respect to Securities
         of such series which shall have become due solely by such declaration
         of acceleration, shall have been cured or waived as provided in
         Section 513.

                 No such rescission shall affect any subsequent default or
impair any right consequent thereon.

                 Section 503.  Collection of Indebtedness and Suits for
                               Enforcement by Trustee.

                 The Company covenants that if

                 (1)  default is made in the payment of any installment of
         interest on or any Additional Amounts with respect to any Security or
         any Coupon appertaining thereto when such interest or Additional
         Amounts shall have become due and payable and such default continues
         for a period of 30 days, or

                 (2)  default is made in the payment of the principal of or any
         premium on any Security at its Maturity,

the Company shall, upon demand of the Trustee, pay to the Trustee, for the
benefit of the Holders of such Securities and any Coupons appertaining thereto,
the whole amount of money then due and payable with respect to such Securities
and any Coupons appertaining thereto, with interest upon the overdue principal,
any premium and, to the extent that payment of such interest shall be

                                       37
<PAGE>
legally enforceable, upon any overdue installments of interest and Additional
Amounts at the rate or rates borne by or provided for in such Securities, and,
in addition thereto, such further amount of money as shall be sufficient to
cover the costs and expenses of collection, including the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents
and counsel.

                 If the Company fails to pay the money it is required to pay
the Trustee pursuant to the preceding paragraph forthwith upon the demand of
the Trustee, the Trustee, in its own name and as trustee of an express trust,
may institute a judicial proceeding for the collection of the money so due and
unpaid, and may prosecute such proceeding to judgment or final decree, and may
enforce the same against the Company or any other obligor upon such Securities
and any Coupons appertaining thereto and collect the moneys adjudged or decreed
to be payable in the manner provided by law out of the property of the Company
or any other obligor upon such Securities and any Coupons appertaining thereto,
wherever situated.

                 If an Event of Default with respect to Securities of any
series occurs and is continuing, the Trustee may in its discretion proceed to
protect and enforce its rights and the rights of the Holders of Securities of
such series and any Coupons appertaining thereto by such appropriate judicial
proceedings as the Trustee shall deem most effectual to protect and enforce any
such rights, whether for the specific enforcement of any covenant or agreement
in this Indenture or such Securities or in aid of the exercise of any power
granted herein or therein, or to enforce any other proper remedy.

                 Section 504.  Trustee May File Proofs of Claim.

                 In case of the pendency of any receivership, insolvency,
liquidation, bankruptcy, reorganization, arrangement, adjustment, composition
or other judicial proceeding relative to the Company or any other obligor upon
the Securities or the property of the Company or such other obligor or their
creditors, the Trustee (irrespective of whether the principal of the Securities
shall then be due and payable as therein expressed or by declaration or
otherwise and irrespective of whether the Trustee shall have made any demand on
the Company for the payment of any overdue principal, premium, interest or
Additional Amounts) shall be entitled and empowered, by intervention in such
proceeding or otherwise,

                 (i)  to file and prove a claim for the whole amount, or such
         lesser amount as may be provided for in the Securities of such series,
         of the principal and any premium, interest and Additional Amounts
         owing and unpaid in respect of the Securities and any Coupons
         appertaining thereto and to file such other papers or documents as may
         be necessary or advisable in order to have the claims of the Trustee
         (including any claim for the reasonable compensation, expenses,
         disbursements and advances of the Trustee, its agents or counsel) and
         of the Holders of Securities or any Coupons allowed in such judicial
         proceeding, and

                 (ii)  to collect and receive any monies or other property
         payable or deliverable on any such claims and to distribute the same;

                                       38
<PAGE>
and any custodian, receiver, assignee, trustee, liquidator, sequestrator or
other similar official in any such judicial proceeding is hereby authorized by
each Holder of Securities or any Coupons to make such payments to the Trustee
and, in the event that the Trustee shall consent to the making of such payments
directly to the Holders of Securities or any Coupons, to pay to the Trustee any
amount due to it for the reasonable compensation, expenses, disbursements and
advances of the Trustee, its agents and counsel and any other amounts due the
Trustee under Section 605.

                 Nothing herein contained shall be deemed to authorize the
Trustee to authorize or consent to or accept or adopt on behalf of any Holder
of a Security or any Coupon any plan of reorganization, arrangement, adjustment
or composition affecting the Securities or Coupons or the rights of any Holder
thereof, or to authorize the Trustee to vote in respect of the claim of any
Holder of a Security or any Coupon in any such proceeding.

                 Section 505.  Trustee May Enforce Claims without Possession of
                               Securities or Coupons.

                 All rights of action and claims under this Indenture or any of
the Securities or Coupons may be prosecuted and enforced by the Trustee without
the possession of any of the Securities or Coupons or the production thereof in
any proceeding relating thereto, and any such proceeding instituted by the
Trustee shall be brought in its own name as trustee of an express trust, and
any recovery or judgment, after provision for the payment of the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents
and counsel, shall be for the ratable benefit of each and every Holder of a
Security or Coupon in respect of which such judgment has been recovered.

                 Section 506.  Application of Money Collected.

                 Any money collected by the Trustee pursuant to this Article
shall be applied in the following order, at the date or dates fixed by the
Trustee and, in case of the distribution of such money on account of principal,
or any premium, interest or Additional Amounts, upon presentation of the
Securities or Coupons, or both, as the case may be, and the notation thereon of
the payment if only partially paid and upon surrender thereof if fully paid:

                 FIRST:  To the payment of all amounts due the Trustee and any
         predecessor Trustee under Section 605;

                 SECOND:  To the payment of the amounts then due and unpaid
         upon the Securities and any Coupons for principal and any premium,
         interest and Additional Amounts in respect of which or for the benefit
         of which such money has been collected, ratably, without preference or
         priority of any kind, according to the aggregate amounts due and
         payable on such Securities and Coupons for principal and any premium,
         interest and Additional Amounts, respectively;

                 THIRD:  The balance, if any, to the Person or Persons entitled
         thereto.

                                       39
<PAGE>
                 Section 507.  Limitations on Suits.

                 No Holder of any Security of any series or any Coupons
appertaining thereto shall have any right to institute any proceeding, judicial
or otherwise, with respect to this Indenture, or for the appointment of a
receiver or trustee, or for any other remedy hereunder, unless

                 (1)  such Holder has previously given written notice to the
         Trustee of a continuing Event of Default with respect to the
         Securities of such series;

                 (2)  the Holders of not less than 25% in principal amount of
         the Outstanding Securities of such series shall have made written
         request to the Trustee to institute proceedings in respect of such
         Event of Default in its own name as Trustee hereunder;

                 (3)  such Holder or Holders have offered to the Trustee
         reasonable indemnity against the costs, expenses and liabilities to be
         incurred in compliance with such request;

                 (4)  the Trustee for 60 days after its receipt of such notice,
         request and offer of indemnity has failed to institute any such
         proceeding; and

                 (5)  no direction inconsistent with such written request has
         been given to the Trustee during such 60-day period by the Holders of
         a majority in principal amount of the Outstanding Securities of such
         series;

it being understood and intended that no one or more of such Holders shall have
any right in any manner whatever by virtue of, or by availing of, any provision
of this Indenture or any Security to affect, disturb or prejudice the rights of
any other such Holders or Holders of Securities of any other series, or to
obtain or to seek to obtain priority or preference over any other Holders or to
enforce any right under this Indenture, except in the manner herein provided
and for the equal and ratable benefit of all such Holders.

                 Section 508.  Unconditional Right of Holders to Receive
                               Principal and any Premium, Interest and
                               Additional Amounts and to Convert any
                               Convertible Security.

                 Notwithstanding any other provision in this Indenture, the
Holder of any Security or Coupon shall have the right, which is absolute and
unconditional, to receive payment of the principal of, any premium and (subject
to Sections 305 and 307) interest on, and any Additional Amounts with respect
to such Security or payment of such Coupon, as the case may be, on the
respective Stated Maturity or Maturities therefor specified in such Security or
Coupon (or, in the case of redemption, on the Redemption Date or, in the case
of repayment at the option of such Holder if provided in or pursuant to this
Indenture, on the date such repayment is due) and to institute suit for the
enforcement of any such payment, and shall have the right to convert any such
Security which is a Convertible Security in accordance with the terms hereof
and thereof and to institute suit for enforcement of such right; and such
rights shall not be impaired without the consent of such Holder.

                                       40
<PAGE>
                 Section 509.  Restoration of Rights and Remedies.

                 If the Trustee or any Holder of a Security or a Coupon has
instituted any proceeding to enforce any right or remedy under this Indenture
and such proceeding has been discontinued or abandoned for any reason, or has
been determined adversely to the Trustee or to such Holder, then and in every
such case the Company, the Trustee and each such Holder shall, subject to any
determination in such proceeding, be restored severally and respectively to
their former positions hereunder, and thereafter all rights and remedies of the
Trustee and each such Holder shall continue as though no such proceeding had
been instituted.

                 Section 510.  Rights and Remedies.

                 Except as otherwise provided with respect to the replacement
or payment of mutilated, destroyed, lost or stolen Securities or Coupons in the
last paragraph of Section 306, no right or remedy herein conferred upon or
reserved to the Trustee or to each and every Holder of a Security or a Coupon
is intended to be exclusive of any other right or remedy, and every right and
remedy, to the extent permitted by law, shall be cumulative and in addition to
every other right and remedy given hereunder or now or hereafter existing at
law or in equity or otherwise.  The assertion or employment of any right or
remedy hereunder, or otherwise, shall not prevent the concurrent assertion or
employment of any other appropriate right or remedy.

                 Section 511.  Delay or Omission Not Waiver.

                 No delay or omission of the Trustee or of any Holder of any
Security or Coupon to exercise any right or remedy accruing upon any Event of
Default shall impair any such right or remedy or constitute a waiver of any
such Event of Default or an acquiescence therein.  Every right and remedy given
by this Article or by law to the Trustee or to any Holder of a Security or a
Coupon may be exercised from time to time, and as often as may be deemed
expedient, by the Trustee or by such Holder, as the case may be.

                 Section 512.  Control by Holders of Securities.

                 The Holders of a majority in principal amount of the
Outstanding Securities of any series shall have the right to direct the time,
method and place of conducting any proceeding for any remedy available to the
Trustee, or exercising any trust or power conferred on the Trustee, with
respect to the Securities of such series and any Coupons appertaining thereto,
provided that

                 (1)  such direction shall not be in conflict with any rule of
         law or with this Indenture or with the Securities of any series,

                 (2)  the Trustee may take any other action deemed proper by
         the Trustee which is not inconsistent with such direction,

                 (3)  such direction is not unduly prejudicial to the rights of
         the other Holders of Securities of such series not joining in such
         action (subject to the provisions of Section

                                       41
<PAGE>
         601), it being understood that the Trustee shall have no duty or
         ascertain whether or not such actions or forebearances are unduly
         prejudicial to such Holders; and

                 (4)  the Trustee shall have the right to decline to follow any
         such direction if the Trustee in good faith shall determine that the
         action or proceedings so directed might involve the Trustee in
         personal liability.

                 Section 513.  Waiver of Past Defaults.

                 The Holders of not less than a majority in principal amount of
the Outstanding Securities of any series on behalf of the Holders of all the
Securities of such series and any Coupons appertaining thereto may waive any
past default hereunder with respect to such series and its consequences, except
a default

                 (1)  in the payment of the principal of, any premium or
         interest on, or any Additional Amounts with respect to any Security of
         such series or any Coupons appertaining thereto, or

                 (2)  in respect of a covenant or provision hereof which under
         Article Nine cannot be modified or amended without the consent of the
         Holder of each Outstanding Security of such series affected.

                 Upon any such waiver, such default shall cease to exist, and
any Event of Default arising therefrom shall be deemed to have been cured, for
every purpose of this Indenture; but no such waiver shall extend to any
subsequent or other default or impair any right consequent thereon.

                 Section 514.  Waiver of Stay or Extension Laws.

                 The Company covenants that (to the extent that it may lawfully
do so) it will not at any time insist upon, or plead, or in any manner
whatsoever claim or take the benefit or advantage of, any stay or extension law
wherever enacted, now or at any time hereafter in force, which may affect the
covenants or the performance of this Indenture; and the Company expressly
waives (to the extent that it may lawfully do so) all benefit or advantage of
any such law and covenant that it will not hinder, delay or impede the
execution of any power herein granted to the Trustee, but will suffer and
permit the execution of every such power as though no such law had been
enacted.

                                       42
<PAGE>
                                  ARTICLE SIX

                                  THE TRUSTEE

                 Section 601.  Certain Rights of Trustee.

                 Subject to Sections 315(a) through 315(d) of the Trust
Indenture Act:

                 (a)  the Trustee may rely and shall be protected in acting or
         refraining from acting upon any resolution, certificate, statement,
         instrument, opinion, report, notice, request, direction, consent,
         order, bond, debenture, note, coupon or other paper or document
         reasonably believed by it to be genuine and to have been signed or
         presented by the proper party or parties;

                 (b)  any request or direction of the Company mentioned herein
         shall be sufficiently evidenced by a Company Request or a Company
         Order (in each case, other than delivery of any Security, together
         with any Coupons appertaining thereto, to the Trustee for
         authentication and delivery pursuant to Section 303 which shall be
         sufficiently evidenced as provided therein) and any resolution of the
         Board of Directors may be sufficiently evidenced by a Board
         Resolution;

                 (c)  whenever in the administration of this Indenture the
         Trustee shall deem it desirable that a matter be proved or established
         prior to taking, suffering or omitting any action hereunder, the
         Trustee (unless other evidence shall be herein specifically
         prescribed) may, in the absence of bad faith on its part, rely upon an
         Officers' Certificate;

                 (d)  before the Trustee acts or refrains from acting, the
         Trustee may consult with counsel and the advice of such counsel or any
         Opinion of Counsel shall be full and complete authorization and
         protection in respect of any action taken, suffered or omitted by it
         hereunder in good faith and in reliance thereon;

                 (e)  the Trustee shall be under no obligation to exercise any
         of the rights or powers vested in it by or pursuant to this Indenture
         at the request or direction of any of the Holders of Securities of any
         series or any Coupons appertaining thereto pursuant to this Indenture,
         unless such Holders shall have offered to the Trustee reasonable
         security or indemnity against the costs, expenses and liabilities
         which might be incurred by it in compliance with such request or
         direction;

                 (f)  the Trustee shall not be bound to make any investigation
         into the facts or matters stated in any resolution, certificate,
         statement, instrument, opinion, report, notice, request, direction,
         consent, order, bond, debenture, coupon or other paper or document,
         but the Trustee, in its discretion, may make such further inquiry or
         investigation into such facts or matters as it may see fit, and, if
         the Trustee shall determine to make such further inquiry or
         investigation, it shall be entitled to examine, during business hours
         and upon reasonable notice, the books, records and premises of the
         Company, personally or by agent or attorney;

                                       43
<PAGE>
                 (g)  the Trustee may execute any of the trusts or powers
         hereunder or perform any duties hereunder either directly or by or
         through agents or attorneys and the Trustee shall not be responsible
         for any misconduct or negligence on the part of any agent or attorney
         appointed with due care by it hereunder;

                 (h)  the Trustee shall not be required to give any bond or
         surety in respect of the performance of its powers and duties
         hereunder;

                 (i)  the permissive rights of the Trustee to do things
         enumerated in this Indenture shall not be construed as a duty and the
         Trustee shall not be answerable for other than its negligence or
         willful misconduct; and

                 (j)  except for (i) a default under Sections 501(1) or (2)
         hereof, or (ii) any other event of which the Trustee has "actual
         knowledge" and which event, with the giving of notice or the passage
         of time or both, would constitute an Event of Default under this
         Indenture, the Trustee shall not be deemed to have notice of any
         default or Event of Default unless specifically notified in writing of
         such event by the Company or the Holders of not less than 25% in
         aggregate principal amount of the Securities then outstanding; as used
         herein, the term "actual knowledge" means the actual fact or statement
         of knowing, without any duty to make any investigation with regard
         thereto.

                 Section 602.  Not Responsible for Recitals or Issuance of
                               Securities.

                 The recitals contained herein and in the Securities, except
the Trustee's certificate of authentication, and in any Coupons shall be taken
as the statements of the Company and neither the Trustee nor any Authenticating
Agent assumes any responsibility for their correctness.  The Trustee makes no
representations as to the validity or sufficiency of this Indenture or of the
Securities or the Coupons, except that the Trustee represents that it is duly
authorized to execute and deliver this Indenture, authenticate the Securities
and perform its obligations hereunder and that the statements made by it in a
Statement of Eligibility and Qualification on Form T-1 supplied to the Company
are true and accurate, subject to the qualifications set forth therein. Neither
the Trustee nor any Authenticating Agent shall be accountable for the use or
application by the Company of the Securities or the proceeds thereof.

                 Section 603.  May Hold Securities.

                 The Trustee, any Authenticating Agent, any Paying Agent, any
Security Registrar or any other Person that may be an agent of the Trustee or
the Company, in its individual or any other capacity, may become the owner or
pledgee of Securities or Coupons and, subject to Sections 310(b) and 311 of the
Trust Indenture Act, may otherwise deal with the Company with the same rights
it would have if it were not Trustee, Authenticating Agent, Paying Agent,
Security Registrar or such other Person.

                                       44
<PAGE>
                 Section 604.  Money Held in Trust.

                 Except as provided in Section 403 and Section 1003, money held
by the Trustee in trust hereunder need not be segregated from other funds
except to the extent required by law and shall be held uninvested.  The Trustee
shall be under no liability for interest on any money received by it hereunder
except as otherwise agreed with the Company.

                 Section 605.  Compensation and Reimbursement.

                 The Company agrees:

                 (1)  to pay to the Trustee from time to time, and the Trustee
         shall be entitled to, reasonable compensation for all services
         rendered by the Trustee hereunder (which compensation shall not be
         limited by any provision of law in regard to the compensation of a
         trustee of an express trust);

                 (2)  except as otherwise expressly provided herein, to
         reimburse the Trustee upon its request for all reasonable expenses,
         disbursements and advances incurred or made by the Trustee in
         accordance with any provision of this Indenture, including costs and
         expenses incurred in collection (including the reasonable compensation
         and the expenses and disbursements of its agents and counsel), except
         any such expense, disbursement or advance as may be attributable to
         the Trustee's negligence or willful misconduct; and

                 (3)  to indemnify the Trustee and its agents for, and to hold
         them harmless against, any loss, liability or expense incurred without
         negligence or bad faith on their part, arising out of or in connection
         with the acceptance or administration of the trust or trusts
         hereunder, including the costs and expenses of defending themselves
         against, or investigating, any claim or liability in connection with
         the exercise or performance of any of their powers or duties
         hereunder.

                 As security for the performance of the obligations of the
Company under this Section 605, the Trustee shall have a lien prior to the
Securities of any series upon all property and funds held or collected by the
Trustee as such, except funds held in trust for the payment of principal of,
and premium or interest on or any Additional Amounts with respect to Securities
or any Coupons appertaining thereto.  When the Trustee incurs expenses or
renders services in connection with an Event of Default specified in Article
Five hereof, the expenses (including reasonable fees and expenses of its
counsel) and the compensation for the services in connection therewith are
intended to constitute expenses of administration under any applicable
bankruptcy law.

                 Section 606.  Corporate Trustee Required; Eligibility.

                 There shall at all times be a Trustee hereunder that is a
Corporation permitted by the Trust Indenture Act to act as trustee under an
indenture qualified under the Trust Indenture Act and that has a combined
capital and surplus (computed in accordance with Section 310(a)(2) of the Trust
Indenture Act) of at least $50,000,000.  If at any time the Trustee shall cease
to be

                                       45
<PAGE>
eligible in accordance with the provisions of this Section 606, it shall resign
immediately in the manner and with the effect hereinafter specified in this
Article.

                 Section 607.  Resignation and Removal; Appointment of
                               Successor.

                 (a)  No resignation or removal of the Trustee and no
         appointment of a successor Trustee pursuant to this Article shall
         become effective until the acceptance of appointment by the successor
         Trustee pursuant to Section 608.

                 (b)  The Trustee may resign at any time with respect to the
         Securities of one or more series by giving written notice thereof to
         the Company.  If the instrument of acceptance by a successor Trustee
         required by Section 608 shall not have been delivered to the Trustee
         within 30 days after the giving of such notice of resignation, the
         resigning Trustee may petition any court of competent jurisdiction for
         the appointment of a successor Trustee with respect to such series.

                 (c)  The Trustee may be removed at any time with respect to
         the Securities of any series by Act of the Holders of a majority in
         principal amount of the Outstanding Securities of such series,
         delivered to the Trustee and the Company.

                 (d)  If at any time:

                          (1)  the Trustee shall fail to comply with the
                 obligations imposed upon it under Section 310(b) of the Trust
                 Indenture Act with respect to Securities of any series after
                 written request therefor by the Company or any Holder of a
                 Security of such series who has been a bona fide Holder of a
                 Security of such series for at least six months, or

                          (2)  the Trustee shall cease to be eligible under
                 Section 606 and shall fail to resign after written request
                 therefor by the Company or any such Holder, or

                          (3)  the Trustee shall become incapable of acting or
                 shall be adjudged a bankrupt or insolvent or a receiver of the
                 Trustee or of its property shall be appointed or any public
                 officer shall take charge or control of the Trustee or of its
                 property or affairs for the purpose of rehabilitation,
                 conservation or liquidation,

         then, in any such case, (i) the Company, by or pursuant to a Board
         Resolution, may remove the Trustee with respect to all Securities or
         the Securities of such series, or (ii) subject to Section 315(e) of
         the Trust Indenture Act, any Holder of a Security who has been a bona
         fide Holder of a Security of such series for at least six months may,
         on behalf of himself and all others similarly situated, petition any
         court of competent jurisdiction for the removal of the Trustee with
         respect to all Securities of such series and the appointment of a
         successor Trustee or Trustees.

                 (e)  If the Trustee shall resign, be removed or become
         incapable of acting, or if a vacancy shall occur in the office of
         Trustee for any cause, with respect to the Securities of

                                       46
<PAGE>
         one or more series, the Company, by or pursuant to a Board
         Resolution, shall promptly appoint a successor Trustee or Trustees
         with respect to the Securities of that or those series (it being
         understood that any such successor Trustee may be appointed with
         respect to the Securities of one or more or all of such series and
         that at any time there shall be only one Trustee with respect to the
         Securities of any particular series) and shall comply with the
         applicable requirements of Section 608.  If, within one year after
         such resignation, removal or incapability, or the occurrence of such
         vacancy, a successor Trustee with respect to the Securities of any
         series shall be appointed by Act of the Holders of a majority in
         principal amount of the Outstanding Securities of such series
         delivered to the Company and the retiring Trustee, the successor
         Trustee so appointed shall, forthwith upon its acceptance of such
         appointment in accordance with the applicable requirements of Section
         608, become the successor Trustee with respect to the Securities of
         such series and to that extent supersede the successor Trustee
         appointed by the Company.  If no successor Trustee with respect to the
         Securities of any series shall have been so appointed by the Company
         or the Holders of Securities and accepted appointment in the manner
         required by Section 608, any Holder of a Security who has been a bona
         fide Holder of a Security of such series for at least six months may,
         on behalf of himself and all others similarly situated, petition any
         court of competent jurisdiction for the appointment of a successor
         Trustee with respect to the Securities of such series.

                 (f)  The Company shall give notice of each resignation and
         each removal of the Trustee with respect to the Securities of any
         series and each appointment of a successor Trustee with respect to the
         Securities of any series by mailing written notice of such event by
         first-class mail, postage prepaid, to the Holders of Registered
         Securities, if any, of such series as their names and addresses appear
         in the Security Register and, if Securities of such series are issued
         as Bearer Securities, by publishing notice of such event once in an
         Authorized Newspaper in each Place of Payment located outside the
         United States.  Each notice shall include the name of the successor
         Trustee with respect to the Securities of such series and the address
         of its Corporate Trust Office.

                 Section 608.  Acceptance of Appointment by Successor.

                 (a)  Upon the appointment hereunder of any successor Trustee
         with respect to all Securities, such successor Trustee so appointed
         shall execute, acknowledge and deliver to the Company and the retiring
         Trustee an instrument accepting such appointment, and thereupon the
         resignation or removal of the retiring Trustee shall become effective
         and such successor Trustee, without any further act, deed or
         conveyance, shall become vested with all the rights, powers, trusts
         and duties hereunder of the retiring Trustee; but, on the request of
         the Company or such successor Trustee, such retiring Trustee, upon
         payment of its charges, shall execute and deliver an instrument
         transferring to such successor Trustee all the rights, powers and
         trusts of the retiring Trustee and, subject to Section 1003, shall
         duly assign, transfer and deliver to such successor Trustee all
         property and money held by such retiring Trustee hereunder, subject
         nevertheless to its claim, if any, provided for in Section 605.

                                       47
<PAGE>
                 (b)  Upon the appointment hereunder of any successor Trustee
         with respect to the Securities of one or more (but not all) series,
         the Company, the retiring Trustee and such successor Trustee shall
         execute and deliver an indenture supplemental hereto wherein each
         successor Trustee shall accept such appointment and which (1) shall
         contain such provisions as shall be necessary or desirable to transfer
         and confirm to, and to vest in, such successor Trustee all the rights,
         powers, trusts and duties of the retiring Trustee with respect to the
         Securities of that or those series to which the appointment of such
         successor Trustee relates, (2) if the retiring Trustee is not retiring
         with respect to all Securities, shall contain such provisions as shall
         be deemed necessary or desirable to confirm that all the rights,
         powers, trusts and duties of the retiring Trustee with respect to the
         Securities of that or those series as to which the retiring Trustee is
         not retiring shall continue to be vested in the retiring Trustee, and
         (3) shall add to or change any of the provisions of this Indenture as
         shall be necessary to provide for or facilitate the administration of
         the trusts hereunder by more than one Trustee, it being understood
         that nothing herein or in such supplemental indenture shall constitute
         such Trustees co-trustees of the same trust, that each such Trustee
         shall be trustee of a trust or trusts hereunder separate and apart
         from any trust or trusts hereunder administered by any other such
         Trustee and that no Trustee shall be responsible for any notice given
         to, or received by, or any act or failure to act on the part of any
         other Trustee hereunder, and, upon the execution and delivery of such
         supplemental indenture, the resignation or removal of the retiring
         Trustee shall become effective to the extent provided therein, such
         retiring Trustee shall have no further responsibility for the exercise
         of rights and powers or for the performance of the duties and
         obligations vested in the Trustee under this Indenture with respect to
         the Securities of that or those series to which the appointment of
         such successor Trustee relates other than as hereinafter expressly set
         forth, and such successor Trustee, without any further act, deed or
         conveyance, shall become vested with all the rights, powers, trusts
         and duties of the retiring Trustee with respect to the Securities of
         that or those series to which the appointment of such successor
         Trustee relates; but, on request of the Company or such successor
         Trustee, such retiring Trustee, upon payment of its charges with
         respect to the Securities of that or those series to which the
         appointment of such successor relates and subject to Section 1003
         shall duly assign, transfer and deliver to such successor Trustee, to
         the extent contemplated by such supplemental indenture, the property
         and money held by such retiring Trustee hereunder with respect to the
         Securities of that or those series to which the appointment of such
         successor Trustee relates.

                 (c)  Upon request of any Person appointed hereunder as a
         successor Trustee, the Company shall execute any and all instruments
         for more fully and certainly vesting in and confirming to such
         successor Trustee all such rights, powers and trusts referred to in
         paragraph (a) or (b) of this Section 608, as the case may be.

                 (d)  No Person shall accept its appointment hereunder as a
         successor Trustee unless at the time of such acceptance such successor
         Person shall be qualified and eligible under this Article.

                                       48
<PAGE>
                 Section 609.  Merger, Conversion, Consolidation or Succession
                               to Business.

                 Any Corporation into which the Trustee may be merged or
converted or with which it may be consolidated, or any Corporation resulting
from any merger, conversion or consolidation to which the Trustee shall be a
party, or any Corporation succeeding to all or substantially all of the
corporate trust business of the Trustee, shall be the successor of the Trustee
hereunder, without the execution or filing of any paper or any further act on
the part of any of the parties hereto.  In case any Securities shall have been
authenticated but not delivered by the Trustee then in office, any successor by
merger, conversion or consolidation to such authenticating Trustee may adopt
such authentication and deliver the Securities so authenticated with the same
effect as if such successor Trustee had itself authenticated such Securities.

                 Section 610.  Appointment of Authenticating Agent.

                 The Trustee may appoint one or more Authenticating Agents
acceptable to the Company with respect to one or more series of Securities
which shall be authorized to act on behalf of the Trustee to authenticate
Securities of that or those series issued upon original issue, exchange,
registration of transfer or partial redemption or conversion thereof or
pursuant to Section 306, and Securities so authenticated shall be entitled to
the benefits of this Indenture and shall be valid and obligatory for all
purposes as if authenticated by the Trustee hereunder. Wherever reference is
made in this Indenture to the authentication and delivery of Securities by the
Trustee or the Trustee's certificate of authentication, such reference shall be
deemed to include authentication and delivery on behalf of the Trustee by an
Authenticating Agent and a certificate of authentication executed on behalf of
the Trustee by an Authenticating Agent.

                 Each Authenticating Agent shall be acceptable to the Company
and, except as provided in or pursuant to this Indenture, shall at all times be
a corporation that would be permitted by the Trust Indenture Act to act as
trustee under an indenture qualified under the Trust Indenture Act, is
authorized under applicable law and by its charter to act as an Authenticating
Agent and has a combined capital and surplus (computed in accordance with
Section 310(a)(2) of the Trust Indenture Act) of at least $50,000,000.  If at
any time an Authenticating Agent shall cease to be eligible in accordance with
the provisions of this Section 610, it shall resign immediately in the manner
and with the effect specified in this Section 610.

                 Any Corporation into which an Authenticating Agent may be
merged or converted or with which it may be consolidated, or any Corporation
resulting from any merger, conversion or consolidation to which such
Authenticating Agent shall be a party, or any Corporation succeeding to the
corporate agency or corporate trust business of an Authenticating Agent, shall
be the successor of such Authenticating Agent hereunder, provided such
Corporation shall be otherwise eligible under this Section 610, without the
execution or filing of any paper or any further act on the part of the Trustee
or the Authenticating Agent.

                 An Authenticating Agent may resign at any time by giving
written notice thereof to the Trustee and the Company.  The Trustee may at any
time terminate the agency of an Authenticating Agent by giving written notice
thereof to such Authenticating Agent and the Company.  Upon receiving such a
notice of resignation or upon such a termination, or in case at

                                       49
<PAGE>
any time such Authenticating Agent shall cease to be eligible in accordance
with the provisions of this Section, the Trustee may appoint a successor
Authenticating Agent which shall be acceptable to the Company and shall (I)
mail written notice of such appointment by first-class mail, postage prepaid,
to all Holders of Registered Securities, if any, of the series with respect to
which such Authenticating Agent shall serve, as their names and addresses
appear in the Security Register, and (ii) if Securities of the series are
issued as Bearer Securities, publish notice of such appointment at least once
in an Authorized Newspaper in the place where such successor Authenticating
Agent has its principal office if such office is located outside the United
States.  Any successor Authenticating Agent, upon acceptance of its appointment
hereunder, shall become vested with all the rights, powers and duties of its
predecessor hereunder, with like effect as if originally named as an
Authenticating Agent.  No successor Authenticating Agent shall be appointed
unless eligible under the provisions of this Section 610.

                 The Trustee agrees to pay each Authenticating Agent from time
to time reasonable compensation for its services under this Section 610 and the
Trustee shall be entitled to be reimbursed for such payments, subject to the
provisions of Section 605.

                 The provisions of Sections 308, 602 and 603 shall be
applicable to each Authenticating Agent.

                 If an Authenticating Agent is appointed with respect to one or
more series of Securities pursuant to this Section 610, the Securities of such
series may have endorsed thereon, in addition to or in lieu of the Trustee's
certificate of authentication, an alternate certificate of authentication in
the following form:

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

                                                       , As Trustee
                                      ------------------

                                      By
                                        -----------------------------------
                                              As Authenticating Agent

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

                 If all of the Securities of any series may not be originally
issued at one time, and if the Trustee does not have an office capable of
authenticating Securities upon original issuance located in a Place of Payment
where the Company wishes to have Securities of such series authenticated upon
original issuance, the Trustee, if so requested in writing (which writing need
not be accompanied by or contained in an Officers' Certificate by the Company),
shall appoint in accordance with this Section 610 an Authenticating Agent
having an office in a Place of Paymentdesignated by the Company with respect to
such series of Securities.

                                       50
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                                 ARTICLE SEVEN

               HOLDER'S LISTS AND REPORTS BY TRUSTEE AND COMPANY

                 Section 701.  Company to Furnish Trustee Names and Addresses
                               of Holders.

                 In accordance with Section 312(a) of the Trust Indenture Act,
the Company shall furnish or cause to be furnished to the Trustee

                 (a)  semi-annually with respect to Securities of each series
         on June 30 and December 31 of each year or upon such other dates as
         are set forth in or pursuant to the Board Resolution or indenture
         supplemental hereto authorizing such series, a list, in each case in
         such form as the Trustee may reasonably require, of the names and
         addresses of Holders as of the applicable date, and

                 (b)  at such other times as the Trustee may request in
         writing, within 30 days after the receipt by the Company of any such
         request, a list of similar form and content as of a date not more than
         15 days prior to the time such list is furnished,

provided, however, that so long as the Trustee is the Security Registrar no
such list shall be required to be furnished.

                 Section 702.  Preservation of Information; Communications to
                               Holders.

                 The Trustee shall comply with the obligations imposed upon it
pursuant to Section 312 of the Trust Indenture Act.  Every Holder of Securities
or Coupons, by receiving and holding the same, agrees with the Company and the
Trustee that neither the Company, the Trustee, any Paying Agent or any Security
Registrar shall be held accountable by reason of the disclosure of any such
information as to the names and addresses of the Holders of Securities in
accordance with Section 312 of the Trust Indenture Act, regardless of the
source from which such information was derived, and that the Trustee shall not
be held accountable by reason of mailing any material pursuant to a request
made under Section 312(b) of the Trust Indenture Act.

                 Section 703.  Reports by Trustee.

                 (a)  Within 60 days after September 15 of each year commencing
with the first September 15 following the first issuance of Securities pursuant
to Section 301, if required by Section 313(a) of the Trust Indenture Act, the
Trustee shall transmit, pursuant to Section 313(c) of the Trust Indenture Act,
a brief report dated as of such September 15 with respect to any of the events
specified in said Section 313(a) which may have occurred since the later of the
immediately preceding September 15 and the date of this Indenture.

                 (b)  The Trustee shall transmit the reports required by
Section 313(b) of the Trust Indenture Act at the times specified therein.

                                       51
<PAGE>
                 (c)  Reports pursuant to this Section shall be transmitted in
the manner and to the Persons required by Sections 313(c) and 313(d) of the
Trust Indenture Act.

                 Section 704.  Reports by Company.

                 The Company, pursuant to Section 314(a) of the Trust Indenture
Act, shall:

                 (1)  file with the Trustee, within 15 days after the Company
         is required to file the same with the Commission, copies of the annual
         reports and of the information, documents and other reports (or copies
         of such portions of any of the foregoing as the Commission may from
         time to time by rules and regulations prescribe) which the Company may
         be required to file with the Commission pursuant to Section 13 or
         Section 15(d) of the Securities Exchange Act of 1934; or, if the
         Company is not required to file information, documents or reports
         pursuant to either of said Sections, then it shall file with the
         Trustee and the Commission, in accordance with rules and regulations
         prescribed from time to time by the Commission, such of the
         supplementary and periodic information, documents and reports which
         may be required pursuant to Section 13 of the Securities Exchange Act
         of 1934 in respect of a security listed and registered on a national
         securities exchange as may be prescribed from time to time in such
         rules and regulations;

                 (2)  file with the Trustee and the Commission, in accordance
         with rules and regulations prescribed from time to time by the
         Commission, such additional information, documents and reports with
         respect to compliance by the Company, as the case may be, with the
         conditions and covenants of this Indenture as may be required from
         time to time by such rules and regulations; and

                 (3)  transmit within 30 days after the filing thereof with the
         Trustee, in the manner and to the extent provided in Section 313(c) of
         the Trust Indenture Act, such summaries of any information, documents
         and reports required to be filed by the Company pursuant to paragraphs
         (1) and (2) of this Section 704 as may be required by rules and
         regulations prescribed from time to time by the Commission.

                                 ARTICLE EIGHT

                        CONSOLIDATION, MERGER AND SALES

                 Section 801.  Company May Consolidate, Etc., Only on Certain
                               Terms.

                 Nothing contained in this Indenture or in any of the
Securities shall prevent any consolidation or merger of the Company with or
into any other Person or Persons (whether or not affiliated with the Company),
or successive consolidations or mergers in which the Company or its successor
or successors shall be a party or parties, or shall prevent any conveyance,
transfer or lease of the property of the Company as an entirety or
substantially as an entirety, to any other Person (whether or not affiliated
with the Company); provided, however, that:

                                       52
<PAGE>
                 (1)  in case the Company shall consolidate with or merge into
         another Person or convey, transfer or lease its properties and assets
         substantially as an entirety to any Person, the entity formed by such
         consolidation or into which the Company is merged or the Person which
         acquires by conveyance or transfer, or which leases, the properties
         and assets of the Company substantially as an entirety shall be a
         Corporation organized and existing under the laws of the United States
         of America, any state thereof or the District of Columbia and shall
         expressly assume, by an indenture (or indentures, if at such time
         there is more than one Trustee) supplemental hereto, executed by the
         successor Person and delivered to the Trustee, in form satisfactory to
         the Trustee, the due and punctual payment of the principal of, any
         premium and interest on and any Additional Amounts with respect to all
         the Securities and the performance of every other covenant of this
         Indenture on the part of the Company to be performed or observed;

                 (2)  immediately after giving effect to such transaction, no
         event which, after notice or lapse of time, would become an Event of
         Default, shall have occurred and be continuing;

                 (3)  either the Company or the successor Person shall have
         delivered to the Trustee an Officers' Certificate and an Opinion of
         Counsel, stating that such consolidation, merger, conveyance, transfer
         or lease and such supplemental indenture comply with this Article and
         that all conditions precedent herein provided for relating to such
         transaction have been complied with.

                 Section 802.  Successor Person Substituted for Company.

                 Upon any consolidation or merger or any conveyance, transfer
or lease of the properties and assets of the Company substantially as an
entirety to any Person in accordance with Section 801, the successor Person
formed by such consolidation or into which the Company is merged or to which
such conveyance, transfer or lease is made shall succeed to, and be substituted
for, and may exercise every right and power of, the Company under this
Indenture with the same effect as if such successor Person had been named as
the Company herein; and thereafter, except in the case of a lease to another
Person, the predecessor Person shall be released from all obligations and
covenants under this Indenture, the Securities and the Coupons.

                                  ARTICLE NINE

                            SUPPLEMENTAL INDENTURES

                 Section 901.  Supplemental Indentures without Consent of
                               Holders.

                 Without the consent of any Holders of Securities or Coupons,
the Company (when authorized by or pursuant to a Board Resolution) and the
Trustee, at any time and from time to time, may enter into one or more
indentures supplemental hereto, in form satisfactory to the Trustee, for any of
the following purposes:

                                       53
<PAGE>
                 (1)  to evidence the succession of another Person to the
         Company, and the assumption by any such successor of the covenants of
         the Company herein and in the Securities; or

                 (2)  to add to the covenants of the Company for the benefit of
         the Holders of all or any series of Securities (as shall be specified
         in such supplemental indenture or indentures) or to surrender any
         right or power herein conferred upon the Company; or

                 (3)  to add to or change any of the provisions of this
         Indenture to provide that Bearer Securities may be registrable as to
         principal, to change or eliminate any restrictions on the payment of
         principal of, any premium or interest on or any Additional Amounts
         with respect to Securities, to permit Registered Securities to be
         exchanged for Bearer Securities, to permit Bearer Securities to be
         exchanged for Bearer Securities of other authorized denominations or
         to permit or facilitate the issuance of Securities in uncertificated
         form, provided any such action shall not adversely affect the
         interests of the Holders of Securities of any series or any Coupons
         appertaining thereto in any material respect; or

                 (4)  to establish the form or terms of Securities of any
         series and any Coupons appertaining thereto as permitted by Sections
         201 and 301; or

                 (5)  to evidence and provide for the acceptance of appointment
         hereunder by a successor Trustee with respect to the Securities of one
         or more series and to add to or change any of the provisions of this
         Indenture as shall be necessary to provide for or facilitate the
         administration of the trusts hereunder by more than one Trustee,
         pursuant to the requirements of Section 608; or

                 (6)  to cure any ambiguity or to correct or supplement any
         provision herein which may be defective or inconsistent with any other
         provision herein, or to make any other provisions with respect to
         matters or questions arising under this Indenture which shall not
         adversely affect the interests of the Holders of Securities of any
         series or any Coupons appertaining thereto in any material respect; or

                 (7)  to add to, delete from or revise the conditions,
         limitations and restrictions on the authorized amount, terms or
         purposes of issue, authentication and delivery of Securities, as
         herein set forth; or

                 (8)  to add any additional Events of Default with respect to
         all or any series of Securities (as shall be specified in such
         supplemental indenture); or

                 (9)  to supplement any of the provisions of this Indenture to
         such extent as shall be necessary to permit or facilitate the
         defeasance and discharge of any series of Securities pursuant to
         Article Four; provided that any such action shall not adversely affect
         the interests of any Holder of a Security of such series and any
         Coupons appertaining thereto or any other Security or Coupon in any
         material respect; or

                                       54
<PAGE>
                 (10)  to secure the Securities pursuant to Section 1006 or
         otherwise;

                 (11)  to amend or supplement any provision contained herein or
         in any supplemental indenture, provided that no such amendment or
         supplement shall materially adversely affect the interests of the
         Holders of any Securities then Outstanding; or

                 (12)  to make provision with respect to the conversion rights
         of Holders of Convertible Securities pursuant to the requirements of
         Section 1606.

                 Section 902.  Supplemental Indentures with Consent of Holders.

                 With the consent of the Holders of not less than 66-2/3% in
principal amount of the Outstanding Securities of each series affected by such
supplemental indenture, by Act of said Holders delivered to the Company and the
Trustee, the Company (when authorized by or pursuant to a Company's Board
Resolution), and the Trustee may enter into an Indenture or indentures
supplemental hereto for the purpose of adding any provisions to or changing in
any manner or eliminating any of the provisions of this indenture or of
modifying in any manner the rights of the Holders of Securities of such series
under this Indenture; provided, however, that no such supplemental indenture,
without the consent of the Holder of each Outstanding Security affected
thereby, shall

                 (1)  change the Stated Maturity of the principal of, or any
         premium or installment of interest on or any Additional Amounts with
         respect to, any Security, or reduce the principal amount thereof or
         the rate of interest thereon or any Additional Amounts with respect
         thereto, or any premium payable upon the redemption thereof or
         otherwise, or change the obligation of the Company to pay Additional
         Amounts pursuant to Section 1004 (except as contemplated by Section
         801(1) and permitted by Section 901(1)), or reduce the amount of the
         principal of an Original Issue Discount Security that would be due and
         payable upon a declaration of acceleration of the Maturity thereof
         pursuant to Section 502 or the amount thereof provable in bankruptcy
         pursuant to Section 504, or adversely affect the right of repayment at
         the option of any Holder as contemplated by Article Thirteen, or
         change the Place of Payment, Currency in which the principal of, any
         premium or interest on, or any Additional Amounts with respect to any
         Security is payable, or impair the right to institute suit for the
         enforcement of any such payment on or after the Stated Maturity
         thereof (or, in the case of redemption, on or after the Redemption
         Date or, in the case of repayment at the option of the Holder, on or
         after the date for repayment), or

                 (2)  reduce the percentage in principal amount of the
         Outstanding Securities of any series, the consent of whose Holders is
         required for any such supplemental indenture, or the consent of whose
         Holders is required for any waiver (of compliance with certain
         provisions of this Indenture or certain defaults hereunder and their
         consequences) provided for in this Indenture, or reduce the
         requirements of Section 1504 for quorum or voting,

                                       55
<PAGE>
                 (3)  modify any of the provisions of this Section 902, or
         Section 513 or Section 1008, except to increase any such percentage or
         to provide that certain other provisions of this Indenture cannot be
         modified or waived without the consent of the Holder of each
         Outstanding Security affected thereby, or

                 (4)  adversely affect the right to convert any Convertible
         Security.

                 A supplemental indenture which changes or eliminates any
covenant or other provision of this Indenture which shall have been included
expressly and solely for the benefit of one or more particular series of
Securities, or which modifies the rights of the Holders of Securities of such
series with respect to such covenant or other provision, shall be deemed not to
affect the rights under this Indenture of the Holders of Securities of any
other series.

                 It shall not be necessary for any Act of Holders of Securities
under this Section 902 to approve the particular form of any proposed
supplemental indenture, but it shall be sufficient if such Act shall approve
the substance thereof.

                 Section 903.  Execution of Supplemental Indentures.

                 As a condition to executing, or accepting the additional
trusts created by, any supplemental indenture permitted by this Article or the
modifications thereby of the trust created by this Indenture, the Trustee shall
be entitled to receive, and (subject to Article Six hereof) shall be fully
protected in relying upon, an Opinion of Counsel stating that the execution of
such supplemental indenture is authorized or permitted by this Indenture.  The
Trustee may, but shall not be obligated to, enter into any such supplemental
indenture which affects the Trustee's own rights, duties or immunities under
this Indenture or otherwise.

                 Section 904.  Effect of Supplemental Indentures.

                 Upon the execution of any supplemental indenture under this
Article, this Indenture shall be modified in accordance therewith, and such
supplemental indenture shall form a part of this Indenture for all purposes;
and every Holder of a Security theretofore or thereafter authenticated and
delivered hereunder and of any Coupon appertaining thereto shall be bound
thereby.

                 Section 905.  Reference in Securities to Supplemental
                               Indentures.

                 Securities of any series authenticated and delivered after the
execution of any supplemental indenture pursuant to this Article may, and shall
if required by the Trustee, bear a notation in form approved by the Trustee as
to any matter provided for in such supplemental indenture.  If the Company
shall so determine, new Securities of any series so modified as to conform, in
the opinion of the Trustee and the Company, to any such supplemental indenture
may be prepared and executed by the Company and authenticated and delivered by
the Trustee in exchange for Outstanding Securities of such series.

                                       56
<PAGE>
                 Section 906.  Conformity with Trust Indenture Act.

                 Every supplemental indenture executed pursuant to this Article
Nine shall conform to the requirements of the Trust Indenture Act.

                                  ARTICLE TEN

                                   COVENANTS

                 Section 1001.  Payment of Principal and any Premium, Interest
                                and Additional Amounts.

                 The Company covenants and agrees for the benefit of the
Holders of the Securities of each series that it will duly and punctually pay
the principal of, any premium and interest on and any Additional Amounts with
respect to the Securities of such series in accordance with the terms thereof,
any Coupons appertaining thereto and this Indenture.  Any interest due on any
Bearer Security on or before the Maturity thereof, and any Additional Amounts
payable with respect to such interest, shall be payable only upon presentation
and surrender of the Coupons appertaining thereto for such interest as they
severally mature.

                 Section 1002.  Maintenance of Office or Agency.

                 The Company shall maintain in each Place of Payment for any
series of Securities an Office or Agency where Securities of such series (but
not Bearer Securities, except as otherwise provided below, unless such Place of
Payment is located outside the United States) may be presented or surrendered
for payment, where Securities of such series may be surrendered for
registration of transfer or exchange or, if applicable, conversion and where
notices and demands to or upon the Company in respect of the Securities of such
series relating thereto and this Indenture may be served.  If Securities of a
series are issuable as Bearer Securities, the Company shall maintain, subject
to any laws or regulations applicable thereto, an Office or Agency in a Place
of Payment for such series which is located outside the United States where
Securities of such series and any Coupons appertaining thereto may be presented
and surrendered for payment; provided, however, that if the Securities of such
series are listed on any stock exchange located outside the United States and
such stock exchange shall so require, the Company shall maintain a Paying Agent
in the required city located outside the United States, as the case may be, so
long as the Securities of such series are listed on such exchange.  The Company
will give prompt written notice to the Trustee of the location, and any change
in the location, of such Office or Agency.  If at any time the Company shall
fail to maintain any such required Office or Agency or shall fail to furnish
the Trustee with the address thereof, such presentations, surrenders, notices
and demands may be made or served at the Corporate Trust Office of the Trustee,
except that Bearer Securities of such series and any Coupons appertaining
thereto may be presented and surrendered for payment at the place specified for
the purpose with respect to such Securities as provided in or pursuant to this
Indenture, and the Company hereby appoints the Trustee as its agent to receive
all such presentations, surrenders, notices and demands.

                                       57
<PAGE>
                 Except as otherwise provided in or pursuant to this Indenture,
no payment of principal, premium, interest or Additional Amounts with respect
to Bearer Securities shall be made at any Office or Agency in the United States
or by check mailed to any address in the United States or by transfer to an
account maintained with a bank located in the United States; provided, however,
if amounts owing with respect to any Bearer Securities shall be payable in
Dollars, payment of principal of, any premium or interest on and any Additional
Amounts with respect to any such Security may be made at the Corporate Trust
Office of the Trustee or any Office or Agency designated by the Company in The
City of New York, if (but only if) payment of the full amount of such
principal, premium, interest or Additional Amounts at all offices outside the
United States maintained for such purpose by the Company in accordance with
this Indenture is illegal or effectively precluded by exchange controls or
other similar restrictions.

                 The Company may also from time to time designate one or more
other Offices or Agencies where the Securities of one or more series may be
presented or surrendered for any or all such purposes and may from time to time
rescind such designations; provided, however, that no such designation or
rescission shall in any manner relieve the Company of its obligation to
maintain an Office or Agency in each Place of Payment for Securities of any
series for such purposes.  The Company shall give prompt written notice to the
Trustee of any such designation or rescission and of any change in the location
of any such other Office or Agency.  Unless otherwise provided in or pursuant
to this Indenture, the Company hereby designates as the Place of Payment for
each series The City of New York, and initially appoints the Office or Agency
of the Corporate Trust Office of the Trustee for such purpose.  Pursuant to
Section 301(9) of this Indenture, the Company may subsequently appoint a place
or places in The City of New York where such Securities may be payable.

                 Section 1003.  Money for Securities Payments to Be Held in
                                Trust.

                 If the Company shall at any time act as its own Paying Agent
with respect to any series of Securities, it shall, on or before each due date
of the principal of, any premium or interest on or Additional Amounts with
respect to any of the Securities of such series, segregate and hold in trust
for the benefit of the Persons entitled thereto a sum of money sufficient to
pay the principal or any premium, interest or Additional Amounts so becoming
due until such sums shall be paid to such Persons or otherwise disposed of as
herein provided, and shall promptly notify the Trustee of its action or failure
so to act.

                 Whenever the Company shall have one or more Paying Agents for
any series of Securities, it shall, on or prior to each due date of the
principal of, any premium or interest on or any Additional Amounts with respect
to any Securities of such series, deposit with any Paying Agent a sum of money
sufficient to pay the principal or any premium, interest or Additional Amounts
so becoming due, such sum to be held in trust for the benefit of the Persons
entitled thereto, and (unless such Paying Agent is the Trustee) the Company
will promptly notify the Trustee of its action or failure so to act.

                 The Company shall cause each Paying Agent for any series of
Securities other than the Trustee to execute and deliver to the Trustee an
instrument in which such Paying Agent

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<PAGE>
shall agree with the Trustee, subject to the provisions of this Section, that
such Paying Agent shall:

                 (1)  hold all sums held by it for the payment of the principal
         of, any premium or interest on or any Additional Amounts with respect
         to Securities of such series in trust for the benefit of the Persons
         entitled thereto until such sums shall be paid to such Persons or
         otherwise disposed of as provided in or pursuant to this Indenture;

                 (2)  give the Trustee notice of any default by the Company (or
         any other obligor upon the Securities of such series) in the making of
         any payment of principal, any premium or interest on or any Additional
         Amounts with respect to the Securities of such series;

                 (3)  at any time during the continuance of any such default,
         upon the written request of the Trustee, forthwith pay to the Trustee
         all sums so held in trust by such Paying Agent; and

                 (4)  comply with the provisions of the Trust Indenture Act
         applicable to it as Paying Agent.

                 The Company may at any time, for the purpose of obtaining the
satisfaction and discharge of this Indenture or for any other purpose, pay, or
by Company Order direct any Paying Agent to pay, to the Trustee all sums held
in trust by the Company or such Paying Agent, such sums to be held by the
Trustee upon the same terms as those upon which such sums were held by the
Company or such Paying Agent; and, upon such payment by any Paying Agent to the
Trustee, such Paying Agent shall be released from all further liability with
respect to such money.

                 Except as otherwise provided herein or pursuant hereto, any
money deposited with the Trustee or any Paying Agent, or then held by the
Company, in trust for the payment of the principal of, any premium or interest
on or any Additional Amounts with respect to any Security of any series and
remaining unclaimed for two years after such principal or any such premium or
interest or any such Additional Amounts shall have become due and payable shall
be paid to the Company on Company Request, or (if then held by the Company)
shall be discharged from such trust; and the Holder of such Security or any
Coupon appertaining thereto shall thereafter, as an unsecured general creditor,
look only to the Company for payment thereof, and all liability of the Trustee
or such Paying Agent with respect to such trust money, and all liability of the
Company as trustee thereof, shall thereupon cease; provided, however, that the
Trustee or such Paying Agent, before being required to make any such repayment,
may at the expense of the Company cause to be published once, in an Authorized
Newspaper in each Place of Payment for such series or to be mailed to Holders
of Registered Securities of such series, or both, notice that such money
remains unclaimed and that, after a date specified therein, which shall not be
less than 30 days from the date of such publication or mailing nor shall it be
later than two years after such principal and any premium or interest or
Additional Amounts shall have become due and payable, any unclaimed balance of
such money then remaining will be repaid to the Company.

                                       59
<PAGE>
                 Section 1004.  Additional Amounts.

                 If any Securities of a series provide for the payment of
Additional Amounts, the Company agrees to pay to the Holder of any such
Security or any Coupon appertaining thereto Additional Amounts as provided
therein.  Whenever in this Indenture there is mentioned, in any context, the
payment of the principal of or any premium or interest on, or in respect of,
any Security of any series or any Coupon or the net proceeds received on the
sale or exchange of any Security of any series, such mention shall be deemed to
include mention of the payment of Additional Amounts provided by the terms of
such series established hereby or pursuant hereto to the extent that, in such
context, Additional Amounts are, were or would be payable in respect thereof
pursuant to such terms, and express mention of the payment of Additional
Amounts (if applicable) in any provision hereof shall not be construed as
excluding Additional Amounts in those provisions hereof where such express
mention is not made.

                 Except as otherwise provided in or pursuant to this Indenture,
if the Securities of a series provide for the payment of Additional Amounts, at
least 10 days prior to the first Interest Payment Date with respect to such
series of Securities (or if the Securities of such series shall not bear
interest prior to Maturity, the first day on which a payment of principal is
made), and at least 10 days prior to each date of payment of principal or
interest if there has been any change with respect to the matters set forth in
the below-mentioned Officers' Certificate, the Company shall furnish to the
Trustee and the principal Paying Agent or Paying Agents, if other than the
Trustee, an Officers' Certificate instructing the Trustee and such Paying Agent
or Paying Agents whether such payment of principal of or interest on the
Securities of such series shall be made to Holders of Securities of such series
or the Coupons appertaining thereto who are United States Aliens without
withholding for or on account of any tax, assessment or other governmental
charge described in the Securities of such series.  If any such withholding
shall be required, then such Officers' Certificate shall specify by country the
amount, if any, required to be withheld on such payments to such Holders of
Securities or Coupons, and the Company agrees to pay to the Trustee or such
Paying Agent the Additional Amounts required by the terms of such Securities.
The Company covenants to indemnify the Trustee and any Paying Agent for, and to
hold them harmless against, any loss, liability or expense (including
reasonable fees and expenses) reasonably incurred without negligence or bad
faith on their part arising out of or in connection with actions taken or
omitted by any of them in reliance on any Officers' Certificate furnished
pursuant to this Section 1004.

                 Section 1005.  Limitation Upon Disposition of Voting Stock of
                                Significant Subsidiaries.

                 So long as any of the Securities shall be Outstanding but
subject to the provisions of Article Eight, the Company:

                 (a)  will not, nor will it permit any Subsidiary to, sell,
         assign, transfer or otherwise dispose of any shares of, securities
         convertible into or options, warrants or rights to subscribe for or
         purchase shares of, Voting Stock of a Significant Subsidiary (other
         than sales of directors qualifying shares), and will not permit a
         Significant Subsidiary to issue

                                       60
<PAGE>
         any shares of, or securities convertible into or options, warrants or
         rights to subscribe for or purchase shares of, such Voting Stock
         (other than sales of directors qualifying shares) if, in each case,
         after giving effect to any such transaction and to the issuance of the
         maximum number of shares of Voting Stock of such Significant
         Subsidiary issuable upon the exercise of all such convertible
         securities, options, warrants or rights, such Significant Subsidiary
         would cease to be a Controlled Subsidiary, or

                 (b)  will not permit a Significant Subsidiary to

                          (i)  merge or consolidate with or into any other
                 corporation, unless the surviving corporation is the Company
                 or is, or upon consummation of the merger or consolidation
                 will become, a Controlled Subsidiary; or

                          (ii)  lease, sell or transfer all or substantially
                 all of its properties and assets to any corporation or other
                 Person, except to the Company or to a Controlled Subsidiary or
                 a Person that, upon such lease, sale or transfer, will become
                 a Controlled Subsidiary.

                 Notwithstanding the foregoing, any such sale, assignment or
transfer of securities, any such merger or consolidation or any such lease,
sale or transfer of properties and assets shall not be prohibited if required
(i) by any law or any rule, regulation or order of any governmental agency or
authority or (ii) as a condition imposed by any law or any rule, regulation or
order of any governmental agency or authority to the acquisition by the
Company, directly or indirectly, through purchase of stock or assets, merger,
consolidation or otherwise, of any Person, provided that, after giving effect
to such disposition and acquisition, (A) such Person will be a Controlled
Subsidiary, and (B) the Consolidated Assets of the Company will be at least
equal to the Consolidated Assets of the Company prior thereto; and nothing in
this section shall prohibit the Company from the sale or transfer of assets
pursuant to any securitization transaction.

                 Section 1006.  Limitation on Creation of Liens.

                 So long as any of the Securities shall be outstanding, the
Company will not, nor will it permit any Subsidiary to, create, assume, incur
or suffer to be created, assumed or incurred or to exist any pledge,
encumbrance or lien, as security for indebtedness for borrowed money, upon any
shares of, or securities convertible into or options, warrants or rights to
subscribe for or purchase shares of, Voting Stock of a Significant Subsidiary,
directly or indirectly, without making effective provision whereby the
Securities of all series shall be equally and ratably secured with any and all
such indebtedness if, treating such pledge, encumbrance or lien as a transfer
of the shares of, or securities convertible into or options, warrants or rights
to subscribe for or purchase shares of, Voting Stock subject thereto to the
secured party and to the issuance of the maximum number of shares of Voting
Stock of such Significant Subsidiary issuable upon the exercise of all such
convertible securities, options, warrants or rights, such Significant
Subsidiary would not continue to be a Controlled Subsidiary.

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                 Section 1007.  Corporate Existence.

                 Subject to Article Eight, the Company will do or cause to be
done all things necessary to preserve and keep in full force and effect its
corporate existence and the corporate existence of each Significant Subsidiary
and its rights (charter and statutory) and franchises and those of each such
Significant Subsidiary; provided, however, that neither the Company nor any
Significant Subsidiary shall be required to preserve any such right or
franchise if the Company or such Significant Subsidiary, as the case may be,
shall determine that the preservation thereof is no longer desirable in the
conduct of its business and that the loss thereof is not disadvantageous in any
material respect to the Holders.

                 Section 1008.  Waiver of Certain Covenants.

                 The Company may omit in any particular instance to comply with
any term, provision or condition set forth in Section 1005, 1006 or 1007 with
respect to the Securities of any series if before the time for such compliance
the Holders of at least a majority in principal amount of the Outstanding
Securities of such series, by Act of such Holders, either shall waive such
compliance in such instance or generally shall have waived compliance with such
term, provision or condition, but no such waiver shall extend to or affect such
term, provision or condition except to the extent so expressly waived, and,
until such waiver shall become effective, the obligations of the Company and
the duties of the Trustee in respect of any such term, provision or condition
shall remain in full force and effect.

                 Section 1009.  Company Statement as to Compliance; Notice of
                                Certain Defaults.

                 (a)  The Company shall deliver to the Trustee, within 120 days
after the end of each fiscal year, a written statement (which need not be
contained in or accompanied by an Officers' Certificate) signed by the
principal executive officer, the principal financial officer or the principal
accounting officer of the Company, stating that

                 (1)  a review of the activities of the Company during such
         year and of its performance under this Indenture has been made under
         his or her supervision, and

                 (2)  to the best of his or her knowledge, based on such
         review, (a) the Company has complied with all the conditions and
         covenants imposed on it under this Indenture throughout such year, or,
         if there has been a default in the fulfillment of any such condition
         or covenant, specifying each such default known to him or her and the
         nature and status thereof, and (b) no event has occurred and is
         continuing which is, or after notice or lapse of time or both would
         become, an Event of Default, or, if such an event has occurred and is
         continuing, specifying each such event known to him and the nature and
         status thereof.

                 [(b)  The Company shall deliver to the Trustee, within five
days after the occurrence thereof, written notice of any event which after
notice or lapse of time or both would become an Event of Default pursuant to
clause (4) of Section 501.]

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                                 ARTICLE ELEVEN

                            REDEMPTION OF SECURITIES

                 Section 1101.  Applicability of Article.

                 Redemption of Securities of any series at the option of the
Company as permitted or required by the terms of such Securities shall be made
in accordance with the terms of such Securities and (except as otherwise
provided herein or pursuant hereto) this Article.

                 Section 1102.  Election to Redeem; Notice to Trustee.

                 The election of the Company to redeem any Securities shall be
evidenced by or pursuant to a Board Resolution.  In case of any redemption at
the election of the Company of the Securities of any series, with the same
issue date, interest rate, Stated Maturity and other terms, the Company shall,
at least 60 days prior to the Redemption Date fixed by the Company (unless a
shorter notice shall be satisfactory to the Trustee), notify the Trustee of
such Redemption Date and of the principal amount of Securities of such series
to be redeemed.

                 Section 1103.  Selection by Trustee of Securities to be
                                Redeemed.

                 If less than all the Securities of any series with the same
issue date, interest rate, Stated Maturity and other terms are to be redeemed,
the particular Securities to be redeemed shall be selected not more than 60
days prior to the Redemption Date by the Trustee from the Outstanding
Securities of such series not previously called for redemption, by such method
as the Trustee shall deem fair and appropriate and which may provide for the
selection for redemption of portions of the principal amount of Registered
Securities of such series; provided, however, that no such partial redemption
shall reduce the portion of the principal amount of a Registered Security of
such series not redeemed to less than the minimum denomination for a Security
of such series established herein or pursuant hereto.

                 If any Convertible Security selected for partial redemption is
converted in part before termination of the conversion right with respect to
the portion of the Security so selected, the converted portion of such Security
shall be deemed (so far as may be) to be the portion selected for redemption.
Securities which have been converted during a selection of Securities to be
redeemed shall be treated by the Trustee as Outstanding for the purpose of such
selection.

                 The Trustee shall promptly notify the Company and the Security
Registrar (if other than itself) in writing of the Securities selected for
redemption and, in the case of any Securities selected for partial redemption,
the principal amount thereof to be redeemed.

                 For all purposes of this Indenture, unless the context
otherwise requires, all provisions relating to the redemption of Securities
shall relate, in the case of any Securities redeemed or to be redeemed only in
part, to the portion of the principal of such Securities which has been or is
to be redeemed.

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                 Section 1104.  Notice of Redemption.

                 Notice of redemption shall be given in the manner provided in
Section 106, not less than 30 nor more than 60 days prior to the Redemption
Date, unless a shorter period is specified in the Securities to be redeemed, to
the Holders of Securities to be redeemed.  Failure to give notice by mailing in
the manner herein provided to the Holder of any Registered Securities
designated for redemption as a whole or in part, or any defect in the notice to
any such Holder, shall not affect the validity of the proceedings for the
redemption of any other Securities or portion thereof.

                 Any notice that is mailed to the Holder of any Registered
Securities in the manner herein provided shall be conclusively presumed to have
been duly given, whether or not such Holder receives the notice.

                 All notices of redemption shall state:

                 (1)  the Redemption Date,

                 (2)  the Redemption Price,

                 (3)  if less than all Outstanding Securities of any series are
         to be redeemed, the identification (and, in the case of partial
         redemption, the principal amount) of the particular Security or
         Securities to be redeemed,

                 (4)  in case any Security is to be redeemed in part only, the
         notice which relates to such Security shall state that on and after
         the Redemption Date, upon surrender of such Security, the Holder of
         such Security will receive, without charge, a new Security or
         Securities of authorized denominations for the principal amount
         thereof remaining unredeemed,

                 (5)  that, on the Redemption Date, the Redemption Price shall
         become due and payable upon each such Security or portion thereof to
         be redeemed, and, if applicable, that interest thereon shall cease to
         accrue on and after said date,

                 (6)  the place or places where such Securities, together (in
         the case of Bearer Securities) with all Coupons appertaining thereto,
         if any, maturing after the Redemption Date, are to be surrendered for
         payment of the Redemption Price and any accrued interest and
         Additional Amounts pertaining thereto,

                 (7)  that the redemption is for a sinking fund, if such is the
         case,

                 (8)  that, unless otherwise specified in such notice, Bearer
         Securities of any series, if any, surrendered for redemption must be
         accompanied by all Coupons maturing subsequent to the date fixed for
         redemption or the amount of any such missing Coupon or Coupons will be
         deducted from the Redemption Price, unless security or indemnity
         satisfactory to the Company, the Trustee and any Paying Agent is
         furnished,

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                 (9)  if Bearer Securities of any series are to be redeemed and
         any Registered Securities of such series are not to be redeemed, and
         if such Bearer Securities may be exchanged for Registered Securities
         not subject to redemption on the Redemption Date pursuant to Section
         305 or otherwise, the last date, as determined by the Company, on
         which such exchanges may be made,

                 (10)  the CUSIP number or the Euro-clear or the CEDEL
         reference numbers of such Securities, if any (or any other numbers
         used by a Depository to identify such Securities), and

                 (11)  in the case of Convertible Securities, the Conversion
         Price then in effect, the date on which the right to convert the
         principal amount of the Securities or the portions thereof to be
         redeemed will terminate and the place or places where such Securities
         may be surrendered for conversion,

                 A notice of redemption published in an Authorized Newspaper as
contemplated by Section 106 need not identify particular Registered Securities
to be redeemed.

                 Notice of redemption of Securities to be redeemed at the
election of the Company shall be given by the Company or, at the Company's
request, by the Trustee in the name and at the expense of the Company.

                 Section 1105.  Deposit of Redemption Price.

                 On or prior to any Redemption Date, the Company shall deposit
with the Trustee or with a Paying Agent (or, if the Company is acting as its
own Paying Agent, segregate and hold in trust as provided in Section 1003) an
amount of money sufficient to pay the Redemption Price of, and (except if the
Redemption Date shall be an Interest Payment Date) any accrued interest on and
Additional Amounts with respect thereto, all the Securities or portions thereof
which are to be redeemed on that date.

                 If any Convertible Security or portion thereof called for
redemption is converted pursuant to Article Sixteen, any money deposited with
the Trustee or so segregated and held in trust for the redemption of such
Security or portion thereof shall (subject to any right of the Holder of the
Security on a Regular Record Date preceding such conversion to receive
interest) be paid to the Company upon Company Request or, if then held by the
Company, shall be discharged from such trust.

                 Section 1106.  Securities Payable on Redemption Date.

                 Notice of redemption having been given as aforesaid, the
Securities so to be redeemed shall, on the Redemption Date, become due and
payable at the Redemption Price therein specified, and from and after such date
(unless the Company shall default in the payment of the Redemption Price and
accrued interest) such Securities shall cease to bear interest and the Coupons
for such interest appertaining to any Bearer Securities so to be redeemed,
except to the extent provided below, shall be void.  Upon surrender of any such
Security for redemption in

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accordance with said notice, together with all Coupons, if any, appertaining
thereto maturing after the Redemption Date, such Security shall be paid by the
Company at the Redemption Price, together with any accrued interest and
Additional Amounts to the Redemption Date; provided, however, that installments
of interest on Bearer Securities whose Stated Maturity is on or prior to the
Redemption Date shall be payable only upon presentation and surrender of
Coupons for such interest (at an Office or Agency located outside the United
States except as otherwise provided in Section 1002), and provided, further,
that installments of interest on Registered Securities whose Stated Maturity is
on or prior to the Redemption Date shall be payable to the Holders of such
Securities, or one or more Predecessor Securities, registered as such at the
close of business on the Regular Record Dates therefor according to their terms
and the provisions of Section 307.

                 If any Bearer Security surrendered for redemption shall not be
accompanied by all appurtenant Coupons maturing after the Redemption Date, such
Security may be paid after deducting from the Redemption Price an amount equal
to the face amount of all such missing Coupons, or the surrender of such
missing Coupon or Coupons may be waived by the Company and the Trustee if there
be furnished to them such security or indemnity as they may require to save
each of them and any Paying Agent harmless.  If thereafter the Holder of such
Security shall surrender to the Trustee or any Paying Agent any such missing
Coupon in respect of which a deduction shall have been made from the Redemption
Price, such Holder shall be entitled to receive the amount so deducted;
provided, however, that any interest or Additional Amounts represented by
Coupons shall be payable only upon presentation and surrender of those Coupons
at an Office or Agency for such Security located outside of the United States
except as otherwise provided in Section 1002.

                 If any Security called for redemption shall not be so paid
upon surrender thereof for redemption, the principal and any premium, until
paid, shall bear interest from the Redemption Date at the rate prescribed
therefor in the Security.

                 Section 1107.  Securities Redeemed in Part.

                 Any Registered Security which is to be redeemed only in part
shall be surrendered at any Office or Agency for such Security (with, if the
Company or the Trustee so requires, due endorsement by, or a written instrument
of transfer in form satisfactory to the Company and the Trustee duly executed
by, the Holder thereof or his attorney duly authorized in writing) and the
Company shall execute and the Trustee shall authenticate and deliver to the
Holder of such Security without service charge, a new Registered Security or
Securities of the same series, containing identical terms and provisions, of
any authorized denomination as requested by such Holder in aggregate principal
amount equal to and in exchange for the unredeemed portion of the principal of
the Security so surrendered.  If a Security in global form is so surrendered,
the Company shall execute, and the Trustee shall authenticate and deliver to
the U.S. Depository or other Depository for such Security in global form as
shall be specified in the Company Order with respect thereto to the Trustee,
without service charge, a new Security in global form in a denomination equal
to and in exchange for the unredeemed portion of the principal of the Security
in global form so surrendered.

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                 Section 1108.  Conversion Arrangements on Call for Redemption.

                 Notwithstanding anything to the contrary contained in this
Indenture, in connection with any redemption of Convertible Securities of any
series, the Company, by an agreement with one or more investment bankers or
other purchasers, may arrange for such purchasers to purchase all such
Convertible Securities called for redemption (the "Called Securities") which
are either (i) surrendered for redemption or (ii) not duly surrendered for
redemption or conversion prior to the close of business on the Redemption Date,
and to convert the same into shares of Common Stock, by the purchasers'
depositing with the Trustee (acting as Paying Agent with respect to the deposit
of such amount and as conversion agent with respect to the conversion of such
Called Securities), in trust for the Holders of the Called Securities, on or
prior to the Redemption Date in the manner agreed to by the Company and such
purchasers, an amount sufficient to pay the Redemption Price, payable by the
Company on redemption of such Called Securities.  In connection with any such
arrangement for purchase and conversion, the Trustee as Paying Agent shall pay
on or after the Redemption Date such amounts so deposited by the purchasers in
exchange for Called Securities surrendered for redemption prior to the close of
business on the Redemption Date and for all Called Securities surrendered after
such Redemption Date.  Notwithstanding anything to the contrary contained in
this Article Eleven, the obligation of the Company to pay the Redemption Price
of such Called Securities shall be satisfied and discharged to the extent such
amount is so paid by such purchasers, provided, however, that nothing in this
Section 1108 shall in any way relieve the Company of the obligation to pay such
Redemption Price on all Called Securities to the extent such amount is not so
paid by said purchasers.  For all purposes of this Indenture, any Called
Securities surrendered by the Holders for redemption, and any Called Securities
not duly surrendered for redemption or conversion prior to the close of
business on the Redemption Date, shall be deemed acquired by such purchasers
from such Holders and surrendered by such purchasers for conversion and shall
in all respects be deemed to have been converted, all as of immediately prior
to the close of business on the Redemption Date, subject to the deposit by the
purchasers of the above amount as aforesaid.  Nothing in this Section 1108
shall in any way limit the right of any Holder of a Security to convert his
Security pursuant to the terms of this Indenture and of such Security at any
time prior to the close of business on the Redemption Date applicable thereto.

                                 ARTICLE TWELVE

                                 SINKING FUNDS

                 Section 1201.  Applicability of Article.

                 The provisions of this Article shall be applicable to any
sinking fund for the retirement of Securities of a series, except as otherwise
permitted or required by any form of Security of such series issued pursuant to
this Indenture.

                 The minimum amount of any sinking fund payment provided for by
the terms of Securities of any series is herein referred to as a "mandatory
sinking fund payment", and any payment in excess of such minimum amount
provided for by the terms of Securities of such series is herein referred to as
an "optional sinking fund payment".  If provided for by the terms of

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Securities of any series, the cash amount of any sinking fund payment may be
subject to reduction as provided in Section 1202.  Each sinking fund payment
shall be applied to the redemption of Securities of any series as provided for
by the terms of Securities of such series.

                 Section 1202.  Satisfaction of Sinking Fund Payments with
Securities.

                 The Company may, in satisfaction of all or any part of any
sinking fund payment with respect to the Securities of any series to be made
pursuant to the terms of such Securities (1) deliver Outstanding Securities of
such series (other than any of such Securities previously called for redemption
or any of such Securities in respect of which cash shall have been released to
the Company), together in the case of any Bearer Securities of such series with
all unmatured Coupons appertaining thereto, and (2) apply as a credit
Securities of such series which have been redeemed either at the election of
the Company pursuant to the terms of such series of Securities or through the
application of permitted optional sinking fund payments pursuant to the terms
of such Securities or which have been surrendered for conversion pursuant to
Article Sixteen, provided that such series of Securities have not been
previously so credited.  Such Securities shall be received and credited for
such purpose by the Trustee at the Redemption Price specified in such
Securities for redemption through operation of the sinking fund and the amount
of such sinking fund payment shall be reduced accordingly.  If as a result of
the delivery or credit of Securities of any series in lieu of cash payments
pursuant to this Section 1202, the principal amount of Securities of such
series to be redeemed in order to exhaust the aforesaid cash payment shall be
less than $100,000, the Trustee need not call Securities of such series for
redemption, except upon Company Request, and such cash payment shall be held by
the Trustee or a Paying Agent and applied to the next succeeding sinking fund
payment, provided, however, that the Trustee or such Paying Agent shall at the
request of the Company from time to time pay over and deliver to the Company
any cash payment so being held by the Trustee or such Paying Agent upon
delivery by the Company to the Trustee of Securities of that series purchased
by the Company having an unpaid principal amount equal to the cash payment
requested to be released to the Company.

                 Section 1203.  Redemption of Securities for Sinking Fund.

                 Not less than 45 days prior to each sinking fund payment date
for any series of Securities (unless a shorter notice shall be satisfactory to
the Trustee), the Company shall deliver to the Trustee an Officers' Certificate
specifying the amount of the next ensuing mandatory sinking fund payment for
that series pursuant to the terms of that series, the portion thereof, if any,
which is to be satisfied by payment of cash and the portion thereof, if any,
which is to be satisfied by delivering and crediting of Securities of that
series pursuant to Section 1202, and the optional amount, if any, to be added
in cash to the next ensuing mandatory sinking fund payment, and will also
deliver to the Trustee any Securities to be so credited and not theretofore
delivered.  If such Officers' Certificate shall specify an optional amount to
be added in cash to the next ensuing mandatory sinking fund payment, the
Company shall thereupon be obligated to pay the amount therein specified.  Not
less than 40 days before each such sinking fund payment date the Trustee shall
select the Securities to be redeemed upon such sinking fund payment date in the
manner specified in Section 1103 and cause notice of the redemption thereof to
be given

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not less than 30 nor more than 40 days prior to the sinking fund payment date
in the name of and at the expense of the Company in the manner provided in
Section 1104.  Such notice having been duly given, the redemption of such
Securities shall be made upon the terms and in the manner stated in Sections
1106 and 1107.

                                ARTICLE THIRTEEN

                       REPAYMENT AT THE OPTION OF HOLDERS

                 Section 1301.  Applicability of Article.

                 Securities of any series which are repayable at the option of
the Holders thereof before their Stated Maturity shall be repaid in accordance
with the terms of the Securities of such series. The repayment of any principal
amount of Securities pursuant to such option of the Holder to require repayment
of Securities before their Stated Maturity, for purposes of Section 309, shall
not operate as a payment, redemption or satisfaction of the indebtedness
represented by such Securities unless and until the Company, at its option,
shall deliver or surrender the same to the Trustee with a directive that such
Securities be cancelled.  Notwithstanding anything to the contrary contained in
this Section 1301, in connection with any repayment of Securities, the Company
may arrange for the purchase of any Securities by an agreement with one or more
investment bankers or other purchasers to purchase such Securities by paying to
the Holders of such Securities on or before the close of business on the
repayment date an amount not less than the repayment price payable by the
Company on repayment of such Securities, and the obligation of the Company to
pay the repayment price of such Securities shall be satisfied and discharged to
the extent such payment is so paid by such purchasers.

                                ARTICLE FOURTEEN

                        SECURITIES IN FOREIGN CURRENCIES

                 Section 1401.  Applicability of Article.

                 Whenever this Indenture provides for (i) any action by, or the
determination of any of the rights of, Holders of Securities of any series in
which not all of such Securities are denominated in the same Currency, or (ii)
any distribution to Holders of Securities, in the absence of any provision to
the contrary in the form of Security of any particular series, any amount in
respect of any Security denominated in a Currency other than Dollars shall be
treated for any such action or distribution as that amount of Dollars that
could be obtained for such amount on such reasonable basis of exchange and as
of the record date with respect to Registered Securities of such series (if
any) for such action, determination of rights or distribution (or, if there
shall be no applicable record date, such other date reasonably proximate to the
date of such action, determination of rights or distribution) as the Company
may specify in a written notice to the Trustee or, in the absence of such
written notice, as the Trustee may determine.

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                                ARTICLE FIFTEEN

                       MEETINGS OF HOLDERS OF SECURITIES

                 Section 1501.  Purposes for Which Meetings May Be Called.

                 A meeting of Holders of Securities of any series may be called
at any time and from time to time pursuant to this Article to make, give or
take any request, demand, authorization, direction, notice, consent, waiver or
other action provided by this Indenture to be made, given or taken by Holders
of Securities of such series.

                 Section 1502.  Call, Notice and Place of Meetings.

                 (a)  The Trustee may at any time call a meeting of Holders of
Securities of any series for any purpose specified in Section 1501, to be held
at such time and at such place in The City of New York, or, if Securities of
such series have been issued in whole or in part as Bearer Securities, in
London or in such place outside the United States as the Trustee shall
determine.  Notice of every meeting of Holders of Securities of any series,
setting forth the time and the place of such meeting and in general terms the
action proposed to be taken at such meeting, shall be given, in the manner
provided in Section 106, not less than 21 nor more than 180 days prior to the
date fixed for the meeting.

                 (b)  In case at any time the Company (by or pursuant to a
Board Resolution) or the Holders of at least 10% in principal amount of the
Outstanding Securities of any series shall have requested the Trustee to call a
meeting of the Holders of Securities of such series for any purpose specified
in Section 1501, by written request setting forth in reasonable detail the
action proposed to be taken at the meeting, and the Trustee shall not have made
the first publication of the notice of such meeting within 21 days after
receipt of such request or shall not thereafter proceed to cause the meeting to
be held as provided herein, then the Company or the Holders of Securities of
such series in the amount above specified, as the case may be, may determine
the time and the place in The City of New York, or, if Securities of such
series are to be issued as Bearer Securities, in London for such meeting and
may call such meeting for such purposes by giving notice thereof as provided in
subsection (a) of this Section 1502.

                 Section 1503.  Persons Entitled to Vote at Meetings.

                 To be entitled to vote at any meeting of Holders of Securities
of any series, a Person shall be (1) a Holder of one or more Outstanding
Securities of such series, or (2) a Person appointed by an instrument in
writing as proxy for a Holder or Holders of one or more Outstanding Securities
of such series by such Holder or Holders.  The only Persons who shall be
entitled to be present or to speak at any meeting of Holders of Securities of
any series shall be the Persons entitled to vote at such meeting and their
counsel, any representatives of the Trustee and its counsel and any
representatives of the Company and its counsel.

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                 Section 1504.  Quorum; Action.

                 The Persons entitled to vote a majority in principal amount of
the Outstanding Securities of a series shall constitute a quorum for a meeting
of Holders of Securities of such series; provided, however, that if any action
is to be taken at such meeting with respect to a consent or waiver which this
Indenture expressly provides may be given by the Holders of not less than
66-2/3% in principal amount of the Outstanding Securities of a series, the
Persons entitled to vote 66-2/3% in principal amount of the Outstanding
Securities of such series shall constitute a quorum.  In the absence of a
quorum within 30 minutes after the time appointed for any such meeting, the
meeting shall, if convened at the request of Holders of Securities of such
series, be dissolved.  In any other case the meeting may be adjourned for a
period of not less than 10 days as determined by the chairman of the meeting
prior to the adjournment of such meeting.  In the absence of a quorum at any
such adjourned meeting, such adjourned meeting may be further adjourned for a
period of not less than 10 days as determined by the chairman of the meeting
prior to the adjournment of such adjourned meeting.  Notice of the reconvening
of any adjourned meeting shall be given as provided in Section 1502(a), except
that such notice need be given only once not less than five days prior to the
date on which the meeting is scheduled to be reconvened.  Notice of the
reconvening of an adjourned meeting shall state expressly the percentage, as
provided above, of the principal amount of the Outstanding Securities of such
series which shall constitute a quorum.

                 Except as limited by the proviso to Section 902, any
resolution presented to a meeting or adjourned meeting duly reconvened at which
a quorum is present as aforesaid may be adopted only by the affirmative vote of
the Holders of a majority in principal amount of the Outstanding Securities of
that series; provided, however, that, except as limited by the proviso to
Section 902, any resolution with respect to any consent or waiver which this
Indenture expressly provides may be given by the Holders of not less than
66-2/3% in principal amount of the Outstanding Securities of a series may be
adopted at a meeting or an adjourned meeting duly convened and at which a
quorum is present as aforesaid only by the affirmative vote of the Holders of
66-2/3% in principal amount of the Outstanding Securities of that series; and
provided, further, that, except as limited by the proviso to Section 902, any
resolution with respect to any request, demand, authorization, direction,
notice, consent, waiver or other action which this Indenture expressly provides
may be made, given or taken by the Holders of a specified percentage, which is
less than a majority, in principal amount of the Outstanding Securities of a
series may be adopted at a meeting or an adjourned meeting duly reconvened and
at which a quorum is present as aforesaid by the affirmative vote of the
Holders of such specified percentage in principal amount of the Outstanding
Securities of such series.

                 Any resolution passed or decision taken at any meeting of
Holders of Securities of any series duly held in accordance with this Section
1504 shall be binding on all the Holders of Securities of such series and the
Coupons appertaining thereto, whether or not such Holders were present or
represented at the meeting.

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                 Section 1505.  Determination of Voting Rights; Conduct and
                                Adjournment of Meetings.

                 (a)  Notwithstanding any other provisions of this Indenture,
the Trustee may make such reasonable regulations as it may deem advisable for
any meeting of Holders of Securities of such series in regard to proof of the
holding of Securities of such series and of the appointment of proxies and in
regard to the appointment and duties of inspectors of votes, the submission and
examination of proxies, certificates and other evidence of the right to vote,
and such other matters concerning the conduct of the meeting as it shall deem
appropriate.  Except as otherwise permitted or required by any such
regulations, the holding of Securities shall be proved in the manner specified
in Section 104 and the appointment of any proxy shall be proved in the manner
specified in Section 104 or by having the signature of the person executing the
proxy witnessed or guaranteed by any trust company, bank or banker authorized
by Section 104 to certify to the holding of Bearer Securities.  Such
regulations may provide that written instruments appointing proxies, regular on
their face, may be presumed valid and genuine without the proof specified in
Section 104 or other proof.

                 (b)  The Trustee shall, by an instrument in writing, appoint a
temporary chairman of the meeting, unless the meeting shall have been called by
the Company or by Holders of Securities as provided in Section 1502(b), in
which case the Company or the Holders of Securities of the series calling the
meeting, as the case may be, shall in like manner appoint a temporary chairman.
A permanent chairman and a permanent secretary of the meeting shall be elected
by vote of the Persons entitled to vote a majority in principal amount of the
Outstanding Securities of such series represented at the meeting.

                 (c)  At any meeting, each Holder of a Security of such series
or proxy shall be entitled to one vote for each $1,000 principal amount of
Securities of such series held or represented by him; provided, however, that
no vote shall be cast or counted at any meeting in respect of any Security
challenged as not Outstanding and ruled by the chairman of the meeting to be
not Outstanding. The chairman of the meeting shall have no right to vote,
except as a Holder of a Security of such series or proxy.

                 (d)  Any meeting of Holders of Securities of any series duly
called pursuant to Section 1502 at which a quorum is present may be adjourned
from time to time by Persons entitled to vote a majority in principal amount of
the Outstanding Securities of such series represented at the meeting; and the
meeting may be held as so adjourned without further notice.

                 Section 1506.  Counting Votes and Recording Action of
Meetings.

                 The vote upon any resolution submitted to any meeting of
Holders of Securities of any series shall be by written ballots on which shall
be subscribed the signatures of the Holders of Securities of such series or of
their representatives by proxy and the principal amounts and serial numbers of
the Outstanding Securities of such series held or represented by them.  The
permanent chairman of the meeting shall appoint two inspectors of votes who
shall count all votes cast at the meeting for or against any resolution and who
shall make and file with the secretary of the meeting their verified written
reports in triplicate of all votes cast at the meeting.

                                       72
<PAGE>
A record, at least in triplicate, of the proceedings of each meeting of Holders
of Securities of any series shall be prepared by the secretary of the meeting
and there shall be attached to said record the original reports of the
inspectors of votes on any vote by ballot taken thereat and affidavits by one
or more persons having knowledge of the facts setting forth a copy of the
notice of the meeting and showing that said notice was given as provided in
Section 1502 and, if applicable, Section 1504.  Each copy shall be signed and
verified by the affidavits of the permanent chairman and secretary of the
meeting and one such copy shall be delivered to the Company, and another to the
Trustee to be preserved by the Trustee, the latter to have attached thereto the
ballots voted at the meeting.  Any record so signed and verified shall be
conclusive evidence of the matters therein stated.

                                ARTICLE SIXTEEN

                                   CONVERSION

                 Section 1601.  Conversion Privilege.

                 Subject to and upon compliance with the provisions of this
Article Sixteen and the terms of the Convertible Securities of the series
proposed to be converted, at the option of the Holder, any Convertible Security
or any portion of the principal amount thereof which is $1,000 or an integral
multiple thereof, may be converted into shares of Common Stock, as said shares
shall be constituted at the Date of Conversion, at the Conversion Price for
such Convertible Securities of such series in effect at the Date of Conversion.

                 Section 1602.  Manner of Exercise of Conversion Privilege.

                 In order to exercise the conversion privilege, the Holder of
any Convertible Security to be converted shall surrender such Convertible
Security to the Company at its office or agency in The City of New York,
together with the conversion notice in the form provided on the Securities (or
separate written notice) duly executed, and, if so required by the Company,
accompanied by instruments of transfer, in form satisfactory to the Company and
to the Trustee, duly executed by the Holder or by his duly authorized attorney
in writing.  Any Registered Convertible Security so surrendered during the
period from the close of business on the Regular Record Date preceding an
Interest Payment Date for such Registered Convertible Security to the opening
of business on such Interest Payment Date shall (unless any such Registered
Convertible Security or the portion thereof being converted shall have been
called for redemption on a Redemption Date during such period, in which event
no interest shall be payable with respect to such Registered Convertible
Security or portion thereof, as the case may be, following such Redemption
Date) also be accompanied by payment in New York Clearing House funds or other
funds acceptable to the Company of an amount equal to the interest payable on
such Interest Payment Date on the principal amount of such Registered
Convertible Security then being converted; provided, however, that no such
payment need be made if there shall exist, at the time of conversion, a default
in the payment of interest on the Convertible Securities of such series.
Except as provided in the immediately preceding sentence, no adjustment shall
be made for interest accrued on any Convertible Security that shall be
converted or for dividends on any shares of Common Stock that shall be
delivered upon the conversion of such Convertible

                                       73
<PAGE>
Securities.  The funds so delivered to such office or agency shall be paid to
the Company on or after such Interest Payment Date, unless the Company shall
default in the payment of the interest due on such Interest Payment Date, in
which event such funds shall be repaid to the Person who delivered the same.
As promptly as practicable after the surrender of any Convertible Security for
conversion as aforesaid, the Company shall deliver at said office or agency to
such Holder, or on his written order, a certificate or certificates for the
number of full shares deliverable upon the conversion of such Convertible
Security or portion thereof and a check or cash in respect of any fraction of a
share of Common Stock otherwise deliverable upon such conversion, all as
provided in this Article Sixteen, together with a Convertible Security or
Convertible Securities of the same series in principal amount equal to the
unconverted and unredeemed portion, if any, of the Convertible Security so
converted in accordance with Section 305 hereof.  Such conversion shall be
deemed to have been effected on the date on which such notice shall have been
received at said office or agency and such Convertible Security shall have been
surrendered as aforesaid, and the Person or Persons in whose name or names any
certificate or certificates, for shares of Common Stock shall be deliverable
upon such conversion shall be deemed to have become on said date the Holder or
Holders of record of the shares represented thereby, provided, however, that
any such surrender on any date when the stock transfer books of the Company
shall be closed shall constitute the Person or Persons in whose name or names
the certificates are to be delivered as the record Holder or Holders thereof
for all purposes on the next succeeding day on which such stock transfer books
are open, but such conversion shall be at the Conversion Price in effect on the
date of such surrender.

                 Section 1603.  Cash Adjustment Upon Conversion.

                 The Company shall not be required to deliver fractions of
shares of Common Stock upon conversions of Convertible Securities.  If more
than one Convertible Security shall be surrendered for conversion at one time
by the same Holder, the number of full shares which shall be deliverable upon
conversion thereof shall be computed on the basis of the aggregate principal
amount of the Securities so surrendered.  If any fractional interest in a share
of Common Stock would be deliverable upon the conversion of any Convertible
Security or Securities, the Company shall make an adjustment therefor in cash
equal to the current market value of such fractional interest computed to the
nearest cent either on the basis of the last reported sale price regular way of
the Common Stock on the New York Exchange (or, if not listed on the New York
Exchange, then on such other exchange on which the shares of Common Stock are
listed as the Company may designate) on the last Business Day prior to the Date
of Conversion or, if there shall not have been a sale on such last Business
Day, on the basis of the average of the bid and asked quotations therefor on
such exchange on such last Business Day or, if the Common Stock shall not then
be listed on any exchange, at the highest bid quotation in the over-the-counter
market on such last Business Day as reported by the National Association of
Securities Dealers through NASDAQ, its automated system for reporting quotes,
or its successor or such other generally accepted source of publicly reported
bid and asked quotations as the Company may reasonably designate.

                                       74
<PAGE>
                 Section 1604.  Conversion Price.

                 The Conversion Price applicable to any series of Convertible
Securities shall be the initial Conversion Price set forth on the Officers'
Certificate or supplemental indenture establishing such series adjusted as
provided in this Article Sixteen.

                 Section 1605.  Adjustment of Conversion Price.

                 The Conversion Price applicable to any series of Convertible
Securities shall be adjusted from time to time as follows:

                 (a)  In case the Company shall, at any time or from time to
         time while the Securities of any series are Outstanding, (i) pay a
         dividend on its Common Stock in shares of Common Stock, (ii) subdivide
         its outstanding shares of Common Stock into a larger number of shares,
         or (iii) combine its outstanding Common Stock into a smaller number of
         shares, the Conversion Price for such series in effect immediately
         prior thereto shall be adjusted so that the Holder of any Security of
         such series thereafter surrendered for conversion shall be entitled to
         receive the number of shares of Common Stock or other securities of
         the Company which he would have owned or have been entitled to receive
         after the happening of any of the events described above, had such
         Convertible Security of such series been converted immediately prior
         to the happening of such event.  An adjustment made pursuant to this
         subdivision (a) shall become effective, in the case of a dividend, on
         the payment date retroactively to immediately after the opening of
         business on the day following the record date for the determination of
         stockholders entitled to receive such dividend, subject to the
         provisions of paragraph (g) of this Section 1605, and shall become
         effective in the case of a subdivision or combination immediately
         after the opening of business on the day following the day when such
         subdivision or combination, as the case may be, becomes effective.

                 (b)  In case the Company shall, at any time or from time to
         time while the Convertible Securities of any series are Outstanding,
         issue rights or warrants to all holders of its shares of Common Stock
         entitling them (for a period expiring within 45 days of the record
         date mentioned below) to subscribe for or purchase shares of Common
         Stock at a price per share less than the current market price per
         share of Common Stock (as defined in paragraph (d) below) at such
         record date, the Conversion Price of any series of Convertible
         Securities in effect immediately prior to the issuance of such rights
         or warrants shall be adjusted as follows: the number of shares of
         Common Stock into which $1,000 principal amount of Convertible
         Securities of such series was theretofore convertible shall be
         multiplied by a fraction, of which the numerator shall be the number
         of shares of Common Stock outstanding immediately prior to such record
         date plus the number of additional shares of Common Stock offered for
         subscription or purchase, and of which the denominator shall be the
         number of shares of Common Stock outstanding immediately prior to such
         record date plus the number of shares which the aggregate offering
         price of the total number of shares so offered would purchase at such
         current market price; and the Conversion Price for such series of
         Convertible Securities shall be

                                       75
<PAGE>
         adjusted by dividing $1,000 by the new number of shares into which
         $1,000 principal amount of Securities of such series shall be
         convertible as aforesaid.  Such adjustment shall become effective on
         the date of such issuance retroactively to immediately after the
         opening of business on the day following the record date for the
         determination of shareholders entitled to receive such rights or
         warrants, subject to the provisions of paragraph (g) of this Section
         1605.  In determining whether any rights or warrants entitle the
         holders to subscribe for or purchase shares of Common Stock at less
         than such current market price, and in determining the aggregate
         offering price of such shares, there shall be taken into account any
         consideration received by the Company for such rights or warrants, the
         value of such consideration, if other than cash, to be determined by
         the Board of Directors.

                 (c)  In case the Company shall, at any time from time to time
         while the Convertible Securities of any series are Outstanding,
         distribute to all holders of shares of its Common Stock evidences of
         its indebtedness or securities or assets (excluding cash dividends or
         cash distributions payable out of consolidated net earnings or
         retained earnings) or rights or warrants to subscribe for shares of
         Common Stock at a price per share less than the current market price
         per share of Common Stock, determined in the manner set forth in
         paragraph (d) below, but excluding rights or warrants referred to in
         paragraph (b) above, the Conversion Price for such series of
         Convertible Securities in effect immediately prior to such
         distribution shall be adjusted by multiplying the number of shares of
         Common Stock into which $1,000 principal amount of Convertible
         Securities of such series of Convertible Securities was theretofore
         convertible by a fraction, of which the numerator shall be the current
         market price per share of Common Stock (as defined in paragraph (d)
         below) on the record date for such distribution, and of which the
         denominator shall be such current market price per share of the Common
         Stock, less the then fair market value (as determined by the Board of
         Directors of the Company, whose determination shall be conclusive) of
         the portion of such evidences of indebtedness, securities or assets or
         of such subscription rights or warrants so distributed applicable to
         one share of Common Stock; and the Conversion Price for such series of
         Convertible Securities shall be adjusted by dividing $1,000 by the new
         number of shares into which $1,000 principal amount of Convertible
         Securities of such series shall be convertible as aforesaid.  Such
         adjustment shall become effective on the date of such distribution
         retroactively to immediately after the opening of business on the day
         following the record date for the determination of shareholders
         entitled to receive such distribution, subject to the provisions of
         paragraph (g) of this Section 1605.  For the purposes of this
         paragraph (c) consolidated net earnings or retained earnings shall be
         computed by adding thereto all charges against retained earnings on
         account of dividends paid in shares of Common Stock in respect of
         which the Conversion Price has been adjusted, all as determined by
         Independent Public Accountants, whose determination shall be
         conclusive.

                 (d)  For the purpose of any computation under paragraphs (b)
         and (c) above, the current market price per share of Common Stock at
         any date shall be deemed to be the average of the market values of the
         shares of Common Stock for the ten consecutive

                                       76
<PAGE>
         Business Days immediately preceding the day in question.  The market
         value of the Common Stock for each day shall be determined as provided
         in Section 1603 hereof.

                 (e)  The Company may make such reductions in the Conversion
         Price for any series of Convertible Securities, in addition to those
         required by paragraphs (a), (b) and (c) of this Section as it
         considers to be advisable in order that any event treated for Federal
         income tax purposes as a dividend of stock or stock rights shall not
         be taxable to the recipients.

                 (f)  Except as herein otherwise provided, no adjustment in the
         Conversion Price for any series of Convertible Securities shall be
         made by reason of the issuance, in exchange for cash, property or
         services, of shares of Common Stock or any securities convertible into
         or exchangeable for shares of Common Stock or carrying the right to
         purchase any of the foregoing.

                 (g)  If the Company shall take a record of the holders of its
         shares of Common Stock for the purpose of entitling them to receive
         any dividend or any subscription or purchase rights or any
         distribution and shall, thereafter and before the distribution to
         shareholders of any such dividend, subscription or purchase rights or
         distribution, legally abandon its plan to pay or deliver such
         dividend, subscription or purchase rights or distribution, then no
         adjustment of the Conversion Price for any series of Convertible
         Securities shall be required by reason of the taking of such record.

                 (h)  No adjustment in the Conversion Price for any series of
         Convertible Securities shall be required unless such adjustment would
         require an increase or decrease of at least 1% in such price;
         provided, however, that any adjustments which by reason of this
         paragraph (h) are not required to be made shall be carried forward and
         taken into account in any subsequent adjustment.  All calculations
         under this Article Seventeen shall be made to the nearest cent or to
         the nearest one-hundredth of a share, as the case may be.

                 (i)  Whenever the Conversion Price for any series of
         Convertible Securities is adjusted as herein provided, the Company
         shall (i) forthwith place on file at the Principal Office of the
         Trustee an Officers' Certificate showing in detail the facts requiring
         such adjustment and the Conversion Price after such adjustment and
         shall exhibit the same from time to time to any Holder of Convertible
         Securities of such series desiring an inspection thereof, and (ii)
         cause a notice stating that such adjustment has been effected and the
         adjusted Conversion Price to be mailed to the Holders of Registered
         Convertible Securities of such series at their last addresses as they
         shall appear on the Security Register.

                 (j)  The Company may delete, modify or vary any of the
         provisions applicable to conversion of the Convertible Securities of
         any series, or may add new provisions applicable thereto, all as may
         be contained in the Board Resolutions and Officers' Certificate or
         supplemental indenture establishing such series.

                                       77
<PAGE>
                 Section 1606.  Effect of Reclassifications, Consolidations,
                                Mergers or Sales on Conversion Privilege.

                 In case of any reclassification or change of outstanding
shares of the class of Common Stock issuable upon conversion of the Convertible
Securities (other than a change in par value, or from par value to no par
value, or from no par value to par value, or as a result of a subdivision or
combination), or in case of any merger or consolidation of the Company with one
or more other corporations (other than a merger or consolidation in which the
Company is the continuing corporation and which does not result in any
reclassification or change of outstanding shares of Common Stock issuable upon
conversion of the Securities), or in case of the merger of the Company into
another corporation, or in case of any sale or conveyance to another
corporation of the property of the Company as an entirety or substantially as
an entirety, the Holders of Convertible Securities of each series then
Outstanding shall have the right to convert such Convertible Securities into
the kind and amount of shares of capital stock or other securities and
property, including cash, receivable upon such reclassifications change,
consolidation, merger, sale or conveyance by a holder of the number of shares
of Common Stock into which such Convertible Securities might have been
converted immediately prior to such reclassification, change, consolidation,
merger, sale or conveyance.  In any such case the Company, or such successor or
purchasing corporation, as the case may be, shall execute with the Trustee one
or more supplemental indentures (which shall conform to the Trust Indenture Act
of 1939 as in force at the date of the execution of such supplemental
indenture) containing provisions to the effect set forth above in this Section
1606 and providing further for adjustments which shall be as nearly equivalent
as may be practicable to the adjustments provided for in this Article Sixteen;
and any such adjustment which shall be approved by the Board of Directors and
set forth in such supplemental indenture or supplemental indentures shall be
conclusive for all purposes of this Section, and the Trustee shall not be under
any responsibility to determine the correctness of any provision contained in
such supplemental indenture or supplemental indentures relating to either the
kind or amount of shares of stock or securities or property receivable by
Holders of Securities of any series upon the conversion of their Convertible
Securities after any such reclassification, change, consolidation, merger, sale
or conveyance.

                 The above provisions of this Section 1606 shall similarly
apply to successive reclassifications, changes, consolidations, mergers, sales
and conveyances.

                 Section 1607.  Taxes on Conversions.

                 The issue of stock certificates on conversions of Convertible
Securities shall be made without charge to the converting Holder of Convertible
Securities for any tax in respect of the issue thereof.  The Company shall not,
however, be required to pay any tax which may be payable in respect of any
transfer involved in the issue and delivery of shares in any name other than
that of the Holder of any Registered Convertible Security converted, and the
Company shall not be required to issue or deliver any such stock certificate
unless and until the Person or Persons requesting the issue thereof shall have
paid to the Company the amount of such tax or shall have established to the
satisfaction of the Company that such tax has been paid.

                                       78
<PAGE>
                 Section 1608.  Company to Reserve Common Stock.

                 The Company shall at all times reserve and keep available out
of the aggregate of its authorized but unissued shares or its issued shares
held in its treasury, or both, for the purpose of effecting the conversion of
the Securities, such number of its duly authorized shares of Common Stock as
shall from time to time be sufficient to effect the conversion of all
Outstanding Securities.

                 If any shares of Common Stock reserved or to be reserved for
the purpose of conversion of Securities hereunder require registration with or
approval of any governmental authority under any Federal or State law before
such shares may be validly delivered upon conversion, then the Company
covenants that it will in good faith and as expeditiously as possible endeavor
to secure registration or approval, as the case may be.

                 The Company covenants that all shares of Common Stock which
may be delivered upon conversion of Convertible Securities shall upon delivery
be fully paid and nonassessable by the Company and free from all taxes, liens
and charges with respect to the issue or delivery thereof.

                 Section 1609.  Disclaimer by Trustee of Responsibility for
Certain Matters.

                 Neither the Trustee nor any conversion agent shall at any time
be under any duty or responsibility to any Holder of Convertible Securities of
any series to determine whether any facts exist which may require any
adjustment of the Conversion Price for such series, or with respect to the
nature or extent of any such adjustment when made, or with respect to the
method employed, or herein or in any supplemental indenture provided to be
employed, in making the same, subject, however, to the provisions of Sections
315(a) through 315(b) of the Trust Indenture Act.  Neither the Trustee nor any
conversion agent shall be accountable with respect to the validity or value (or
the kind or amount) of any shares of Common Stock, or of any securities or
property which may at any time be issued or delivered upon the conversion of
any Convertible Security; and neither of them makes any representation with
respect thereto.  Neither the Trustee nor any conversion agent shall be
responsible for any failure of the Company to make any cash payment or to
issue, transfer or deliver any shares of Common Stock or stock certificates or
other securities or property upon the surrender of any Security for the purpose
of conversion or, subject to Sections 315(a) through 315(b) of the Trust
Indenture Act, to comply with any of the covenants of the Company contained in
this Article Sixteen.

                 Section 1610.  Company to Give Notice of Certain Events.

                 In the event

                 (A)  that the Company shall pay any dividend or make any
         distribution to the holders of shares of Common Stock otherwise than
         in cash charged against consolidated net earnings or retained earnings
         of the Company and its consolidated subsidiaries or in Common Stock;
         or

                                       79
<PAGE>
                 (B)  that the Company shall offer for subscription or
         purchase, pro rata, to the holders of shares of Common Stock any
         additional shares of stock of any class or any securities convertible
         into or exchangeable for stock of any class; or

                 (C)  of any reclassification or change of outstanding shares
         of the class of Common Stock issuable upon the conversion of the
         Securities (other than a change in par value, or from par value to no
         par value, or from no par value to par value, or as a result of a
         subdivision or combination), or of any merger or consolidation of the
         Company with, or merger of the Company into, another corporation
         (other than a merger or consolidation in which the Company is the
         continuing corporation and which does not result in reclassification
         or change of outstanding shares of Common Stock issuable upon
         conversion of the Securities), or of any sale or conveyance to another
         corporation of the property of the Company as an entirety or
         substantially as an entirety;

then, and in any one or more of such events, the Company will give to the
Trustee and each conversion agent written notice thereof at least fifteen days
prior to (i) the record date fixed with respect to any of the events specified
in (A) and (B) above, and (ii) the effective date of any of the events
specified in (C) above; and shall mail in the case of Registered Securities,
promptly a copy of such notice to the Holders thereof at their last addresses
as they shall appear upon the Security Register or, in the case of Bearer
Securities, cause such notice to be published in an Authorized Newspaper.
Failure to give such notice, or any defect therein, shall not affect the
legality or validity of such dividend, distribution, reclassification,
consolidation, merger, sale, transfer, dissolution, liquidation or winding up.

                               ARTICLE SEVENTEEN

        IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS

                 Section 1701.  Indenture and Securities Solely Corporate
                                Obligations.

                 No recourse for the payment of the principal of or premium, if
any, or interest or Additional Amounts on any Security, or for any claim based
thereon or otherwise in respect thereof, and no recourse under or upon any
obligation, covenant or agreement of the Company in this Indenture or in any
supplemental indenture or, in any Security, or because of the creation of any
indebtedness represented thereby, shall be had against any incorporator,
stockholder, officer or director, as such, past, present or future, of the
Company or of any successor corporation, either directly or through the Company
or any successor corporation, whether by virtue of any constitution, statute or
rule of law, or by the enforcement of any assessment or penalty or otherwise;
it being expressly understood that all such liability is hereby expressly
waived and released as a condition of, and as a consideration for, the
execution of this Indenture and the issuance of the Securities.

                           *     *     *     *     *

                                       80
<PAGE>
                 This instrument may be executed in any number of counterparts,
each of which so executed shall be deemed to be an original, but all such
counterparts shall together constitute but one and the same instrument.

                                       81
<PAGE>
                 IN WITNESS WHEREOF, the parties hereto have caused this
Indenture to be duly executed, and their respective corporate seals to be
hereunto affixed, all as of the day and year first above written.

[SEAL]                                        Capital One Financial Corporation

Attest:

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

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

[SEAL]                                        Harris Trust and Savings Bank,
                                              as Trustee

Attest:

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

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

                                       82
<PAGE>
STATE OF ________________)
                          SS.:
COUNTY OF _______________)

                 On the _____ day of ________________, 1996, before me
personally came _______________, to me known, who, being by me duly sworn, did
depose and say that he is a _____________ of Capital One Financial Corporation,
a Delaware corporation, one of the persons described in and who executed the
foregoing instrument; that he knows the seal of said Corporation; that the seal
affixed to said instrument is such Corporation's seal; that it was so affixed
by authority of the Board of Directors of said Corporation; and that he signed
his name thereto by like authority.

                                             --------------------------------
                                             Notary Public

[NOTARIAL  SEAL]

                                       83
<PAGE>
STATE OF ________________)
                          SS.:
COUNTY OF _______________)

                 On the _____ day of ________________, 199, before me
personally came _______________, to me known, who, being by me duly sworn, did
depose and say that he is a _____________ of Harris Trust and Savings Bank, a
national banking association organized and existing under the laws of the
United States, one of the persons described in and who executed the foregoing
instrument; that he knows the seal of said Corporation; that the seal affixed
to said instrument is such Corporation's seal; that it was so affixed by
authority of the Board of Directors of said Corporation; and that he signed his
name thereto by like authority.

                                                ------------------------------
                                                Notary Public

[NOTARIAL SEAL]

                                       84

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